Case study

Users’ adoption of e-banking services:

the Malaysian perspective
Wai-Ching Poon
Economics Unit, Faculty of Management, Multimedia University, Selangor Darul Ehsan, Malaysia

Abstract
Purpose – The purpose of this paper is to explore the determinants of users’ adoption momentum of e-banking in Malaysia.
Design/methodology/approach – A questionnaire with four-point Likert scale is applied to 324 usable responses. Ten attributes are tested, namely
convenience of usage, accessibility, features availability, bank management and image, security, privacy, design, content, speed, and fees and charges.
Findings – Results indicate that all elements for ten identified factors are significant with respect to the users’ adoption of e-banking services. Privacy
and security are the major sources of dissatisfaction, which have momentously impacted users’ satisfaction. Meanwhile, accessibility, convenience,
design and content are sources of satisfaction. Besides, the speed, product features availability, and reasonable service fees and charges, as well as the
bank’s operations management factor are critical to the success of the e-banks. WAP, GPRS and 3G features from mobile devices are of no significance
or influence in the adoption of e-banking services in this study. Results also reveal that privacy, security and convenience factors play an important role
in determining the users’ acceptance of e-banking services with respect to different segmentation of age group, education level and income level.
Research limitations/implications – The use of convenience sampling in this study weakens research objectivity. This study excludes the voice of
non-users and non-users’ views should be taken into account in future study.
Practical implications – The results are expected to provide a practical contribution in the area of retail banking and in understanding consumer
behavior in the Malaysian business-to-business financial services industry.
Originality/value – This paper is the extension of an earlier study by Suganthi et al. which identified seven factors affecting the adoption of internet
banking, with 17 elements. This study examines a wider scope of factors that consist of ten attributes with 78 elements based on the extant literature.

Keywords Virtual banking, Internet, Banking, Electronic commerce, Consumer behaviour, Malaysia

Paper type Research paper

Introduction reinforced by the government tax rebate incentive for the

Deregulation has enabled a greater degree of competition.
With the proliferation of internet expansion and computers
usage, the electronic delivery of banking service has become
ideal for banks to meet customer’s expectations. Compatible
with the revolutionary components of the electronic
marketplace, Malaysia has actively developed e-banking
services since mid 2000. Moving towards an
industrialization nation with knowledge economy as the
backdrop, the PC and online way of life is growing in
Malaysia. Public awareness of e-banking among users has
been increased and thus people are ready to migrate to
technology applications.
Online households are a growing major lifestyle trend in
Malaysia. With a strong hype on broadband services and
multimedia super corridor, these have changed the life style of
the consumers, and more business-to-business (B2B)
transaction using the online potential. This has been further
The current issue and full text archive of this journal is available at
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Journal of Business & Industrial Marketing
23/1 (2008) 59– 69
q Emerald Group Publishing Limited [ISSN 0885-8624]
[DOI 10.1108/08858620810841498]
purchase of a PC every five years. In 2005, the usage of online
household was 1.9 millions, with 11.09 millions internet users,
21.1 thousand ISDN subscribers and 26.4 PC penetrations per
100 households. However, some may not use the e-banking
systems in spite of their availability. Besides that, mobile devices
have also offered internet access using WAP, GPRS or 3G
features. Eventually, online access will be part of the trend in
life, with or without mobile devices. But what is the likelihood
of users performing e-banking transactions via mobile devices
now and in the future? With the population of 25.58 million in
Malaysia, it is vital for bankers to comprehend the current usage
trend of e-banking system. The study on customer preferences
on e-banking adoption has not been extensively examined in the
Malaysian context. This has pointed out the needs for research.
Hence, a thorough examination of the factors influencing the
adoption of e-banking in Malaysia is deliberately essential for
bank administrators.
Some scholars have shown that many international internet
users demonstrate similar behaviors and preferences across
nations (see, for example, Quelch and Klein, 1996). Other
researchers have studied the internet in the context of
traditional cultures, and yet delimited by national borders
(see, for example, Park and Jun, 2003). While others have
studied internet consumers primarily as computer users (see,
for example, Koufaris, 2002). Some studies have examined
the issues on the evolution of e-banking in Malaysia (Sohail

