A TECHNOLOGY ACCEPTANCE STUDY OF ONLINE
BANKING SERVICE IN MALAYSIA
Paul H. P. Yeow and Y. Y. Yuen
Faculty of Business and Law, Multimedia University, Jalan Ayer Keroh Lama, 75450 Melaka, Malaysia
Keywords: User acceptance, online banking, performance expectancy, perceived credibility.
Abstract: Online banking service (OBS) is new in Malaysia (introduced about 6 years ago). The study is the first
research in Malaysia that investigates user acceptance of OBS based on Unified Theory of Acceptance and
Use of Technology model (Venkatesh, Morris, Davis and Davis, 2003). Two hundred and eighty
questionnaires were distributed and collected from two major cities, Kuala Lumpur and Melaka. Since this
is a preliminary study, only descriptive statistics was used to analyse the data. The results show that
Malaysians have intentions of using OBS (mean rating of close to 4.00). Moreover, Malaysians recognize
the benefits of OBS by giving a high mean rating (close to 4.00) to performance expectancy. However, they
give relative low mean ratings (close to 3.00) on other indicators of Behavioural Intention to Use OBS such
as effort expectancy, social influence, facilitating conditions and perceived credibility. Recommendations
were given to promote a safe, efficient and conducive environment for user adoption of online banking.
1 INTRODUCTION
Online banking service was introduced in Malaysia
about six years ago (The Star, 2005). Although it is
new, it has become one of the most popular services
in Malaysia with 51% out of the total respondent
base of 8,000 using online banking service (OBS)
once a month (The Star, 2005). With 12 domestic
banks offering OBS currently (Goi, 2005; The Star,
2005), OBS is an alternative (to physical banking)
and new medium to reach more potential customers
as it allows bankers to deliver banking products and
services to a wider segment of customers through
electronic and interactive communication channels
particularly the Internet (Goi, 2005). However, if a
bank offers OBS without a clear understanding of
factors affecting customer adoption, the investment
may be wasted due to the absence of vital business
understanding to support customer adoption (Goi,
2005; Pires and Aisbett, 2002). Domestic banking
institutions must therefore seek to better understand
their customers in this area to prevent loss and
maintain competitive advantage (Goi, 2005). Thus,
the aim of the present study is to conduct a thorough
research on the user acceptance and discover the
factors that encourage and discourage the adoption
of OBS. This research will provide domestic bankers
with an improved understanding of end-users’
concerns and thus assist them in their efforts to offer
better OBS that provides a more satisfactory
response to consumers’ needs. It also helps the
government and Bank Negara Malaysia (central
bank) to create a conducive and user-friendly
environment that will promote full adoption of OBS.
1.1 Selection of UTAUT Model
Nowadays, researchers are confronted with a choice
among a multitude of models to examine the user
acceptance of a new technology where they always
have to choose a “favoured model” and largely
ignore the contributions from alternative models. To
our knowledge, this research is the first in Malaysia,
which applies Unified Theory of Acceptance and
Use of Technology (UTAUT) model, a new, robust
and powerful model, to measure the consumer
adoption of OBS. The UTAUT model captures the
essential elements of eight previously established
models (i.e. Theory of Reasoned Action (TRA),
Theory of Acceptance Model (TAM/TAM2),
Theory of Planned Behaviour (TPB), Innovation
Diffusion Theory (IDT), Motivational Model (MM),
Model of Personal Computer Utilization (MPCU),
Technology Acceptance Model (CTAM), Theory of
Planned Behaviour (TPB) and Social Cognitive
359
H. P. Yeow P. and Yuen Y. (2008).
A TECHNOLOGY ACCEPTANCE STUDY OF ONLINE BANKING SERVICE IN MALAYSIA.
In Proceedings of the Fourth International Conference on Web Information Systems and Technologies, pages 359-366
DOI: 10.5220/0001516203590366
Copyright
c
 SciTePress

Theory (SCT)) (Venkatesh, Morris, Davis and
Davis, 2003). UTAUT has been found to outperform
the above-mentioned theoretical frameworks as it is
able to account for 70% of the variance (adjusted R
2
)
in technology acceptance, encompassing constructs
such as performance expectancy, effort expectancy,
social influence, facilitating conditions, self-
efficacy, attitude toward using technology, and
anxiety (Venkatesh et al., 2003). An additional
factor i.e. perceived credibility is added to this
model to measure issues such as security and
privacy as this factor is highlighted in many OBS
literature. The research model of this study
is
comprehensive and definitive. It redresses the
limitations of existing user acceptance models
(e.g.
