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A relational classification of online banking customers

cole des Sciences de la Gestion Department of Marketing, E bec a ` Montre al, Montreal, Canada University du Que

Online banking customers

Lova Rajaobelina Isabelle Brun

187

de Moncton, Faculty of Business Administration, Universite Moncton, Canada, and

lissar Toufaily E

Laval, Quebec, Canada Department of Marketing, Universite

Abstract
Purpose This paper aims to classify online banking customers using demographic and relationship-based variables and describe their profiles. Design/methodology/approach A total of 421 panellists of a large Canadian polling firm self-administered a web-based questionnaire. A two-step analysis was performed using SPSS 18.0. 421 panellists of a large Canadian polling firm self-administered a web-based questionnaire. A two-step analysis was performed using SPSS 18.0. Findings Six groups emerged from the analysis, four of which have higher relationship levels and two that have lower levels. Practical implications This study provides a better understanding of online banking consumer segments and offer financial institutions relevant descriptive information on each profile. This information should help the implementation of tailored marketing strategies to improve the development and maintenance of online relationships with each of the six customer segments. Originality/value This paper contributes to knowledge advancement in both the fields of relationship marketing and that of e-commerce by providing an overview of the characteristics of relational customers in the e-banking industry. Keywords Relationship marketing, Classification, Segmentation, Online banking services, Canada Paper type Research paper

1. Introduction The service sector, specifically the banking industry, is constantly evolving; customers are increasingly unpredictable and service delivery is transforming. In fact, electronic commerce and the internet have brought radical changes to the banking sector (Colgate et al., 2005; Durkin and Howcroft, 2003), such as the arrival of purely virtual institutions (e.g. ING Direct) and new online banking services (e.g. virtual checks, peerto-peer, wire transfers, account consolidation) (Pratte et al., 2004). These changes have lead financial institutions to focus on finding ways of developing lasting beneficial relationships with their customers (Theron and Terblanche, 2010). The number of internet users around the world in 2011 was estimated at about 2.2 billion (273 million in North America), an increase of over 528 percent between 2000 and 2011 (Internet World Stats, 2011). Online banking represents the largest
The authors would like to acknowledge the financial contribution of SSHRC (Social Sciences and becois de recherchesur la Socie te Humanities Research Council of Canada), FQRSC (Fonds Que et la Culture) and UQAM Financial Services Management Chair.

International Journal of Bank Marketing Vol. 31 No. 3, 2013 pp. 187-205 r Emerald Group Publishing Limited 0265-2323 DOI 10.1108/02652321311315294

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transactional sector on the web (CEFRIO, 2011). For example, 78 percent of Canadian internet users carry out online banking transactions (Ipsos Reid, 2012). Moreover, the profile of online banking customers changes with demographic variables such as age, occupation and education level. For example, in Quebec (Canada), the 18-44 age group especially those aged between 25 and 44 are the main users of online banking, along with those whose family income exceeds $80,000 per year and those with university degrees (CEFRIO, 2011). Determining web customer profiles has become imperative for businesses to improve targeting marketing efforts and ensure their proper implementation. At the same time, relationship marketing, which has become an extremely popular research and marketing practice during the last quarter century, has also evolved because of e-commerce. The relationship approach, which seeks to establish privileged long-term relationships with its customers, is particularly suited to the service industry nroos, 1994; Morgan and Hunt, 1994; Palmatier et al., 2006; Vargo and (Berry, 2002; Gro Lusch, 2004). It is important that companies develop relationship-based strategies in the service industry where competition is strong (Rajaobelina and Bergeron, 2009), demand is stable and product differentiation is challenging (Ricard and Perrien, 1999). Many agree that a relationship marketing strategy that incorporates web technologies can create a competitive advantage for a business (Allan and Chudry, 2000; El Fidha and Charki, 2008; Toufaily and Perrien, 2006). [Translation] Its (relationship marketing) success, both in academia and in practice, is mainly due to the fact that companies cannot hope to prosper by constantly renewing their customer base (Ricard and Marticotte, 2009, p. 59). Since protecting customers has become imperative (Berry, 1995; Chung and Shin, 2010), identifying the characteristics of a companys most relational clientele is important to develop marketing strategies tailored to their needs that will ensure the continuity of the relationship. On the other hand, determining those customers who are less relational could help the company develop strategies to forge closer bonds with them. The objective of this paper is to classify online banking customers using demographic and relationship-based variables and describe their profiles. The consumer perspective of relationship marketing requires further examination, particularly the B2C aspect of the relationship-based approach in a web environment et al., 2007; Colgate et al., 2005; Durkin and Howcroft, 2003; Hong and Wang, (Casalo 2009). Consumer profiles in the financial sector have been examined in some studies (e.g. Athanassopoulos, 2000; Machauer and Morgner, 2001; Zuccaro and Savard, 2010). However, no study has attempted to classify online banking customers profiles from a relationship standpoint. From a theoretical perspective, this study contributes to knowledge advancement in both the fields of relationship marketing and that of e-commerce by providing an overview of the characteristics of relational customers in the e-banking industry. From a managerial point of view, it allows financial institutions to target their actions and strategies more effectively. In the following pages, relationship marketing in an online context is described and the methodology and results of the study are outlined. The discussion, including practical implications, is then presented. Finally, the conclusions of the study and the limitations and future research directions are set out. 2. Relationship marketing and the internet nroos (1994), Relationship Relationship marketing has many definitions. As per Gro marketing is to establish, maintain, and enhance relationships with customers and

