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Alternative Banking Channels and Customers Satisfaction An Empirical Study of Public and Private Sec PDF
Alternative Banking Channels and Customers Satisfaction An Empirical Study of Public and Private Sec PDF
Vol. 1 No. 1
Vijay M. Kumbhar , M. A. SET, NET, GDC&A, DIT and M. Phil (Economics) and recently, he has submitted
PhD Thesis in Alternative Banking and Its Impact on Customers Satisfaction to Shivaji University, Kolhapur
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ABSTRACT
The present empirical study focuses on identifying key factors that have influences
customers satisfaction in alternative banking service provided by public and private sector banks.
For the purpose of the present study primary data were collected using likert scale based
questionnaire. Result of this study shows that, there was significant relationship between age,
education and profession of the bank customers and customers satisfaction in alternative
banking. There was significant relationship between service quality, band perception and
perceived value with overall customer satisfaction in alternative banking. Factor analysis test
indicates
that,
efficiency,
security/assurance,
cost
effectiveness,
problem
handling,
responsiveness, fulfillment and accuracy were first factors, Perceived value, brand perception,
contact facilities, convenience, system availability and easy to use are second factor and
compensation is third factor. Overall result directs that, bankers should consider the facts and
enhance service quality of alternative banking services in order to increase customers
satisfaction and its further adoption also.
JEL: G20, G21
Keywords: Alternative Banking, Service Quality, Brand Perception, Perceived value,
Satisfaction
1.1 INTRODUCTION
Technology in the banks is presently catching up with a high level of development around
the world. The gaps between the Indian banks and their counterparts in the technologically
advanced countries are gradually narrowing down. The world has witnessed an information and
technological revolution of late. This revolution has touched every aspect of public life including
banking (Siam, 2006). Since two decades, due to an increasingly competitive, saturated and
dynamic business environment, retail banks in many countries have adopted customer-driven
philosophies to address the rapid and changing needs of their customers (Walker et al., 2008).
Technological advances have changed the world radically, altering the manner in which
individuals conduct their personal and business affairs. Over the past two decades in particular,
the banking industry has invested substantial resources in bringing ICT to customers. The
banking industry is undergoing through the significant technological changes; it has several
impacts on customer satisfaction and loyalty. It has revolutionised every industry including
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banking in the world by rendering faster and cost effective delivery of products and services to
the customers. According to Chakrabarty, (2007) core banking solution enables banks to extend
the full benefits of ATM, tele-banking, mobile banking, internet banking, card banking and other
multiple delivery channels to all customers allowing banks to offer a multitude of customercentric services on a 24x7 basis from a single location, supporting retail as well as corporate
banking activities.
Now, Indian banks are investing heavily in the technologies such as branch automation
and computerization, core banking, tele-banking, mobile banking (M-banking), internet banking,
automated teller machine (ATMs), data warehousing etc. ICT innovations in the previous few
years have changed the landscape of banks in India (Mittal and Dhingra, 2007; Kour and Kour,
2011). Today public sector and private sector banks are offering online banking services. Various
alternative channels to provide easy and any where banking are properly thought of. The process
of bank computerization was started since 1985 in public sector banks in India. However, some
private sector banks have started computerization prior to the public sector banks in India. The
banks in India are using ICT not only to improve their own internal processes but also to increase
facilities and services to their customers.
A customer satisfaction is an ambiguous and abstract concept. Actual manifestation of
the state of satisfaction will vary from person to person, product to product and service to
service. The state of satisfaction depends on a number of factors which consolidate as
psychological, economic and physical factors. The quality of service is one of the major
determinants of the customer satisfaction, which can be enhanced by using ICT available to
survive. The banks in India are using Information Technology (IT) not only to improve their own
internal processes but also to increase facilities and services to their customers1. Particularly, in
the banking sector ICT is one of the most important tools, because it provides many suitable
alternative banking channels to the customers. It brings connivance, customer centricity, enhance
service quality and cost effectiveness in the banking services. Even now, customers are
evaluating their banks based on availability of high-tech services. Therefore, implementation of
ICT in the banking business continues to improve the banking service. Many researchers from
USA, UK, Finland, Malaysia, Taiwan, etc. have proved that the use of technology positively
affects the customers satisfaction in banking industry. But some researches evidenced that,
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technology based banking service cant satisfy the each and every need of the customers and
each type of customers. There are may be some possibilities of gaps between customers
expectations and actual service perception in ICT based banking service, which leads to
customer dissatisfaction. Hence, there is a need to assess the impact of alternative banking
services on customers satisfaction in Indian context to study the level of satisfaction, problems
and areas of further improvements.
