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Impact of Financial Technology (Fintech) on Traditional Banking: A Comparative Study of Consumer Preferences and Adoption Rates – A Comparison Between Kenya and the UK
ABSTRACT
The financial world is undergoing major transformations fuelled by the proliferation of financial technology (fintech). This thesis looks at the adoption of fintech and its disruptive impact on the traditional banking sector, with a focus on customer preferences. The thesis will attempt to look at a comparative analysis of the fintech landscape, tracing its emergence from conventional banking practices in two distinct and distant realms: Kenya and the United Kingdom (UK).
The thesis will attempt to identify not only the commonalities and divergences but will also look into what informs consumer preferences.
The first part of the paper gives the research’s premise, rationale, and objectives. It gives a snapshot of the Kenyan and UK fintech landscapes.
The literature review will be a scholarly exploration, that will look at existing literature and discuss the confluence of fintech and traditional banking. It will shed light on the regulatory frameworks shaping the industry in Kenya and the UK.
The final chapters will combine the research findings and discuss the various influences for the adoption of financial technology and some of the blockers. It will also look at what lies ahead for the future of fintech adoption and will provide recommendations.
TABLE OF CONTENTS
CHAPTER ONE: EMERGENCE OF FINTECH 5
CHAPTER TWO: LITERATURE REVIEW 12
CHAPTER THREE: RESEARCH METHODOLOGY 19
CHAPTER FOUR: RESULTS AND DISCUSSIONS 21
COMPARATIVE ANALYSIS 23
CHAPTER FIVE: ANALYSIS AND CONCLUSIONS 28
BIBLIOGRAPHY 41
LIST OF ACRONYMS
CBK – Central Bank of Kenya
CA – Communications Authority of Kenya
CMA – Capital Markets Authority
FCA – Financial Conduct Authority
ICO – Information Commissioner’s Office
BoE – Bank of England
UK – United Kingdom
SMEs – Small and Medium-sized Enterprises
M-Pesa – Mobile Money Platform in Kenya
GDP – Gross Domestic Product
UK Finance – Trade Association for the UK Banking and Financial Services Sector
AML – Anti-Money Laundering
P2P – Peer-to-Peer
B2B – Business-to-Business
B2C – Business-to-Consumer
GDPR – General Data Protection Regulation
API – Application Programming Interface
PSD2 – Second Payment Services Directive
KYC – Know Your Customer
AML/CFT – Anti-Money Laundering and Combating the Financing of Terrorism
Chapter One: EMERGENCE OF FINTECH
Background
This thesis will look at the transformative impact of Fintech on traditional banking, with a specific focus on customer preferences and adoption rates. By conducting a comparative study between Kenya and the United Kingdom (UK), this research aims to uncover insights into the evolving financial landscape and the implications for conventional banking institutions operating in diverse socio-economic contexts.
Evolution Of Banking In Kenya And The UK
The banking sectors of Kenya and the UK have undergone distinct historical trajectories, shaping their current financial landscapes.
Banking in Kenya
Kenya’s banking history can be traced back to its colonial era. The country’s banking system developed primarily to serve the needs of the colonial administration and foreign settlers. The post-independence period saw the nationalization of major banks, followed by a wave of privatization in the 1990s, leading to a more competitive banking environment (Ndirangu, 2016). However, the banking sector was often inaccessible to a significant portion of the population, particularly those in rural areas.
This accessibility gap paved the way for Fintech innovations. The introduction of mobile money services, exemplified by the widespread adoption of M-Pesa, revolutionized financial inclusion in Kenya. The success of M-Pesa demonstrated the potential of leveraging technology to provide financial services to previously underserved segments of the population (Morawczynski & Miscione, 2008). This catalysed the growth of a vibrant Fintech ecosystem that continues to reshape the financial landscape.
Banking in the UK
The UK boasts a long and established history of banking, with origins dating back to the medieval period. Over the centuries, the UK’s banking sector evolved, with London emerging as a global financial centre. The 1980s witnessed significant financial deregulation, leading to increased competition and innovation (Goodhart, 1995).
The advent of the digital age further transformed the UK’s banking landscape. Online banking, electronic payment systems, and automated teller machines (ATMs) became integral to the way customers accessed and managed their finances (Hassan, 2019). Fintech startups introduced novel solutions to address consumer demands for more convenient and personalized financial services (Ratten, 2019).