other partners, at a profit, so that the objectives of the parties involved are met. This is achieved by a mutual exchange and fulfilment of promises (p. 9). Harker (1999), who examined 26 definitions on relationship marketing states that this definition is the most acceptable because it supports the conceptualization of the concept well and is widely accepted by the research community of the discipline. This definition is retained in this study. Relationship marketing has received considerable interest from both practitioners and scholars (Palmatier et al., 2006; Sin et al., 2005), but a better understanding of this area of research in an electronic context would be advantageous (Das, 2009). Indeed, the characteristics of the internet, such as its interactivity, connectivity and ability to archive consumer data, enhance the relationship approach (Ching and Ellis, 2006). Des Garets et al. (2009) have even stronger arguments regarding the financial sector, stating, information technology has undoubtedly facilitated the development of customer relationships in banking services (p. 126). New technologies should create interesting relationship marketing opportunities; however, strategies will need to be adapted and implemented effectively in order to be successful (Colgate and Smith, 2005). The well-known Morgan and Hunt (1994) study proposes trust and commitment as key dimensions of relationship marketing. The results of the meta-analysis of both Palmatier et al. (2006) and Theron and Terblanche (2010), the last being in the financial sector, also underline the importance of these two variables as well as that of satisfaction. As for the internet, Ching and Ellis (2006) have also found that participants of online relationship exchanges showed high levels of trust, satisfaction and commitment. In e-banking, Rexha et al. (2003) also considered these three relational dimensions as did Lang and Colgate (2003) who examine them as indicators of relationship quality. These three constructs are used in this paper to measure the relational level of banking customers and create profiles. 2.1. Trust Scholars and practitioners have shown great interest in online trust (Beldad et al., 2010). For some, trust on the internet is even more important than in traditional exchanges (e.g. Ching and Ellis, 2006; Liang et al., 2008) considering that the electronic environment is characterized by greater uncertainty (Liang et al., 2008; Nusair and et al., Kandampully, 2008) and consumers perception of a higher risk level (Casalo 2007). Online trust is defined as a set of beliefs or positive expectations with regards to a merchants ability (skills and technical expertise), integrity (honoring its commitments) and benevolence (care for the interests of others) on the internet (McKnight et al., 2002). As several studies have also examined and/or conceptualized trust with the three components of competence, integrity and benevolence (e.g. n et al., 2006; Gefen and Straub, Bhattacherjee, 2002; Chouk and Perrien, 2005; Flavia 2004; Palvia, 2009; Toufaily et al., 2010), they are the focus of this paper. 2.2. Satisfaction Satisfaction can be described using the paradigm of disconfirmation of expectations (expectancy-disconfirmation), which is a popular approach to measure consumer satisfaction in marketing (McKinney et al., 2002). More specifically, satisfaction derives from the perception of benefit, that is, the difference between performance and expectations (Bauer et al., 2002; Gruen, 1995; Hennig-Thurau et al., 2002; Rexha et al., 2003; Wilson, 1995). Researchers are becoming increasingly interested in satisfaction in