TAM/TAM2) by including barriers that would
prevent an individual from using OBS (e.g. l
ack of
expertise, and time or money constraint)
into the
study.
Figure 1: Research Framework.
Figure 1 shows the research framework of the
study. There are 8 independent variables and one
dependent variable.
1.1.1 Dependent Variable
User acceptance is defined as a person’s
psychological state with regard to his or her
voluntary use and intention to use a technology
(Dillon and Morris, 1996). It was discovered that
some prior studies used attitude while others used
behavioural intention or actual usage as the
indicators of user acceptance (Sun and Zhang, 2004;
Sun and Xiao, 2006). However, behavioural
intention is confirmed to be a highly valid indicator
of actual usage (Sun, 2003). Therefore, user
acceptance is examined by intention to use
(equivalent to behavioural intention) in the present
study. The dependent variable in the present study is
Behavioural Intention to Use OBS which is
measured by three items adapted from Venkatesh et
al. (2003) (refer to Table 2: nos. 9-9.3).
Sustained usage of a new technology could be
directly hindered or fostered by the accessibility of
vital resources and opportunities (Venkatesh et al.,
2003). The following independent variables are used
to measure factors that will encourage and
discourage Behavioural Intention to Use OBS.
1.1.2 Independent Variables
The first independent variable is Performance
Expectancy. Better Performance Expectancy will
lead to greater intention to use a technology
(Agarwal and Prasad, 1998; Davis, 1989; Venkatesh
and Davis, 2000; Venkatesh et al., 2003).
Performance expectancy is defined as the degree to
which an individual believes that using a service will
help him or her to attain gains in job performance
(Venkatesh et al., 2003). Being one of the strongest
predictor of intention, usefulness and job-fit
(Thompson, Higgins and Howard, 1991) are key
attributes to measure Performance Expectancy.
Another important indicator for Behavioural
Intention to use OBS is Effort Expectancy, which is
defined as the degree of ease associated with the use
of a technology (Venkatesh and Davis, 2000;
Venkatesh and Morris, 2000; Venkatesh et al.,
2003). This factor is significant only during the early
adoption of a technology (e.g. first 3 months of
service subscription). Perceived ease of use and
complexity are crucial attributes to measure Effort
Expectancy (Agarwal and Prasad, 1998; Davis,
1989; Thompson, Higgins and Howard, 1991).
The third indicator, Social Influence, is defined
as the degree to which an individual perceives
others’ belief that they should use a new service
(Venkatesh et al., 2003). This factor appears to be
important only in the early stages (e.g. during
service subscription) of individual experience with
the technology. Its influence erodes over time,
becomes insignificant during sustained usage
(Venkatesh and Morris, 2000; Venkatesh et al.,
2003). Social Influence alters an individual’s belief
structure, causing him or her to respond to potential
social status gains (e.g. prestige) or potential social
pressure (e.g. peer or family pressure) in the
adoption of a new technology (Venkatesh et al.,
2003).
The next indicator which has direct influence on
Behavioural Intentions is Facilitating Conditions. It
is defined as the degree to which an individual
believes that a technical infrastructure exists to
support the use of a service (Taylor and Todd, 1995,
Dependent Variable
Behaviou
r
al Intention to Use OBS
Independent Variables
(Eight Determinants of User Acceptance)
1. Performance Expectancy 2. Effort Expectancy
3. Social Influence 4. Facilitating Conditions
5. Self-Efficacy 6. Anxiety
7. Attitude toward Using OBS 8. Perceived Credibility
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Venkatesh et al., 2003). Perceived behavioural
control (perceptions of technical and manpower
resource constraints on behaviour), and
compatibility (the degree to which an innovation is
perceived as being consistent with existing values,
needs, and experiences of potential adopters) are
among the attributes of Facilitating Conditions
(Venkatesh et al., 2003).
Forming trust or perceived credibility prior to
service subscription has a significant impact on
customer acceptance since customers generally stay
away from a service provider whom they do not trust
(Gefen and Silver, 1999; Reichheld and Schefter,
2000). Perceived Credibility is “the belief that the
promise of another can be relied upon even under
unforeseen circumstances” (Suh and Han, 2002).