Rise Of Fintech: Post-2008 Economic Crisis
The global financial crisis of 2008 marked a turning point in banking and financial services industry. The crisis exposed vulnerabilities within traditional banking systems and led to a re-evaluation of financial services delivery (Claessens et al., 2020). In the aftermath of the crisis, intensified regulations were introduced to enhance the stability and resilience of financial institutions.
The post-2008 economic crisis marked a turning point in the global financial landscape, with profound repercussions for the traditional banking sector in both Kenya and the United Kingdom (UK). This crisis, precipitated by a confluence of factors including the burst of the US housing bubble, complex financial instruments, and inadequate risk assessments, triggered a domino effect of financial institution collapses and severe economic downturns. In the UK, major financial institutions such as Northern Rock, Royal Bank of Scotland (RBS), Halifax Bank of Scotland (HBOS), and Lehman Brothers International (Europe) faced dire circumstances. Northern Rock, a mortgage lender, experienced a run on its deposits due to its exposure to the subprime mortgage market, resulting in its eventual nationalization by the UK government. RBS encountered substantial losses from its aggressive expansion and risky asset exposure, leading to a government bailout and partial nationalization. HBOS, reliant on wholesale funding and exposed to risky assets, was acquired by Lloyds Banking Group to prevent its collapse. The bankruptcy of Lehman Brothers International (Europe), though a US-based institution, reverberated in the UK financial system, causing market turmoil and eroding confidence. These collapses exposed vulnerabilities in the financial system, prompting regulatory reforms in both countries to enhance financial stability, risk management, and consumer protection.
In the UK, there was an overhaul of the regulatory landscape. One of the most significant reforms was the establishment of the Financial Conduct Authority (FCA) in 2013. The FCA was tasked with ensuring the integrity of the financial markets, protecting consumers, and promoting healthy competition. It replaced the Financial Services Authority (FSA), which had been criticized for its failure to prevent the crisis. Additionally, the Prudential Regulation Authority (PRA) was created as a subsidiary of the Bank of England, with the primary responsibility of overseeing the stability and prudential regulation of financial institutions. The PRA introduced stricter capital and liquidity requirements for banks to ensure their resilience to financial shocks. The UK also implemented the Banking Reform Act 2013, which introduced measures to ring-fence retail banking from investment banking activities to prevent the spread of risks. These reforms aimed to strengthen oversight, enhance risk management practices, and restore confidence in the financial system.
In Kenya, the 2008 financial crisis prompted regulatory changes aimed at bolstering the resilience of the financial sector and aligning it with international standards. The Central Bank of Kenya (CBK) introduced measures to enhance risk management and corporate governance in banks. The Prudential Guidelines for Institutions Licensed under the Banking Act were revised to strengthen capital adequacy requirements, risk management, and governance practices. The CBK also issued regulations to improve transparency in the financial system, including the requirement for banks to publish their financial statements. Furthermore, the National Payment Systems Act of 2011 was enacted to regulate electronic payment systems, ensuring their stability and security. The crisis highlighted the importance of proactive regulation and supervision, leading to increased vigilance by the CBK in monitoring financial institutions and their exposure to risks. These reforms aimed to provide a more resilient financial system, restore trust, and safeguard the interests of consumers and investors in Kenya.
These regulatory changes created an environment conducive to the emergence of Fintech startups. Faced with stricter capital requirements and evolving consumer preferences, traditional banks began to grapple with challenges in meeting customer needs. Fintech startups, unburdened by legacy systems, leveraged technology to offer innovative solutions that addressed these challenges (Claessens et al., 2020).
The subsequent chapters of this thesis will explore the contemporary landscape of Fintech adoption in Kenya and the UK. The swift evolution of these innovations has sparked disruption within the traditional banking sector, compelling banks to reevaluate their operational paradigms and customer engagement strategies. The examination of the Kenyan and UK contexts shows the diverse realms of fintech innovation, each rooted in unique economic and social dynamics.
Kenya, often regarded as an early adopter in mobile banking, has witnessed an unprecedented surge in Fintech growth, particularly exemplified by Safaricom’s M-Pesa, a mobile money platform that revolutionized financial inclusion. The Kenyan Fintech landscape has not only pioneered accessibility but also fostered a fertile ground for homegrown solutions tailored to local needs.