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 Users’ adoption of e-banking services
Wai-Ching Poon
and Shanmugham, 2003) and investigated the success factors
in various e-delivery channels in the Malaysian banking
scenario (for example, Balachandher et al., 2000; Ong and
Cheng, 2003). Some have investigated customer preferences
of e-banking in Malaysia (Suganthi et al., 2001; Sohail and
Shanmugham, 2003).
This study examines the attributes affecting e-banking
adoption in Malaysia, and implicitly finds the barriers of
entry to better observe the level of acceptance of e-banking in
Malaysia. Also, this paper assesses whether the usage of e-
banking consumers in Malaysia is constrained by the
technology, particularly on the basis of different demographic
characteristics, such as different age groups, educational level,
income level and etc. Findings of this study are useful for the
banking sector in formulating appropriate strategies to build
customer loyalty and retain users’ strategies.
Literature review
Prior research has empirically found positive relationship
between perceived ease of use and perceived usefulness[1] as
critical factors on the use of e-banking (Venkatesh and Davis,
1996; Agarwal et al., 2000; Johnson and Marakas, 2000;
Hong et al., 2001; Chau, 2001; Wang et al., 2003; Pikkarainen
et al., 2004). E-banking provides higher degree of
convenience that enables customers to access internet bank
at all times and places. Apart from that, the accessibility of
computers is perceived as a measure of relative advantage
(Devlin, 1995; Ainscough and Luckett, 1996; Daniel, 1999,
Black et al., 2001; Polatoglu and Ekin, 2001; Suganthi et al.,
2001; Gerrard and Cunningham, 2003). Therefore, it is
hypothesized that convenience and accessibility have positive
effect on consumer adoption of e-banking.
According to Ainscough and Luckett (1996), the provision
of customer interactivity is an important criterion that attracts
users in the delivery of e-banking. Gerrard and Cunningham
(2003) also identify other factors of paramount importance in
ensuring the success of e-banking, i.e. the ability of an
innovation to meet users’ needs using different feature
availability on the web site. For instance, the provision of
interactive loan calculators, exchange rate converters, and
mortgage calculators on the web sites draw the attention of
both users and non-users into the bank’s web site. Therefore,
it is hypothesized that feature availability has positive effect on
consumer acceptance of e-banking.
Pikkarainen et al. (2004) and Jayawardhena and Foley
(2000) claim that content on online banking on the web site is
one of the factors influencing online-banking acceptance. On
the other hand, quality designs, graphics or colors and the
propensity to portray good image of the bank would enhance
efficient use of navigation. Besides that, Hoffman and Novak
(1996) find that there is a significant correlation between
download speed and user satisfaction. Speed of download
depends on the nature of the site downloaded content, the
computing hardware and method of connection used to
download information (Jayawardhena and Foley, 2000). Most
sites demonstration are small snapshots, and some users have
to download the program in order to view the demonstration.
Most people perceive downloading may import unwanted
viruses, and consume hard disk space. Very often, slow
response time after any e-interaction leads to a delay of service
delivery and makes consumers unsure about whether or not
the transaction is completed (Jun and Cai, 2001). Thus, it is
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Volume 23 · Number 1 · 2008 · 59 –69
hypothesized that content, design, bank image and
management, and speed have positive effect on consumer
acceptance of e-banking.
To sustain in long-term relationships, banking institutions
have to embrace the concept of customer satisfaction. As
supported by McMahon (1996), for banks to survive in the
e-banking era, the retail banks will have to earn consumer
loyalty through product features and services excellence.
Customers perceived fears of divulging personal information
to web sites might be misused by others over the internet,
especially for financial transactions (Sathye, 1999; Aladwani,
2001; Black et al., 2001). Obviously, customers have doubts
about the trustability of the e-bank’s privacy policies (Gerrard
and Cunningham, 2003). Trust has striking influence on
user’s willingness to engage in online exchanges of money and
personal sensitive information (Hoffman et al., 1999;
Friedman et al., 2000; Wang et al., 2003). Security and
privacy are two important dimensions that may affect users’
intention to adopt e-based transaction systems. Encryption
technology is the most common feature at all bank sites to
secure information privacy, supplemented by a combination
of different unique identifiers, for instance, a password,
mother’s maiden name, a memorable date, or a few minutes
of inactivity automatically logs users off the account. Besides,
the Secure Socket Layer, a widely-used protocol for online
credit card payment, is designed to provide a private and
reliable channel between two communicating entities; the use
of Java Applet that runs within the user’s browser; the use of a
Personal Identification Number, as well as an integrated
digital signature and digital certificate associated with a smart
card system (Hutchinson and Warren, 2003). Thus, a
combination of smart card and biometric recognition using
fingerprints offers a more secure and easier access control for
computers than the password method. Hence, it is
hypothesized that security and privacy have a positive effect
on consumer acceptance of online banking.
Service quality attributes in e-banking industry are
important since human-internet interaction is the main
service delivery and communication channel. Offering high
quality services to satisfy consumers’ needs, at lower costs, are
a potential competitive advantage of e-banking. Some studies
show that e-banking has successfully reduced operating and
administrative costs (Siriluck and Speece, 2003; Devlin,
1995). Cost savings have helped e-based banks offer lower or
no service fees, and offer higher interest rates on interest-
bearing accounts than traditional banks (Gerlach, 2000; Jun
and Cai, 2001). Therefore, it is hypothesized that fees and
charges have negative impact on the acceptance of e-banking.
On the other hand, some studies examine demographic
characteristics of internet users. Some have shown internet
consumers primarily as computer users (for example,
Koufaris, 2002). Meanwhile, Wilhelm (2000) and Martin
(2003) have shown that the lower socioeconomic group would
be less likely to use the internet, while Wilson (2000) reports
that socioeconomically disadvantaged consumers would be
less likely to pay for a monthly fee to subscribe to an internet
service, and would be less likely to have a home computer.
Methodology
This study examines the factors affecting the adoption of
e-banking services in Malaysia. From the literature discussion
above, ten factors are identified, which are convenience,
 Users’ adoption of e-banking services Journal of Business & Industrial Marketing
Wai-Ching Poon Volume 23 · Number 1 · 2008 · 59 –69

accessibility, features availability, bank management and Table I Demographic profile

