JIBC April 2010, Vol. 15, No.

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Journal of Internet Banking and Commerce
An open access Internet journal (http://www.arraydev.com/commerce/jibc/) Journal of Internet Banking and Commerce, April 2010, vol. 15, no.1 (http://www.arraydev.com/commerce/jibc/)

Customer Perspectives on E-business Value: Case Study on Internet Banking
Rahmath Safeena Research Fellow, National Institute of Industrial Engineering, Mumbai, India Postal Address: Vihar Lake, Mumbai - 400 087, India Organizational Website: www.nitie.edu Email: safi.abdu@gmail.com Research Fellow, National Institute of Industrial Engineering, Mumbai, India. Her areas of interest are E-Business, e-commerce, e-service, e-governance, internet banking. Abdullah Research Fellow, National Institute of Industrial Engineering, Mumbai, India Postal Address: Vihar Lake, Mumbai - 400 087, India Author's Personal/Organizational Email: abdullah.km@gmail.com Research Fellow, National Institute of Industrial Engineering, Mumbai, India. His areas of interest are E-Business, e-service, Knowledge management, public sector. Hema Date Associate Professor, National Institute of Industrial Engineering, Mumbai, India Postal Address: Vihar Lake, Mumbai - 400 087, India Email: hema_date@yahoo.com Associate Professor, National Institute of Industrial Engineering, Mumbai, India. Her areas of interest are E-Business, e-service, Knowledge management, business process management, CRM etc.

Abstract
Information technology is considered as the key driver for the changes taking place around the world. Internet banking (IB) is the latest and most innovative service offered

awareness © Safeena. many financial services organizations are rushing to become more customer focused. The new world of electronic banking is changing day by day.JIBC April 2010. 2002). information and communication technology (ICT). reduce costs. 1998. (1999) stated that the diffusion of electronic banking is more determined by customer acceptance than by seller offerings. and electronic service is becoming a viable option for interaction between financial service providers and their customers (Rotchanakitumnuai. empirical studies on what is . 2005). Internet banking has become the self-service delivery channel that allows banks to provide information and offer services to their customers with more convenience via the web services technology. A great many people are shifting to online banking and are readily accepting the usefulness of this bounty. 1989. Bauer et al. risk. 2000). ease of use. especially those related to the internet. The transformation from the traditional banking to e-banking has been a 'leap' change. Parasuraman and Zinkhan. Quinn. Today. Many companies in the financial services sector have been quick to implement Internet capabilities. it gives abundant compensation to the client in terms of price and ease. are leading to fundamental changes in how companies interact with customers (Ibrahim et al. 2006. Gounaris et al. 2005. Lee and Lin. S and Speece. Dannenberg and Kellner. The evolution of e-banking started from the use of Automatic Teller Machines (ATMs) and telephone banking (tele-banking). Kelley. Vol. No. Many banks have implemented Internet banking to offer their customers a variety of online services with more convenience for accessing information and making transactions. technology-based systems. Abdullah and Hema. 2005. in particular. direct bill payment. BACKGROUND AND OBJECTIVE Mols et al. Keywords: internet banking. 2005). electronic fund transfer and the revolutionary online banking. Bauer et al. Online banking service allows customers to manage their accounts from any place at any time for minimum cost. This study determines the consumer’s perspective on internet banking adoption. A key component of many initiatives is the implementation of Customer Relationship Management (CRM) software (Peppard. perceived usefulness. Technology. and standardize core service offerings (Ibrahim et al. M 2004).1 -2- by the banks. Customer satisfaction and customer retention are increasingly developing into key success factors in e-banking (Bauer et al. 2009 INTRODUCTION The proliferation of. 1996. and rapid advances in. Though customer acceptance is a key driver determining the rate of change in the financial sector. It is important to understand the customer’s perception on internet banking. The challenging business process in the financial services pressurized banks to introduce alternate delivery channel to attract customers and improve customers’ perception. has been increasingly employed in service organizations to enhance customer service quality and delivery. There will be huge acceptance of online banking with the passage of time with growing awareness and education.. 2006. 15. 2005.