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e-commerce (Evanschitzky et al., 2004; Nusair and Kandampully, 2008) but the concept n et al., 2006). The definition adopted in needs to be more thoroughly examined (Flavia this paper is that of Anderson and Srinivasan (2003) who regard it as the contentment of the customer with respect to his or her prior purchasing experience with a given electronic commerce firm (p. 125). Some studies investigating consumer reaction to new technologies show that people have difficulty articulating their expectations of online services (Zeithaml, 2000). When expectations are not clear, assessment should be based on experience (Rust et al., 1999), which is the case in this study. 2.3. Commitment Commitment is the ability of the member to continue the relationship with the company (Ben Yahia and Guiot, 2010, p. 116) and is a good indication of the strength and longevity of the relationship (Nusair et al., 2010). In the literature (e.g. Bansal et al., 2004; Cater and Zabkar, 2009; Gruen et al., 2000; Herscovitch and Meyer, 2002), commitment is often conceptualized as a multidimensional construct consisting of three components: affective commitment (elicited by the sense of identification with and love of the other) (Cater and Zabkar, 2009; Meyer and Herscovitch, 2001); calculative or continuance commitment (sense of dependency due to monetary constraints or the lack of alternatives) and normative commitment (feelings of obligation because of the reciprocity of the relationship) (Herscovitch and Meyer, 2002; Jones et al., 2010). To date, online commitment remains a less examined research topic. According to Chung and Shin (2010), research in online relationship marketing focusses mostly on satisfaction and trust but should also include commitment. This study looks at online commitment with its three components, adapted to the context of the internet (web site). 3. The importance of demographic variables: gender and age Two demographic variables (gender and age) are often used to classify different profiles. In fact, studies in e-commerce show behavioral and perceptual differences between men and women. Specifically, women have significantly lower levels of trust toward electronic commerce (Cho and Jialin, 2008). They perceive higher risk levels in online shopping (Garbarino and Strahilevitz, 2004) and using credit cards on the web (CEFRIO, 2011), they feel less competent, are more anxious and have a more negative ` -vis the internet (Broos, 2005; Schumacher and Morahan-Martin, attitude than men vis-a 2001). They also derive less emotional satisfaction with online shopping (Rodgers and Harris, 2003). Women are less likely than men (61.7 vs 65 percent) (CEFRIO, 2011) to engage in online banking. In his literature review on relationship marketing (47 studies reviewed), Athanasopoulou (2009) mentions that gender has not often been examined in studies and considers it an important variable to include because of the existing differences between men and women in their perceptions of relationships. Likewise, age has been considered an important variable in studies addressing attitudes toward the internet (Mukherjee and Nath, 2003; Teo, 2001) and e-banking (Yousafzai and Yani-de-Soriano, 2012; Chau and Ngai, 2010). Dean (2008) shows that older consumers are not as comfortable as younger ones with self-service technologies offered by a merchant, consider that these technologies lead to the disappearance of human interaction (Dean, 2008) and prefer direct contact with employees over the use of technology (Simon and Usunier, 2007). Online service quality and web site quality are less important in the formation of online satisfaction for older consumers (vs younger) (Floh and Treiblmaier, 2006). Young adults represent the largest user segment