image, security concerns, privacy, design, content, speed,
and fees and charges. Anonymous questionnaires are Variable Frequency Percent
randomly administered to a total of 500 respondents from Gender
different states within Peninsular Malaysia[2]. To assure Male 169 52.2
randomness and avoid bias issue, every fifth bank customer Female 155 47.8
that visited commercial banks to deal with any transactions is
selected. The questionnaire is administered face to face; as Age
such the response rate is satisfactorily high. To ensure content below 25 91 28.1
validity, the items used in the questionnaire are constructed 26-45 159 49.0
on the basis of the extant literature as discuss above. To assure 46 and above 74 22.8
their perceptions are based on actual experience, screening
questions are asked to assure that the respondents have used Race
e-banking services before. The questionnaire comprises of Chinese 128 39.5
two sections[3]. Section 1 comprises questions on Malay 135 41.7
demographic characteristics and Section 2 consists of Indian 41 12.7
questions assess the factors affecting the adoption of Others 20 6.2
e-banking services. Respondents are asked to indicate their
Marital status
levels of agreement based on the four-point Likert scale from
Single 176 54.3
“1” (strongly disagree) to “4” (strongly agree).
Married 103 31.8
Divorced 26 8.0
Findings Widow 19 5.9
Demographics of the sample Education level
The response rate is 71.8 percent (359). Among these, 324 The most secondary education 14 4.3
(64.8 percent) of the responses are usable as most items are Diploma 87 26.9
adequately responded. A total of 52.2 percent are male Degree 151 46.6
respondents. A majority of the respondent (29.9 percent) is in
Postgraduate 72 22.2
the range of 26-35 years of age, while 54.3 percent are single,
31.8 percent are married, and 41.7 percent and 39.5 percent Occupation
are Malay and Chinese respectively. The survey shows that Computer related 40 12.3
46.6 percent of the respondents are degree holders, 18.8 Manager/CEO/CFO 14 4.3
percent of the respondents are involved in manufacturing General administrative/supervisory 36 11.1
industry, 16.4 percent are in sale jobs, marketing, advertising Government/military 24 7.4
and customer service workers, and only 4.3 percent are Manufacturing/production/operations/industry 61 18.8
manager, CEO or CFO. A majority have a moderate income Professional 39 12.0
level and a majority (77.1 percent) of the respondents are able Sales/marketing/advertising/customer service 53 16.4
to access the internet at home or at the workplace. More than Retired 16 4.9
three-quarters (78.7 percent) of the respondents are
Student 18 5.6
computer literate and have previous experience in surfing
Others 23 7.1
the internet. Only minority is techno-phobia and might
simply be reluctance to change. Only 1.5 per cent of the Income level (monthly)
respondents have no hand phone, and only about 10.5 Less than RM1,499 55 17.0
percent have WAP, GPRS or 3G features on their mobile RM1,500-RM2,999 112 34.6
devices. The detailed information is depicted in Table I. RM3,000-RM4,599 96 29.6
Consumer preferences are major challenges due to the RM4,600 and above 61 18.8
variation of preferences amongst different consumer groups
(Thornton and White, 2001). To examine if demographic Computer literacy
variables influence the usage of e-banking, the relationships Yes 255 78.7
between various demographic variables are tested with No 69 21.3
one-way analysis of variance (ANOVA). The results are
Internet accessibility at home/office
presented in Table II. On the basis of frequencies and
percentages of the demographic profile, meaningful light of Yes 250 77.1
conclusion can be derived. Results show that different age No 74 22.9
groups, education level, income level, computer literacy, Hand phone availability
internet accessibility at home/office are having significant Yes 318 98.1
relationships with the usage of e-banking. The young age No 6 1.5
group is more computer literate and finds it easy to accept and
use new technologies. This finding is consistent with the Hand phone feature
studies done by Jarvenpaa and Todd (1997), Harrison and WAP 20 6.2
Rainer (1992), and Zeffane and Cheek (1993), among others. GPRS 9 2.8
Besides, Black et al. (2001) also claim that past experience 3G 5 1.5
significantly impacts customer’s willingness to adopt

