Perception of Attribute of Automated Teller Machines among Consumers in Ghana

Transcription

1 ISSN (Online) Perception of Attribute of Automated Teller Machines among Consumers in Ghana Dr. Benjamin Tawia Ansu Senior Lecturer, Sunyani Polytechnic, Sunyani, Ghana Nelson Edem Agbeshie Accounting and Administrative Officer, Ark FM Radio Ltd, Sunyani, Ghana Stephen Okyere-Boateng Senior Assistant Registrar, Sunyani Polytechnic, Sunyani, Ghana Abstract: Perceptions of Automated Teller Machines (ATMs) attributes are seen as providing a basis for effective marketing strategies for consumers usage of ATMs. The overall aim of this study was to examine attributes of ATMs services with the view to assess the relative importance of different perceptual variables in explaining consumers usage patterns in Ghana. The implication of such association would be crucial for bank marketers who are actively devising strategies and practices aimed at increasing ATM usage. The research approach adopted was exploratory using survey method. Convenience sampling technique was adopted as the selection of the sample was based purely on the willingness of consumers to participate in the study. Quantitative technique was employed using questionnaire items adopted from previous research. With the help of SPSS program, the collected data for the study were analyzed using descriptive statistics technique. Frequency tables were used to present results of the analysis. The analysis and results revealed that three key perceptual factors are influential in determining ATM usage, namely, relative advantage, compatibility, and trial ability. The study suggests that bank marketers should provide adequate information for consumers of ATMs services on adoption of the innovation to lessen the perceived risks. Keywords: Automated Teller Machines, Perceptual variables, ATMs attributes. 1. Introduction Technology is playing a vital role in the evolution of Ghana s banking sector through speed, accuracy, efficiency and promptness. According to Bishnoi (2013) the banking sector has become completely dependent on technology as the service/product delivery channel and that it is identified as the single strongest factor that provides a bank with a competitive edge over others. As a result, most financial organizations are able to deliver high quality services for customers satisfaction through improvement in technology (Surjadjaja et al. 2003). Arguably, the commonest technological advancement has been the use of the Automated Teller Machines (ATMs). The advent of ATMs into the operations of financial institutions has changed the face of banking in the world in general and Ghana s banking sector is no exception as ATM is an innovation in the sector. According to Net World Alliance (2003), the ATM is an automated system that is linked to the accounts and records of a banking institution. It is also an electronic device planned to give out cash to bank customers beyond the bricks and mortar which can transfer money between bank accounts and offer other uncomplicated financial services, for instance balance inquiries, mini statement; withdrawal and fast cash, just to mention a few (Global ATM Market and Forecasts, 2013; May 2010). There are numerous advantages that accrue to the adoption of the ATM innovation. A firm that provides superior electronic banking is likely to gain benefits such as cost savings, efficiency, greater consumer involvement, customer satisfaction and loyalty and better-quality financial performance (Al-Hawari et al., 2006). The usage of ATM was first installed in Ghana by the Trust Bank in the 1980s. Since then, other banks have followed suit installing ATMs for the convenience of their customers (BoG, 2005). In Ghana the ATM is an innovative service delivery mode that offers diversified financial services like cash withdrawal, funds transfer, cash deposits, payment of utility and credit card bills, cheque book requests and other financial enquiries (Mumin et al., 2014). According to Mumin et al. (2014) despite the benefits to be derived by customers from the use of ATM, they are faced with a lot of challenges with the use of ATM services. These include inadequate knowledge about the functions of the ATMs, machine break downs, unsuitable location, currency quality as well as long waiting hours. INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 133

2 Much of the literature on retail banking ATMs technology centered on providing evidence of the link between consumers usage of ATMs unique features and psychographic characteristics (Bishnoi, 2013; Rugimbana and Iverson, 1994). According to Rugimbana and Iverson (1994) the information gained from such associations has been useful to commercial banking managers to understand and react to the more visible demands of the retail banking marketplace. Nevertheless, there is the need to research other factors that might help the managers in the banking sector to understand what could motivate customers to use ATM services. Rogers (2003) conceptual framework for the five attributes of innovations that influence the speed at which they are accepted is widely acknowledged and these attributes could be used as basis to investigate perceptions of innovation such as ATMs usage patterns. However, as Rugimbana and Iverson (1994) pointed out, despite the worldwide acknowledgement, very few studies have been conducted in an attempt to