Assignment on Developing Project Proposal Using Research skills

Introduction:

            Research is gathering information, the more information we have we can make our decision easily. Every big company spend a lot of money for research activity before initiating a service or product or process. Research is the result of advancing knowledge created in previous. Ordinary or extraordinary people can do the research include student, teacher, professor, scientist, business owners, scholars, writers, politicians, book keepers, librarians and many more unknown. People do the research for their self help.
Metro bank is a newcomer in UK banking industry and they are providing some tremendous services.
Now they want to initiate online banking for the customers. In this assignment we do the research on online banking for Metro Bank. In first part of this assignment I will describe the theoretical review of research and the following part I will represent the finding of my research and provide a template of my report.

Part -1

106.1.1 Critically appraise and reflect upon the role of research

              Research is normally designed to solve a problem, for that reason we need strong information to support the research to make it beneficial and efficient. It helps us to make a decision. Most of the people do not do the research, only few of them do. Who do the research they do not fail in their way of prosperity. Research needs effort, time and sometimes money to have the confirmation to make a good decision. Research has a great impact on future activities. Research helps to arm us from wrong information and save money and time. It helps to succeed in a process or a service or a task. After doing research we need to go for action or implementation otherwise it will go in vain. Research plus action will most likely ensure a successful research.

              Research can help us to find out the problem and the most suitable and probable solution for that problem. For any kind of major issues of our own life or any kind of national and international issue we need to do the research otherwise the outcome of any decision will not be fruitful.   

106.1.2 Demonstrate paradigmatic understanding in research

              There are a lot of important paradigmatic differences between different research methods. There are some similarities between different approaches. Some research use experimental observations to address research question. Normally people examine their data and take decision from the data and then implement the research outcomes. There are some room in ontology for social and mental reality as well as the more micro and more precisely mental reality. Certain methodologies tend to be related with one specific research tradition. The objective, nature and scope of inquiry are consistent across methods and paradigms. Epistemological and methodological possibilities make the research work easy and effective. Present day research become too much complex, dynamics and inter-disciplinary. Many research need to complement one method with another and all researcher need a perfect understanding or various methods used by other researchers to facilitate communication to promote cooperation, collaboration and represent superior research. Many research produces or methods typically have been linked to certain paradigms; this connection between research paradigm and research methods is neither necessary nor sacrosanct. Research in a content domain that is dominated by one process or method often can be better informed by the use of multiple methods.  [1]

             

106.1.3 Describe the different reasoning techniques involved in research.

          There are different reasoning techniques involved in research like deductive and inductive methods. I will describe them in following part:

Deductive approach: it works from the more general to the more specific. The other name of this approach is called “top-down” approach.

                                

Here we start from the theory and our project theory is the customer view about introducing online banking. Then we narrow that down into more certain hypotheses that we can test. Then we narrow down to collect observations to address the hypotheses. This leads to the test of our hypothesis with certain data- a confirmation of our original theories. 

Inductive approach: it works on the other way, moving from specific observation to broader theories and generalizations. It calls “bottom up” approach.

               

Here we start from specific measures and observations, begin to detect regularities and patters, formulate some timid hypotheses that can be explore, and at last end up developing some general theories or calculation.  [2]

106.2.1 Appraise critically different methods of data collection and analysis.

            There are various methods for data collection like interview, investigation, and questionnaire and so on. Here I will describe various form of data collection method for online banking for metro bank.

Interviews: In quantitative research, interviews are most structured than in qualitative research. There are various forms of interviews like

Face to face interview ha s a great advantages of enabling the researcher to build a relationship with a customer and therefore their cooperation. This interview produces a highest response rates in survey research. They also permit the researcher to justify indistinct answers and when appropriate, seek follow-up information. Sometimes it is time consuming to manage some interviewee.  

Telephone interviews are less expensive and less time consuming. We are contacting those people who have telephone connection anywhere of the UK. The disadvantage of this interview is the response rate is not that much high as face to face interview but higher than mailed questionnaire.

Computer assisted personal interviewing: it is a personal interviewing. Here we bring the laptop or hand-held computer to enter the info directly into the database. The method saves time and saving the interviewer from carrying around hundreds of questionnaires. It is expensive and customer must have typing skills.

Questionnaire:

Paper-pencil-questionnaires are sent to a huge number of customers and save the researchers money and time. People are more truthful in responding to the questionnaire. We ask people regarding the online banking and how they response it. Few customers did not submit their questionnaire papers.  