Distrust (low perceived credibility) of service
providers make consumers afraid of providing
sensitive information such as financial details on the
Internet (Suh and Han 2002).
The following variables, i.e. Attitude toward
Using Technology, Self-Efficacy and Anxiety, are
other vital determinants of user acceptance in
UTAUT model (Venkatesh et al., 2003). Attitude
toward Using Technology is defined as an
individual’s overall affective reaction (liking,
enjoyment, joy, and pleasure) to using a technology
(Davis, 1989; Taylor and Todd, 1995; Thompson,
Higgins and Howard, 1991). An individual’s
positive or negative feelings (e.g. it is good/bad to
use a service) and feelings of joy or displeasure (e.g.
the innovation makes tasks more interesting /
difficult) significantly affect his / her tendency to
adopt a new technology in the near future
(Venkatesh et al., 2003). Self-Efficacy is the
judgment of one’s ability to use a technology (e.g.
computer) to accomplish particular jobs or tasks
(Compueau and Higgins, 1995). Since new
innovations are often viewed as complex by
inexperienced users, confidence in one’s ability to
handle them can exert an important influence on
consumer acceptance (Venkatesh et al., 2003).
Anxiety is “evoking anxiety or emotional reactions
when it comes to using a new technology” (Taylor
and Todd, 1995). Unpleasant, strong and negative
emotional states (e.g. frustration, confusion, anger)
which arise during interaction with a new
technology may affect productivity, learning, social
relationships, and overall well-being (Compueau and
Higgins, 1995, Taylor and Todd, 1995; Venkatesh
and Morris, 2000).
2 METHODOLOGY
A survey questionnaire was distributed to a sample
of 300 OBS users with Information-Technology and
business background from two major cities in
Malaysia, i.e. Malacca and Kuala Lumpur by using
intercepts and snowball sampling methods. Since
OBS is new (about six years in operation), it would
be apt to first focus on urban areas before rural
areas. Therefore, cities were selected in this research
on the prospect that there would be more OBS users
in urban areas. The response rate was 93.33% (280
respondents). All respondents managed to answer
the questionnaire within 30 minutes. They expressed
high enthusiasm in commenting on the attributes
which deserve modification, clarification or
removal. They were also willing to recommend
other OBS users to answer the questionnaire. Results
of the pilot study were analysed and presented in this
paper. The measurement instrument comprised 58
questions on the eight determinants of user
acceptance. Of these, 12 questions examined
Performance Expectancy, 12 questions related to
Effort Expectancy, six questions related to Social
Influence, four questions related to Facilitating
Conditions, nine questions related to Perceived
Credibility, seven questions related to Anxiety, four
questions related to Self-Efficacy, and four questions
related to Attitude toward Using OBS. In addition,
three questions on Behavioural Intention to Use
OBS were also included in this measurement
instrument. All the questions were rated using a 5-
point Likert’s scale anchored by 1- Strongly
Disagree, 2 – Disagree, 3 – Neutral/Unsure, 4 –
Agree, 5 – Strongly Agree. The research data was
analysed using descriptive statistics.
About half of the respondents in the present
study are male (51.8%) while the remaining (48.2%)
are female as indicated in Table 1. Among the
respondents, 10.4% are Malays, 77.9% are Chinese
and 11.8% are Indians. Sixty-two per cent of the
respondents are in the 20 to 29 age-bracket while
31.1% of the respondents are 30 years of age and
above. Nearly half of the respondents (48.2%) have
1 to 5 years’ experience in using OBS.
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Table 1: Respondents’ Profile.
Number
of cases
%
Male 145 51.8
Gender
Female 135 48.2
Malay
29 10.4
Chinese
218 77.9
Race
Indian
33 11.8
Below 20 19 6.8
20-29 174 62.1
Age
30 and above 87 31.1
<1 year
119 42.5
1-<5 years
135 48.2
Number
of Years
of OBS
Use
5 years and above
26 9.3
3 RESULTS
Mean and Standard Deviation for attributes
measuring each independent and dependent variable
in this study are shown in Table 2.
Table 2: Mean and Standard Deviation.