of commercial and banking services over the internet in Quebec (CEFRIO, 2011). Age is useful for segmentation, particularly in the banking industry, in developing various products and services (Chau and Ngai, 2010). These two demographic variables are therefore relevant for classifying types of relational customers. As Weijters et al. (2007) underlines, demographic variables such as age and gender (as opposed to personality traits) are more easily identifiable and applicable in managerial practice and action. 4. Methodology We use a survey as our research method. After three pre-tests, a web-based questionnaire is self-administered by 421 web panelists of a large Canadian polling firm. These panelists have to be over 18 years of age and customers of virtual and/or click and mortar financial institutions. Respondents are composed of 58 percent men and 42 percent women. The median age is between 45 and 54 years and 47.4 percent of respondents have a university degree. The median total before-tax household is between $60,000 and $79,999. This profile is quite similar to the one of online banking users in Canada provided by Print Measurement Bureau (www.pmb.ca/public/e/ index.shtml). Seven-point Likert scales (1 strongly disagree and 7 strongly agree) to measure trust (competence, integrity and benevolence), satisfaction and commitment (affective, calculative and normative) are used. These measures have been validated in the literature (see Appendix). Since the aim of this study is to classify online banking customers, cluster analysis is relevant. As a segmentation tool, clustering may lead to different groupings depending on the specific clustering method used, the distance/similarity measure employed, and the characteristics of the data and their natural distribution (Ayanso and Yoogalingam, 2009). We perform a two-step analysis using SPSS 18.0. We privilege this method, which is used successfully in several studies in marketing (e.g. Durif et al., 2011; Zuccaro and Savard, 2010; Domanski, 2010), because of its advantages over traditional clustering methods K-means or hierarchical analysis in regard to these three issues: (1) (2) it is suitable when the sample size is large (Hsu and Kang, 2009; Zuccaro and Savard, 2010), 4300 (Funfgeld and Wang, 2008); it allows the use of continuous and categorical variables simultaneously (in this study, relational variables are continuous and demographic are categorical) to define groups by using the log-likelihood distance measure developed by Zhang et al. (1996) (Ayanso and Yoogalingam, 2009; Gilboa and Vilnai-Yavetz, 2012; Zuccaro and Savard, 2010); and it determines the optimal number of groups (Chiu et al., 2001).

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(3)

The two-step analysis combines the hierarchical analysis method of Ward with the non-hierarchical K-means clustering procedure, in order to optimize the cluster solutions (Clatworthy et al., 2005). The algorithm starts by forming a first pre-cluster. As a new case is read, the algorithm decides, based on pre-chosen distance cluster (the log-likelihood when using continuous and categorical variables), whether it should be merged with the previously formed pre-cluster or form a new pre-cluster. When the process of forming pre-clusters is complete, all cases in the pre-clusters are treated as a single case or entity. The new distance matrix is based on the number of pre-clusters and not the number of cases (Zuccaro and Savard, 2010, p. 454).

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To ensure the groups of customers are easily identifiable and effectual, classification of this study is based on seven relational variables (continuous variables) representing the three dimensions of trust, satisfaction, and the three dimensions of commitment and two socio-demographic variables: respondent gender and age (categorical variables). The likelihood measure places a probability distribution on the variables. Continuous variables (three trust variables, three commitment variables, one satisfaction variable) are assumed to be normally distributed, while categorical variables (gender and age) are assumed multinomial. Furthermore, all variables are assumed to be independent. However, the two-step analysis procedure is fairly robust to violations of both the assumption of independence and the distributional assumptions (Chowdhary and Prakash, 2007; Ayanso and Yoogalingam, 2009). 5. Main results Six groups emerge from the two-step analysis (see Table I), four of which (Groups 1-4) have higher means on most relational items (three items of trust, satisfaction and affective commitment) comparing to the average means of the six groups, and two of which have lower means (Groups 5 and 6):
.

Group 1 (wisemen) represents 13.78 percent of the sample. This group has among the highest mean scores on the different relational items except for calculative commitment. It comprises men, most of whom are aged 65 and over (39/58)[1]. Group 2 (connected calculators), representing 16.15 percent of the sample, shows the second highest mean scores regarding the relational items. However, it is distinguished by a highest average for calculative commitment (5.79). This group is mainly composed of women between the ages of 25 and 44 (49/68). Group 3 (emotionally committed), represents 20.43 percent of the sample and comes in third position on the relational-based mean scores. Its affective commitment mean (5.91) is identical to that of Group 1. Women, mostly 45-64 years of age (65/86) form this group. Group 4 (skill seekers), representing 22.33 percent of the sample, follows next in the relational classification. However, it is distinguished by a mean associated to competence (6.48), which seconds that of the more relational group (Group 1). This group is comprised solely of men whose largest age categories are between 55 and 64, or the baby boomers (41/94), and young people aged 18-24 (28/94). Group 5 (potential calculators) is characterized by a moderate relational level. This group represents 14.49 percent of the sample. It has higher calculative commitment level compared to Group 4 (4.89). Men aged 45-54 years form this group. Group 6 (detached Gen X) completes the classification by being the group with the lowest relational levels on all aspects. This group represents 12.82 percent of the sample. It is composed of men and women, varying more in ages than the other groups, but with a predominance of between 25 and 44 years of age (34/54).

