INTERNATIONAL HELLENIC UNIVERSITY The use of Mobile Banking in Greece Individual and Corporate Clients Ioannis Roukas (1103100054), Konstantinos Kritikos (1103100036) October 2012 The use of Mobile Banking in Greece 2012 TABLE OF CONTENTS TABLE OF CONTENTS .......................................................................................................... 2 LIST OF TABLES .................................................................................................................... 4 LIST OF FIGURES ................................................................................................................... 8 ABSTRACT ............................................................................................................................ 10 1. INTRODUCTION ............................................................................................................... 11 1.1 Statistical Review ......................................................................................................... 11 1.2 Definition ..................................................................................................................... 12 2. MOBILE BANKING REVIEW .......................................................................................... 15 2.1 BENEFITS OF MOBILE BANKING ......................................................................... 15 2.1.1 Individuals .............................................................................................................. 15 2.1.2 Corporations ........................................................................................................... 16 2.2 WEAKNESSES OF MOBILE BANKING .................................................................. 16 2.2.1 No Anti-Virus Programs ......................................................................................... 16 2.2.2 Text Message Security ........................................................................................... 17 2.2.3 Hard to Prove Fraud ............................................................................................... 17 2.3 MOBILE BANKING TECHNOLOGY ....................................................................... 17 2.3.1 Basic Approaches ................................................................................................... 17 2.3.2 Short Message Service (SMS) ................................................................................ 18 2.3.3 New generation of mobile technology.................................................................... 19 2.3.4 The future of mobile technology ............................................................................ 19 2.4 SAFETY OF MOBILE BANKING ............................................................................. 20 2.4.1 Mobile banking threats ........................................................................................... 20 2.4.2 Consumer protection .............................................................................................. 21 2.5 THE GREEK MOBILE BANKING ............................................................................ 23 2.5.1 Case: National Bank of Greece .............................................................................. 24 2.5.2 Mobile Banking applications via iPhone, iPod Touch and Windows Phone. ........ 25 3. LITERATURE REVIEW .................................................................................................... 27 4. METHODOLOGY .............................................................................................................. 30 5. RESULTS ............................................................................................................................ 34 5.1 Descriptive Results ....................................................................................................... 34 5.1.1 Individuals Results on demographic variables ....................................................... 34 5.1.2 Individuals results on basic variables ..................................................................... 37 5.1.3 Corporations Results on demographic variables .................................................... 59 5.1.4 Corporations results on basic variables .................................................................. 62 2 The use of Mobile Banking in Greece 2012 5.2 CROSSTABS ANALYSIS .......................................................................................... 84 5.2.1 Individuals Crosstabs .............................................................................................. 84 5.2.2 Corporation Crosstabs ............................................................................................ 91 6. CONCLUSIONS ............................................................................................................... 101 REFERENCES ...................................................................................................................... 104 3 The use of Mobile Banking in Greece 2012 LIST OF TABLES Table 4.1: Cronbach’s Alpha coefficient for Likert-scale variables of individuals questionnaire ........................................................................................................................... 32 Table 4.2: Cronbach’s Alpha coefficient for Likert-scale variables of corporations questionnaire ........................................................................................................................... 32 Table 5.1: Mean and standard deviation of the variable “Intention to view account balances through mobile banking” ......................................................................................................... 44 Table 5.2: Mean and standard deviation of the variable “intention to transfer money between accounts through mobile banking” .......................................................................................... 45 Table 5.3: Mean and standard deviation of the variable “intention to manage loan accounts through mobile banking” ......................................................................................................... 46 Table 5.4: Mean and standard deviation of the variable “intention to manage credit card through mobile banking” ......................................................................................................... 47 Table 5.5: Mean and standard deviation of the variable “intention to use bill payments through mobile banking” ......................................................................................................... 48 Table 5.6: Mean and standard deviation of the variable “intention to use transactions’ alerts through mobile banking” ......................................................................................................... 49 Table 5.7: Mean and standard deviation of the variable “intention to change security codes through mobile banking” ......................................................................................................... 50 Table 5.8: Mean and standard deviation of the variable “intention to buy and/or sell stocks through mobile banking” ......................................................................................................... 51 Table 5.9: Mean and standard deviation of the variable “intention to overview and valuate a portfolio of stocks and/or mutual funds ................................................................................... 52 Table 5.10: Mean and standard deviation of the variable “intention to buy and/or sell mutual funds through mobile banking ................................................................................................. 53 Table 5.11: Mean and standard deviation of the variable “intention to get informed for stock prices’ in real time” ................................................................................................................. 54 Table 5.12: Mean and standard deviation of the variable “intention to get informed for branches and ATMs’ network through mobile banking .......................................................... 55 Table 5.13: Mean and standard deviation of the variable “intention to get informed for exchange and interest rates through mobile banking” ............................................................. 56 Table 5.14: Mean and standard deviation of the variable “intention get informed for the bank’s new products and services through mobile banking” .................................................. 57 Table 5.15: Mean and standard deviation of the variable “intention to view account balances through mobile banking” ......................................................................................................... 68 Table 5.16: Mean and standard deviation of the variable “intention to transfer money between accounts through mobile banking” .......................................................................................... 68 4 The use of Mobile Banking in Greece 2012 Table 5.17: Mean and standard deviation of the variable “intention to manage loan accounts through mobile banking” ......................................................................................................... 69 Table 5.18: Mean and standard deviation of the variable “intention to manage credit card through mobile banking” ......................................................................................................... 70 Table 5.19: Mean and standard deviation of the variable “intention