Web base questionnaire is a new and rapidly growing technique. It is an internet based research. We send our questionnaire through email or give a link of our secure address that will take them a secure website to fill a questionnaire. It is quicker and less detailed. We get good response in this data collection method. [3]

There are some other methods like observation methods and document reviews.

106.2.2 Develop surveys suitable to elicit data (Report + Presentation)

              For collecting data of customer opinions, we arrange interview sessions and questionnaires. We make our survey interesting, narrative and logical sequence. Those are the questions we ask our interviewees for data collecting:

1.      How long have you been using the WWW?

2.      How many hours/week do you use your computer for play/fun?

3.       How many hours/week do you use your computer for work?

4.      How many hours/week do you use your computer for personal reasons? 

5.      Have you performed any of the following activities on-line? (Please check all that apply)

6.      How frequently do you use telephone banking services per month (for example, balance inquiry, fund transfer between accounts)?

7.       How frequently do you visit your bank branch per month?

8.      How frequently do you use an Automated Teller Machine (ATM) per month? 

9.      What is the main reason that you typically visit your bank branch (please choose the single most important reason)?

10.  Have you purchased any product through WWW?

11.  Approximately how many times have you purchased any product through the Internet in the last 12 months?

12.  In the past five years, other than for geographical relocation, how many times have you switched to a different bank? 

13.  Have you used (or are currently using) any off-the-shelf personal finance management software programs (such as Quicken, MS Money, or Mec software)?

14.  If you answered Yes to the previous question, how long have you been a regular user of such software?

15.  For your on-line banking, which of the following category best explains your situation?

16.  Do you have a bank account for which you interact with your bank mostly through a WWW browser? (If yes, we refer to this type of bank account as an Internet bank

17.   What are the main reasons that you have not opened an Internet bank account yet? (check all that apply)

18.  How likely is it that you will open an Internet bank account within the next 12 months? [4]

  I am mentioning only the question not the answers otherwise it needs too much word. We collect the data for future analysis.

106.2.3 Demonstrate an understanding of the roles of a researcher and the constraints imposed

The roles of a researcher are describing bellow:

·         Responsible for finding out what is expected

·         Take initiatives to rising difficulties or problems

·         Discuss how to make the operation more effective and concerns about the disability

·         Organise, agree and attend meetings, circulate work in advance and contribute to make an agenda

·         Carry out suggested reading

·         Create written work as agreed

·         Regularly monitor the progress of the project work

·         Generate own ideas

·         Sharing information with others to make the project more effective

·         Set realistic deadlines

·         Ask clients when they did not understand any of the questionnaire

·         Submit the outcome or result to the respective authority with regulation.    

The constraint they found that the older people are not interested in the questionnaire for online banking, sometimes it needs too much time for who is less educated and few interviewees do not submit their feedback copy.

106.3.1 Describe the differences between types of data available.

There are different kinds of data like primary, secondary and tertiary data. Now I will describe different kinds of data collected for online banking and compare those data.

Primary data: It is the main source of data collection for this events and ideas. This data contains ideas, contemporary or firsthand accounts of events, publication of the empirical observation or studies or results. In this research first of all we collect the primary data by interviewing, questionnaire, observation. Then we collect information from various sources like other narratives, speeches, government or various banks documents, patents, various data from other related research and some other experimental research.

Secondary data presenting facts about events are secondary unless they are based on direct observation or participation. We collect secondary data to analyse the primary data through biographies, newly experimental research results, historical results and review articles or literature reviews. Those data helps us to make our decision easy.

Tertiary data helps us to overview the topics by synthesizing the information gathered from other resources. We got the tertiary data from encyclopaedias, chronologies, textbooks or almanacs.  [5]

106.3.2 Retrieve relevant information from various sources

              There are various sources for retrieving relevant information regarding Metro bank online service. First of all we can visit other banks website how they manage their online banking and what facilities they are providing right now. What extra benefit they need to provide for attracting more clients. Then we do the interview session, questionnaire and investigation. Then we collect information from other publication regarding online banking. We also collect info from various research papers on online banking. We visit the websites like online banking of NatWest, Barclays, Santander, HSBC, RBS, Bank of Scotland, and Nationwide and so on. We are interviewing around 500 people via telephone, face-to-face and internet. Then we provide questionnaire around 1000 people directly and collect then instantly as much as we can. We also provide questionnaire by online and collect public opinion regarding Metro Bank online services.    

