Electronic – Banking and Customer Satisfaction in Greece.

The Case
of Piraeus Bank.

Maria Kampakakia and Spyros Papathanasioub*1

a
Faculty of Banking, Hellenic Open University
Agias Sofias Street,1, Alexandroupolis, GR-18600, Greece
b
Hellenic Open University
Kekropos Street,1, Keratea, GR –19001, Greece

Annals of Management Science

Vol. 5, No. 1, December 2016, 55-68

Abstract
In this study, we examine the relationship among service quality, customer satisfaction
and customer loyalty regarding e-banking services. We also evaluate and identify the
service quality dimensions that impact customer satisfaction regarding Piraeus bank e-
banking services using a modified SERVQUAL model. The data used in the research
was collected a questionnaire sent to users of Piraeus bank electronic services in
Greece. Regression and correlation analyses were used to analyze the collected data
and test some stated hypotheses. Based on the results of the data analyses, we
concluded that assurance and reliability have major effects on customer satisfaction.
The results also show that there is a positive and strong relationship between service
quality and customer satisfaction and between customer satisfaction and customer
loyalty. Each of the SERVQUAL dimensions are also found to be highly correlated
with service quality. What all these results indicate is that in order to increase
customer satisfaction and loyalty, banks must improve service quality. Also from the
results, we find that the correlation between customer satisfaction and service quality
is higher than the correlation between customer satisfaction and customer loyalty.
Finally, due to multicollinearity, two dimensions, assurance and tangibles; were
excluded from the fitted regression model in the research. This makes us wonder
whether, in fact, SERVQUAL model is appropriate for measuring the quality of e-
banking services.

Keywords: e-banking, customer satisfaction, service quality, SERVQUAL model

1. Introduction

This study examines the level of customer satisfaction regarding e-banking services
of Piraeus bank. A modified SERVQUAL method is used, a method commonly used
for the evaluation of service quality. The study aims to investigate the relationship
among service quality, customer satisfaction, and loyalty.

1
Corresponding author spyrosp71@[Link]

Electronic copy available at: [Link]

 The need for this study arises from the significance of service quality and
customer satisfaction for every company, including banks. Increased competition
between banks means that service quality is increasingly important and that bank
managers need to consider how they can improve customer satisfaction through
service quality in order to enhance customer loyalty (Albarq, 2013). For a bank, the
key to survive is to achieve high service quality and high customer satisfaction
(Logothetis, 2005). Customer loyalty is important for any company because
retaining customers means maintaining the viability of the company (Sachro, 2013).
Despite the importance of service quality, customer satisfaction and loyalty
there is still no consensus among researchers regarding the level of relationships or
correlations among these attributes or dimensions. Also, although numerous
researchers tried to determine and categorize the dimensions of customer
satisfaction, there is still no commonly accepted model for evaluating service quality
for e-banking services. These literature gaps are the major sources of motivation for
this research.
This research intends to find answers to the following questions:

 If we use modified SERVQUAL model, what will be the level of service

quality of Piraeus bank e-banking services?
 Is Piraeus bank e-banking services service quality performance correlated
with their customer satisfaction performance?
 Is Piraeus bank e-banking services customer satisfaction performance
correlated with their customer loyalty?

We hope to contribute to existing literature through this research by:

 Identifying the dimensions of service quality, using SERVQUAL model, that

have impacts on customer satisfaction in e-banking services.
 Investigating and determining the relationships between service quality and
customer satisfaction and between customer satisfaction and customer
loyalty.
 Looking into the appropriateness of SERVQUAL model for evaluating
quality of e-banking services.

The article is structured as follows: section 2 provides a brief literature review.

Section 3 reports the research methodology. Section 4 provides the empirical results
and, finally, in section 5, we present final comments and provide recommendations
for future research.
Based on these research questions, the objectives of our research can be
summarized and stated as follows:

a. To examine the relationship among service quality, customer

satisfaction and customer loyalty regarding e-banking services.

Electronic copy available at: [Link]

 57

b. To identify and evaluate the service quality dimensions that impact

customer satisfaction regarding Piraeus bank e-banking services using a
modified SERVQUAL model.
We believe that the findings from this research will be very helpful to bank
managers in developing strategies for e-banking services and retain their customers.