associate perceptual variables with ATMs usage. Consequently, strategic questions, such as how retail bank consumers perceive ATM technology and how far they accept this innovation as one which can fully and satisfactorily replace human tellers in all the banking services handled by the innovation have remained largely unanswered. In response to the issue of inadequate research in this area of study, the current work in Ghana is designed to investigate attributes of ATM services, with the aim of assessing the relative importance of different perceptual variables (attributes) in explaining consumer usage. Hence; it was expected that the research would identify a framework from the secondary data that would serve as bases which affect the rate of adoption of ATM. However; the examination of the framework could suggest strategies for implementation. 2. The Conceptual Framework Innovation has been one of the most widely discussed topics by scholars as well as practitioners due to its extensive recognition as one of the determinants of competitive advantage for organizations in the marketplace (Rogers, 2003). Many innovations have recently been adapted to the concept of retail banking as consequence of new forms of financial services delivery in the 21 st century (Sweeny and Morrison, 2004), and ATM is one of such innovations. As previously noted, Rogers (2003) five identified attributes of innovations that influence the speed at which innovations are accepted. These include relative advantage, compatibility, complexity, trial ability, and observability. Perceived risk and financial and social cost were later added (Rugimbana and Iverson, 1994). Rogers (1961) framework has been recognized worldwide as the most effective way of predicting the outcome of purchase decisions. The perceived attributes of ATMs as an innovation could be one important explanation of their rate of usage patterns among consumers (Rogers, 2003). For as Rogers (2003) pointed out the individuals' perceptions of the attributes of an innovation, not the attributes as classified objectively by experts or change agents, affect its rate of adoption, (p. 223). Following the lead in the literature, Rogers five attributes and the added two as presented in a framework below are adopted as basis of this research and discussed below: 1. relative advantage 2. compatibility 3. complexity 4. trial ability ATMs usage patterns 5. observability 6. social cost 7. perceived risk 2.1. Relative Advantage Relative advantage is the degree to which an innovation (ATMs services) is perceived as being better than the idea (traditional banking hall human teller service) it supersedes (Rogers, 2003). The degree of relative advantage is often expressed as economic profitability, as conveying social prestige, or in other ways. The nature of the innovation determines what specific type of relative advantage (economic, social, and the like) is important to adopters, although the characteristics of the potential adopters may also affect which specific sub-dimensions of relative advantage are most important (Rogers, 2003) Compatibility Compatibility is the degree to which an innovation is perceived as consistent with the existing values, past experiences, and needs of potential adopters (Rogers, 2003). An idea that is more compatible is less uncertain to the potential adopter and fits more closely with the individual's situation. Such compatibility helps the individual give meaning to the new idea so that it is regarded as more familiar. An innovation can be compatible or incompatible with (1) sociocultural values and beliefs, (2) previously introduced ideas, and/or (3) client needs for the innovation (Rogers, 2003) Complexity Complexity is the degree to which an innovation is perceived as relatively difficult to understand and use (Rogers, 2003). Any new idea may be classified on the complexity simplicity continuum. Some innovations are clear in their meaning to potential adopters while others are not. Although the research evidence is not entirely conclusive, the complexity of an innovation, as perceived by members of a social system, is negatively related to its rate of adoption. Complexity may not be as important as relative advantage or compatibility for many innovations, but for some new ideas complexity is a very important barrier to adoption (Rogers, 2003). INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 134

3 2.4. Trial Ability Trial ability is the degree to which an innovation may be experimented with, on a limited basis (Rogers, 2003). New ideas that can be tried on the instalment plan are generally adopted more rapidly than innovations that are not divisible. Some innovations are more difficult to divide for trial than are others. The personal trying out of an innovation is one way for an individual to give meaning to an innovation and to find out how it works under one's own conditions. A personal trial can dispel uncertainty about a new idea, and as a consequence Rogers (2003) suggested that the trial ability of an innovation, as perceived by the members of a social system, is positively related to its rate of adoption. If an innovation can be designed so as to be tried more easily, it will have a more rapid rate of adoption. Trying a new idea may involve re-inventing it so as to customize it more closely to the individual's conditions. So an innovation may actually be changed during its trial (Rogers, 2003) Observability Observability is the degree to which the results of an innovation are visible to others. Some ideas are easily observed and communicated to other people, whereas other innovations are difficult to observe or to describe to others. Rogers (2003) argued that the observability of an innovation, as perceived by members of a social system, is positively related to its rate of adoption Social Cost When purchasing goods, consumers employ both personal and non-personal sources since both effectively convey information about search qualities (Zeithaml, 1981). On the other hand, when purchasing services, consumers may seek and rely to a greater extent on personal sources for several reasons. This is because mass and selective media can convey information about search qualities but can communicate little about experience qualities. By asking friends or experts about services, however, the consumer can obtain information vicariously about experience qualities to reduce the social cost of the service (Zeithaml, 1981). In this context social cost (approval) could refer to status gained in one's reference group, a nonfinancial aspect of reward, as a function of adopting a particular innovation. This attribute of an innovation clearly represents the concept of the innovation characteristic as a product of the interaction of the innovation and the adopting unit (the individual consumer) Perceived Risk According to Ostlund (1974) perceived risk refers to the degree to which risks are perceived as associated with the innovation. According to Zeithaml (1981) managers believed that the level of perceived risk could be higher for consumers purchasing services as opposed to physical goods. While some degree of perceived risk probably accompanies all purchase transactions, more risk would appear to be involved in the purchase of services than in the purchase of goods because services are intangible, non-standardized, and are usually sold without guarantees or warranties. Rugimbana and Iverson (1994) empirically reported that given the relationship between perceptions and ATM usage, the ATM user who is involved in the product/service class and who uses the service innovation perceived benefits of the attribute of the innovation to outweigh the perceived risks. 3. Methodology The research approach adopted was exploratory using the survey method. The study was conducted using samples of retail banking consumers in the Sunyani Municipal area in the Brong Ahafo Region, Ghana. Convenience sampling technique was adopted as the selection of the sample was based purely on the willingness of consumers to participate in the study. The selected respondents therefore did not form a representative sample of the whole industry. In total 112 consumers were selected for the study. Primary data was collected using quantitative approach to research. The questionnaire was made up of fourteen (14) Likert scale items adopted from previous study (Rugimbana and Iversen, 1994). The scale items were the expanded version of Rogers (2003) identified five attributes of innovations. The expanded version includes the following variables: relative advantage, compatibility, trial ability, observability, complexity negative attribute (Rogers, 2003), social cost (Zeithaml, 1981) and perceived risk (Ostlund, 1974). Data were collected by personally administering self-completed questionnaire. With the help of SPSS program, the collected data were analyzed using descriptive statistics technique. Frequency tables were used to present results of the analysis. Before the data collection, a short survey was carried out in Sunyani Polytechnic to ascertain staff patronage of ATMs. 20 persons were selected from three categories of staff namely; Senior Members, Senior Staff, and Junior Staff. The result of the survey indicated that, 18 of the 20 respondents representing 90 % patronized the ATM. The two respondents who did not use the ATM belong to the Junior Staff category most of who operate Rural Bank accounts and are not computer literates. 4. Data Analysis This section presents the analysis of the data collected for this study. The results of the analysis of the data for the five-point Likertscale 14 items on ATMs attributes is presented using descriptive statistics in the form of frequency distribution tables. The focus of the analysis is on the patterns underlying the conceptualizations of the whole sample rather than on the individual or group differences. Data was collected by personally administering self-completed questionnaire and in all 112 respondents were approached, who completed the questionnaire. The five-point Likert-scale is indicated as follows: 1 strongly disagree, 2 disagree, 3 uncertain, 4 agree, 5 strongly disagree. INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 135