106.3.3 Undertake a critical evaluation of research material relevant to the problem.

              We collect the information from primary, secondary and tertiary resources regarding the project. All the primary information is authentic and accurate as we interviewing and providing questionnaire. All the information we get from various bank’s website those are genuine as well. Then we collect data from secondary resources like other research works and experiments which is relevant to our project. Those are also very helpful and effective as it provide various information about online banking. We found some critical problems about online banking when we collect info from secondary sources. Tertiary resources help us to choose the topics name of our project.

Part - 2

106.4.1 Identify several potential topics in an area of interest. (Report + Presentation)

            Those are the appropriate topics for Metro Bank’s online banking:

·         Metro banks provide online banking and you can access it from any part of the world

·         If you want easy and convenient online banking go for Metro Bank

·         Metro bank provides you total relationship – credit lines, deposits and loans

·         Metro bank provides the facility to transfer money to any other bank.

·         You can pay your bills electrically in Metro Bank which is totally free

·         Place your order through Metro bank online service

·         Export to quicken or money at Metro Bank [6]

106.4.2 Produce the terms of reference for the intended dissertation problem

              The terms of reference for Metro Bank’s online banking are providing below:

Topic: The customer views about introducing online banking in Metro Bank  

Aims: Gather information of customer views regarding Metro Bank’s Online Banking

Research objectives: We will do qualitative and quantitative research for collecting client’s views regarding online banking and what they think about Metro Bank online banking. We will find out what customer really want in online banking and tell the authority to implements our findings.  

Research question: Those are already mentioned in 106.2.2 section

Proposal: Young generation are keen to use online banking but older generation are still depending on paper base and face to face transaction. We will try to convince the older people that online banking is really easy and convenient and it saves our time, money and energy so why not you go for that. We will discuss briefly of our online banking system and try to show them its features. We will collect data and provide a report about our findings and suggest the authority to implement our findings.   

Knowledge creation: Most of the people are very interested to use online banking but they are really worried about the security because sometimes hackers hack their accounts information and evacuate money from their account. Sometime people get problem if the bank change their webpage frequently. 

Template

106.4.3 Demonstrate an understanding of the required documentation

            We find some features in this research activity and they are

·         Old people are not that much interested to use online banking for lacking of typing skill and computer literacy

·         Young people are really interested to use it as it saves money and time

·         Women are less interested than man to use online baking for transaction

·         People like the all time accessibility of online service most and then money transfer facility

·         They are really concern about security issue of their account

·         Frequent web page changing makes client annoying and disturb

Conclusion:

            Banks help us in various ways by taking our bills, providing loans and interest, storing valuable products and so on. In traditional online banking sometimes we have to wait for longer time for depositing or collecting money even if we want to consult with a manager or a consultant. Now people are too much busy in their way and they have to do a lot of task. For making our life easier and effective we use technology. We use internet for various purposes even in banking. Now most of the people are accustomed with online banking which makes our banking easier. We can check our accounts from our home at any time throughout the year; we can do online shopping, transferring money, and paying bills and so on. It saves our time and money. Metro Bank is now operating only the major cities in UK. They are expanding their services and they are open for 361 days in a year and they are serving customer form 8 a.m. to 8 p.m. For that reason they are getting popularity very quickly and now they are introducing online banking for attracting more clients. In near future they will be one of the top ranking banks in UK.

References:

1.      Mixed Methods Research: A Research Paradigm Whose Time Has Come by R. Burke Johnson and Anthony J. Onwuegbuzie, Retrieve on: 01/09/11, Available on:  http://www.aera.net/uploadedFiles/Journals_and_Publications/Journals/Educational_Researcher/Volume_33_No_7/03ERv33n7_Johnson.pdf

2.       William M.K. Trochim, 10/20/2006, Deduction and induction, Research Methods Knowledge base, Retrieve on: 01/09/11, Available on: http://www.socialresearchmethods.net/kb/dedind.php

3.      Data Collection Methods, Retrieve on: 01/09/11, Available on:http://people.uwec.edu/piercech/ResearchMethods/Data%20collection%20methods/DATA%20COLLECTION%20METHODS.htm

4.      Internet Banking Questionnaire by Professor Sue Rhee and Fred Riggins, Retrieve on: 01/09/11, Available on: http://www.cc.gatech.edu/gvu/user_surveys/survey-1998-04/questions/banking.html

5.      Primary, secondary and tertiary sources, Last modified on: 16/10/11, Retrieve on: 01/09/11, Available on:http://gethelp.library.upenn.edu/PORT/sources/primary_secondary_tertiary.html

Metro Bank website, Retrieve on: 01/09/11, Available on: https://www.mymetrobank.com/page.cfm?id=5234