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 Users’ adoption of e-banking services
Wai-Ching Poon
Table II Relationship between demographic variables and e-banking
adoption
Items F-value Significance
Gender 5.210 0.482
Age 9.871 0.020 *
Race 4.016 0.605
Marital status 5.684 0.063
Education level 11.341 0.017 *
Occupation 6.463 0.058
Income level (monthly) 10.187 0.049 *
Computer literacy 12.412 0.044 *
Internet accessibility at home/office 10.349 0.039 *
Hand phone availability 2.810 0.245
Hand phone feature 4.822 0.089
Note: *Denotes significance at p , 0.05
e-banking. They also find complexity in conducting financial
transactions over e-banking is inversely related to a consumer
with experience and computer literacy. Moreover, results
show that the upper and middle income group appears to be
significant affluent users (which is consistent with the finding
of earlier studies, for example, of Wilhelm, 2000, Martin,
2003, Im et al., 2003, Lassar et al., 2005). This is not
uncommon since they are more often the trend setters and not
as much of concern with the risk of e-banking transaction in
viewing their financial security and resilience as compared to
the old age group, and likely to subscribe to internet services
and likely to have a home PC (which is consistent with the
finding of Wilson, 2000). However, gender is not a significant
factor and fails to reveal that males are more prone to use
internet banking than female. This finding is opposed to
Singh (2004) and Akinci et al. (2004).
It is also noteworthy that those with special feature on hand
phone are not significantly influencing e-banking adoption. It
is reasonably explained since it might be due to the high price
of subscribing to a new 3G feature that was launched in early
July 2005. Moreover, only about 10 per cent of the
respondents have those high-end features, which reflects
that online access using mobile devices is not moving at as fast
a pace as expected in the consumer lifestyles in Malaysia.
Factors influencing the usage of e-banking services
The determinants of the adoption of e-banking services in
Malaysia are identified using the one-way ANOVA as shown
in Table III. Results reveal that convenience, easy
accessibility, feature availability, bank management and
image, fees and charges, privacy and security, design,
content, and speed are pertinent factors that significantly
affecting the adoption of e-banking at p , 0.05. Meanwhile,
privacy and security of e-banking transactions appear as two
major attributes influencing the adoption of e-bank.
Reliability test
A reliability analysis is carried out to check for the underlying
dimension of the success factors generated through factor
analysis. A rule of thumb suggests that the acceptance
Cronbach alpha value should exceed 0.7 (Hair et al., 1998).
Table III depicts a summary of the beta scores of all
the response ranking of the factors that affect the adoption of
e-banking in Malaysia. All factors exhibit a Cronbach’s alpha
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Journal of Business & Industrial Marketing
Volume 23 · Number 1 · 2008 · 59 –69
coefficient of at least 0.71, indicating that the questionnaire
(n ¼ 324) has attained rather high level of reliability for
virtual banking in general. Hence, all variables are retained.
Among the factors, security factor has the highest ranking of
Cronbach alpha of 0.985, followed by the privacy factor with
0.981. The design factor has the lowest ranking with 0.7120.
Factor 1. Convenience
One of the critical factors that affect the adoption of
e-banking is convenience. This factor obtains the third
highest Cronbach’s alpha score of 0.9761. Table IV shows
that majority of the respondents (85 percent) with a mean of
3.32 and a standard deviation of 0.9627, view e-banking as
convenient, in which time and place flexibility of the system is
perceived as an effective way enables transactions to be done.
More than half of the respondents (53 percent) with a mean
of 3.39 and a standard deviation of 0.74 strongly agree that no
queuing in banks’ branches is advantageous. Majority of the
respondents (82 percent) with a mean of 3.16 and a standard
deviation of 0.98 agree that e-bank is time saving as compared
to the conventional counter-based banking services.
Moreover, about 70 percent of the respondents perceive
easy login and ease to use; 81 percent agree that e-banking is
user friendly and 74 percent always check their transaction
details and statement regularly to make sure correct
transactions have been done. However, more than half (57
percent) claim that they seldom access account online if they
were abroad. Most of the respondents are computer literate;
and more than 70 percent of the respondents believe that
computer illiteracy discourages the usage of e-bank. Hence,
with minimum level of computer literacy, the users perceive
e-bank services to be not complex. Users with higher
computer self-efficacy[4] are more readily prepared to use
e-banking services.
Factor 2. Accessibility
The accessibility of computers influences the usage of
e-banking. This factor has the fourth highest Cronbach
alpha score of 0.9713 with a set of 11 items. A majority of the
respondents (81 percent) agrees that internet accessibility is
an advantage for users’ satisfaction in adopting e-banking
services. Nevertheless, 18 percent disagrees and feel that
inaccessibility somehow happens when the system has to be
shut down for upgrading or maintenance purposes, for
instance. Thus, banks should provide sufficient notice to the
users, and suggest alternatives for them to complete their
transactions within the closure hours in case of urgent needs.
Banks should provide power backup and data recovery system
to avoid interrupted transactions in case of power failure. All
banks should provide 24 hours e-based monitoring and
assistance for internet services that need immediate
assistance. At least 73 percent of the respondents perceive
that they can access to the details on the bank charges, the
details on fund transfer between accounts, information on
competitors interest rates, foreign exchange rates commission
charged for foreign exchange, contact details for complaints,
frequently asked questions page, in addition to the availability
of search engine. However, 66 percent of the respondents
perceive that the site provides insufficient information on
security arrangement for e-banking.
 Users’ adoption of e-banking services
Wai-Ching Poon
Table III ANOVA and reliability test on factors affecting e-banking acceptance
Factors F-value
Convenience 32.40
Accessibility 29.71
Feature availability 26.15
Bank management and image 23.81
Fees and charges 24.68
Privacy 28.51
Security 29.92
Design 19.27
Content 22.11
Speed 23.51
Note: * Denotes significance at p , 0.05
Factor 3. Features availability
Features refers to services available on e-banking. Product
innovation is associated with the availability of appropriate
technology and technical support, proper introduction and
the development of electronic services. Overall, a total of 83
percent of the respondents with a mean of 3.02 and a
standard deviation of 0.74 perceives easy access of
information on products and services online as an advantage
attribute to influence web users’ satisfaction; 38 percent of the
users are satisfied with the diversity of the products range and
features services provided by e-banking. However, a majority
(60 percent) perceive the features offer by each bank is less
satisfactory. More than half (52 percent) of the respondents
strongly agree that e-service allows them to print account
statement via internet from home and/or work place and
verify the accuracy of all completed transactions. This is
particularly important for users who often make electronic
transfer payment. In total, 61 percent of the respondents
consent that they can change user ID and password; however,
11 percent argue that they seldom change that information.
At least 30 percent of the respondents rate righteous measure
for users to make inquiry about outstanding balance. Though
mostly agree that there is continuous improvement on
banking products and services, more than one-third still
perceives that a more comprehensive improvement needs to
be accomplished.
Factor 4. Bank management and image
Massive capital is required to upgrade the facilities and
infrastructure for banks. It is a belief that the migration of
users to e-banking services would result in considerable
savings in operating costs for banks in the long run; 55
percent of the respondents agree that the cost of investment
on infrastructure to support electronic performance has
affected the acceptance level of e-banking; 56 percent
respondents assent that e-banking services eliminate paper
processing. On the other hand, e-banks have less
interpersonal interaction with customers throughout the
service delivery process which may create
miscommunications between the users and the service
providers. Thus, understanding customers’ needs is
exclusively vital. Besides, at least 74 percent of the users
perceive that banks provide help-desk services and online help
facilities, and the customer service officers are friendly when
addressing compliants; 60 percent claim that the banks are
able to solve problems, and 66 percent state that the banks
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Volume 23 · Number 1 · 2008 · 59 –69
Significance Cronbach’s alpha coefficient
0.003 * 0.9761
0.011 * 0.9713
0.034 * 0.8779
0.025 * 0.8220
0.049 * 0.7954
0.001 * 0.9814
0.001 * 0.9856
0.051 0.7120
0.025 * 0.7709
0.032 * 0.8719
provide customer feedback services too. At least 56 percent of
the respondents perceive that there is lack of advertising.
However, 62 percent identify that public awareness of e-
banking among users has been increased too. It is noteworthy
that more than 60 percent perceive good reputation of the
bank is not an influential criterion in determining the
adoption of e-banking in Malaysia. Concerning record
accuracy, this group has the lowest mean of 1.89; 27
percent of them strongly condemn that they experienced
record inaccuracy before. In fact, more than half of the
respondents feel that they lack confidence in the bank
management services, and this has confirmed that continuous
improvement on customer services is crucial. Thus, there is
much room for improvement in terms of e-banking
management.
Factor 5. Security
Security factor has the highest Cronbach alpha score of
0.9856. Malaysians have a general tendency to distrust the
internet and this has spelt major obstacles to convince the
public; 40 percent strongly agree that authorized username
and password are extremely important; 84 percent cumulative
percentages of respondents consent that they have never save
their login number and password in the computer.
Furthermore, 60 percent of the respondents reinforce that
they do not leave their computer unattended after login to the
web site; 69 percent respondents agree that trust is affecting
the demand for e-banking services; 78 percent respondents
feel insecure concerning the ability of hackers to access
customers’ account via pin number. Concern with the
requirement to register during the first login before
supplying information, though it is perceived as barrier
inhibiting easy access to information, the responses to this
item are quite evenly distributed with 50 percent agreeing and
47 percent disagreeing. About 20 percent of the respondents
strongly comply that the banking infrastructure is reliable in
correcting erroneous transactions. Meanwhile, 70 percent of
the respondents believe that the bank will compensate for any
losses due to security reason or infringements. Anyway, high
frequency of correcting inaccurate e-service would destroy
reliability and be perceived as poor service ability.
Furthermore, in case of financial loss via e-banking, some
users remain distrustful of the ability of bank to resolve cases
fairly. Of the survey, the majority is not satisfied with the
security system across e-banking services thus far.
 Users’ adoption of e-banking services Journal of Business & Industrial Marketing
Wai-Ching Poon Volume 23 · Number 1 · 2008 · 59 –69

