Adopting Financial Product in Emerging Country: Thailand - Literature review Example

?Running Head: Adopting Financial Product in Emerging Country: Thailand Adopting Financial Product in Emerging Country: Thailand [Institute’s Name] Adopting Financial Product in Emerging Country: Thailand Marketing of Financial Product Financial products or services refer to any product or service which can be traded in the financial markets. Treasury bills and government bonds are most common and widely used examples of financial products. There are several mechanisms that can be used to classify financial products and services based on their maturity period, fixed or variable interest paying nature, source in terms of whether that source is deposit taking or non-deposit taking and others (Sathye, 2005, p. 45). There is a growing realisation amongst experts, academicians and scholars that marketing of financial services is a far more complex task as compared to the marketing of different consumer goods, technological products, and other kinds of products and services. For example, unlike several tangible consumer goods, financial service cannot be visually communicated in advertisements and other forms of communications mix to the customers (Aladwani, 2001, 224). Unlike several kinds of products and services which have the potential to stir up excitement in the hearts and minds of customers, financial products lack this feature. Consider the example of financial products such as pensions and funeral plans which have the characteristics intrinsic undesirability, which makes it a relatively difficult task to gain customer attention and inspire customer desire for these products (Sathye, 2005, p. 45; Awamleh & Fernandes, 2006, p. 86). Furthermore, the overall financial services industry, especially during the last decade or so, has transformed into an extremely competitive arena, making it even more troublesome for marketers to generate value for their customers and sustain any competitive advantage (Rotchanakitumnua, & Speece, 2004, p. 281). One of the biggest challenges for marketers who are involved in the process of marketing financial services is that during the past few years, several new entrants have entered the market and the traditional boundaries of the market have been challenged (Eriksson, 2008, p. 159). Consider the example of Volkswagen, the biggest German automobile manufacturer and the third largest automobile manufacturer in the world, in the year 2004, began providing home equity loans to its customers. Quite understandably, customers who purchased home equity lines gained credit towards purchasing a new Volkswagen vehicle (Chaipoopirutana, et al., 2009, p. 29). Similarly, gone are the days when property and casualty insurance agents were only offering insurance and insurance related providers (Hamid, et al., 2007, p. 15). Financial institutions are now training and hiring agents which sell to their clients a variety of financial products, including but not limited to time deposits, retirement planning, investments and others. Therefore, marketers who are dealing with financial products are realising that the boundaries of the markets are not only changing but also expanding (Rotchanakitumnua, & Speece, 2004, p. 281). Furthermore, the industry has witnessed the most bizarre, unconventional and uncanny financial products. Consider the example of a “life settlement contract” in this regard, which is a financial product that a terminally ill person with a life insurance policy can avail (Aladwani, 2001, 224). The transaction between the person and any investor involves the investor paying an upfront lump sum amount for that policy after which it becomes the responsibility of that investor to make the policy payments. Upon the death of the former policyholder, the investor gets to collect the insurance amount. Quite clearly, the investor is using the financial product, which is the life insurance policy to bet on the death of the policyholder (Chaipoopirutana, et al., 2009, p. 29). There are studies which confirm that the first step in marketing financial products and services is to first educate the customers in the most thorough and comprehensive manner about the costs, benefits and dynamics of the product. Since financial products are complex, require commitment and motivation, it might be very costly for organisations to educate such customers. The dilemma is that even after educating these customers, there is almost no guarantee that these prospective customers would engage in business transactions (Eriksson, 2008, p. 159; Awamleh & Fernandes, 2006, p. 86). International marketing strategy such as standardization and adaptation Standardisation versus adaption is one of the most heated debates within the academic circles that deal with international marketing strategy. The question remains that whether firms should alter their marketing strategy while entering into different international markets or should they follow the same standardised approach into all foreign markets (Chaipoopirutana, et al., 2009, p. 29). The choice between standardization and adaption of products, services and strategies remains a question that can only be answered after completing a thorough analysis of the economic, cultural, political and technological risks that are associated with operating within the country. A company is more to follow an adaption strategy if the country poses unique risks that are not present within the host country of the company. Consider the example of McDonalds expanding into European and Asian countries (Jayawardhena, 2000, p. 24). Since many of the European countries were developed countries and they did not pose any significant business risks, McDonalds