Variables Mean
Standard
Deviation
Independent Variables
1. Performance Expectancy 3.81 0.981
1.1 I can manage my money online
at anytime
3.83 1.057
1.2 I can keep a record of my
finances
3.83 0.946
1.3 I need not visit traditional
banks regularly
3.89 1.013
1.4 I can transfer money anytime
and anywhere
3.94 0.886
1.5 I can save time paying
essential bills at the post office
3.95 0.977
1.6 OBS is convenient and easy to
access
3.86 1.044
1.7 OBS is efficient
3.87 0.928
1.8 OBS is effective
3.75 0.948
1.9 OBS improves productivity
3.76 1.063
1.10 OBS increases quality of
output
3.64 0.959
1.11 OBS is useful
3.90 0.986
1.12 OBS fits into my lifestyle
3.55 0.964
2. Effort Expectancy 3.41 0.896
2.1 OBS is easy to learn
3.66 1.010
2.2 It is easy to do what I want to
do by using OBS
3.50 0.950
Variables Mean
Standard
Deviation
2.3 OBS is easy to use
3.61 0.864
2.4 It is easy to become skilful in
using OBS
3.55 0.866
2.5 Using OBS does not take too
much time
3.61 0.893
2.6 Authentication code is easy to
use
3.36 0.905
2.7 There is sufficient time for
information entry
3.39 0.905
2.8 Fast information download
3.32 0.897
2.9 Easy web navigation
3.45 0.854
2.10 Detailed answers referring to
Frequently Asked Questions
(FAQs)
3.16 0.864
2.11 Comprehensive site map
3.16 0.845
2.12 Useful search engine
3.17 0.898
3. Social Influence 3.13 0.923
3.1 People who influence my
behavior use OBS
3.01 0.900
3.2 Coworkers/classmates use
OBS
3.40 0.990
3.3 Friends use OBS
3.14 1.031
3.4 People using OBS have high
profile
3.15 0.825
3.5 People using OBS have more
prestige
3.14 0.848
3.6 Most Malaysians like to use
OBS
2.92 0.941
4. Facilitating Conditions 3.46 0.898
4.1 Basic system requirements for
using OBS are met
3.60 0.967
4.2 All contents of OBS are easy
to read and understand
3.38 0.872
4.3 Specific person (or group) is
always available for assistance
3.38 0.879
4.4 The language in which the
document is written is easily
understood
3.46 0.875
5. Perceived Credibility 3.27 0.958
5.1 I trust in the ability of an
online bank to protect my privacy
and personal information
3.27 1.032
5.2 I believe no money will be lost
in unauthorized electronic fund
transfers
3.27 .942
5.3 I believe online bank would
not sell my personal information to
third parties
3.37 .949
5.4 Other people cannot view my
bank account information
3.44 1.004
5.5 Online bank has enough
specialists to detect fraud and
information theft
3.27 .960
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362

Table 2: Mean and Standard Deviation (Continued).
Variables Mean Standard
Deviation
5.6 I am not worried about
b
eing
deceived into a fake website
2.90 1.029
5.7 Current password generation
is secure
3.17 .910
5.8 Sufficient guidance on
password selection
3.23 .930
5.9 Customers are automatically
locked out after failed login
attempts
3.52 .867
6. Anxiety 3.13 1.048
6.1 I am afraid of high Interne
t
connection cost
3.57 0.932
6.2 I am afraid of being charged
for OBS
3.09 1.097
6.3 I am worried about the
inaccessibility of OBS web pages
2.80 1.078
6.4 I don’t know how to use OBS
3.40 1.032
6.5 I am afraid of losing
information by hitting the wrong
key
3.03 1.064
6.6 I am afraid of making
mistakes that I cannot correct
2.81 1.152
6.7 OBS is intimidating to me
3.23 0.984
7. Self-Efficacy 2.98 1.033
7.1 I use OBS only if there is no
one around me
3.00 1.137
7.2 I use OBS only if there is
built-in help facility for assistance
2.99 0.939
7.3 I use OBS only if I could call
someone for help
2.89 0.951
7.4 I use OBS only if I have a lot
of time to learn and deal with the
service
3.05 1.105
8. Attitude toward Using OBS 3.50 0.879
8.1 OBS makes banking tasks
more interesting
3.50 0.855
8.2 I like working with OBS
3.44 0.857
8.3 It is a good idea to use OBS in
daily life
3.64 0.878
8.4 OBS is enjoyable
3.40 0.926
Dependent Variable
9. Behavioural Intention to Use
OBS
3.83 0.893
9.1 I intend to use OBS in the near
future
3.83 .919
9.2 I predict I would use OBS i
n
the near future
3.81 .882
9.3 I plan to use OBS in the near
future
3.84 .877
4 DISCUSSION AND
RECOMMENDATIONS
Malaysians have high expectations on the
performance of OBS (Table 2: No. 1) as shown by
the average of 3.81 (close to 4.0). This finding is in
line with earlier literature worldwide (Chau, 1996;
Hsu and Chiu, 2004; Lederer, Maupin, Sena, and
Zhuang, 2000), which revealed that the most
important criterion in adopting OBS is the ability to
enhance job performance without the inconvenience
of having to travel, wait and worry about their
personal safety while transacting money.