2. Literature review and conceptual framework

2.1. Service Quality, Satisfaction and Loyalty

Most of the definitions of service quality focus on customer needs. According to

Parasuraman et al. (1985), service quality stems from a comparison of what
consumers feel service firms should offer (i.e. from their expectations) with their
perceptions of the performance of firms providing the service. Service quality can
be defined as client’s opinion or estimation regarding the level of service quality
(Zeithaml, 1988). Quality of a product/service is the characteristics of the
product/service that cover or over cover customer expectations or satisfy certain
standards (Kotler, 2000).
The most popular model for evaluating service quality is SERVQUAL model,
although it has been criticized by many researchers. The model was developed by
Parasuraman et al. (1985, 1988). Factors that affect service quality varies depending
on the type or area of service. Parasuraman et al. (1988) tried to categorize these
factors and grouped into five dimensions, namely: reliability, tangibles, empathy,
responsiveness, and assurance.
The concept of customer satisfaction has been analyzed by many researchers
(Giese & Gote, 2000; Fornell, 1992; Hunt, 1993; Siati and Papathanasiou, 2014;
Oliver, 1997). However, no universal conceptualization has been accepted.
Everyone knows what satisfaction is until they are asked to give its concept. Then it
will appear that nobody knows it (Oliver 1997). Most definitions agree that
satisfaction is a summary affective response for a product/service that focuses on
customer expectations for the service/ product (Giese & Gote, 2000). Satisfaction is
the overall evaluation by the customer regarding a product or service (Fornell,
1992). Oliver (1997) defines customer satisfaction as meeting the consumer’s
expectation or fulfillment of customer needs.
Customer satisfaction is intrinsically connected with the service quality that a
business offers (De Ruyter et al., 1997). Oliver (1997) found that is very difficult to
put a borderline between satisfaction and quality. Most researchers tend to believe
that service quality and customer satisfaction are two different things (Parasuraman
et al., 1985, 1988; Bitner, 1990; Cronic and Taylor, 2000). For some researchers,
customer satisfaction precedes service quality (Bitner, 1990; Bolton & Drew, 1991)
while for others, service quality is an antecedent of customer satisfaction
(Parasuraman et al., 1985, 1988; Cronic and Taylor, 2000; Teas, 1993). In addition,
many researchers have found that between customer satisfaction and loyalty exist a
positive strong relationship (Odunlami, 2014; Ravichandram et al., 2010). However,
according to Oliver (1999), although loyal clients are typically the more satisfied,
customer satisfaction is not translated completely in consumer’s loyalty.
The dynamic nature of customer satisfaction (Parasuraman et al., 1985) and
service quality (Zeithaml, 1988) indicates the need of creating a measure system to
evaluate the level of customer satisfaction. Many models of customer satisfaction
have been used from time to time such as the models by Fornell, Oliver, method
MUSA, model SERVPERF (Fornell et al., 1996; Oliver, 1997; Grigoroudis &
Siskos, 2002; Cronic & Taylor, 1992). Also, in order to evaluate service quality,
researchers use different dimensions of service quality and different estimators in
their models. As a result, it is difficult to choose the appropriate model for this
study. However, in their study, Vanpariya et al. (2010) concluded that in the banking
sector, both SERVQUAL and SERVPERF models are reliable and valid methods of
measuring service quality.
Thus, in this study, in order to feel some literature gaps in determining the
proper dimensions of service quality, a modified SERVQUAL model is used. In the
model, we examine only the perceptions of customers as SERVPERF model
suggests; and based on the research of Vanpariya et al. (2010). More specifically,
the present study uses 15 questions for service quality while the initial SERVQUAL
model uses 22 questions. The questionnaire was made shorter by selecting 15
questions in order to adjust the initial structured questions of SERVQUAL model to
e-banking services field. Modifications of the initial SERVQUALs questionnaire
have been used by other researchers, too (See Tazreen S., 2012; Lau et. al., 2013). In
addition, these questions examine only customer perceptions while SERVQUAL
model examine both customer perceptions and expectations.
Finally, the concept of loyalty has also been given many definitions and
interpretation in the literature. Loyalty is a deeply held commitment to re-buy or to
re-patronize a preferred product or service consistently in the future, thereby causing
repetitive same-brand or same brand-set purchasing (Oliver, 1999). True loyalty
only exists when repeat patronage coexists with high relative attitude (Dick & Basu,
1994). Fornell (1992) found that willingness to spread positive word –of – mouth
about a service provider and repeat purchasing behavior are the most common
indicators of customer loyalty.