did not feel the pressure of adapting to their local environments but it retained its American essence. However, when McDonalds expanded into Asian countries such as China, India and Pakistan, it had to adapt itself to these environments as the degree of risk was significantly. Not only did they abstain from direct entry, Greenfield investment or joint ventures and followed a franchising or licensing strategy but at the same time, they decided to change their menu to the local tastes. Furthermore, rather than positioning themselves as a trendy fast food chain offering convenience and taste, looking at the cultural environment and buying power of the customers, McDonalds decided to position itself as a family restaurant with above average dining facilities and service quality (Jaruwachirathanakul & Fink, 2005, p. 298). There is theoretical evidence to suggest that in case of financial products marketers will always prefer a policy of standardization over adaption. This is because of several aspects. First, they are pressured to take a risk adverse approach, considering the riskiness of financial investments, especially in the aftermath of the global economic meltdown, financial crunch and subsequent European Sovereign Debt Crisis. Secondly, a standardised marketing approach allows organisations to decrease the costs associated with marketing and offering the financial product or service to their customers thus ensuring that they could gain from the economies of scale (Jaruwachirathanakul & Fink, 2005, p. 298). Third, in most cases, financial products and services are so complex that altering them to fit the needs of a particular market might require a lot of hard work and homework from the side of the experts. International Marketing in Emerging Market International marketers who are dealing with marketing their products within the developing countries and emerging markets are increasingly paying attention to the concept of bottom of the pyramid customers (Cheng, et al., 2006, p. 1559). In the developed countries of the world, there are thousands and thousands of firms that target customers from the upper class segment of the society since they allow firms to create a recession proof businesses as well as enjoy high margins of profitability (Chaipoopirutana, et al., 2009, p. 29). However, the fact is that in the process of doing the same, businesses end up avoiding more than four million customers all over the world that belong from the lower income class segment of the society. They present tremendous potential for business. Although, they might not have the incomes to provide businesses with high margins of profitability but any organisation which can tap into these markets would be able to generate much larger returns even with extremely low margins of profitability (Jayawardhena, 2000, p. 24). Firms that are now entering into the emerging markets are not only trying to capture their share of the wealthy and top tier customers but at the same time, they are also trying to appeal to the bottom of the pyramid customers as well. For example, all the new entrant banks in India as well a lot of the already existing banks within the country are now offering financial products specifically altered for the needs and demands of the customers of the rural areas who are eager to invest their lifetime of savings into arenas that could generate sustainable and quick returns for them (Jaruwachirathanakul & Fink, 2005, p. 298; Eriksson & Nilsson,, 2007, p. 167). International marketing in emerging markets is also challenging because in most cases it is difficult to gain control of the relevant supply, distribution and communication channels within any industry because of the presence of strong state backed monopoly producers and institutions (Cheng, et al., 2006, p. 1559). Furthermore, in these countries, many people might be sceptical of the foreign producers and companies. On the other hand, they would also be tying higher quality with foreign companies, thus making it a unique challenge for the marketers (Herington & Weaven, 2007, p. 412). Financial Products in Emerging Markets During the past few decades, especially after the rise of monetarism and neoliberalism, there is a consensus amongst most of the policymakers in the world that financial development precedes economic growth. Therefore, most of the developing countries, in an attempt to kick start their journey to economic growth has focused extensively on developing their financial markets (Simpson, 2002, p. 325). This is one reason why even the most complex and complicated financial products are now being marketed in various emerging markets. Nevertheless, there are reasons to believe that marketing these products in emerging countries poses more risk as compared to the developing countries (Jayawardhena, 2000, p. 24). Not only that the market is uninterested and illiterate in financial products but also that most customers do not have much to offer to the financial institutions in their individual capacity. Furthermore, since financial products are alien to their country, they are likely to be more sceptical about the same and pose more resistance towards using them (Qin, 2009, pp. 229-231). Furthermore, political risks and governmental regulations are the biggest issues that marketers face while marketing financial products in emerging markets. Most of the emerging economies have vigilant governments with strong rules and regulations that try their level best to keep a check and balance on all the happenings of the market. At some occasions, companies might find themselves in situations where they might have to pay bribes to government officials to gain favours and permits within those markets (Lubbock & Krosch, 