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quality is less than expected service quality customer will be dissatisfied (Jain and Gupta, 2004
and Kumbhar 2011). Parasuraman, Zeithaml and Berry (1988) posited that if there is expected
quality of service and actual perceived performance is equal or near about equal there is
customers can be satisfy, while a negative discrepancy between perceptions and expectations a
performance-gap as they call it causes dissatisfaction, a positive discrepancy leads to consumer
delight. The relationship between expectation, perceived service quality and customers
satisfaction have been investigated in a number of researches (Zeithaml, et al, 1996). An
expectation is minimum requirement of service quality by service providers to the meet
customers wants and needs. According to Parasuraman et al (1985, 1988) perceived service
quality is viewed as the degree and direction of discrepancy between customers' perceptions and
desires.
The branding is considered as the procedure of creating a brand image which keeps
consumers. It is what separates identical products from each other, or its competitors. Marketing
literature including NCSI and ACSI literature examined positive of the link between the
satisfaction and the brand image, the brand reputation (Wafa et al 2009) and indicates that, the
nature and amount of a consumer's experience with an evoked set of brands. Brand reputation
has significant impacts on customer satisfaction (Woodruff et al 1983). A consumer's beliefs
about
these
brands
are
derived
from
personal
use
experience,
word-of-mouth
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used by customers. The overall remark of the customer is based on his/her expectations about
various aspects of service quality and actual service he/she perceived by the particular bank.
Hypothesis-2:
H2 (null) - There is no significant relationship between service quality dimensions
and overall customer satisfaction in alternative banking
H2 (alt) - There is a significant relationship between service quality dimensions
and overall customer satisfaction in alternative banking
Hypothesis-3:
H3 (null) - Band perception and perceived value not have a significant relationship
with overall customer satisfaction in alternative banking.
H3 (alt) - Band perception and perceived value have a significant relationship with
overall customer satisfaction in alternative banking.
Hypothesis 4
H4 (null) All service quality dimensions under study was similarly influencing
customers satisfaction in alternative banking.
H4 (alt) All service quality dimensions under study was similarly influencing
customers satisfaction in alternative banking.
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1.7 RESULTS
1.7.1 DEMOGRAPHIC OF THE RESPONDENTS
Table-1 indicates the descriptive analysis for demographic information indicated that
among the analyzed samples (N=190),consisting 17.4% of SBI, 14.7% of BOB, 13.2% of Corp
Bank, 18.4% of IDBI Bank, 15.8% of Axis Bank and 20.5% of HDFC Bank (63.7% of Public
Sector and 36.3% of private sector Banks). Out of 190 respondents 82.1% of the respondents
were male, 17.9 % were female. In terms of age group, 20% were below 25 years, 34.7% of 25
to 35 years, 35.8% were 36 to 50 years and 9.5% were 51 to 60 years old. There were no
respondent above 60 years however; some retired persons from military and army were covered
under study as samples. Educational status of the respondents indicates that 4.2% of respondents
were below HSC, 5.3% of HSC, 49.5% of graduate and 41.1% of post graduates. There were
31.6% of employees and 36.3% of businessmen as a core respondent who were using most of
alternative channels. However, 13.7% of professional (doctor, engineers, charted accountants,
investment consultants, insurance agents etc.), 14.2% of students and 4.2% of retired persons
also covered in this study. Income profile of the respondents shows that there were 20.5% of
below Rs. 1lakh, 16.3% of 1to 3 lakh, 36.8% of 3 to 8 lakh, 14.2% of 8 to 15 lakh, 4.7% of 15 to
25 lakh, 2.1% of above 25 lakh and 5.3% of dependents.