Banks know that the Internet opens up new horizons for them and moves them from local to global frontiers (Mavri and Ioannou. Robinson (2000) reported that half of the people that have tried online banking services will not become active users. without the intervention or inconvenience of sending letters. Bradley and Stewart. Internet or Electronic or online banking is the newest delivery channel to be offered by retail banks in many developed countries. Online banking is also one of the technologies which are fastest growing banking practices nowadays. bill-payment. 1998. It provides universal connection from any location worldwide and is universally accessible from any internet linked computer (Thulani et al. It is a process of innovation whereby customers handle their own banking transactions without visiting bank tellers. While Internet banking has grown rapidly. Vol. Mols. 2003 and Rotchanakitumnuai and Speece. Online banking has been regarded as the most important way to reduce cost and maintain or enhance services for consumers (Hua. 2001. The present study aims at examining the impact of perceived usefulness. Tele-Banking. 1999). 2006). perceived ease of use. 2006). Daniel. inter-account transfers. perceived ease of use. No. 2009. etc. Not enough is known regarding how customers perceive and evaluate electronically delivered services. 1999). 2000). original signatures and telephone confirmations (Thulani et al. Henry. Credit Cards and Debit Cards have emerged as effective delivery channels for traditional banking products. Another author claims that Internet banking is not living up to the hype (Weeldreyer 2002). it is an electronic consumer interface and an alternative channel of distributions. This study considers the four factors perceived usefulness. 2009. and there is a wide agreement that this channel will have a significant impact on the market. It is vital to extend this new banking feature to clients for maximizing the advantages for both clients and . In its simplest form. 1999.JIBC April 2010. 2004. ATMs. Information technology developments in the banking sector have sped up communication and transactions for clients. It is the types of services through which bank customers can request information and carry out most retail banking services such as balance reporting. Internet banking refers to systems that enable bank customers to get access to their accounts and general information on bank products and services through the use of bank’s website. consumer awareness on internet banking and perceived risk on the acceptance of Internet banking by the consumers. 2009).. faxes. Highly publicized cases involving major security failures might have contributed to the public’s concern and lack of acceptance of Internet banking. Perunal and Shanmugan. there is not enough evidence of its acceptance amongst consumers. 2003). Sathye.1 -3- holding customers from acceptance of Internet banking have been few (Sathye. via a telecommunication network without leaving their homes or organizations (Aladwani. Internet Banking. electronic banking may mean the provision of information about the bank and its products via a page on the internet (Ibrahim et al. 15. consumer awareness about internet banking and perceived risks associated with internet banking. Lee and Lin (2005) have also recently highlighted the need for further research to measure the influence of e-service on customer-perceived service quality and satisfaction (Ibrahim et al. In essence. Internet banking Internet banking is the latest in the series of technological wonders of the recent past. 2006).

2008). Bankers consider ‘minimizes inconvenience’. The interaction is limited to e-mail. A special type of dial-up banking is called an Extranet. Typically the bank has the marketing information about the bank’s products and services on a standalone server. The later type of online banking is known as dial-up banking.1 -4- service providers (Qureshi et al.JIBC April 2010. Vol. This era can safely be attributed as technology revolution. ‘chances of fraud’ and ‘lack of information security’ to be vital risks associated with electronic banking (Kaleem and Ahmad. Banking industry is also one of the influenced industries adopting technologies which are helpful in providing better services to customers. Rapid technology advancements have introduced major changes in the worldwide . Online banking is becoming the indispensable part of modern day banking services. a private network between a bank and its corporate customers. second form of online banking is where a bank customer uses a modem to dial-up to a bank’s server to access his or her bank account(s). 2008). No. Consumer attitude towards Internet banking Technological innovations are having significant importance in human general and professional life. Communicative/Simple transactional (Websites) – This type of internet banking allows some interaction between the bank’s systems and the customer. Informational (Websites) . 2008). 15. loan application or static file updates (name and address). The Internet has an ever-growing importance in the banking sector because of the advantages it brings to both the entities and their customers. account inquiry. Yibin (2003) and Diniz (1998) identify three functional level/kinds of internet banking that are currently employed in the market place and these are: Informational. Robson. Internet is the cheapest delivery channel for banking products as it allows the entity to reduce their branch networks and downsize the number of service staff. Types of Internet banking According to Aladwani (2001) different forms of online banking are web-based banking where a customer can access his or her account(s) when he or she uses the Internet. Due to increase in technology usage the banking sector’s performance increases day by day. ‘minimizes cost of transactions’ and ‘time saving’ to be important benefits and ‘chances of government access’. 1997). The quick expansion of information technology has imbibed into the lives of millions of people.This has been identified as the first level of internet banking. Although information system (IS) expenditure is regarded costly and risky financial institutions are one of the largest investors in IS (Mashhour and Zaatreh. Advanced Transactional (Websites) . Thulani et al (2009).This level of internet banking allows bank customers to electronically transfer funds to/from their accounts. Communicative and Transactional. The risk is very low as informational systems typically have no path between the server and the bank’s internal network. It does not permit any funds transfers. 2008. Quality of service is improved by using technological innovations. 2007). Online banking is time saving (Qureshi et al. The navigability of the website is a very important part of Internet banking because it can become one of the biggest competitive advantages of a financial entity (Ortega et al. pay bills and conduct other banking transaction online.