Table IV Factors influencing the usage of e-banking services

Degree of agreement (%)
Non-
Factors 4 3 2 1 response Mean Std dev.
Convenience
I can access anytime and anywhere 56 29 8 5 2 3.32 0.9627
No queue 53 34 12 1 0 3.39 0.7371
Save time as compared to conventional banking 44 38 11 4 3 3.16 0.9818
E-banks transaction is easy to use 16 54 25 3 2 2.79 0.8201
User friendly 20 61 16 2 1 2.97 0.7310
Easy login 14 55 26 3 2 2.76 0.8055
Account access when abroad 14 24 39 18 5 2.24 1.0647
I check my transaction details and statement regularly 25 49 15 10 1 2.87 0.9391
I think computer literate keeps me using e-banking services 24 47 18 11 0 2.84 0.9180
Total mean 29.55 43.4 18.89 6.33 1.78 2.92 0.9494

Accessibility
Internet accessibility. 20 61 16 2 1 2.97 0.7310
Site has details when the bank charges apply 23 61 10 5 1 3.00 0.7913
Site has details of overdraft facilities 23 58 12 6 1 2.96 0.8277
Site has details on how to fund transfer between accounts 23 56 18 2 1 2.98 0.7651
Site has details on competitors’ interest rates 29 52 13 5 1 3.03 0.8463
Site has details on foreign exchange rates 28 50 15 6 1 2.98 0.8759
Site has details on commission charged for foreign exchange 26 49 15 10 0 2.91 0.9000
Site has details on security arrangements 5 26 39 27 3 2.03 0.9261
Site has contact details for complaints 22 57 14 5 2 2.92 0.8608
Site has frequently asked questions page 20 35 34 7 4 2.60 1.0150
Site has a search engine 25 48 19 5 3 2.87 0.9498
Total mean 22.18 50.3 18.64 7.27 1.63 2.84 0.9106

Feature availability
Easy access of information on products and services 23 60 14 2 1 3.02 0.7382
Satisfy with the diversity of services 17 21 48 12 2 2.39 0.9733
Print account statement 52 30 13 4 2 3.03 0.8814
Transfer payment for public utilities 50 28 15 4 3 3.04 0.8399
Continuous improvement on banking services 15 48 30 7 0 2.71 0.8077
Change user id and password 14 47 25 11 3 2.58 0.9658
Inquiry about outstanding balance 33 53 13 0 1 3.15 0.6256
Inquiry about credit card and ATM card 30 42 17 7 4 2.57 0.9873
Total mean 29.25 41.1 21.88 5.87 2.00 2.90 0.9561