Standard deviation for the attribute “I need not
visit traditional banks regularly” is higher than 1.
This indicates that while some respondents think
that OBS saves their troubles of visiting physical
banks, others still prefer to visit the banks routinely.
Perhaps security concerns discourage them from
fully relying on OBS to transfer money and pay bills.
As indicated by the attributes measuring Perceived
Credibility in Table 2, some respondents think that
online banks cannot protect their privacy and
personal information from being stolen by hackers
(No. 5.1: standard deviation =1.032 > 1.0). Some
even suspect that unauthorized persons may be able
to access and view their bank account information
(No. 5.4: standard deviation =1.004 > 1.0).
Inadequate knowledge of online banking security
will probably reduce their intentions to use the
technology and drive them to either visit traditional
banks or maintain low amounts in online accounts.
One of the main causes of consumers’ unfamiliarity
with online banking security measures is possibly
due to the incomprehensible and lengthy security
and privacy policies in the official websites of
domestic banks. Customers may not have the time,
patience and computer literacy to read and
understand the policies. They may not understand
some of the technical terms in the security policies,
such as, firewalls, secure socket level, encryption,
P3P policy, etc. Fake OBS website concern is
another reason that deters some respondents from
fully adopting OBS (No. 5.6: mean =2.90, standard
deviation =1.029 > 1.0). Wide news coverage on the
particular issue may have raised their awareness and
sensitivity toward the authenticity of an OBS
website. Therefore, domestic bankers should
conduct consumer education programmes (e.g.
seminars, exhibitions, etc.) to reveal their security
policies to customers in layman’s terms and educate
them about ways to identify a fake website. The
effectiveness of these consumer education
programmes should be periodically evaluated.
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Instead of solely relying on banks to tackle phishing,
fraudulent websites, and identity theft, consumers
should be encouraged to report on fraudulent
attempts to obtain their authentication credentials
(e.g., attempts to steal username, password, etc.). As
revealed by Unisys (2007), Malaysians have
nominated Internet identity theft as one of the top
three security concerns, similar to those in
developed countries such as Australia. Ninety-two
per cent of them look forward to having extra
security techniques to protect their identity while
using OBS (Unisys, 2007). Therefore, Bank Negara
Malaysia (central bank) should develop industry-
wide best security standards such as two-factor
authentication technique which uses transaction
authorization code (TAC), digital certificate, smart
card or fingerprints in authentication besides
username and passwords. Regular report supervision
and on-site examinations should be in place to make
it mandatory for all domestic banks to comply with
the standards issued. However, one important point
to consider is security is inversely related to effort
expectancy (Lawson, 1998). There should be a
balance between these two factors, i.e. the security
features implemented should not make OBS too
difficult for the users, thus discouraging them from
using it.
One of the attributes measuring Effort
Expectancy, i.e. “OBS is easy to learn”, in Table 2
(No. 2.1) has high standard deviation (>1.0),
indicating that while some respondents enjoy
learning OBS, others find it difficult to become
skilled at using OBS. Similar result is observed in
the rating of an attribute measuring Anxiety, i.e. “I
am worried about the inaccessibility of OBS web
pages” (No. 6.3: standard deviation = 1.078 > 1.0).
The difference in perceptions may arise from
different personal experience in using the service.