user-friendliness. Perceived usefulness. perceived credibility and computer self-efficacy are the factors affecting the adoption of internet banking. In the study by Ibrahim et al. and Kaestner. as it requires the consumer to maintain and regularly interact with additional technology (a computer and an Internet connection) (Jane et al. the provision of friendly and responsive customer service. they found that individual expectations regarding accuracy. RESEARCH MODEL AND HYPOTHESES Perceived usefulness and perceived ease of use are the two components of Technology Acceptance Model (TAM). and the provision of targeted customer service. hacking. Zineldin. reputation and interest rates (Kennington et al. Several studies have investigated why individuals choose a specific bank. the difficulties of using the Internet. It has been found that consumer’s attitudes toward online banking are influenced by the prior experience of computer and new technology (Laforet and Li. 15. 2005).. Vol. including the provision of convenient/accurate electronic banking operations. and user involvement and convenience were the most important quality attributes in the perceived usefulness of Internet-based eretail banking. According to Delvin (1995). Factors such as the speed of transactions or the cost of using the Internet have little impact on an individual’s final decision (Mavri and Ioannou. 2007). According to Davis (1989). 1996. and the protection of personal information (Benamati and Serva. The service-quality attributes that the Internet banks must offer to induce consumers to switch to online transactions and keep using them are perceived usefulness. (2007). customers have less time to spend on activities such as visiting a bank and therefore want a higher degree of convenience and accessibility. 2008). 2008). service personalization. The crucial factors that affect an individual’s decision to use or not to use online services the individual’s age. privacy. perceived ease of use. and continuous improvement (Liao and Cheung. security and privacy are the main perusing factors to accept online banking system (Qureshi et al.JIBC April 2010. 2008). Electronic banking requires perhaps the most consumer involvement. Important consumer selection factors include convenience. 2006). According to study conducted by Amin. perceived usefulness. 1996). 2006. revealed six composite dimensions of electronic service quality. Customer adoption is a recognized dilemma for the strategic plans of financial institutions. security. network speed. security. 2002. data encryption. good queue management. service facilities.”perceived usefulness is the extent . Research on consumer attitude and adoption of internet banking showed there are several factors predetermining the consumer’s attitude towards online banking such as person’s demography. responsiveness. reliability. the accessibility and reliability of service provision. No. Consumers who use e-banking use it on an ongoing basis and need to acquire a certain comfort level with the technology to keep using it (Servon. the fear of changes in the banking sector due to technological development and the lack of information concerning products and services provided to customers through electronic delivery channels. ease of use. 2004). motivation and behavior towards different banking technologies and individual acceptance of new technology.1 -5- economic and business atmosphere (Qureshi et al. The adoption of electronic banking forces consumers to consider concerns about password integrity. 2008). In another study by Liao and Cheung.

for adoption of Internet banking.. An important characteristic for any adoption of innovative service or product is creating awareness among the consumers about the service/product (Sathye. 2001. According to Sathye (1999) while the use of online banking services is fairly new experience to many people. low awareness of online banking is a major factor in causing people not to adopt online banking. Venkatesh and Davis. Perceived usefulness and perceived ease of use is significant factors affecting acceptance of an information system or new technologies. 1999. By applying these into online banking context we hypothesize: H1: Perceived usefulness has a positive effect on intention to adopt and use IB. while perceived ease of use is the extent to which a person believes that using a particular system will be free of effort”. 2000. 2001. Hence. Vol. 2004. 1995. 2003. Consumers must become aware of the new brand or technology. Agarwal et al. Chin and Todd. Prior research has empirically found positive relationship between perceived ease of use and perceived usefulness as critical factors on the use of e-banking (Poon. No. 2008. 1971). consumers go through “a process of knowledge. H2: Perceived ease of use has a positive effect on intention to adopt and use IB Adoption is the acceptance and continued use of a product. Hong et al. 1992). Pikkarainen et al. 2000. Johnson and Marakas.. Wang et al. Segars and Grover..1 -6- to which a person believes that using a particular system will enhance his or her performance. TAM has been widely used by information system researcher. According to Rogers and Shoemaker 1971. Consumers will seek out those financial products and suppliers which offer the best value for money and they are educated about it. The amount of information consumers have about online banking has been identified as a major factor impacting the adoption. 1996) Hence an application perceived to be useful perceived to be easier to use than another is more likely to be accepted by users. Chau. persuasion. The adoption or rejection of an innovation begins when “the consumer becomes aware of the product” (Sathye. there is a common agreement among them that the model is valid in predicting the individual’s acceptance of new technologies (Doll et al. 15. advantages/disadvantages involved with online banking. 1999). In an empirical study of Australian consumers Sathye (1999) found that consumers were unaware about the possibilities. Hence. 1999). service or idea. 1998. 1993. it is necessary that the banks offering this service make the consumers aware about the availability of such a product and explain how it adds value relative to other products of its own or that of the competitors. Adams et al. decision and confirmation” before they are ready to adopt a product or service.. we posit that: H3: Awareness about IB has a positive effect on intention to adopt and use IB .JIBC April 2010. Sathye. Rogers and Shoemaker.