Bank management and image

Cost of investment 13 42 36 4 5 2.54 0.9472
E-banking services eliminate paper processing works 18 38 28 11 5 2.53 1.0679
Bank provides e-banking help desk 24 58 12 5 1 2.99 0.8102
Bank provides online help facilities 23 61 10 5 1 3.00 0.7913
Address complains friendly 22 52 17 5 4 2.83 0.9645
Provide customer feedback services 21 45 20 9 5 2.68 1.0624
Ability to solve problems 12 48 26 8 6 2.52 1.0098
Sufficient advertising 14 25 46 14 1 2.37 0.9282
Sufficient promotion 15 27 43 13 2 2.40 0.9639
Sufficient public awareness 23 39 23 10 5 2.65 1.0952
Good reputation 8 26 49 14 3 2.22 0.8942
Accurate record 3 22 42 27 6 1.89 0.9199
Confident with the bank’s service 11 30 45 11 3 2.35 0.9252
Continuous improvement on customer services 21 44 28 5 2 2.77 0.9084
Total mean 16.29 39.80 30.36 10.07 3.50 2.55 0.9971
(continued)

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Wai-Ching Poon Volume 23 · Number 1 · 2008 · 59 –69

Table IV
Degree of agreement (%)
Non-
Factors 4 3 2 1 response Mean Std dev.
Security
The authorized username and password are important 40 45 8 3 4 2.80 0.9320
I do not save my login number and password on the computer 48 36 12 4 0 3.14 0.9746
I do not leave my computer unattended, while connected to the e-banking services 11 49 25 13 2 3.28 0.8297
Trust affects the demand for e-banking services 27 42 24 3 4 2.54 0.9257
Pins obtain by fraud may allow hackers to access to customers’ account 17 61 11 7 4 2.80 0.9428
I don’t mind registering before supplying information 12 35 32 18 3 2.44 0.8683
Banks’ reliability in correcting erroneous transactions 19 40 23 16 2 2.58 1.0365
Trust the bank will compensate for losses due to security reasons 22 48 19 10 1 2.58 1.4367
I am satisfied with the security system 10 39 36 15 0 2.85 0.9886
Total mean 22.89 43.89 21.11 9.89 2.22 2.78 0.9175

Privacy
Confidential information is delivered safely from banks to customers 11 28 40 16 5 2.24 1.0162
Customers’ financial information may be passed on to other companies among the banks 12 28 48 10 2 2.38 0.8964
Third parties are able to assess customers’ financial details 29 42 19 9 1 2.89 0.9628
Banking institutions keep customers information private and confidential 6 25 41 23 5 2.04 0.9631
I trust the bank’s privacy protection to the users 6 18 53 23 0 2.07 0.8072
Continuous improvement on online systems 17 63 10 6 4 2.83 0.9217
Total mean 13.50 34.00 35.17 14.50 2.83 2.40 0.9906

Design
Attractiveness screen layout and design 19 60 13 6 2 2.88 0.8561
Site has flashy graphics and color configuration 29 51 13 5 2 3.00 0.8989
Web site design is important 14 64 20 2 0 2.90 0.6435
Total mean 20.67 58.33 15.33 4.33 1.33 2.92 0.8090

Content
Clear and easy guidance screen 23 56 18 2 1 2.98 0.7651
Clear and simple help menus allow me to perform e-banking transaction easily 17 57 18 6 2 2.81 0.8609
Information credibility 22 51 15 8 4 2.79 1.0079
Willing to seek helps from the customer services when I encounter problems 11 32 37 19 1 2.33 0.9433
E-banking services have been upgraded compared to I first started using the services 20 62 13 3 2 2.95 0.7961
Total mean 18.60 51.60 20.20 7.60 2.00 2.77 0.9101

Speed
Frequent connection breakdown 12 51 23 10 4 2.57 0.9666
Easy to navigate the bank site due to smooth speed 5 29 39 27 0 2.12 0.8678
Transition is efficient/no waiting time 7 46 42 3 2 2.53 0.7581
Response speed to complaint is satisfactory 8 25 44 20 3 2.15 0.9360
Speed of e-transactions flow is faster than traditional banking channels 15 45 30 7 3 2.62 0.9296
Total mean 9.40 39.20 35.60 13.40 2.40 2.39 0.9209

Fees and charges

Prices of computer are reasonable and affordable 19 62 12 4 3 2.90 0.8587
Fee of internet connection is affordable 25 64 8 2 1 3.10 0.7035
E-banks charge lower transaction fees 22 43 20 14 1 2.71 0.9979
Price of service fees is acceptable 19 51 20 6 4 2.75 0.9679
E-banks charge annual fee 22 58 14 4 2 2.94 0.8387
I won’t terminate services even if bank charges annual fee 11 57 21 8 3 2.65 0.8918
Time saving using e-banking services 27 48 16 7 2 2.91 0.9438
Continue using although need to pay low subscription fees 20 44 25 10 1 2.72 0.9329
Total mean 20.63 53.40 17.00 6.88 2.13 2.83 0.9074
Note: The means are determined by using a four-point Likert scale rating from strongly agree (4) to strongly disagree (1)