On the other hand, the UK’s well-established financial infrastructure and progressive regulatory environment have positioned it as a fintech powerhouse in Europe. Fintech startups have orchestrated an array of services, spanning from frictionless digital payments to innovative investment avenues. The UK’s journey within the fintech domain underscores the harmonious interplay between traditional financial institutions and emerging fintech disruptors.
Given the divergent dynamics of the Kenyan and UK fintech landscapes, the exploration of Fintech’s influence on traditional banking and the scrutiny of consumer preferences and adoption patterns becomes an imperative endeavor. Through a comparative lens, this thesis seeks to explore the factors guiding customer choices, levels of fintech integration, and the far-reaching implications for conventional banking entities.
The findings of the research are not confined to academic scholarship but extend to the practicalities of decision-making for both financial institutions and policymakers. By deciphering parallels and disparities in customer behavior, preferences, and adoption propensities, this study endeavors to highlight a more adaptive, customer-centric financial ecosystem that traverses cultural, socio-economic, and technological divides.
The following objectives will guide the discussion:
Examining Customer Preferences and Adoption Rates
By dissecting the adoption rates and preferences across services such as mobile banking, digital payments, and online lending, the paper endeavors to delineate the contours of Fintech’s sway on customer choices in both countries.
Analyzing the Factors Influencing Fintech Adoption
Factors encompassing trust and security concerns, access to technology infrastructure, financial literacy levels, and cultural inclinations towards digital financial services will be meticulously dissected. These insights stand to provide a comprehensive canvas for understanding the enablers and constraints within each context.
Assessing the Impact of Fintech On Traditional Banking Institutions
The repercussions of Fintech’s rise extend beyond customer choices, resonating within the hallowed halls of traditional banks. This objective seeks to scrutinize the transformative impacts on these institutions, including shifts in market share, profitability, and customer retention. By drawing parallels between Kenya and the UK, this research aims to uncover strategies adopted by banks to navigate the ever-evolving Fintech landscape.
Regulatory Frameworks
Regulatory frameworks serve as the scaffolding that shapes the fintech ecosystem within each country. This objective aims to unravel the intricacies of the regulatory environments in Kenya and the UK. By dissecting licensing requirements, consumer protection measures, and data privacy regulations, this research aims to uncover the regulatory enablers and hurdles encountered by both Fintech companies and traditional banks.
Contextual Comparative Analysis
The thesis will look at a comparison of customer preferences and adoption patterns of Fintech services between Kenya and the UK. Through this lens, the research offers novel insights into the divergent trajectories of Fintech’s impact on banking practices within these distinct contexts.
Strategic Insights for Banks and Policymakers
As the world of finance undergoes a transformative metamorphosis, this research serves as a compass for both banks and policymakers. By deciphering customer choices and uncovering adoption patterns, this study aims to equip traditional banks and regulatory bodies with the strategic foresight needed to navigate the currents of fintech disruption.
Dissertation Structure
This research is organized into distinct chapters, each contributing to the overarching narrative of Fintech’s impact on traditional banking in Kenya and the UK:
Chapter One: Introduction
Introduces the research background, rationale, and objectives.
Outlines the context of Fintech disruption in Kenya and the UK.
Highlights the contributions of this research to the field.
Chapter Two: Literature Review
Explores existing literature on Fintech’s impact on traditional banking.
Analyzes regulatory frameworks in Kenya and the UK.
Discusses factors influencing Fintech adoption and customer preferences.
Chapter Three: Research Methodology
Details the research design, including data collection and analysis methods.
Describes the survey questionnaire and sampling strategy.
Presents an overview of the data analysis techniques employed.
Chapter Four: Results and Discussions
Presents the findings of the survey, focusing on customer preferences and adoption rates.
Discusses factors influencing banking choices and the importance of Fintech features.
Analyzes advantages, disadvantages, customer satisfaction, trust, and regulatory influence.
Chapter Five: Analysis and Conclusions
Analyzes the findings from the comparative study between Kenya and the UK.
Discusses research implications for traditional banking and Fintech stakeholders.
Explores study limitations and opportunities for further research.
Chapter Six: Recommendations and Future Directions
Offers practical recommendations for banks, regulators, and policymakers.
Suggests avenues for future research to delve deeper into the evolving Fintech landscape.
This dissertation structure is meticulously designed to offer a cohesive journey through the realms of Fintech’s influence on traditional banking, encapsulating both granular insights and overarching trends.