When realizing a cluster analysis, a two-stage procedure is recommended: Stage 1 using variables for the creation of cluster and Stage 2 using different variables (not used in Stage 1) to describe the profiles. Following the creation of six segments, important variables for the financial industry are used to describe the profiles. These variables represent channel use (interaction via telephone, branch, e-mail, ATM,

Group 1 (n 58 (13.78%))a Wisemen 6.55 6.36 5.94 6.31 5.91 5.67 5.50* 23.5 (n 58) 0 0 39. 1(n 68) 0 49.2 (n 31) 28.1 (n 18) 0 0 36.5 (n 19) 0 38.3 (n 18) 0 0 38.5 (n 40) 33.3 (n 25) 0 18.8 (n 3) 59.6 (n 28) 0 39.1 (n 25) 0 54.7 (n 41) 0 0 0 49.4 (n 86) 0 30.2b (n 19) 0 0 0 53.8 (n 28) 68.8 (n 11) 38.1 (n 94) 0 23.5 (n 61) 0 0 0 0 58.7(n 61) 0 0 0 13.8 (n 34) 11.5 (n 20) 2.1 20.6 32.8 2.9 12 9.6 12.5 (n 1) (n 13) (n 21) (n 3) (n 9) (n 5) (n 2) 6.47 6.27 5.80 6.30 5.72 5.79 4.97 6.41 6.17 5.69 6.20 5.91 5.29 4.95 6.48 6.13 5.36 6.18 5.70 4.71* 4.33 6.00* 5.64* 4.93* 5.89 5.39 4.89 4.28 4.81* 4.39* 3.35* 4.35* 3.72* 3.54* 3.11* Skill seekers Detached Gen X 6.19 5.90 5.26 5.95 5.48 5.01 4.56

Group 2 (n 68 (16.5%)) Connected calculators

Group 3 (n 86 (20.83%)) Emotionally committed

Group 4 (n 94 (22.33%))

Group 5 (n 61 (14.49%)) Potential calculators

Group 6 (n 54 (12.82%))

Average (sample, n 421)

Trust competence Trust integrity Trust benevolence Satisfaction Commitment affective Commitment calculative Commitment Normative Gender (%) Male Female Age (%) 18-24 25-34 35-44 45-54 55-64 65-74 75 and over

58.7 (n 247) 41.3 (n 174) 11.2 (n 47) 15c (n 63) 15.2 (n 64) 24.7 (n 104) 17.8 (n 75) 12.4 (n 52) 3.8 (n 16)

Notes: n 421. n Number of people in each age category in each group. aPercentage of each group within the sample. bHorizontal percentage of the distribution of each age category among the groups. cPercentage of people in the age category for the entire sample. *Significant mean difference exists between the group and all other groups regarding this specific variable. For example, Group 5 significantly differs from Groups 1, 2, 3, 4 and 6 in terms of mean competence

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Table I. Results of the two-step analysis