2010, pp. 96-97; Herington & Weaven, 2007, p. 412). Consider the case of rainfall insurance in India. Rainfall insurance is a financial derivative whose payout is linked with the amount of rainfall measured at a particular region or station. In India, more than 66 percent of the farmers feed their crops with the rain water, therefore, their incomes are highly violate subject to the rainfall that they receive in a particular season. Rainfall insurance allows farmers to insure their crops against low and high rainfalls so that they remain insured. The cost of insurance are low and unlike other forms of insurance, the burden of proof does not lie with the claimant since everyone can record and witness the rainfall (Botha, et al., 2008, p. 69). Despite the fact that rainfall insurance has done wonders for several Indian farmers, its adaption within several Indian areas has been very low despite aggressive attempts from the side of the insurance companies to educate the farmers. This represents a classic problem associated with marketing or financial products within emerging markets that they will take a lot of time in adapting these products (Gkoutzinis, 2006, p. 55-56). Only a few risk takers would come up to adopt the financial product or service and the majority of the population would prefer sitting back watching the results over and over again before they make a formal decision to associate themselves with the financial product or service. Nevertheless, the case does prove that efforts made at financial literacy and education do payoff but at the same time, they have to extremely effective and well planned to ensure that they satisfy all the information needs of the customers (Qin, 2009, pp. 229-231). Internet Banking The Great Depression of the 1930s followed by the Second World War lead to near collapse of the global financial and banking system. In an attempt to rebuild and regain their grounds, banks convinced themselves that the best and the most effective recipe for success and growth is to expand their geographical scope and open as many branches as possible (Cheng, et al., 2006, p. 1559). Not only that opening new branches allowed banks to expand their scope and customers but it also provided customers with more convenience and enhanced customer satisfaction (Sathye, 2005, pp. 45-47; Awamleh & Fernandes, 2006, p. 86). For almost four decades, bank continued to invest billions of dollars in pursuing expansion at local, regional and international levels. Some banks even ended up opening two or more branches on the same or adjoining streets as the same became a symbol of dominance, size and strength. Financial institutions, especially banks, began to assume that their competitive advantage lies within their ability to expand geographically (Qin, 2009, pp. 229-231). However, the dynamics of the industry began to change drastically with the advent of internet. The influence of a bank’s size and geographical reach began to decrease significantly with internet banking as now even smaller banks had an opportunity to compete with much larger and influential banks (Horn, 2002, p. 96). Quite understandably, dilution of the advantages of size created a more level playing, thus contributing towards making the financial industry more competitive. This explains the wave of mergers and acquisitions within the financial industry during the 1990s (Botha, et al., 2008, p. 69). Online banking, internet banking, electronic (E-banking) has emerged as an integral part of the global banking industry, where millions of customers manage their accounts every day. However, the literature on internet banking is inconclusive regarding its impact on customer satisfaction and financial performance of banks (Gkoutzinis, 2006, p. 55-56). There is a group of experts which strongly argues that internet banking has played a significant role in decreasing the overall costs for banks through decreasing the need of physical expansion and other related costs (Lubbock & Krosch, 2010, pp. 96-97). Furthermore, with less pressure to maintain and manage physical presence, the overall operational costs have decreased which has in turn increased profitability. However, on the other hand, there are experts who believe that internet banking has not been able to decrease the costs of banking (Sathye, 2005, pp. 45-47). They argue that even today, within the banking sector, “seeing is believing” and they would rather trust a bank with large geographical presence than a much smaller bank. Furthermore, they argue that even if banks do not feel the same need for physical expansion, internet banking has forced them to invest millions of dollars in purchasing, operating and maintaining IT infrastructure, thus, dampening any positive impact on the overall profitability, if there was any (Botha, et al., 2008, p. 69; Awamleh & Fernandes, 2006, p. 86). Despite its overall impact on customer profitability and satisfaction, almost all experts agree that internet banking is here to stay and it will redefine the future of banking within the next few years. In many developed countries, mobile banking has gathered much attention and generated significant buzz. Therefore, companies which are investing in internet banking are making the right call. Internet banking in Emerging Markets Over the past few years, several banks within the emerging markets have adopted internet banking. Although, there is still a lot of potential to grow the internet banking market within the emerging markets and developing countries, the literature concerning the topic reveals that there is a small share of customers which remains interested in using internet banking (Amason, 2010, p. 85) In several cases, both international and local banks seem