Table 1: Demographic Profile of the Respondents
Items
Frequency Percent Valid Percent
SBI
33
17.4
17.4
BOB
28
14.7
14.7
COPB
25
13.2
13.2
IDBI
35
18.4
18.4
Axis
30
15.8
15.8
HDFC
39
20.5
20.5
Total
Female
Male
Total
Below 25
25-35
36-50
51-60
Total
<HSC
HSC
Graduate
190
34
156
190
38
66
68
18
190
8
10
94
100
17.9
82.1
100
20
34.7
35.8
9.5
100
4.2
5.3
49.5
100
17.9
82.1
100
20
34.7
35.8
9.5
100
4.2
5.3
49.5
Cumulative Percent
17.4
32.1
45.3
63.7
79.5
100
17.9
100
20
54.7
90.5
100
4.2
9.5
58.9
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78
190
60
69
8
27
26
190
39
31
70
27
9
4
10
190
41.1
100.0
31.6
36.3
4.2
14.2
13.7
100
20.5
16.3
36.8
14.2
4.7
2.1
5.3
100.0
41.1
100.0
31.6
36.3
4.2
14.2
13.7
100
20.5
16.3
36.8
14.2
4.7
2.1
5.3
100.0
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100.0
31.6
67.9
72.1
86.3
100
20.5
36.8
73.7
87.9
92.6
94.7
100.0
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All Banks
0.00
2.38
22.54
57.14
17.94
190
Strongly Dissatisfied
Dissatisfied
Core
Neutral
Banking
Satisfied
Service
Strongly Satisfied
Numbers of Respondents
Strongly Dissatisfied
Dissatisfied
Service of Neutral
CC Machine Satisfied
Strongly Satisfied
Numbers of Respondents
0.00
7.69
30.77
50.00
11.54
99
0.00
9.52
28.57
51.43
10.48
120
0.00
4.44
28.89
64.44
2.22
50
0.00
8.89
28.89
57.78
4.44
70
0.00
6.07
29.83
57.22
6.88
149
0.00
9.20
28.73
54.60
7.46
190
Strongly Dissatisfied
Dissatisfied
Neutral
EFT Service
Satisfied
Strongly Satisfied
Numbers of Respondents
Strongly Dissatisfied
Dissatisfied
MICR
Neutral
Service
Satisfied
Strongly Satisfied
Numbers of Respondents
0.00
4.81
32.69
56.73
5.77
100
0.00
1.02
30.61
58.16
10.20
98
0.00
6.67
33.33
57.78
2.22
49
0.00
2.33
32.56
60.47
4.65
43
0.00
5.73
33.01
57.25
3.99
149
0.00
1.67
31.58
59.31
7.43
141
Note: Percentage of ranting calculated based on customers of public and private sector banks
separately
Table 3 reveals that public sector banks Credit card and ATM service are providing
satisfactory credit card and ATM service, because 55.26% and 5.26% of customers belongs to
public sector a banks rated that credit card was satisfactory and strongly satisfactory. The
68.93% and 10.68% of customers of public sector banks rated as ATM was satisfactory and
strongly satisfactory respectively. However, satisfaction in internet banking services was
approximately same in private and public sector banks. Near about 50% of customers were rated
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that internet banking service was satisfactory in both. While, 50% customers of private sector
rated that mobile banking service is satisfactory in private sector banks. However, only 178%
customers of public sector banks are satisfied in mobile banking services.
Table 3: Comparative Overall Satisfaction in Alternative Banking (%)
Pub. Banks Pvt. Banks All Banks
Strongly Dissatisfied
0.00
0.00
0.00
Dissatisfied
5.26
25.00
15.13
Credit
Card Neutral
34.21
25.00
29.60
Services
Satisfied
55.26
37.50
46.38
Strongly Satisfied
5.26
12.50
8.88
Numbers of Respondents
38
16
54
Strongly Dissatisfied
2.91
0.00
1.45
Dissatisfied
6.80
4.55
5.67
ATM Service
Neutral
10.68
13.64
12.15
Agree
68.93
72.73
70.82
Strongly Agree
10.68
9.09
9.88
Numbers of Respondents
103
44
147
Strongly Dissatisfied
0.00
0.00
0.00
Dissatisfied
0.00
0.00
0.00
Internet
Neutral
50.00
50.00
50
Banking Service
Satisfied
45.00
50.00
47.5
Strongly Satisfied
5.00
0.00
2.5
Numbers of Respondents
20
10
30
Strongly Dissatisfied
0.00
0.00
0.00
Dissatisfied
0.00
0.00
0.00
Mobile Banking
Neutral
83
50
66.67
Service
Satisfied
17
50
33. 33
Strongly Satisfied
0
0
0
Numbers of Respondents
6
4
10
Note: Percentage of ranting calculated based on customers of public and private sector
banks separately
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does not assume normality, and it can be used to test ordinal variables (SPSS 19.0 User manual).