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mobile and web site), relational characteristic (length of relationship), relational benefice (share of wallet) and two other demographic variables (income and education). Variance analysis and cross-tabulations are performed to describe the groups with those variables to compare the six groups (see Table II). Although income is distributed across the six groups, it is interesting to note that the two least relational groups consist of a good proportion of people with income levels above $100,000 (35.1 percent for Group 5, potential calculators and 27.9 percent for Group 6, detached Gen X). The more relational group (Group 1, wisemen) has been with the financial institution for the longest number of years (over 26 years), the same being with the use of its web site (seven years). It is also worth mentioning that Group 2, connected calculators (second in relational level), has the lowest average length of relationship with the institution (under 16 years) and the shortest average duration of interaction with the site (5.37). As for the online share of wallet (percentage of financial transactions carried out on the institutions site vs other sites), the two most relational groups, Group 1 (wisemen) and Group 2 (connected calculators) are those with the highest means (over 86 percent). Furthermore, Group 4 (skills seekers), replaces Group 3 (emotionally committed) for the average percentage of transactions carried out on the site (84.29 percent480.10). Group 2 (connected calculators) uses the telephone the most in its interactions with the financial institution. However, Group 6 (detached Gen X), the least relational, uses the telephone (2.80) more than remaining groups (1, 3, 4 and 5). Respondents in Group 3 (emotionally committed) are among those who most often go to the branch and those in Group 6 (detached Gen X), are those with the lowest number of branch visits. Finally, all groups have a high average of interaction with the web site, but the highest is Group 2 (connected calculators) (6.51). Table III summarizes the six customer profiles based on their relational level with the financial institution online, derived from the two-step classification. 6. Discussion The first interesting finding that emerges from the classification is that men aged 65 and over (wisemen) are the most relational of all segments. It is likely that this segment is also the most committed to the financial institution itself and not only to its web site. Boulaire et al. (2004) indicate that the relationship between the customer and the web site is a part of a relational system that includes relationships with other objects and subjects such as the brand, a personal affiliation with a staff member or others. This customer group, wisemen, has the longest relationship with the financial institution (over 26 years), which could result from trust levels, satisfaction and commitment being transferred from the financial institution to its web site. As this group is the most relational, financial institutions will have the challenge of converting more people aged 65 and over to using online banking services, especially since they are underrepresented (17 percent) and have shown a slight decrease of three-percentage points in this regard since 2009 (20 percent) (CEFRIO, 2010). In contrast, the less relational segment (detached Gen X) is composed mostly of women and men aged 25-44 with high incomes. It is therefore important for financial institutions to improve online relations with this segment, because customers aged between 25 and 44 represent the largest number of online banking users (CEFRIO, 2011). In fact, they represent actual or potential consumers of valuable financial products (e.g. greater loans amounts and mortgages). These findings could suggest that there is still a large potential for banks in convincing their customers of the benefits of using online banking services.

Group 1 (wisemen, 13.78%)

Group 2 (connected calculators, 16.15%)

Group 3 (emotionally committed, 20.43%)

Group 4 (skill seekers, 22.33%)

Group 5 (potential calculators, 14.49%)

Group 6 (detached Gen X, 12.82%)

3.8% 19.2% 32.7% 15.4% 5.8% 23.1% 26.45 (15.30) 7.00 (4.17) 86.97 (20.64) 2.24 (1.19) 3.66 (1.64) 6.09 (1.20) 6.51 (0.80) 3.41 (1.60) 3.00 (1.67) 2.71 (1.81) 3.86 (1.88) 6.36 (1.04) 5.37 (3.14) 86.88 (15.33) 5.30 (3.29) 80.10 (23.14) 15.83 (11.64) 21.75 (13.66) 19.69 (12.41) 5.73 (3.33) 84.29 (21.92) 2.40 (1.37) 3.68 (1.56) 6.09 (1.20)

9.5% 19.0% 27.0% 15.9% 17.5% 11.1%

14.1% 19.7% 28.2% 11.3% 14.1% 12.7%

12.8% 15.1% 23.3% 14.0% 16.3% 18.6%

7.0% 7.0% 15.8% 19.3% 15.8% 35.1% 21.07 (13.23) 6.86 (3.94) 77.30 (26.96) 2.31 (1.45) 3.44 (1.48) 6.07 (1.34)

2.3% 18.6% 30.2% 14.0% 7.0% 27.9% 17.54 (12.70) 6.00 (4.17) 77.35 (29.01) 2.80 (1.76) 3.00 (1.36) 5.75 (1.34)

Income (w2 34.30; p 0.10; V 0.14) $19,999 and less $20,000-$39,999 $40,000-$59,999 $60,000-$79,999 $80,000-$99,999 $100,000 and more Number of years with the financial institution (F 4.89; p 0.00) Number of years with the web site (F 2.56; p 0.03) Share of wallet (online) (F 3.67; p 0.01)a Telephone interaction with the financial institution (F 2.47; p 0.03)b Visit to financial institution branch (F 2.21; p 0.05)b Interaction with the financial institution web site(F 3.31; p 0.01)b