to be offering internet banking services to their customers but there are several factors that have limited the penetration of internet banking (Hamid, et al., 2007, p. 15). The prime reason behind the same is low computer literacy. Interesting here to note is the fact that although, several of these customers know how to operate computer and use internet, only the customers who perceive strong IT skills have preferred internet banking to perform their transaction and avail its services (Lubbock & Krosch, 2010, pp. 96-97). Secondly, many customers in the developing markets, either due to their own weak IT skills or due to poor user software development approach of the local banks, have raised the issue of poor user interface that have kept that from using internet banking for all of their banking transactions. Poor user interface and poor training of customers significantly decreased the perceived ease of usefulness and ease, which in turn has discouraged them from using internet banking (Oliver, et al., 2008, p. 106). Nevertheless, theory of diffusion of innovation by Rogers (1995) offers some explanation as to why the penetration rate of internet banking is so low within most developing countries and emerging markets. The theory defines the process of diffusion of innovation as the process through which innovation is diffused and communicated through certain channels over a period to different members of the society (Chaipoopirutana, et al., 2009, p. 29). The result could be a situation where most of the societal members might reject to accept the innovation. The theory offers five characteristics, which might explain or predict the degree of adaption or diffusion of that innovation. These are relative advantage, compatibility, complexity, triability, and observability (Walters & Tang, 2006, pp. 63-64). Important here to understand is the fact that in several emerging markets, banks only serve limited functions for their customers and on some occasions, these functions might remain limited to depositing, withdrawing, calculating interest on the deposits of their customers and lending money to the customers (Simpson, 2002, p. 325). In the more developed countries, banks serve a much larger function, even for individual customers who might be availing several different loan, mortgage, credit card, insurance and functions for their customers. Their dependence on the bank is huge and the same goes for their correspondence and interaction (Hamid, et al., 2007, p. 15). Therefore, an opportunity to streamline their records and correspondence with the bank is an opportunity, which offers them much convenience and relative advantage. Furthermore, the innovation was compatible for the developed countries, as they have used computers for a long period. On the other hand, neither internet banking offers “relative advantage” to the customers of emerging markets nor is it “compatible” (Casalo, et al., 2007, p. 589). Internet banking in Thailand  It was in the year 1991 when internet was introduced in the country through academic and research application. It was in the year 1995 that Internet was made available for commercial use and Siam Commercial Bank PLC (SCB) was the first bank in Thailand which used internet banking services in the year 1999 (Eriksson & Nilsson,, 2007, p. 167). In the aftermath of Asian Financial Crisis of 1997, Bank of Thailand forced local banks to merge with foreign banks in an attempt to inject capital within the banking system. The same allowed banks to explore the options of technological advancement to focus on automated processing of transaction with the goal of improving operational efficiency (Alashban, et al., 202, p. 25). The government of Thailand, in the year 2000, allowed the banks of Thailand to use internet as the new distribution channel (Herington & Weaven, 2007, p. 412). According to the research conducted till the year 2007, 16 out of the 34 commercial banks within Thailand were offering internet banking services. Out of these 16 banks, 11 banks are of local origin and 5 banks are foreign. Some might believe that this is an extremely low level of internet banking penetration considering the recent economic growth enjoyed by Thailand (Alashban, et al., 202, p. 25). However, Thailand’s banking sector or government authorities are not to blame in this case since Malaysia, which is another neighbouring country with even greater competitiveness, export orientation and economic growth shows a similar story. Malaysian authorities also allowed their banks to use internet banking in the year 2000 and out of the 25 banks operating within the country, only 13 commercial banks are offering internet banking services (Rotchanakitumnua, & Speece, 2003, p. 321). There are no doubts about the fact that banks within Thailand are trying very hard to ensure that most of their customers could start internet banking since the margins are higher. However, there are some barriers which have prevented the penetration of internet banking. First and foremost concern is of trust and security issues (Sathye, 1999, p. 328; Eriksson & Nilsson,, 2007, p. 167). Trust, in this case, refers to the willingness to rely on a partner with whom one could exchange information. Over the past few years, there have been several high profile hacking cases within Thailand and more importantly, every year dozens of hacking attempts are made on the financial systems of banks. Research within the context of Thailand also reveals that customers choose banks which they perceive that they can trust with their personal information (Hernandez and Mazzon, 2007, p. 79). Historically, the relationship between a customer and a banker has been defined by trust and the same is true for