3. Research Hypotheses and Research Methodology

3.1. Research Hypotheses

In order to fulfill the research objectives, we formulate the following hypotheses:

.
 Hypotheses 1: The 5 dimensions of the modified SERVQUAL model
(tangibles, assurance, responsiveness, reliability, empathy) used in this study
 59

are equally associated or correlated with Piraeus bank e-banking services’

service quality.
 Hypothesis 2: Service quality of Piraeus bank e-banking services is
significantly correlated with customer satisfaction.
 Hypotheses 3: Customer satisfaction from Piraeus bank e-banking services
is significantly correlated with customer’s loyalty to them.

3.2. Research Data

This study uses a quantitative approach to data collection. Primary data were collect
using structured questionnaires. Quantitative method or questionnaire was used
because it gives us much information about the attitudes, opinions and incentives of
the respondents and data are collected in a short time. Furthermore, quantitative
method provides us specific information, enables us to make comparisons and
reliable conclusions.
The data been collected with questionnaires are presenting using tables and
diagrams and provide other information like percentages, cumulative frequencies
and other statistical measures such as average, variance and standard variation. The
method of linear regression was also used to analyze the relationships among the
five dimensions of service quality and total service quality. The results of regression
show us the way that the five dimensions of SERVQUAL model affect total service
quality. Finally, the use of correlation coefficient gives us information about the
relationship between customer satisfaction and service quality and between customer
satisfaction and customer loyalty.
The study used the method of random sampling with a confidence level of
95%. The sampling frame was all the active users of Piraeus’s bank electronic
banking services in Greece who have already used the services of the bank and
could express their opinion about what satisfy them or not.
The sample consist 132 questionnaires and the participants were all adults
who have the legal right to make transactions by themselves. The primary data was
collected in February 2015 (from 03/02/2015 to 28/02/2015) though an electronic
platform that was created for this purpose and involving participants that have
access for a period of almost 3 weeks. There 27 completed questionnaires were
invalid. The remaining responses or completed questionnaires were sufficient
considering that the research takes place in Greece and the total number of Piraeus’s
e-banking services users, according to Piraeus bank, is almost 1.000.000.

3.3. Research Instrument

The questionnaire used for the study was prepared based on the literature review. A
sample of 132 users was randomly chosen from the population of customers using
Piraeus’s e-banking services in Greece. Afterwards, a modified SERVQUAL model
was used for the evaluation of service quality and the criteria used by Zeithaml et al.
(1996) were used for the evaluation of customer loyalty.
The questionnaire consists of four sections with a total of 30 questions. For the
measurement, a five-point Likert scale, ranging from 1 (strongly disagree) to 5
(strongly agree) was used. The first section of the questionnaire (question 1) ensures
us that the participant is indeed user of Piraeus’s bank e-banking services. The
second section of the questionnaire (questions 2 -9) relates to the demographic
characteristics of the sample’s individuals and information about the use of
Pireaeus’s bank e-banking services. The third section (questions 10 - 24) measures
the service quality e-banking services. To measure the service quality, a
modification of SERVQUAL model, one of the most popular models, was used. The
dimensions of service quality according to this model are five, and these are
reliability, responsiveness, empathy, assurance and tangibles. The last section of the
questionnaire measures customer satisfaction with e-banking services (question 25)
and customer loyalty (questions 26-28).
In order to find total service quality of e-banking services, the average of the
measures for questions 10 – 24 was calculated. In order to examine each dimension
of service quality separately, the average of the measures for the questions relating
to each dimension was calculated. For example, for the dimension of reliability the
average of the measures for questions 10-13 is calculated. Afterwards, the average
of the measures for customer satisfaction was calculated (question 25) and the
correlation between service quality and customer satisfaction was determined. The
average of the measures for customer loyalty (questions 26-30) was evaluated based
on the criteria that Zeithaml et al. (1996) used in their research. Finally, we found
the correlation coefficient between customer satisfaction and customer loyalty.
The appropriateness of the research instrument was tested for content validity,
construction validity and reliability. Content validity in our research is established
from the existing literature. For testing reliability, Cronbach Alpha index was used.
According to this index, values should be greater than the cut-off value of 0.7 so as
to be reliable. Findings show us that all the values of service quality dimensions are
of an acceptable level.