4 4.1. Relative Advantage To understand respondent s perceptions of ATMs attributes in terms of their relative advantage they were asked to rate whether ATMs are conveniently placed (item 1). Table 1 presents the responses to this statement Table 1: Place element of ATMs From Table 1, forty-one (41, 36.6 %) respondents indicated that they strongly agreed with the statement. Thirty-seven (37, 33 %) agreed with the statement, with nineteen (19, 17 %) disagreeing with it, while eleven 11 (9.8 %) strongly disagreed with the statement. Only 4 (3.6 %) remained uncertain. The next statement required respondents to indicate whether the best thing about ATMs is the 24-hour service (item 2). Table 2 presents the results of the data analysis Table 2: ATMs 24-hour service From Table 2, forty-eight (48, 42.9 %) respondents indicated that they strongly agreed with the statement, and thirty-three (33, 29.5 %) agreed with it, while nineteen (19, 17 %) disagreed with the statement. Only three (3, 2.7 %) respondents strongly disagreed with the item, with nine (9, 8 %) neither disagreeing nor agreeing to the statement. Another questionnaire on relative usage of ATMs attempted to find out from respondents whether they would save time, using ATMs (item 3). The results of the analysis are presented in Table Table 3: Saving time using ATMs In Table 3, out of one hundred and twelve (112) respondents fifty-nine (59, 52.7 %) stated that they strongly agree with the statement that they save time when they use ATMs. This observation was followed by twenty-six (26, 23.2 %) respondents who agreed with the item. Eighteen (18, 16.1 %) of the sample disagreed with the statement, with only seven (7, 6.2 %) strongly disagreeing with it. Two (2, 1.8 %) respondents were unsure of the statement Social Cost of ATMS Usage Questionnaire items 4 and 5 relates to statements on social cost of using ATMs. The responses of the sample to these statements are presented in Table 4. A question was posed to the sample to find out whether ATMs usage gives any privacy (item 4). The responses of consumers are given in Table 4. From the table fifteen (15, 13.4 %) respondents strongly agreed to the statement, while twenty-six (26) representing twenty-three (23.2 %) agreed with it. INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 136

5 Table 4: Privacy in using ATMs Forty-two (42, 37.5 %) and nineteen (19, 17.0 %) of the respondents either disagreed or strongly disagreed with the statement respectively, with ten (10, 8.9 %) remaining neutral. Respondents were also asked to rate a statement (Item 5), stated that ATMs are more accurate than humans. The responses of the sample are analyzed in Table 5. From Table 5 it could be observed that twenty-four (24, 21.4 %) of the respondents strongly agreed with this statement, followed by twenty-seven (27) representing 24.4 %, while thirtyone (31, 27.7 %) and eighteen (18, 16.1 %) of the sample disagreed and strongly disagreed with the statement respectively. Only twelve (12) representing 10.7 % of the respondents remained uncertain Table 5: Accuracy of ATMs usage 4.3. Compatibility This section also highlights the analysis of 2 statements representing compatibility, a component of attributes, assessing ATMs usage patterns among consumers in Ghana. Table 6 and 7 presents the analysis of the rating of respondents Table 6: ATMs usage A questionnaire item was given to respondents in an attempt to find out from them whether they believe that other consumers like themselves would use ATMs (item 6). From Table 6, twenty-five (25, 22.3 %) respondents strongly agreed with this statement. Fiftyone (51, 45.5 %) also agreeing with it; while thirteen (13, 11.6 %) disagreed, four (4, 3.6 %) also strongly disagreed with the statement. Nineteen (19, 17.0 %) respondents however were uncertain about the statement Table 7: ATMs suitability to consumers The next questionnaire item (7) on compatibility was an attempt to understand from consumers point of view whether others like themselves would find ATMs suitable. From Table 7 twenty-six (26, 23.2 %) strongly agreed with this statement, while fifty-two (52, 46.4 %) selected the agreed option. Sixteen (16, 14.3 %) respondents disagreed, while only five (5, 4.5 %) strongly disagreed with the statement. Thirteen (13, 11.6 %) were unsure whether they should agree or disagree with the statement. INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 137

6 4.4. Complexity Questionnaire item (8) on complexity of ATM usage patterns was an attempt to ask consumers to rate the statement whether others like themselves would find ATMs usage complex Table 8: Complexity of ATM usage From Table 8 only sixteen (16, 14.3 %) strongly agreed with this statement. Twenty-two (22) representing 19.6 % agreed with the item; while thirty-one (31, 27.7 %) disagreed with it. Seventeen (17, 15.2 %) on the other hand strongly disagreed with the statement, with twenty-six (26, 23.2 %) remaining uncertain Trial Ability The issue of trial ability of innovation was one of the attributes of ATMs that were researched in this study. A questionnaire item (9) stating that ATMs services have always been easy as far as consumers are concerned was given to respondents for rating. The responses are analyzed in Table Table 9: Easiness of ATM usage In Table 9, thirty-two (32, 28.6 %) of the respondents strongly agreed with the statement that ATMs have always been easy to use, while forty-seven (47, 42 %) agreed with the statement. On the other hand, fourteen (14, 12.5 %) of the sample indicated they did not agree with the statement, with only three (3, 2.7 %) strongly disagreeing with it. Sixteen (16, 14.3 %) remained uncertain Observability Questionnaire item (10), which stated that consumers understand the effects of all options of ATMs usage were rated by respondents and the responses analyzed are found in Table Table 10: Effect of ATM options In Table 10, twelve (12, 10.7 %) strongly agreed with the statement, and majority of forty-five (45, 40.2 %) of respondents agreed with the statement; twenty-two (22, 19.6 %) however disagreed, with only seven (7, 6.2 %) strongly disagreeing with the statement. While a significant number of respondents, twenty-six (26) representing 23.2 % were uncertain Perceived Risk Four (4) questionnaire items were designed to understand consumers ratings of perceived risk of ATMs usage. The analysis of respondent s ratings of these items are given below. INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 138