15. RESEARCH METHODOLOGY The key intention of this paper is to evaluate those factors that manipulate the nature of customers towards online banking and their growing tendency towards the online . 1993. image and reputation) have been integrated with the adoption models to explain IB adoption behavior ( Ozdemir and Trott. Suganthi and Balachandran. Mahajan et al. No. The Perceived Risk associated with online transactions may reduce perceptions of behavioral and environmental control. Mitchell and Greatorex.2009. and Boyle. perceived risk. due to inherent uncertainty. 2002. 1990). Pavlou. Suh and Han. Polatoglu and Ekin (2001) also found that perceived risk was one of the major factors affecting consumer adoption. The construct Perceived Risk reflects an individual’s subjective belief about the possible negative consequences of some type of planned action or behavior. Hence we hypothesize: H4: Perceived risks have a negative impact on intention to adopt and use IB. 2003. Owing to the open Internet technology infrastructure and lack of sufficient laws concerning ecommerce activities. 2005). 2009). 2003). Perceived risk usually arises from uncertainty. credibility. and this lack of control is likely to negatively influence ecommerce usage intentions (Pavlou. as well as customer satisfaction of Internet banking services. E-commerce applications should be enhanced by reducing the level of perceived risk (Belkhamza and Wafa. despite adoption behavior often being a process of dealing with the uncertainty about incorporating an innovation into ongoing practice (Andrews. 2001. 2004.1 -7- Perceived ease of use Perceived usefulness Internet banking adoption Awareness Perceived risk Figure 1: Model Perceptions of risk are a powerful explanatory factor in consumer behavior as individuals appear to be more motivated to avoid mistakes than to maximize purchasing benefits (Mitchell 1999). Mitchell and Greatorex. Services are inherently more risky than products and that the major reason for this is the higher levels of uncertainty which are associated with services (Mitchell 1999. Diffusion of innovation literature is often silent on perceived risk as a factor influencing the diffusion of an innovation. 2004. Pavlou (2002) refers to perceived system risk as the overall amount of uncertainty perceived by an organization in a particular purchase situation. 1990). Pikkarainen et al.JIBC April 2010. Vol. the trust and trust related-concepts (that is. Eriksson et al.

15 82. It is a type of nonprobability sampling which involves the sample being drawn from that part of the population which is close to hand. Vol. Choosing this campus is because of two reasons. Likert scale is used in order to identify the respondents’ perceptions towards Internet banking adoption.8 03. Sample Convenience sampling method was used. We constructed several questions in the questionnaire based on the objectives of the research.9 11.5 Table 1 shows the profile of the respondents. The sample shows that the largest age group that responded was from 20 to 30 years of . At the same time. The questionnaires were based on customers’ intention to adopt internet banking. it offers an easy way to obtain the raw data for the further analysis.5 03. The sample shows that the number of male (78.84 21.8 55.7 11. First. it leaves a motivation to the research to perform a study in order to investigate the students’ adoption for Internet banking in the near future. Table 1: Profile of respondents Demographics Gender Age group Education Occupation Items Male Female 20-30 31-40 41-50 > 50 Secondary education Graduate Post graduate Other Public sector Private sector Self employed Other No. The reasons of using this sampling type are twofold.1 -8- financial institutions. A survey instrument in the form of questionnaire was developed through data collected from previous studies on acceptance of Internet banking. No. During the interviews we sought general information from the managers about online banking and asked them to discuss the reasons for undertaking online banking and to highlight online banking development challenges. they are equipped with the knowledge of computer science. a sample population selected because it is readily available and convenient. Second.15%) respondents. Questions were adapted from the previous studies.JIBC April 2010. 15. those business and economics student are revealed with the knowledge of applied business and economics.8 07.8 01.7 25. We also asked them to discuss the issues relevant to the future of the initiative. it was found that there is no study ever conducted in the campus.8 63. Second.0 03.5 28.84%) respondents is higher than the number of female (21. of respondents 42 11 43 06 02 01 06 15 29 02 04 13 02 33 Percent 78. where the concept of Internet banking is not an alien for these students. That is. First. it saves times and costs since the respondents can be randomly selected.