4. Results and Discussion

4.1. Research results

Data were analyzed using SPSS 16.0 for windows. At first, Cronbach’s Alpha, the
most frequently used test for assessing reliability, was evaluated in order to test the
reliability of the research instrument (Table 1). Descriptive statistics (Table 2) were
calculated for the dimensions of the service quality and the method of regression
analysis was used to determine the impact of SERVQUAL model dimensions on the
quality of e-banking services (see Tables 4 to 10). Finally, values of the correlations
 61

between service quality and customer satisfaction and between customer satisfaction
and customer loyalty were determined.
Table 1 shows that the reliability index, Cronbach’s Alpha, for the dimensions
of service quality are greater than 0.8. Cronbach’s Alpha was calculated for each
dimension of service quality separately (questions 10-24 of the questionnaire). In
total, 15 values were calculated. The index should be greater than 0.7 in order to be
characterized as reliable a construct. All the dimensions of service quality and also
total service quality are shown to be reliable, as their values are each greater than
0.7.

Table [Link] index (Cronbach’s Alpha) for the dimensions of service quality
Cronbach’s Alpha Number of
Elements
Reliability 0,841 4
Responsiveness 0,838 3
Empathy 0,797 2
Assurance 0,879 4
Tangibles 0,907 2
Total Service Quality 0,945 15

After the validation of the instrument, the first step in the data analysis was the
calculation of basic statistics for the dimensions of service quality. The responses to
these research questions (questions 10 – 24) were averaged to form the final score
for the dimensions.
Looking at the values in Table 2 below, it is obvious that the respondents are
more satisfied with respect to reliability and assurance as these dimensions have the
highest averages. Empathy is the dimension with the least average (3.75).
Furthermore, from the results presented in Table 2, it can be seen that, although
tangibles have high average score (4.00), they have the highest standard deviation.
Managers of Piraeus Bank need to examine this further.

Table [Link] score, standard deviations and variances for the dimensions of
Service Quality
Average Standard Deviation Variance
Reliability 4.0455 .68435 .468
Responsiveness 3.9975 .73964 .547
Empathy 3.7538 .84369 .712
Assurance 4.0417 .77667 .603
Tangibles 4.0000 .88240 .779
Total Service Quality 3.9899 .66215 .438

Table 3 shows that Piraeus’s bank customers are highly satisfied with e-
banking services. The results in the table are satisfactory. Only 0.8% of the
participants said that they are strongly dissatisfied with Piraeus e-banking services.

Table [Link] of respondents responses with respect to customer satisfaction

I am satisfied from e-banking services of Peiraeus Bank
Frequency Percent Valid Percent Cumulative
Percent
Strongly 1 .8 .8 .8
Disagree
Disagree 3 2.3 2.3 3.0
Neutral 17 12.9 12.9 15.9
Agree 75 56.8 56.8 72.7
Strongly Agree 36 27.3 27.3 100.0
Total 132 100.0 100.0

In order to identify the dimensions or factors that have more significant and
higher impact on service quality more than others, a regression model was fitted.
The dependent variable for the model was the total service quality and the
independent variables were the five dimensions of SERVQUAL model. The model
is given by:
Service quality   0  1 (Reliab)   2 (Respons)   3 (Empa))   4 (Assur)   5 (Tang)   (1)
Where:

Reliab, Respons, Empa, Assur, and Tang denote Reliability, Responsiveness,

Assurance, and Tangibles respectively;  0 , 1 ,  2 ,  3 ,  4 , and  5 are regression
coefficients; and  the error term.
The results of the regression analysis are presented in Tables 4, 5, 6, and 7
below. Table 4 shows the overall predictability ability of the model. The model’s
independent variables (the dimensions of service quality) explain roughly 99% of
the variations in service quality of e-banking services.