7 Table 11: ATM usage safety From the Table 11, fifteen (15, 13.4 %) respondents strongly agreed to the statement (item 11) in which they expressed their feeling that they would not feel safe using ATMs, while twenty-one (21, 18.8 %) agreed with the statement. On the other hand, forty-seven (47, 42 %) disagreed with the statement with twenty (20, 17.9 %) strongly disagreeing with the item. Only nine (9, 8 %) were unsure of the statement Table 12: Uncertainty in using ATMs The analysis on Table 12 were responses to questionnaire item 12 that attempted to find out from respondents their perceptions of the statement suggesting that they were never sure if the ATMs will work. Twenty (20, 17.9 %) strongly agreed with the statement, while thirty-three (33, 29.5 %) agreed with it. Nineteen (19) consumers representing 17 %, however, disagreed, and twelve (12, 10.7 %) strongly disagreed with the statement. A sizable number of respondents, twenty (28, 25 %) remained uncertain Table 13: Card loss while using ATMs Questionnaire item 13 that attempted to find out from respondents whether the statement the danger of losing one's card is high is perceived to be a risk when using ATMs. Responses are presented in the Table 13. Twenty-eight (28) representing 25 % strongly agreed, with 35 (31.2 %) simply agreeing with the statement. While 28 (25 %) disagreed, and only eight (8, 7.1 %) strongly disagreed with the item. Thirteen (13, 11.6 %) were, however, unsure of their responses Table 14: Confidence in using ATMs Questionnaire item 14 I feel confident using ATMs was presented to respondents to understand their perceptions of the statement. Forty (40, 35.7 %) strongly agreed, while forty-two (42) representing 37.5 % agreed with the statement that they feel confident when using ATMs. Nine (9, 8 %) and eleven (11, 9.8 %) respondents indicated that they disagreed and strongly disagreed with the statement respectively, with ten (10, 8.9 %) of them remaining uncertain. INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 139

8 5. Discussion To understand the perception of attributes of ATMs usage among consumers in Ghana, this section discusses the results of the analysis with the focus on the aim of the study, namely, to examine attributes of ATMs services with the view to assess the relative importance of different perceptual variables in explaining consumers usage. The conceptual framework would serve as basis for the discussion; relative advantage, social cost, compatibility, complexity, trial ability, observability, and perceived risk. The discussion focuses on the patterns underlying the conceptualizations of the whole sample rather than on the individual or group differences Relative Advantage The analysis showed that the three questionnaire items (items 1, 2, and 3), which represented relative advantage of using ATMs, a component of the conceptual framework, were highly rated by respondents. Out of 112 respondents, seventy-eight (78) representing 69 % either strongly agreed or agreed with the statement that conveniently placed ATMs explain their relative advantage usage. Likewise, eighty-one (81, 72.4 %) respondents either strongly agreed or agreed with the statement that the best thing about ATMs is the 24-hour service (item 2). Moreover, majority of the respondents eighty-five, (85, 75.9 %), strongly agreed or agreed with the statement that time savings explain the relative advantage of using ATMs. These observations of the sample find support in the literature research on ATMs usage. Rugimbana and Iversen (1994) in a study find out that these three items representing the relative advantage as an attribute of ATM usage, in effect represent convenience, reliability and suitability respectively. They concluded that individuals who perceive ATMs as convenient, reliable and suited to their needs are more likely to use ATMs and that they could be powerful determinant of ATM usage Social cost of ATMs Usage The results of the two questionnaire items on social cost of ATMs usage received mixed response from the respondents. While majority of respondents, sixty-one (61, 54.5 %), either strongly disagreed or disagreed with the suggestion that ATMs usage gives privacy (item 4), responses to the statement (Item 5) indicating that ATMs are more accurate than humans did not show any clear cut results. It was observed that forty-nine (49) respondents representing 43.8 % either strongly disagreed or disagreed with the statement while only fifty-one (51, 45.5 %) respondents either strongly agreed or agreed with the statement. Two reasons may be given for the mixed results as observed by respondents, specifically questionnaire statement 5. Firstly, it could be that the questionnaire items were not specified correctly. Secondly, it might be that questionnaire items were not articulated clearly and as such respondents might have interpreted them in a different way. Contrary to these