537585 0.7%).835373 0.824878 41. Without a proper knowledge of the system.600 Cumulative % of variance 22. No. thus the constructs measures are deemed reliable.609254 6.93.860 0.634 .. 1998).518 Table 3: Factor loadings Loadings Eigen value 7.1 -9- age (82.681048 0. When online banking is perceived as useful.761725 0.9%). Vol.569031 0.647373 0. Further.577729 0. the security and privacy are two elements in the perceived risk.6 (Hair et al.JIBC April 2010. individuals are not interested to test the system.780081 0.558357 0.206 0. The Cronbach’s alpha values for all dimensions range from 0.936 0.464396 0. fast and easy. 15. DISCUSSIONS AND FINDINGS Although internet banking provides flexibility in performing financial transaction.5%). Likewise bank customers are likely to adopt internet banking when it is easy to use.117 0.827245 0. And around 64% were students (other in table). ease of use and consumer awareness has positive impact on the intention to adopt internet banking while perceived risk has negative impact on it. followed by age 31 to 40 (11. customer’s intention to adopt it would be greater.8%) and >50 (1.60 to 0. then 41 to 50 (03. the research instrument was tested for reliability using Cronbach’s coefficient alpha estimate. First.737646 0. others were self employed and worked in public sector.934 0. of items 9 5 7 11 Reliability for this sample 0. This shows that bank customers anchor their online banking adoption intention to the beneficial outcomes and ease of use process of the system. Table 2: Reliability results Determinants PU PEU AW PR Determinants Perceived usefulness PU1 PU2 PU3 PU4 PU5 PU6 PU7 PU8 PU9 Perceived ease of use PEU1 PEU2 PEU3 PEU4 PEU5 No. exceeding the minimum alpha of 0. In the education background more than 55% of the respondents were postgraduate and more than 28% were graduates. however individuals are still reluctant to adopt the system because of several reasons. 25% worked in private sector. Perceived usefulness.

794939 0.658444 3. four factors emerged. meeting the essentially significant level of convergent validity. most of the factor loading for each instrument exceeded 0. Analysis concluded that usefulness. According to the above table.713879 0.643713 59. Using an eigenvalue greater than 1 as a selection criterion. This study meets the desired objective. ease of use of the system awareness about online banking and risks related to it are the main perusing factors to accept online banking system.679381 0. No.850832 0.829 0.679542 0. The aim of factors analysis is to confirm the construct validity of the scales could be performed adequately by using principle component analysis.650991 0.6588387 0. but it suffers from one setback.6 on its hypothesized constructs is proposed (Nunnally.1 .600542 0.662101 0.6. H2. Vol. H3 and H4 are confirmed.65829 0. 1978). The results are consistent and are supported by previous studies.JIBC April 2010. the minimum factor loading of 0.662596 0. These character factors accounted for 69% of the variance and the factor loading for all items were greater than 0.759744 0.833768 0.230 0. Study concludes that majority of customers are accepting online banking because of many favorable factors. Rotation Method: Varimax with Kaiser Normalization.6. consumer awareness and perceived risk are the important determinants of online banking adoption. Rotation converged in 6 iterations. These factors have a strong and positive effect on customers to accept online banking system . A number of analyses were conducted for factors analysis. In order to reach this.711179 0.10 - Consumer awareness AW1 AW2 AW3 AW4 AW5 AW6 AW7 Perceived risk PR1 PR2 PR3 PR4 PR5 PR6 PR7 PR8 PR9 PR10 PR11 5.850 69.741896 0.6508855 0. perceived ease of use. 15.942 Extraction Method: Principal Component Analysis. Principal component factor analysis with a varimax rotation was conducted. Factor loading values were obtained using varimax rotation. Hence the results show that H1. CONCLUSION The result of this study shows that perceived usefulness.

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