Table [Link] results showing the predictive ability of the regression model in
(1)
Model R R Square Adjusted R Square Std. Error of the Estimate
a
1 .995 .989 .989 .07035
 63

In Table 5 we can see that there is a significant relationship between the

dependent variable and the independent variables (sign.=0.00<0.05).
The last column of Table 6 shows that the tolerance value for the dimensions
of assurance and tangibles is less than 0.20. These dimensions were excluded from
our model because of multicollinearity problem. When there is multicollinearity, it is
very difficult or even impossible to evaluate the real impact of these dimensions in
the dependent variable.

Table [Link] table or the regression model in (1)

Model Sum of Squares df Mean square F Sig.
Regression 56.807 4 .005 .00
Residuals .629 127
Total 57.435 131

Table [Link] Variable from the Regression Model

Model Beta t Sig. Partial Collinearity Statistics
In Correlation Tolerance
1 Assurance 0.189 11.955 0.000 0.718 0.184
2 Tangibles 0.196 13.223 0.000 0.751 0.192

Table 7 below shows the regression analysis after assurance and tangibles are
excluded from the independent variables. Considering the last column of this table
which shows p-value related to independent variables coefficients being significant
hypothesis, it can be concluded that all of these coefficients are significant expect of
the constant ( p-value= 0.614>0.05). Furthermore, according to table 7, empathy,
responsiveness and reliability are significant predictors of total service quality.
Empathy is the dimension that affects more to the total service quality (b=0.314)
followed by responsiveness (b=0.270) and reliability (b=0.265).

Table [Link] for the new model obtained after assurance and tangibles are
excluded
Model Unstandardized Standardized t Sig. 95.0% Confidence
Coefficients Coefficients Interval Comments
B Std Beta Upper Minimum
Error Limit Limit
Constant -.020 .039 -.506 .61 -.097 .057
Reliability .265 .015 .274 18.049 .00 .236 .294
Responsiveness .270 .012 .301 23.051 .00 .247 .293
Empathy .314 .015 .368 21.049 .00 .285 .344
 The linear regression model being fitted to data is as follows:

Y  0.20  0.265X 1  0.270 X 2  0.314X 3 (2) i

where:
Y: the dependent variable, X 1 : reliability, X 2 : responsiveness, X 3 : empathy.

In order to investigate the degree to which far service quality of e-banking

services influences customer satisfaction, we computed the Spearman’s correlation
coefficient between the two variables and tested its significance. The value of the
correlation coefficient and the test result are presented are presented in Tables 8
below.

Table [Link] value and the test of significance of the correlation between customer
satisfaction and service quality
Service quality

I am satisfied from Piraeus Correlation Coefficient Spearman’s .781**

e-banking services
Sig. (2-tailed) .00
Number 132

In Table 8, the high number of correlation (0.781 > 0.5) between service
quality of e-banking services and customer satisfaction means that the greater the
level of services quality provided, the more satisfied the customers using e-banking
services are.
Table 9 shows the correlation between e-banking services and each of the
dimensions of service quality and the test of significance of each correlation. The
results show that each of the correlations is positive and highly significant. This
shows that each of the dimensions of quality has positive impact on customer
satisfaction. Assurance and reliability are most correlated with customer satisfaction.

Table [Link] between each of the Dimensions of SERVQUAL and Service

Quality and their tests of significance
Reliability

Empathy

Assurance
Responsiveness

Tangibles

I am satisfied Correlation .732** .584** .584** .759** .694**

 65

from Piraeus Coefficient

e-banking Spearman’s
services Sig. (2-tailed) .00 .00 .00 .00 .00
Number 132 132 132 132 132
The mean score for customer loyalty was calculated to be 3.81. This shows
that Piraeus’s bank customers are loyal it. We also calculated and tested the
correlation between customer satisfaction and customer loyalty (see Table 10). The
results show that the correlation positive and very significant. This shows that if
customer satisfaction increases customer loyalty will increase.