internet banking as well. Some customers within the Thai market are also unwilling to rely on internet banking because they perceive or they have observed or experienced in the past the low speed of internet banking response which might result from their inexperience, poor internet speed or it may have its roots in the deficiencies in infrastructure for the communication network (Sathye, 1999, p. 328). Quite understandably, these customers subsequently have to refer to their banks, something which must have left a bad taste about internet banking (Casalo, et al., 2007, p. 589). Customers in Thailand are also more likely to prefer internet banking if they believe that not only their privacy is safeguarded but at the same time, they would courts to show their effectiveness in resolving legal disputes that concern internet banking (Cheng, et al., 2006, p. 1559). Leelapongprasut et al (2005) conducted another study focusing specifically the banking sector of Thailand asking 300 Thai internet banking customers, who had used internet banking in at least the past month, to provide insights about the quality of internet banking within the country. The study ended up concluding that the most important factor for customers in Thailand is reliability which is followed by service quality and durability of the service (p. 64). Rotchanakitumnuai & Speece (2003) conducted a vital piece of research concerning the adoption of internet banking within the Thai market where they highlighted four benefits that influence the same. These were information quality, information accessibility, and information sharing and transaction benefits. Furthermore, their research also identifies three major barriers which are trust, legal support and organizational barriers. The research, although, almost a decade old, relevantly and accurately points out that the customers within the Thai market are reluctant to use internet banking because of their concerns. Only if the banks invest significantly in convincing the customers that the banks take these concerns very seriously, only then they would able to woo their customers into using internet banking (Hernandez and Mazzon, 2007, p. 79). Chaipoopirutana et al (2009) conducted a study where they examined and applied the diffusion of innovation in the case of internet banking in India and Thailand. As mentioned earlier as well that diffusion of innovation theory is based on the characteristics of complexity, compatibility, relative advantage and trialability. Out of these, the latter three have appeared to be positively correlated with the intentions of Indian and Thai customers to adopt internet banking services, whereas, only complexity has appeared to be negatively correlated. Therefore, the researchers have ended up concluding that the focus should remain on simplifying the systems and processes that are used within the broader internet banking infrastructure. Not only that it should have an easy user infrastructure but at the same time, it should also users to feel that they are in control of the system rather than feeling that they are at the mercy of the system (Chiemeke 2006, p. 253). Despite being more than 12 years since the inception of internet banking within the Thai market, internet banking is still in its infancy stages within the Thai market. The penetration is unimpressive and there is still a substantial portion of the Thai banking customers that are yet to familiarise themselves with the process of internet banking. It appears that the banks themselves have done a poor job of orienting and training the customers in this regard (Casalo, et al., 2007, p. 589). There are no doubts about the fact that a shift of Thai customers from traditional banking to internet banking would strengthen the banking sector through substantially decreasing the overall costs of the industry and subsequently increasing the profitability. Therefore, the government of Thailand should see the incentive in creating policies and undertaking measures to force the remaining banks to offer internet banking services, improving internet penetration and also forcing the existing bank towards training their customers for using internet banking. Not only that it will provide Thailand with a much more sustainable banking sector but at the same time, it will also speed up the process of modernisation and economic development within the country. There it is apparent that when there is a significant amount of literature present which deals with the dynamics of financial products, marketing of financial products, internet banking as a financial product within emerging markets and concerned topics, there is still a gap within the present literature. This gap is present because the literature does not adequately discuss and explore the dynamics and dimensions of adopting a financial product within the context of Thai financial market (Chiemeke 2006, p. 253). This research attempts to fill that gap through crafting a research methodology that could explore these issues and build a framework to address them. More importantly, most of the research that has been conducted in this regard lacks the cultural perspective and empathy that is required to do justice with the topic. Most western researches have failed to view the subject from the perspective of local culture and most local researchers have failed to make adequate comparisons with the western dynamics of internet banking (Rotchanakitumnua, & Speece, 2003, p. 321). References Aladwani, A. 2001. Online Banking: A Field Study of Drivers, Development Challenges, and Expectations, International Journal of Information Management, Vol. 21, pp. 213–225 Alashban, A., L. Hayes, G. 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