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 Users’ adoption of e-banking services
Wai-Ching Poon
Factor 6. Privacy
Privacy factor influences the adoption of e-banking services.
This factor has the second highest Cronbach alpha score of
0.9814. About 56 percent of the respondents perceive that
confidential information is not delivered safely from banks to
consumers; 40 percent of the customers are of the opinion
that the banks’ web information systems may disseminate
some financial information of consumer within the banking
group – consequently customers receiving a deluge of “junk
mail” or short message services (SMS); 29 percent strongly
deem that third parties are able to access customers’ financial
details. Tracking customers’ financial profile and passing on
to third parties should be prohibited without the customers’
consent. Regarding this matter, less than one-third (31
percent) of the respondents perceive that banking institutions
do keep the customers information private and confidential.
Obviously, this has fallen short toward replacing the
traditional financial procedures with e-banking. In a similar
vein, more than three-quarters of the respondents distrust the
bank’s security protection and lack confidence in the
performance of financial transactions online; while only one-
fifth believe that their bank has fair secure system. Therefore,
80 percent express that there is still room for improvement in
the e-banking system.
Factor 7. Design
Ergonomic visual structure and design are particularly
important. Results reveal that about 80 percent of the
respondents, with an appraisal mean of about 3.00 and a
standard devaition of 0.8, perceive that the overall screen
layout and web page design are well-structured and attractive
with flashy graphics. However, 22 percent are of the opinion
that site design is not important to them. Flashy graphics are
generally criticized by the older age group as being
time-wasting and intrusive, while the youngsters perceive
that innovative and configuration color of animation and
graphics at the web sites contribute to the technological
entertainment value. This suggests that multimedia
friendliness is less important for the older age group for the
adoption of e-banking facilities. This finding is consistent with
Raman and Leckenby (1998), which concludes that utilitarian
aspects of web site design are valued higher by users than
hedonic and technological features. Older age group prefers
informal and personal relationship communications and thus
makes the self-service e-based financial banking services
somewhat unattractive.
Factor 8. Content
About three-quarters of the respondents perceive clear, simple
and understandable guidance screen ease them to perform
e-banking transactions. More than 70 percent perceive that
information credibility affects the acceptance of e-banking
and easy to navigate the bank site with the help of
comprehensive help menus. Moreover, more than half (56
percent) of the respondents would not seek for help from the
customer services when they encounter problems. Thus,
up-to-date contents of information greatly positively
influences the adoption of e-banking. Meanwhile, 82
percent of the respondents, with a mean of 2.95 and a
standard deviation of 0.79, perceive that e-banking services
have been upgraded compared to when they first started using
the services. As such, appealing aesthetic web site would have
positive impact on drawing potential customers’ attention.
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Volume 23 · Number 1 · 2008 · 59 –69
Factor 9. Speed
Speed of e-transactions flow is critical to user satisfaction of
using e-banking services. Despite improvement on customer
service, results reveal that more than one-third of the
respondents are not satisfied with the browsing speed.
Limited bandwidths have led users to experience frequent
connection breakdown (63 percent). They have encountered
problems while navigating (34 percent) due to unfavorable
internet speed that causes inefficient transition. On the other
hand, one-third perceives satisfactory rating for speed of
responses to complaints. Overall, 60 percent of the
respondents claim that the speed of e-transactions flow is
faster than other traditional banking modes.
Factor 10. Fees and charges
One of the attributes that determines consumer’s decision on
using e-banking system is fees and charges. Cumulative
percentages of 81 percent respondents agree that the prices of
computers are reasonable; 89 percent of respondents accede
that price of internet connection is affordable and reasonable;
22 percent of the respondents strongly agree that a negligible
transaction services fee is charged. However, 70 percent of the
users realize that the amount of fees charged for service is
acceptable. Similarly, 80 percent of the respondents are aware
of the annual fee charged to them. Some respondents are
ambiguous about cost factor. Minority of the respondents
(8 percent) claims that they used e-banking services before,
but they have terminated the services due to the fee charge on
them. However, 64 percent of the respondents would
continue using the services with the negligible charge of
annual fee.
The results show that there is a significant difference
between the selected demographic segmentation factors
where differences in age, education level and income level
are concerned (refer Table V). The results show that
difference age groups have “convenience” factor as the
factor that carries the most weight in old age group’s
evaluation (with the mean of 2 0.37) as compared with the
young and middle age group of mean 0.31. However,
difference in education level, with the mean difference of
0.23, in which those with a degree place more emphasis on
convenience factor than those without a degree with mean of
2 0.017. Meanwhile, difference in income level, with
particular the moderate-income group (with a mean of
0.29), place more emphasis on convenience factor than the
low-income group. As for privacy (and security) factor, the
users who are higher educated (with higher t-test mean of
0.44 (0.47)); have moderate income (with higher t-test mean
of 0.33 (0.31)); and the young and middle age group (with
higher t-test mean of 0.21 (0.29)) are more particular about
privacy and security factors.
Managerial implications
The managerial implications from this study are: under the
present conditions of distrust, it might be important to
develop a marketing strategy for internet banking, however,
banks need to visibly demonstrate concern for security,
reliability, with concrete solutions to improve trustworthy
secure e-banking systems, and specifically protect personal
information or security for payment transaction. There is a
need to upgrade the banks’ security system and reputation.
For e-banks, reputation is one of the major factors that
 Users’ adoption of e-banking services Journal of Business & Industrial Marketing
Wai-Ching Poon Volume 23 · Number 1 · 2008 · 59 –69