Table [Link] test of the significance of the correlation between customer

satisfaction and customer loyalty
Loyalty
I am satisfied from Piraeus Correlation Coefficient Spearman’s .667**
e-banking services Sig. (2-tailed) .00
Number 132

In summary, this research shows that service quality of e-banking services and
customer satisfaction are positively and highly correlated. The same thing was the
case with customer satisfaction and customer loyalty. The two are also positively
and highly correlated
The results of the regression analysis carried out in the research shows that
empathy has the more impact on service quality than reliability and responsiveness.
Unfortunately, the impact of tangibles and assurance on service quality could be
estimated due to the problem of multicollinearity.

4.2. Summary of Results from Hypotheses Testing

In this sub-section, we briefly summarize the results of the tests of each of the
hypotheses formulated in section 3.1.

[Link] 1

The hypothesis is found to be largely true. Although the dimensions of assurance

and tangibles were excluded from the regression model fitted to test this hypothesis
due to multicollinearity, the results of the regression analysis and tests conducted
(see Table 2) showed that empathy, responsiveness and reliability are predictors of
service quality. The most significant predictor of service quality is empathy (  3
=0.314) followed by responsiveness (  2 =0.270) and reliability (  1 =0.265).
Since we could not test the relationship between service quality and the
remaining two dimensions (assurance and tangibles) using regression analyses due
to multicollinearity, we tested the significance of the correlation between service
quality and each of its five dimensions (see Table 9). The results show that the
correlation between service quality and each of its five dimensions is positive and
very significant. This means each of the SERVQUAL dimensions is a good
predictor of service quality. This clearly indicate that hypothesis 1 is true.

[Link] 2

The results of the tests of this hypothesis can be seen in Tables 8 and 9. The results
in the tables show that service quality and customer satisfaction have significant
direct linear relationship or positive and significant correlation. The value of
correlation between the two variables is 0.781. Table 9 shows that the dimensions of
service quality having the highest correlations with customer satisfaction are
assurance and reliability. With these results, we consider hypothesis 2 to be true.

[Link]

The details and results of the test of this hypothesis can be seen in Table 10. The
results show that customer satisfaction in e-banking services and loyalty are highly
correlated. The correlation has a positive value of 0.667. Thus, the hypothesis is true
and accepted.

5. Conclusions and Recommendations for Future Research

5.1. Comments and Conclusions

In this research, we have examined the case of Piraeus bank regarding customer
satisfaction from e-banking services using a structured questionnaire that was made
available to respondents through and electronic platform. The first major conclusion
from the research is that Piraeus’s bank customers seem to be pretty satisfied with
the quality of service offered by the bank’s e-banking services. From the research,
we came to the conclusion that the service dimensions that most contribute to their
satisfaction are assurance and reliability.
Furthermore, we also find out that the respondents are loyal to Piraeus e-
banking services. The results are very significant, considering statements by Winkler
et al. (2004) and Sachro (2013). Winkler et al. (2004) states that customer
satisfaction has positive impact on revenues while Oliver (1997) states that customer
satisfaction has positive effects on profits.
Another major conclusion from the research is that empathy has more impact
on service quality than responsiveness and reliability or the remaining two
SERVQUAL dimensions do. Unlike other studies that also used SERVQUAL model
(Nupur, 2010; Vampariya et al., 2010).
 67

One other major conclusion is that service quality is highly correlated with
customer satisfaction. The correlation between them is 0.78. When we examined the
correlation between customer satisfaction and each of the dimensions of service
quality, we found out that assurance has the highest correlation with customer
satisfaction. The research also shows that customer satisfaction and customer loyalty
are significantly correlated.
These results and conclusions are very significant in that they are in line with
the results from the studies by other researchers on e-banking. For examples the
studies by Parasuraman et al. (1988), DeRuyter et al. (1997), and Cronic &Taylor
(1992) shows that there is a strong relationship between service quality and
customer satisfaction. Similarly, the studies by Oliver (1999), Mohammad (2013),
Odunlami (2014), and Jonas & Sasser (1995) show a strong correlation between
customer satisfaction and customer loyalty.

5.2. Recommendations for Future Research

We suggest that similar and more research works should be done in more banks in
other countries (including other Greek banks) to corroborate our findings and
findings from previous studies. Inclusion of different categories of customers of
customers (individuals and businesses, regular and irregular) in such future studies
would help banks managers to acquire useful information and knowledge about the
needs, requirements, and expectations of customers of e-banking services.

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