observations in the current study, a study on ATMs operation features and usage in Ghana found that customers feel very comfortable and protected when using ATM services (Mumin et al., 2014) Compatibility Responses to the two statements representing compatibility, the degree to which an innovation (ATMs) is perceived as consistent with the existing values, past experiences, and needs of potential adopters, indicated that majority of the respondents agreed with these statements. Seventy-six (76, 67.8 %) respondents either strongly agreed or agreed with questionnaire item that attempted to find out whether the sample believe that other consumers like themselves would use ATMs (item 6). Only seventeen (17, 15.2 %) disagreed or strongly disagreed with the statement. Moreover, responses to item (7) on compatibility, which was an attempt to understand from consumers point of view whether others like themselves would find ATMs suitable, indicated that seventy-eight (78, 69.6 %) strongly agreed or agreed with this statement, while just twenty-one (21, 18.8 %) either strongly disagreed or disagreed with the statement. Essentially, the sample responded in a way quite in keeping with findings from prior research on the relationships of perceptions of innovation (ATMs) attributes and usage (Rugimbana and Iversen, 1994; Ostlund, 1974). According to Rugimbana and Iversen (1994) the attribute compatibility (suitability) was identified in their study as one of the components of the attributes that could positively explain ATMs usage by consumers and item 6 and 7 affirms this finding ( others like me would use ATMs, and others like me find ATMs suitable respectively ) Complexity Another attribute of ATMs usage complexity, the degree to which an innovation is perceived as relatively difficult to understand and use, was investigated with a questionnaire item (8) to understand consumers perception of this attribute. Although majority of fortyeight (48, 42.9 %) respondents either disagreed or strongly disagreed with questionnaire item (8), which sought response as to whether consumers believe the statement that others like themselves would find ATMs usage complex, thirty-eight (38, 33.9 %) also strongly agreed or agreed with this item. Equally, a sizable number, twenty-six (26, 23.2 %) respondents also remained uncertain. Thus the analysis of the data did not give a clear cut result. This result in effect is keeping with findings of Rugimbana and Iversen (1994), who observed that users and non-users of ATM services reacted negatively to the suggestion that others like the respondents would find ATMs usage complex. This current study affirms this observation. Rogers (2003) also pointed out in his writings that although the research evidence is not entirely conclusive, the complexity of an innovation, as perceived by members of a social system, is negatively related to its rate of adoption. Complexity may not be as important as relative advantage or compatibility for many innovations, but for some new ideas complexity is a very important barrier to adoption (Rogers, 2003). INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 140

9 5.5. Trial Ability The issue of trial ability of innovation, the degree to which an innovation may be experimented with, on a limited basis, was one of the attributes of ATMs that was researched in this study with a questionnaire item (9) stating that ATMs usage have always been easy as far as consumers are concerned. The responses indicated that majority of the sample seventy-nine (79, 70.6 %) either agreed or strongly agreed with the statement that ATMs have always been easy to use. On the other hand, only 17 (15.2 %) of the sample indicated they did not agree with the statement. This positive finding also finds expression in the innovation literature. According to Rogers (2003), new ideas that can be tried on the instalment plan are generally adopted more rapidly than innovations that are not divisible. This is because the personal trying out of an innovation is one way for an individual to give meaning to an innovation and to find out how it works under one's own conditions. A personal trial can dispel uncertainty about a new idea, and as a consequence Rogers suggested that the trial ability of an innovation, as perceived by the members of a social system, is positively related to its rate of adoption Observability Data on questionnaire statement (item 10) on observability the degree to which the results of an innovation are visible to others, yielded relatively positive results when it was analyzed. Respondents rating of the questionnaire item (10), which stated that consumers understand the effects of all options of ATMs, indicated that, forty-seven (47, 40.9 %) either strongly agreed or agreed with the statement. On the other hand, twenty-nine (29.6 %) either disagreed, or strongly disagreed with the statement. While a sizable number of respondents, twenty-six (26) representing 23.2 % were uncertain. This current study once again compares favourably with Rugimbana and Iversen (1994) findings. In their work they argued that one of the reasons for the results might be that the prescribed questionnaire statement was not adequate in clearly distinguishing and measuring the hypothesized innovation attributes of social cost (items 4 and 5, discussed above), and observability. The other reason, they argued, was that ATMs as innovation in the