Table V Results on the independent t-test based on selected segmentation for e-banking users with the top three factors
Factors Segmentation Mean Mean differences t-value Sig. (2-tailed)
Convenience Age Young and middle age group 0.306
Old age group 2 0.373
Equal variance assumed 0.679 4.946 0.002
Education Without degree 0.017
With degree 0.210
Equal variance assumed 0.227 2.812 0.041
Income level Low income group 2 0.138
Moderate income group 0.292
Equal variance assumed 0.430 3.602 0.025
Privacy Age Young and middle age group 0.211
Old age group 2 0.005
Equal variance assumed 0.216 2.346 0.048
Education Without degree 0.411
With degree 0.436
Equal variance assumed 0.847 7.206 0.000
Income level Low income group 0.305
Moderate income group 0.328
Equal variance assumed 0.633 4.607 0.003
Security Age Young and middle age group 0.289
Old age group 2 0.002
Equal variance assumed 0.291 3.052 0.029
Education Without degree 0.412
With degree 0.471
Equal variance assumed 0.883 7.015 0.000
Income level Low income group 0.296
Moderate income group 0.305
Equal variance assumed 0.601 4.599 0.005
Note: Significant at 0.05 level

affects customer adoption of technology-based service
delivery (Mols, 1999; Aladwani, 2001). Protection laws
have to determine a ceiling on customer liability or render
terms to cover unfair and deceptive trade practices by
suppliers, unauthorized access and usage by others, or
system failures (Siriluck and Speece, 2003). The efficiency
of legal support is of the regulator concerns since the
ultimate success of e-banking lies in its patronage. On the
other hand, banks should not neglect their branch
networks, in which consumer-centric policies that
integrate e-banking into interpersonal relationship with
customers is also vital. Though internet marketing has some
merits in targeting more customers, it should consider age
differences when applying B2B. To attract new users, the
banks need to educate customers about tangible and
intangible benefits to be gained from using e-banking
services.
Conclusions and limitations
This primary objective of the study is to study consumer
acceptance or adoption of e-banking services in Malaysia in
the light of ten determinants derived from extant literature,
namely convenience, accessibility, feature availability, bank
management and image, security, privacy, design, content,
speed, and fees and charges. Of the survey across e-banking
services, privacy and security are the major sources of
dissatisfaction. Meanwhile, accessibility, convenience, design
and content are sources of satisfaction. Besides, the speed,
product features availability, service fees and charges, as well
as the bank’s operations management factor are critical to the
success of the e-banks. WAP, GPRS and 3G features from
mobile devices are of no significant influence in the adoption
of e-banking services here. Results also reveal that privacy,
security and convenience factors play an important role in
determining the users’ acceptance of e-banking services with
respect to different segmentation of age group, education level
and income level.
There are some limitations owing to its exploratory stage.
The use of convenience sampling approach in this exploratory
study weakens research objectivity. Moreover, this study
excludes the voice of non-users. As such, non-users’ views
should be taken into account in the future study. Future study
may also addresses aspects of marketing strategy, promotional
and communication issues to acquire new users, and
effectively maintain the existing customers. In addition to
that, “syariah” rule of Islamic e-banking[5], and laws
supporting the service operation should be extended in the
future study. Globally there are some 260 Islamic institutions,
mainly banks, in 76 countries and they handle close to
US$200 billion in the system.

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 Users’ adoption of e-banking services
Wai-Ching Poon
Notes
1 Perceived usefulness is defined as the extent to which a
person believes that using a system enhances job
performance, while perceived ease of use is defined as a
person believes that using a system will be free of effort
(Wang et al., 2003).
2 Northern region of Malaysia consists of Perlis, Kedah,
Penang, Perak, Kelantan and Terengganu, while Johore,
Malacca, Negeri Sembilan, and Pahang are grouped as
Southern region. Selangor/Klang Valley are the central
region. More questionnaires were administered to those
states with higher population, such as Perak, Penang,
Klang Valley, Johore, and Malacca, with the ratio 2:1
compared to less density populated states.
3 Pre-test of the questionnaire was conducted to a small
sample of 30 bankers who were also the users of the
e-banking services. The questionnaires was then refined.
4 Computer self-efficacy is defined as the judgment of one’s
ability to use a computer (Compeau and Higgins, 1995).
5 The Islamic banking products and services are governed
by the Syariah rules, which forbid riba (interest).
According to Balachandher et al. (2004), the principles
of Syariah with regards to banking are based on (i) Cost
plus mark up on traded goods (Murabaha) – where the
bank buys the goods from a third party and then sells
them to a customer for a pre-agreed price to be paid at
specified point in time in the future; (ii) Profit Sharing
(Musharaka) – a joint business enterprise in which
partners share the profit or loss in an agreed ratio. There is
no pre-defined rate of return. Another Islamic banking
product related to the concept of profit sharing is the
Mudaraba products where the bank manages the funds of
its depositors and profits and losses are shared, again no
pre-defined rate of return; and (iii) Rents on purchased
equipment or leasing (Ijara) – is mostly used for hire
purchase activities. In Malaysia, the Islamic financial
system took off with the incorporation of Bank Islam in
1983 with a paid-up capital of only RM80 million. In
1993, the government allowed conventional banks to offer
Islamic banking products as well. Until 2004 May 19,
nearly 20 percent of its depositors and some 70 percent of
its corporate clients are non-Muslims in the Bank Islam
Malaysia Bhd, the country’s first Islamic bank, since it was
established in 1983 in response to calls for a domestic
Islamic banking system. This growing acceptance has seen
Islamic banking assets grow by 15 percent to 20 percent
annually, adding further impetus to the niche sector.
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Corresponding author
Wai-Ching Poon can be contacted at: wcpoon25@yahoo.com