dear sir, this is type of business research assignment which have 2 steps. First one is Project outline to choose research topic, second one is project proposal. I have chosen my topic and uploaded...

OBSTACLES THAT HINDERS THE TECHNOLOGY BASED PAYMENT METHODS
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OBSTACLES THAT HINDERS THE TECHNOLOGY BASED PAYMENT METHODS
AUSTRLIAN BANKING INDUSTRY
UNIVERSITY NAME:
STUDENT NAME:
DATE:
Contents
INTRODUCTION    2
PROBLEM STATEMENT    3
AIMS AND OBJECTIVES/ RESEARCH QUESTIONS    4
Research Questions    4
JUSTIFICATION AND POTENTIAL OUTPUT OF THIS RESEARCH    5
CONCEPTUAL FRAMEWORK AND HYPOTHESIS DEVELOPMENT    6
Technology innovation    6
Factors affecting electronic payment    7
Awareness    7
Ease of use    7
Security    8
Accessibility    8
Reluctant to change    8
Technology-based payment in Australia banking industry    8
HYPOTHESIS DEVELOPMENT    9
METHODOLOGY:    10
Research approaches and source of data    10
VARIATION AND ANALYSIS    12
ORGANISATION OF THIS STUDY    12
BUDGET, PROJECT ACTIVITIES, AND GANTT CHART    12
PROJECT ACTIVITIES AND SCHEDULED    13
Gantt chart:    16
CONCLUSION:    17
REFERENCES:    18
INTRODUCTION
The horizon of change in the world of payment is achieving its competitiveness as financial technologies strength to make changes that how, when and where the transactions are made by the people in Australia. Today, banks are facing the challenges of continuous demands and tightening budgets to reduce the cost and adapt various payment technologies and strategies along with maintaining the continuous stream of new regulations. The banking sectors are facing difficulty and immense pressure to meet the demands of the digital customers. In addition to that many people are fond of using traditional
ick and mortar methods to make the financial transaction. Since many years, the use of new payment technology is continuously growing day by day, but still, there are many people who unable to accept this change and involve themselves in traditional banking practice (Hunter, 2014).
The new effective technology methods help the banking industry to reduce their operational cost and satisfy their digital lover customers. The real-time technology revolution impacts the way customer use to pay for goods and services. Not only the new technological development for making payments digitally are important for the banks, but also they must recognize the need to let their customer understand what they are serving through the technological innovation. There are still many people who find interacting with the bank officers will be more considerable rather than performing digital methods for payment or multiple transactions. According to the Australian report, many people consider that they are fond of having cash in hand instead of in banks, they feel so confident and active in the presence of money rather than in banks.
The organization of the project is as follows; the introduction part will be followed by the research plan to examine the obstacle which hinders the use of different techniques for the payment methods. The research question will be included to make the research more clear and precise. Justification of the proposed proposal and its related outcomes will be explained to elaborate the effectiveness of payment technology methods. Conceptual framework and research hypotheses will explain the concepts and different hypotheses based on the technological innovation. The conclusion will be added in the end to find the findings of the fact.
PROBLEM STATEMENT
This study focuses on the effectiveness of new technology methods on Australian payment platform. But there are several factors which hinder the use of technology among the customers from different geographical areas. Technology enabled payment system is very crucial for the banks and customer as it is cost-saving and saves the time from frequent movements. Australian payment platform is very time consuming and not real-time as it usually takes 3-4 days to settle international and inte
ank transaction along with there are high chances of fraudulent in the financial transactions. In the banks, the settlement process takes time because they are still working manually which increase both time and cost. Therefore, it is very significant for the banks to introduce effective technology payment system to reduce the time and the cost of operation (Hunter, 2014). The problem is not one-sided, even people are not taking an interest in the new technology methods for quick payments because of several reasons. So, it is very important to maintain the balance to increase the use of technological methods for the financial transactions. The main factors influencing the customers to use the new innovative technology instead of the traditional
ick and mortar methods:
· The security and the safety of transacting over the internet.
· The lack of awareness among the people about the new services and its related benefits.
· The cost of using internet banking methods.
· The difficulty in accessing internet and computer.
· The lack of knowledge to use the technology for the financial transaction.
· The reluctant to change from
ick and mortar method for transacting.
The options were collected from the different Australian community and regions to pay attention to the general and business customers of the bank. Australia is chosen as it is most developed and financial technologies prevailing in the banking industry. The focus of this comprehensive research is to provide both customers and bankers with the related benefits that could help in understanding the effect of new technological development in Australia banking industry (Hunter, 2014).
AIMS AND OBJECTIVES/ RESEARCH QUESTIONS
Aim: This research aims to examine the obstacles that are hindering the performance of technology-enabled payment systems. The research objective is:
· To investigate the impact of technology on the banking industry.
· To investigate the impact of new technology payment methods on the customers or end users.
· To investigate the need to remove the obstacle to improving the usage of the technological developments.
Research Questions
RQ1: Does the new technology impacts the profitability of banking sector in Australia.
RQ2: Does the obstacles must be cleared so that customer would be able to take benefit.
RQ3: Do the customers accept the electronic form for the financial transaction.
JUSTIFICATION AND POTENTIAL OUTPUT OF THIS RESEARCH
By considering many articles, it can be seen that the authors mostly focused on the effectiveness of the new payment technology on the basis of the problem solving, innovation and improving technological standards of the banking industry (Hunter, 2014). There was a limited study on the factors that hinder the performance of the technology-enabled payment system. The study focuses on the banking industry of Australia, but research is based on the element which resists the customer to take the benefits of these new payment technologies (Noulas & Athanasios & Stephen, 2017).
The research is essential to find out the reasons that why customers are not making any effort to use new innovative technology which is time-saving and...