It is a nonparametric alternative to one-way ANOVA is given by the Kruskal-Wallis test (Landau
and Everitt, 2004, pp 156-157) and it is a very powerful test for one-way analysis of variance for
measurements by rank of k independence samples. H0 tested is that k samples come from the
same population (Majumdar, 2010, pp 424-426; Hanagal, 2009, pp 10.10-10.12). In this method
the scores of k samples are first considered as belonging to the same series. Rank of each score
is then ascertained from K combined sample series. The smallest score is assigned rank 1st and
the largest n, where, n = n1 + n2 + nk. For each of the samples, sum of rank are worked out. If
H0 is true, that is, k samples are actually drawn from the same population, and then KruskalWallis statistics, designated as H, follows a distribution similar to Chi-Square with df = k-1
proved that the size of all k samples is not too small.
Hypothesis-1:
Most of previous researches mentioned that gender, age, education; profession and level
of income affect customers satisfaction in banking services. Therefore, we have tested this
hypothesis to know what is actual impact of the demographics and customer satisfaction in
alternative banking services? The Kruskal-Wallis Chi Square tests (non parametric test) were
performed to overall satisfaction in the alternative banking services was differing or not by
demographic characteristics group. In order to test this hypothesis The Kruskal-Wallis tests for
several independent (gender, age, education, income level and profession) and one dependent
variable (overall satisfaction) was performed (Nahmens and Ikuma, 2009 pp 586 and Khalid et
al, 2000). According to Kruskal-Wallis large values of H (Chi-Squire) lead to rejection of the
null hypothesis and same or less than table value lead to accept null hypotheses (Kruskal-Wallis,
1952). Chi-Square values of Gender (X2 =0.217 , df =1, sig.= .462) and Level of Income (X2 =
7.154 , df =6, sig.= .307) Age (.057) are found significant. It leads to accept null hypotheses
(H1a and H1e) and reject alternative hypothesis. However, Chi-Squire values of Age (X2 =13.313
, df =4, sig.= .010), Educational level (X2 =12.241 , df =4, sig.= .016) and Profession (X2
=14.165 , df =4, sig.= .015) are found insignificant and leads to reject null hypothesis (H1b, H1c,
H1d) and accept alternative hypothesis. Descriptive statistics also shows that there was
significant relationship between age, education and profession while level of customer
satisfaction of male and female, as well as respondents of belongs to different income groups is
almost same (Table 4)
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r
.208**
Sig. (2-tailed)
.005
r
.585**
Easy to Use
Sig. (2-tailed)
.000
r
.598**
Convenience
Sig. (2-tailed)
.000
r
.541**
Cost Effectiveness
Sig. (2-tailed)
.000
r
.646**
Problem Handling
Sig. (2-tailed)
.000
r
.324**
Compensation
Sig. (2-tailed)
.000
r
.626**
Contact
Sig. (2-tailed)
.000
*Correlation is significant at the 0.05 level (2-tailed).
**Correlation is significant at the 0.01 level (2-tailed).
Responsiveness
Hypothesis-3:
A brand is an important factor in the selection of the bank as service provider either from
private or public sector. Mostly well-known banks were selected by the customers because it was
assumed that; good brand name and perception as per brand name can satisfy customers wants.
Hence, bank should provide better service as per their reputation. If customers getting good
perception according to the brand name customer will happy with that brand otherwise they will
switch to other bank. The concept of value derives from an economic framework and reflects the
utility and disutility encountered within any transaction. It provides a relationship between the
benefits received in the encounter and the overall price paid, including non-monetary
expenditure (Woodruff, 1983, Zeithaml, 1988) cited by Wilkins ,2005). Therefore, we have
tested this hypothesis in using spearmans rho non-parametric correlation test. Table 6 shows
that, there is significant relationship between band perception (r = .652** at .050 level) and
perceived value (r = .646** at .050 level) with overall customer satisfaction. Therefore we have
rejected null hypothesis and accepted alternative hypothesis based on this study.
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.819
1170.841
91
.000
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Initial communalities2 are, estimates of the variance in each variable accounted for by all
components or factors. For principal components extraction, this is always equal to 1.0 for
correlation analyses. Extraction communalities are, estimates of the variance in each variable
accounted for by the components. The communalities (Table 8) labeled as Initial are before
extraction communalities and labeled as extraction are after extraction communalities. The all
communalities were high (above .400), which indicates that the extracted components represent
the variables well (Table 8).