Notes: Values are mean (SD). Variables where the mean differences are not significant: level of education, interaction via e-mail, ATM interaction, interaction via mobile internet. aThe question: considering all of your financial transactions carried out on the internet during the past year (including those on other banking sites), approximately what percentage was carried out on this financial institutions web site? bUsing a semantic differential scale where 1 never and 7 very often

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Table II. Characteristics of relational consumers

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Wisemen

Higher lower
Women aged 45-64 Higher level of Affective commitment Greater number of visits to the branch Men aged 18-25 and 5564 Important share of wallet for online transactions Important perception of Competence

Men aged 65 Income $40,000-$59,000 Length of relationship with the institution: 26 years (7 years with the site) Greater share of wallet for online transactions

Table III. Summary of relational profiles of online banking consumers Emotionally committed Skill seekers Potential calculators Detached Gen X

Connected calculators

Relational level
Men aged 45-64 years Higher level of Calculative commitment Good proportion have incomes 4$100, 000 Men and women aged 25-44 Fewer branch visits but greater use of telephone banking Good proportion have incomes 4$100,000

Women aged 25-44 Higher level of Calculative commitment Length of relationship with the institution o16 years Greater share of wallet for online transactions Greater use of telephone banking and online services

The results are particularly interesting for their theoretical and managerial implications. In fact, they provide a better understanding of online banking consumer segments and offer financial institutions relevant descriptive information on each profile. This information should help the implementation of tailored marketing strategies to improve the development and maintenance of online relationships with each of the six customer segments. Some managerial implications can be proposed following an analysis of the profiles identified by the classification:
.

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Strengthening emotional commitment and affective bonds: to maintain effective relationships with customers for whom emotional ties are important (especially for emotionally committed), managers would benefit by enhancing emotional attachment to the company and involving the customer in the product creation process. Specifically, Cater and Zabkar (2009) invite service-based companies to be more flexible, cooperate with customers and avoid rigidity in interactions. Preferential treatment and special invitations (e.g. webinars or seminars via the internet) can be used. The online emotional bond can be strengthened through an interactive web environment, by creating feelings of et al., belonging through forums and virtual communities of interest (Casalo 2008a) and by a social presence on the internet (e.g. through virtual agents and call centers). Reinforcement of calculative commitment: calculative commitment is of great importance for the three most relational groups (especially for connected calculators). In fact, customers use an organizations services not only because of emotional bonds and established trust, but also for the advantages it offers compared to other companies (Verhoef, 2003). In a very utilitarian and rational industry, such as the banking industry, it is plausible to find segments of customers committed to the institution because of distinctive products, attractive prices and the benefits of loyalty programs. As for marketing strategies, the online company has an interest in positioning itself as the best in the category under consideration and as the one that best meets customer expectations for costs and services (Oliver, 1999). Economic incentives (e.g. loyalty programs, coupons, special discounts) represent a good marketing strategy to target and maintain segments of customers whose calculative commitment is high (Berry, 2002; Verhoef, 2003; Vesel and Zabkar, 2010). In a web context, incentives should be related to electronic products and services (e.g. lower fees or advance access to new online financial products for online banking customers only). Finally, a loyalty program where customers accumulate earnings (which would be lost if the relationship is terminated) could increase the calculative commitment of the different customer profiles (Bansal et al., 2004). Maintaining online trust: the results show that the first four relational groups have a particularly high perception of the online financial institutions competence and integrity. To better address these dimensions of trust, managers should respond to customers expectations concerning the performance of transactions, the respect of service delivery and the offer of pleasurable experiences on their web site and consequently to develop appropriate strategies. For example, support and follow-up in case of technological or

