Comparative analysis of perceptions towards IT security in online banking; Serbian vs. Croatian clients

Abstract

Development of handling money with no physical contact did not provide new opportunities only to clients, but to criminals as well. In fact, criminals are able to steal money with no physical contact and any tangible evidence remaining after their criminal transaction. In other words, they can conduct the robbery in their pijamas from their bed room. The purpose of this paper was to analyze and compare perceptions of Serbian and Croatian clients about IT security in online banking, to provide insight into similarities and differences of their view points and to create important set of information for all subjects active in banking industry. Results regarding both countries are collected and concluded after preparing survey based on six variables and specific questions assigned to each one of those variables. Survey was completed in both Serbia and Croatia at high response rates. Even 227 respondents replied from Serbia, while 203 respondents completed survey from Croatia. Results were analyzed and presented using descriptive statistics. Findings indicated that Croatian e-banking users trust to banks when it comes to IT security of online banking much more compared to Serbian clients. In fact, results showed that Serbian e-banking users are quite paranoiacs and skeptical when it comes to this issue. It is important to mention that Croatian clients perceive tangible features as highly important while Serbian clients do not perceive tangible features as important as they actually are. This proved that Croatian clients are aware of potential security threats, and even though they trust to bank, they are aware of their own responsibility when using e-banking services. On the other hand, results from Serbia indicated that Serbian clients have lack of trust in online banking, and lack of awareness about personal tangible aspects that can improve experience. Since there is gap in literature when it comes to research dealing with IT-security of online banking in both Serbia and Croatia, this article is not only unique, but it may be stimuli for new research with different approaches in the future.