By delving into consumer preferences, adoption rates, and the intricate dynamics between Fintech and traditional banks, this thesis aims to illuminate the multifaceted dimensions of the evolving financial landscape.
Chapter Two: Literature Review
The purpose of this chapter is to provide a literature review to compare the impact of Fintech on traditional banking institutions in two different contexts, Kenya and the UK. The study focuses on consumer preferences and adoption rates to understand the factors influencing Fintech adoption and the regulatory frameworks governing Fintech in both countries. It also introduces the philosophical underpinnings and theoretical frameworks that guide the study.
Philosophical Underpinnings and Theoretical Frameworks
The investigation into the impact of Fintech on traditional banking is rooted in a combination of interpretivism and pragmatism, underpinned by the theoretical framework of social constructivism. This approach is selected to facilitate a nuanced understanding of the complex interactions between technological innovation, human behaviour, and socio-economic contexts.
Interpretivism and Pragmatism:
We embrace interpretivism by recognizing that the perceptions, motivations, and choices of individuals shape the adoption of Fintech (Burrell & Morgan, 1979). We further acknowledge that qualitative insights are pivotal in capturing the intricate nuances of human behaviour in response to Fintech services. Pragmatism complements interpretivism by advocating for the practical application of research outcomes to address real-world challenges.
The combination of these philosophical stances allows for a balanced exploration of consumer preferences and the potential implications for the financial industry.
Social Constructivism:
The theoretical framework of social constructivism is adopted to shed light on the interplay between Fintech and traditional banking within socio-cultural contexts. This framework posits that knowledge and behaviors are co-constructed through interactions between individuals and their environment (Guba & Lincoln, 1994). In the context of Fintech adoption, this framework acknowledges that technological innovations are not mere technical advancements but are shaped by social, cultural, and economic factors. Understanding these interactions is essential for deciphering the intricate dynamics of Fintech’s influence on traditional banking institutions.
Regulatory Frameworks Governing Fintech in Kenya and the UK
The regulatory frameworks governing Fintech in Kenya and the UK exhibit distinct approaches, reflecting the unique characteristics and priorities of each country. These frameworks embody the individual priorities and values of each country’s financial sector (Bass et al., 2018; Deloitte, 2021). While Kenya emphasizes financial inclusion and access, the UK focuses on consumer protection and innovation.
In Kenya, the regulatory landscape for Fintech is shaped not only by the Central Bank of Kenya’s (CBK) role but also by a series of legislative acts that influence the fintech ecosystem. One significant piece of legislation is the National Payment Systems Act, which provides a legal foundation for electronic payments and electronic funds transfers. This act contributes to creating a secure and standardized environment for digital transactions, enhancing consumer confidence in Fintech solutions.
Additionally, the Central Bank of Kenya (Digital Credit Providers) Regulations establish a regulatory framework for digital credit providers, ensuring that consumer interests are safeguarded and that credit services are provided in a responsible manner. The regulation imposes certain disclosure and data-sharing requirements to mitigate risks associated with digital lending. The Central in this regard pays keen attention to compliance with the Consumer Protection Act and the regulations overseen by the Office of the Data Protection Commissioner.
Furthermore, laws such as the Proceeds of Crime and Anti-money Laundering Act (PACAMLA) and the Consumer Protection Act are instrumental in combating money laundering and ensuring consumer rights in the Fintech space. PACAMLA reinforces measures to prevent money laundering and terrorism financing, thus promoting trust in Fintech services. The Consumer Protection Act ensures that consumers are treated fairly and protected against unfair practices, fostering a safe environment for adopting Fintech solutions, particularly in insurance, lending, and banking sectors.
England:
Similarly, the regulatory environment in the UK encompasses various laws that have an impact on Fintech adoption. The Payment Services Regulations 2017 (PSRs) and Electronic Money Regulations 2011 (EMRs) are essential components of the regulatory framework governing Fintech payment services and e-money issuance. These regulations provide clarity on licensing requirements, operational standards, and consumer protection measures for payment service providers and e-money institutions.
The Proceeds of Crime Act and Anti-Money Laundering Regulations (MLRs) in the UK, similar to their Kenyan counterparts, play a crucial role in preventing money laundering and enhancing the integrity of financial transactions. The robust anti-money laundering measures are integral to maintaining consumer trust in Fintech solutions, as well as ensuring compliance with international standards.