banking sector do not lend themselves easily to low risk and low involvement trial or to the observation of their positive effects, hence attempts to measure these attributes may be inappropriate (Rugimbana and Iversen, 1994) Perceived Risk Four (4) questionnaire items were designed to understand consumers ratings of perceived risk of ATMs usage. First, responses to statement (item 11), which expressed the feelings of consumers to the effect that they do not feel safe using ATMs, indicated that majority of respondents, sixty-seven (67, 59.9 %), either disagreed or strongly disagreed with this suggestion. Considering this observation of the respondents, it could be suggested that in Ghana consumers feel safe to some extent, when using ATM services. Majority of the sample, on the other hand, agreed with statements 12 and 13 indicating that perceived risk is an attribute of ATMs, explaining consumers usage patterns. Fifty-three (53, 47.4 %), of the respondents either strongly agreed or agreed with statement 12, which suggested that consumers of ATM services were never sure if the ATMs will work. Sixty-three (63, 59.2 %) of the sample also either strongly agreed or agreed with the statement indicating that the danger of losing one's card is high when using ATMs. Responses to questionnaire item 14 showed that the respondents feel confident using ATMs; eighty-two (82, 75.2 %) of the sample either strongly agreed or agreed with this statement. Considering these results of the four (4) items representing perceived risk using ATMs service, it could be argued that only items 12 and 13 to some extent suggest that there is perceived risk in using ATM services from consumer s point of view in Ghana. To questionnaire items 11 and 14, however, the results revealed that respondents have confidence in using ATMs in Ghana, in that they disagreed with the statement which expressed the feelings of consumers to the effect that they do not feel safe using ATMs, and agreed with the suggestion that they feel confident when using ATMs. With regard to respondents, observations of item 12 and 13 there is evidence in the service research literature supporting this findings of perceived risk as an attribute explaining innovation like ATMs usage or adoption by consumers. According to Zeithaml (1981) the level of perceived risk for consumers purchasing services (in this context ATMs usage) is higher as opposed to physical goods. He argued that while some degree of perceived risk probably accompanies all purchase transactions, more risk would appear to be involved in the purchase of services than in the purchase of goods because services are intangible, non-standardized, and are usually sold without guarantees or warranties. He pointed out that the intangible nature of services (such as ATM services) and their high levels of experience qualities imply that services generally must be selected on the basis of less pre-purchase information than is the case for products. Since research suggests that a decrease in the amount and/or quality of information usually is accompanied by a concomitant increase in perceived risk, the purchasing of ATMs services may involve more perceived risk than the purchasing of goods, as respondents indicated with their response to items 12 and 13 in this research work (Zeithaml, 1981). 6. Marketing Implications It is clear from the conclusions above that the overriding perceived attributes of ATMs usage that benefit consumers in Ghana are relative advantage, compatibility, and trial ability. The relative importance of these perceptual attributes of ATMs explains consumers usage of this innovation in Ghana. As consequence it is suggested that the strategy of stressing these most important perceived attributes is crucial to the success of the current efforts by bank marketers in Ghana aimed at increasing ATM usage. Secondly, the fact that personal banking consumers can be profiled and indeed segmented on the basis of their perceptions of attributes of ATM, provides important opportunities to bankers for better understanding of their customer needs and expectations. In INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 141

10 this respect, perceptions of ATM attributes could present an important means by which marketers can keep in touch with customer expectations. Finally, as noted above respondents assessment of perceived risk as an attribute of ATMs suggests that in Ghana consumers feel confident and safe to some extent when using ATM services, they also recognize that ATMs usage entails some risk to large extent. This study suggests that bank marketers should endeavour to provide enough information for consumers of ATM services when they adopt the innovation to lessen the perceived risk in using the innovation. 7. Limitations and Further Research This research is of an exploratory character and of limited scope. Further research on the different locations in Ghana should be undertaken because the results reported are limited in sample generalizability and situation generalizability, so generalization is not high. For instance, the samples, although random, were limited a particular city in Ghana (Sunyani, Brong Ahafo Region). Given the importance of the perceived innovation attributes, particularly relative advantage compatibility, and trial ability greater specificity should be attempted so that respondents could provide greater content on sub-variables contained within the three perceived innovation attribute dimensions. Finally, although the descriptive statistics in the tables illustrate the importance and scope of perception of attributes of ATMs usage phenomena in Ghana Banking industry, more rigorous empirical research is needed. 