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cognitive problems, a FAQ section on the web site, the prominence of trust marks on the web site or a section dedicated to testimonials from other customers, would constitute effective strategies (Chouk and Perrien, 2005). Effective channel integration: another interesting finding that emerges from the results is the use of different channels of interaction by customers. More precisely, in addition to the web channel, Connected Calculators and detached Gen X prefer telephone banking services and emotionally committed often visit the branch. In fact, customers interact with businesses through more than one channel (Lang and Colgate, 2003). Day and Hubbard (2003) state that customers dont limit themselves to a single channel instead they pick the one that is most convenient or effective for the situation. But they also assume a firm will recognize them at each step of the way (p. 24). Thus, the challenge is to ensure a degree of integration and synchronization of different channels to enable a consolidated central view of customers and their preferences (Allan and Chudry, 2000). Personalization for all: it is important to use the profile descriptions to create a personalized marketing strategy for each relational segment. Personalization is demonstrated through targeted communications and tailored service based on personal preferences (Colgate and Smith, 2005). According to Toufaily and Perrien (2006), in an internet context, personalization strategies must involve recommendation systems, promotional emails, web pages, links, products and services assortment and portal design (p. 104). This personalization provides personal attention to each customer, which usually results in positive outcomes such as customers developing positive feelings toward their online company. It is therefore an important strategy for creating and maintaining long-term online relationships (Chen et al., 2008).

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7. Conclusion The purpose of this paper is to classify online banking customers using demographic and relationship-based variables in order to describe the various profiles. The results of the two-step classification reveal six different customer profiles based on their relational level with the online financial institution. It is important to ensure the implementation of a successful strategy for the most relational segment (older men), but also to develop appropriate techniques to convert the potentially lucrative market of those less relational (e.g. men and women 25-44 years old with high incomes). Each of the six profiles deserves particular relational attention; however, an emerging global view of priorities is revealed in this study, notably the reinforcement of affective commitment and emotional bonds, maintenance of online trust, good channel integration, adequate personalization and strengthening of calculative commitment for some segments. The study reveals some limits, opening the way for future research. First, segmentation was performed based only on a single item to measure each component of the three major constructs. However, the authors have ensured that the items are adapted to the online environment (web site). In addition, the evaluation of web site characteristics, perceived online risk and other relevant variables related to the preference for an online vs off-line relationship, among other things, could be assessed for each segment. Furthermore, triangulation of methodological techniques could be

considered. For example, in-depth interviews might enrich results. Further research is also needed in order to create and implement tailored strategies aimed at improving the development and maintenance of online relationships with each customer segment. Additional research in regards to cross-cultural comparisons could be exploited as profile differences of internet banking users are found (e.g. emerging market vs west European market in Nilsson, 2007). Causal relationships between the variables chosen in this study (satisfaction, commitment and trust) have been well established in the marketing literature. Hence, an investigation of the relationship between these variables for different groups of internet bank customers represents an interesting research avenue. This study represents a first step toward a better understanding of online banking customer profiles. The results comprise a starting point for future research in a field with growing theoretical and practical importance.
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Trust (Chouk and Perrien, 2005) Competence I can count on this financial institution to perform my transactions carried out on its web site in a timely manner Integrity The service promised on the web site always corresponds to the service delivered Benevolence This financial institution will do what it takes to make sure that I am very satisfied with my experience on its web site et al., 2008b) Satisfaction (Casalo My experience with the web site is very satisfactory Commitment (Bansal et al., 2004; Cater and Zabkar, 2009; Meyer and Herscovitch, 2001) Affective I really like this financial institutions web site Calculative It would be very difficult for me to stop using this financial institutions web site Normative I feel an obligation to use this financial institutions web site when I carry out online banking transactions Note: Using a Likert scale where 1 strongly disagree and 7 strongly agree

Table AI. Measures of relational variables

About the authors du Que bec a ` Lova Rajaobelina, PhD., is an Assistant Professor of Marketing at Universite al (UQAM). He is also an Associate Researcher for the Financial Services Management Montre Chair at the same university. His research interests are in experiential marketing, bank marketing, hospitality and tourism strategies, relationship marketing and online consumer marketing. Lova Rajaobelina is the corresponding author and can be contacted at: rajaobelina.lova@uqam.ca

 de Isabelle Brun, PhD candidate, is an Assistant Professor of Marketing at Universite Moncton. She is also an Associate Researcher of the Financial Services Management Chair at UQAM. Her research interests are in bank marketing, relationship marketing, online consumer marketing and consumer behavior. lissar Toufaily, PhD, is an Assistant Professor of Marketing at Universite Laval. She is an E Associate Researcher at GREMM (Research Group on the Assessment and Measurement in Laval, as well as Associate Researcher of the Financial Services Marketing) of Universite Management Chair at UQAM. Her research interests are in e-marketing, services marketing and relationship marketing.

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