Moreover, the UK’s Consumer Rights Act strengthens consumer protection in Fintech transactions. It requires transparent and fair terms in consumer contracts, contributing to the overall confidence in using Fintech products and services.
Impact on Fintech Adoption:
The impact of these regulations on Fintech adoption can be twofold. On the one hand, well-structured and comprehensive regulations can instill confidence in Fintech solutions, providing consumers with a sense of security and trust. These regulations can also help prevent illicit activities and promote responsible practices, which are critical for the sustainable growth of the industry.
Conversely, overly burdensome regulations or lack of clarity can hinder innovation and make it challenging for Fintech startups to navigate the regulatory landscape. Striking the right balance between consumer protection and fostering innovation is essential for ensuring that Fintech adoption remains vibrant and beneficial for both consumers and the industry as a whole.
Overall, the regulatory frameworks in both Kenya and the UK, encompassing regulations from various sectors, have the potential to shape the trajectory of Fintech adoption. Finding the right equilibrium between regulation and innovation will be pivotal in determining the extent to which Fintech can revolutionize traditional financial practices in these countries.
Factors Influencing Fintech Adoption
Consumer preferences for Fintech are influenced by various factors, including convenience, cost efficiency, technology features, trust, and security (Hannan et al., 2018; Kurui et al., 2020). These factors underscore the intricate interplay of individual motivations, cultural norms, and socio-economic conditions that mold Fintech adoption patterns. Understanding these dynamics in the context of Kenya and the UK provides valuable insights into the evolving landscape.
When comparing Kenya and the UK, several key factors play a role in shaping Fintech adoption in each country.
Youth Adoption of Fintech in Kenya and the UK:
In both Kenya and the UK, the youth demographic has emerged as a major driver of Fintech adoption. A study conducted by TechnoServe (2019) highlighted that Kenya’s young population, known for its technological savviness, has rapidly embraced Fintech services. The proliferation of mobile phones has enabled the youth to access a range of financial services, including mobile money, digital lending, and savings platforms. A similar trend is observed in the UK, where a survey by Ernst & Young (EY) in 2020 revealed that younger consumers are more likely to use Fintech apps for various financial activities, driven by their familiarity with digital interfaces and convenience.
Women’s Participation in Fintech:
Despite the significant strides made by Fintech, there are notable gender disparities in its adoption. In both Kenya and the UK, women are less likely to own mobile money accounts or use Fintech services compared to men. The World Bank’s Global Findex Database (2017) reported that women in Kenya are around 10% less likely to own a mobile money account than men, and research by Innovate Finance (2019) indicated that women are underrepresented among Fintech users and employees in the UK. Efforts are being made in both countries to bridge these gaps and increase the inclusivity of Fintech services for women.
The Impact of Fintech on Traditional Banking Institutions
The transformative impact of Fintech on traditional banking is evident in both Kenya and the UK. From cross-border payments to digital lending platforms, Fintech disrupts conventional practices (Bass et al., 2018; Mas & Ng’weno, 2019). The case of M-Pesa in Kenya highlights how Fintech can catalyze financial inclusion and reshape transaction behaviors. These scenarios underscore the dynamic and diverse role of Fintech in reshaping traditional banking norms.
In the UK, the rise of Fintech has disrupted the traditional banking sector by offering innovative financial services and products to consumers.
One key area where Fintech has impacted traditional banking in the UK is payments and money transfers. Fintech companies such as TransferWise and Revolut have introduced fast, low-cost international money transfer services, challenging the dominance of traditional banks in this market (Bass et al., 2018). These Fintech companies leverage advanced technology and digital platforms to provide convenient and affordable cross-border payment solutions, often bypassing the traditional banking infrastructure.
Another area where Fintech has had an impact is lending and borrowing. Peer-to-peer lending platforms like Funding Circle and Zopa have gained popularity in the UK, enabling individuals and small businesses to access loans directly from other individuals or institutional investors (Hannan et al., 2018). This disintermediation of the lending process has reduced the reliance on traditional banks as the sole source of credit.
In Kenya, Fintech has also disrupted the traditional banking sector, but in a different context. We had earlier mentioned M-Pesa which has played a transformative role in Kenya’s financial landscape (Mas & Ng’weno, 2019). M-Pesa, allows users to send and receive money, make payments, and access basic financial services through their mobile phones without the need for a traditional bank account. This has brought financial inclusion to millions of unbanked Kenyans and revolutionized the way financial transactions are conducted in the country.