This study consists of 42.5% of respondents with
less than 1 year experience in using OBS (Table 1),
who may perceive OBS as difficult to learn and
access due to the lack of personal experience in
dealing with the new service. As discovered by
Davis (1989)’s study, the more a service is perceived
as easy to learn and access, the more likely the
service is used extensively. Therefore, to promote
the ease of learning and accessing OBS, domestic
banks should consider giving free demonstrations
and trials to the public at schools or shopping
complexes.
Respondents are unsure about the OBS adoption
among their coworkers/ classmates and people who
influence their behaviours (Table 2; No. 3; mean =
3.13; standard deviation =0.923). In other words,
social circles do not have a strong influence on a
person’s OBS adoption. This contradicts with
Venkatesh and Davis’s (2000) research in the United
States which claimed that social influence is
particularly important in the early stages of
technology adoption. Perhaps numerous OBS
advertisements in mass media have an influence on
consumers’ adoptions. Malaysians may be attracted
to using OBS by its efficiency and effectiveness as
widely advertised. This can be seen in Table 2 where
efficiency (No. 1.7) and effectiveness (No. 1.8) have
high mean ratings of close to 4.0.
High standard deviations (> 1.0) for most
attributes measuring Anxiety factor in Table 2 (Nos.
6.2–6.6) indicate that while some respondents take
pleasure in using OBS, others are afraid to use OBS
due to cost concern, poor Internet connection,
knowledge deficiency, and the apprehension of
losing important information by hitting the wrong
key and making mistakes that they cannot correct.
An OBS acceptance study in Australia (Lichtenstein
and Williamson, 2006) highlighted similar consumer
anxieties. However, these anxieties could be
alleviated by improving the quality of the Internet
service, standardizing OBS cost structure and
intensifying nationwide education programmes.
Respondents are unsure about the availability of
technical infrastructure and comprehensible contents
to support the use of OBS (Facilitating Conditions;
Nos. 4.2, 4.3 and 4.4). In contrast with Taiwanese
who are confident in their capability to use OBS
(Hsu and Chiu, 2004), Malaysians are unsure of the
existence of a call centre that can assist them with
OBS (Nos. 4.3). This concern may lower their
interest to use OBS (note: the attribute “OBS is
enjoyable” has a low mean rating of 3.40; see No.
8.4) and hinder them from fully utilizing the benefits
and convenience of OBS. Hence, it is recommended
that adequate resources (written instructions,
specific person (or group) for assistance) should
always be ready to support the use of OBS.
Domestic banks should guarantee customers with
intensive customer service through call centers
where customers can easily seek assistance and
guidance when in doubt. The government and Bank
Negara Malaysia need to closely review business
policies and operating practices of domestic banks
and ensure the availability of adequate technical
support and secure technologies (e.g. firewalls, two-
factor authentications, secure socket level, etc.)
before approving the launch of a new OBS.
Despite the above-mentioned worries,
respondents show high intention of using OBS
(Table 2: No. 9). This ascertains Goi (2005) and
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364

Nielsen (2005)’s findings that online banking
industry has high opportunity for growth and user
acceptance is the key determinant for the growth. To
increase user acceptance, domestic banking
institutions should emphasise on providing high
level service. To do so, they need to reassess their
business practices to be consistent with the needs
and demands of consumers. The above-mentioned
recommendations are derived from consumers’
demands on OBS; thus, if they are implemented, a
very conducive environment will be created to
provide high level OBS.
5 LIMITATIONS AND FUTURE
STUDIES
Preliminary results of factor analysis of independent
factors and dependent factors show a high construct
validity of 60.71% and 78.93%, respectively. In
addition, the Cronbach’s Alpha coefficients indicate
high internal consistency in the respondents’
answers (with Alpha coefficients greater than 0.60).
Multiple linear regression showed that Performance
Expectancy is one of the most important predictors
of Behaviour Intention to Use OBS, which concurs
with the descriptive statistics results above. Due to
the constraint on the length of paper, the full results
of the factor analysis, multiple linear regression and
the effects of moderating variables such as education
level, income, age, etc. will be examined and
presented in our future papers. The results of this
study are only applicable to Malaysia where all the
subjects are from. However, the study can be
replicated in other countries using the same model
and instrument to identify factors that encourage and
discourage the adoption of OBS in those countries.
ACKNOWLEDGEMENTS
The authors thank Multimedia University for
providing the research grant for this study. The
authors also thank the participants of this research.
Last but not least, the authors thank Ms Christina
H.P. Tong for editing the paper.
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