8. Conclusions To revisit previous discussions, this study investigated perception of attributes of ATMs services among consumers in Ghana with the view to assess the relative importance of different perceptual variables in explaining consumers usage. The results and analyses revealed that three perceptual factors are influential in determining ATM usage, namely, relative advantage, compatibility, and trial ability. Out of these three factors respondents found relative advantage to be one of the strongest attributes of ATMs usage as they positively rated the three statements representing this attribute, namely, conveniently placement of ATMs, 24-hour service and time savings in using ATMs services. Majority of the respondents also agreed with the two statements relating to compatibility, the degree to which an innovation (ATMs) is perceived as consistent with the existing values, past experiences. The respondents believe that consumers like themselves would use ATMs and that they would find ATMs suitable to their needs. Moreover, trial ability, the degree to which an innovation may be experimented with, on a limited basis, as an attribute of ATMs service was perceived by majority of respondents as always making it easy, as far as consumers are concerned, for an innovation s (ATMs) usage. Besides the three attributes, observability, the degree to which the results of an innovation are visible to others, was also positively assessed by respondents as an attribute of ATMs usage. Although as previously discussed ATMs as innovation in the banking sector do not lend themselves easily to low risk and low involvement trial or to the observation of their positive effects, the positive assessment of this attribute to some extent could explain consumers ATMs usage in Ghana. Although majority of the respondents disagreed with the statement ( others like themselves would find ATMs usage complex ) representing complexity as an attribute of ATMs, this results were not significant as less than 50 % of respondents disagreed with the statement. Combined figures for those who were uncertain and agreed with the statement were more than 50 % of the sample. On attribute of social cost of using ATMs majority of the sample negatively responded to this attribute by disagreeing with the suggestion that ATMs usage gives any privacy. With regard to the second statement representing social cost, slim majority (just over 50 % as noted in previous section) agreed to the statement that ATMs are more accurate than humans. Thus these observations of the respondents suggest that complexity and social cost as attributes ATMs services has less influence on consumers usage of the innovation in Ghana. Although observations of respondents assessment of perceived risk as an attribute of ATMs suggest that in Ghana consumers feel confident and safe to some extent when using ATM services, they also recognize that ATMs usage entails some perceived risk to large extent. To support this observation, as previously noted in the discussion, respondents agreed that consumers are never sure if the ATMs will work or avoid the danger of losing one's card when using ATMs. 9. References i. Al-Hawari, M. & Ward, T (2006). The effects of automated service quality on Australian banks service performance and the mediating role of customer satisfaction. Marketing Intelligence & Planning, 24,(2): pp ii. Bishnoi, Sunita (2013). Demographic Variables and ATM Services: An Empirical Survey. Globsyn Management Journal, 1 & 2, (January December) iii. BoG Bank of Ghana (2005). Annual Report. Editorial Committee of the Bank of Ghana, Website: iv. Global ATM Market and Forecasts (2013), Retrieved May 7, 2010, [ v. Mumin, Y. A., Ustarz, Y., and Yakubu, I. (2014) Automated Teller Machine (ATM) Operation Features and Usage in Ghana: Implications for Managerial Decisions. Journal of Business Administration and Education, 5 (2), pp vi. NetWorld Alliance (2003). Timeline: The ATM s History. vii. Ostlund, L. (1974). Perceived Innovation Attributes as Predictors of Innovativeness. Journal of Consumer Research, 1. viii. Rogers, E. (2003). Diffusion of innovation, 5th Edition. New York: The Free Press. ix. Rugimbana, Robert & Iverson, Philip (1994) Perceived Attributes of ATMs and Their Marketing Implications. International Journal of Bank Marketing, 12 (2), p. 30 INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 142

11 x. Surjadjaja H, Ghosh, S. & Antony, J. (2003). Determining and assessing the determinants of E-service operations. Managing Service Quality, 13(1), xi. Sweeney, A., & Morrison, M. (2004). Clicks vs. Bricks: internet-facilitated relationships in financial services. International Journal of Internet Marketing and Advertising, 1(4), xii. Zeithaml, V. A. (1981) How Consumer Evaluation Processes Differ between Goods and Services. Texas A&M University, xiii. Zeithaml, V.A and Gilly, M.C (1987), Characteristics Affecting the Acceptance of Retailing Technologies: A Comparison of Elderly and Non- Elderly Consumers. Journal of Retailing, Vol. 63 No. 1, pp INTERNATIONAL JOURNAL OF INNOVATIVE RESEARCH & DEVELOPMENT Page 143