Table 8: Communalities
Initial
Extraction
System Availability
1.000
.648
Fulfilment
1.000
.755
Accuracy
1.000
.517
Efficiency
1.000
.805
Security/Assurance
1.000
.764
Responsiveness
1.000
.641
Easy to Use
1.000
.486
Convenience
1.000
.497
Cost Effectiveness
1.000
.733
Problem Handling
1.000
.743
Compensation
1.000
.741
Contact Facilities
1.000
.621
Brand Perception
1.000
.682
Perceived Value
1.000
.724
Extraction Method: Principal Component Analysis.
Table 9 reveals that, the eigenvalues3 associated with each linear component before
extraction and after extraction. The eigenvalues associated with each factor represent the
variance explained by the particular linear component (Khan, 2006). First part of the table
labelled as Initial Eigenvalues indicates that, first factor accounting 40.32 % of variance in this
model. Second part of the table labelled as Extraction Sums of Squared Loadings indicating
same variance. However, third part labelled as Rotation Sums of Squared Loadings indicating
that first factor accounting 32.37% of variance. It is pretty good figure because total variance is
66.83%. It means, we lost only 35% approx. of the information content in our study. Rotation
has the effect of optimising the factor structure and one consequence for these data is that the
2
Communality is the squared multiple correlation for the variable as dependent using the factors as predictors. The
communality measures the percent of variance in a given variable explained by all the factors jointly and may be interpreted as
the reliability of the indicator
3
The eigenvalue for a given factor measures the variance in all the variables which is accounted for by that factor. The ratio of
eigenvalues is the ratio of explanatory importance of the factors with respect to the variables. If a factor has a low eigenvalue,
then it is contributing little to the explanation of variances in the variables and may be ignored as redundant with more important
factors.
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relative importance of the three factors were equalized (Field, 2005). Figure 1 (The components
as the X axis and the corresponding eigenvalues as the Y axis) indicates visible display of the
factor loading.
Table 9: Total Variance Explained
Initial Eigenvalues
%
Total
of
Varia
nce
Cumul
ative %
Total
Loadings
%
of
Variance
Cumul
ative
Total
of Cumula
Variance tive %
5.646
40.328
40.328
5.646
40.328
40.328
4.533
32.379
32.379
2.409
17.209
57.537
2.409
17.209
57.537
3.451
24.647
57.026
1.301
9.294
66.831
1.301
9.294
66.831
1.373
9.805
66.831
.870
6.217
73.048
.653
4.663
77.711
.591
4.221
81.932
.511
3.649
85.581
.461
3.291
88.873
.406
2.899
91.772
10 .370
2.641
94.413
11 .287
2.048
96.461
12 .227
1.621
98.082
13 .155
1.107
99.189
14 .113
.811
100.00
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factor. However, fulfillment (.735 in the first factor and .408 on the second factor) and system
availability (.471 in the first factor and .630 on the second factor) were loading on both factors.
Table 10: Rotated Component Matrixa
Factor 1
Factor 2
Efficiency
.868
Security/Assurance
.853
Cost Effectiveness
.825
Problem Handling
.773
Responsiveness
.735
Fulfillment
.735
.408
Accuracy
.626
Perceived Value
.827
Brand Perception
.806
Contact Facilities
.683
Convenience
.682
System Availability
.471
.630
Easy to Use
.606
Compensation
Eigenvalues
4.533
3.451
Variance
32.379
24.647
Cumulative Variance
32.375
57.026
Factor 3
.808
1.373
9.805
66.831
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Vol. 1 No. 1
with overall customer satisfaction in alternative banking. It indicates that, bankers should
concentrate their efforts to enhance service quality, brand perception and perceived value in
alternative banking to increase the level of customers satisfaction. Factor analysis test indicates
that, efficiency, security/assurance, cost effectiveness, problem handling, responsiveness,
fulfillment and accuracy were first factors and accounting 32.37% of variance. Perceived value,
brand perception, contact facilities, convenience, system availability and easy to use are second
factor and accounting 24.64% of variance. Compensation is third factor and accounting 9.80% of
variance. Therefore, bankers should consider the facts and enhance service quality of alternative
banking services in order to increase customers satisfaction and its further adoption also.
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1.9 References
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A.
P.
(2005),
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(2nd
edition),
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in
Qatar:
Statistical
Analysis,
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