Furthermore, Fintech in Kenya has enabled access to credit for individuals and businesses that were previously underserved by traditional banks. Companies like Tala and Branch use alternative data sources and advanced algorithms to assess creditworthiness and provide quick and convenient digital loans to customers (Kurui et al., 2020). These Fintech platforms have leveraged the widespread use of mobile phones in Kenya to extend financial services to the previously excluded population.
Addressing Demographic Gaps in Fintech Adoption
Demographic disparities in Fintech adoption, particularly concerning gender and age groups, reveal nuanced insights. While younger generations drive Fintech adoption, gender gaps persist (TechnoServe, 2019; Innovate Finance, 2019). Bridging these gaps necessitates targeted strategies that address digital literacy and inclusivity concerns. Governments play a pivotal role in fostering equitable access to Fintech services, promoting financial empowerment for all citizens. Efforts are being made in both countries to bridge the gender and youth gaps in Fintech adoption. Initiatives such as financial literacy programs, targeted marketing campaigns, and user-centered design are being employed to increase inclusivity. In Kenya, organizations like Safaricom have introduced products aimed at empowering women economically, while in the UK, Fintech companies are recognizing the importance of gender diversity in their teams to ensure that their products and services are relevant to all segments of society.
Policy Implications
Understanding the demographics of Fintech users has policy implications for both governments. Policymakers need to address the gender and youth gaps in Fintech adoption to ensure that the benefits of technological advancements are accessible to all citizens. This could involve initiatives to enhance digital literacy, reduce barriers to access, and promote financial education targeted at women and the youth. By fostering an environment where Fintech services are inclusive and cater to the needs of diverse demographics, governments can contribute to more equitable economic growth and financial inclusion.
The literature review highlights the impact of Fintech on traditional banking institutions, focusing on consumer preferences and adoption rates in Kenya and the UK. The regulatory frameworks governing Fintech in both countries, including the role of regulatory bodies, have been examined. Factors influencing Fintech adoption, such as convenience, cost efficiency, trust, and security, have been discussed. Additionally, the demographics of Fintech users, particularly women and the youth, have been explored, highlighting the need for inclusive strategies. Overall, Fintech has disrupted traditional banking practices, leading to increased competition and driving innovation in the financial industry.
CHAPTER THREE: RESEARCH METHODOLOGY
This chapter delves into the comprehensive research methodology employed to explore the multifaceted impact of financial technology (Fintech) on the traditional banking sector in both Kenya and the United Kingdom (UK). The selection of an appropriate research approach is pivotal in ensuring a robust investigation of the intricate interplay between these two domains (Burrell & Morgan, 1979). In this chapter, we elucidate the methods chosen in alignment with the objectives of this study.
This chapter introduces the guiding principles that underscored the research and highlights the methodologies adopted based on these principles. The final sections sheds light on the instrumental role of questionnaires in data collection.
Guiding Principles
It is acknowledged in this body of work that human actions and decisions are fundamental drivers shaping complex social phenomena (Burrell & Morgan, 1979). The investigation are fuelled by a genuine desire to comprehend real-world scenarios, acknowledging the crucial role of human behaviour in shaping outcomes.
Balanced Comparative Analysis
Central to our research methodology is a balanced comparative analysis between the Fintech landscapes of Kenya and the UK. This approach embodies the principles of unbiased analysis and allows for the generalization of findings across diverse contexts (Burrell & Morgan, 1979). Our methodology subscribes to the empirical exploration of hypotheses and the generation of insights through rigorous examination.
Comparative Case Study Design
The exploratory nature of our research dictates the selection of a comparative case study design. This approach serves as an effective framework to unravel the nuances of Fintech adoption by juxtaposing the experiences of Kenya and the UK (Yin, 2018). By scrutinizing multiple cases within each country, this approach facilitates the identification of patterns, discrepancies, and shared attributes.
The qualitative methods used, such as interviews and content analysis, serve as tools for gaining nuanced insights into the preferences and attitudes of individuals, as highlighted by Saunders et al. (2019). The qualitative insights gleaned from these methods are combined with the quantitative analysis, resulting in what we propose is a comprehensive and multifaceted understanding of the phenomenon, as emphasized by Creswell and Creswell (2018).
The implementation of questionnaires as our primary data collection instrument facilitates the acquisition of standardized data from a range of participants spanning both countries (Saunders et al., 2019). The targeted
