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CCSM
29,3
698
Received 29 August 2021
Revised 28 January 2022
Accepted 20 April 2022
Cross Cultural & Strategic
Management
Vol. 29 No. 3, 2022
pp. 698-728
© Emerald Publishing Limited
2059-5794
DOI 10.1108/CCSM-08-2021-0155
Cultivate customer loyalty
in national culture: a meta-analysis
of electronic banking
customer loyalty
Liming Zhang, Yuxin Yi and Guichuan Zhou
Business School, Sichuan University, Chengdu, China
Abstract
Purpose – This paper presents a meta-analysis of the electronic banking (e-banking) customer loyalty
literature in the last 10 years. The study investigated the moderating role of national culture in the relationship
between e-banking customer loyalty and its antecedents.
Design/methodology/approach – Using a meta-analysis of customer loyalty in 19 countries, the authors
incorporated national culture scores based on Hofstede’s cultural dimensions to explore how the relative
importance of e-banking customer loyalty antecedents varies across cultures.
Findings – The study revealed that national culture moderates the relationship between e-banking customer loyalty
and its seven antecedents for four cultural dimensions, yet there was no significant moderation for satisfaction.
Research limitations/implications – This study reviewed the relationships in the literature on customer
loyalty in e-banking contexts, extending and enriching the current knowledge. However, some specific
limitations, such as the non-use of qualitative studies and the clipping of adverse concepts, exist in the
secondary data and should be considered.
Practical implications – The results show that the seven antecedents affect e-banking customer loyalty to
different degrees. Managers should incorporate cultural factors in e-banking customer management.
Originality/value – Only a few studies have assessed cultural differences in relation to e-banking customer
loyalty. The authors address this need by offering deeper insights into how cultural dimensions moderate the
relationships between e-banking customer loyalty and its antecedents through a meta-analytical review. The
study findings offer managers a new perspective of leveraging the benefits of cultural differences, enhancing
their decision-making in international business.
Keywords Meta-analysis, National culture, Moderation, E-banking, Customer loyalty
Paper type Research paper
1. Introduction
The financial services business has witnessed significant technological advancement in the
recent years. Information technology and money are more closely linked than ever. In the
banking sector, traditional banks are downsizing and digital means are becoming
increasingly popular. Today, people are more inclined toward electronic banking channels.
The term “electronic banking (e-banking)” refers to the use of electronic media to perform
banking transactions (Rashid Rehman and Waheed, 2012). Since the mid-1990s, e-banking
has evolved from the provision of automated teller machines (ATMs) and automatic bill
payments to include online banking, telephone banking, mobile banking, PC banking, and
other self-service banking services that use electronic service equipment and the Internet
(Kolodinsky et al., 2004). The development of e-banking has gathered increasing attention
(Salimon et al., 2017), especially now since the COVID-19 pandemic has accelerated the
transition from “physical” banks to “virtual” banks.
Several industry data reports also confirm this trend. It was after the year 2010 that the
banks entered the financial intelligence stage, expanded their online credit customer base,
The authors would like to thank Chinmay Pattnaik, Davina Vora, Manmeet Nirmal, Sylvia Josphine and
two anonymous reviewers for valuable advice on earlier drafts of this article.
and achieved revolutionary technological breakthroughs in the banking industry (Guosen Customer
Securities, 2019). From 2010 to 2020, banks’ physical branches and ATM transaction volume loyalty in
were relatively stable, and new transactions almost entirely came from online and mobile
channels (BCG, 2014). Thus, the research period of this study is post 2010. Moreover, the
national
results of a global digital bank survey involving customers in 17 countries showed that 84% culture
of respondents used online banking in 2018 and 72% used mobile apps to access their main
banks. Additionally, electronic channels are used more frequently than branches and ATMs
by users in all generations and countries (Deloitte, 2018). During the pandemic crisis, major 699
banks, fintech companies, and platform companies continued to invest heavily in digital
channels (Mckinsey, 2020). Lockdowns and COVID restrictions around the world in 2020
have prompted customers to interact digitally with banks. Approximately, 50% of customers
interacted with the bank at least once a week via a mobile app or website, compared to only
32% in 2018 (Accenture, 2020).
On one hand, e-banking enables clients to conduct many business activities at low cost
and at all times. On the other hand, the Internet provides people with more and better options,
while also increasing competition among financial organizations (Zhang et al., 2016). It has
pushed the battlelines of customer retention from the traditional service counter to the
personal space of customers, increasing the urgency to retain customers. Consequently,
building online customer loyalty has become a critical component of e-banking business
strategies. Scientific research in different countries and regions has confirmed this conclusion
(Amin, 2016; Shankar and Jebarajakirthy, 2019). In the e-banking environment, numerous
elements influence customer loyalty, including service quality, bank reputation, trust,
perceived usefulness (PU), and perceived value. However, we discovered contradictory
findings in the literature. For example, we see a divergence in the relationship between e-
banking customer loyalty and service quality. Some studies indicate that the relationship
between e-banking customer loyalty and service quality is negative and insignificant
(Sindwani and Goel, 2016). Others believe that the relationship between the two is positive
and significant (Sun and Lin, 2010; Ghane et al., 2011). These conflicting relationships may be
related to factors such as sample size (Hedges and Olkin, 1985), culture (Barari and Furrer,
2018), national economy (Malhotra et al., 2020), and scale selection (Cortina, 1993).
Customers’ perceptions are shaped by culture, which has a significant impact on all areas
of consumption and consumer behavior (De Mooij and Hofstede, 2011). Furthermore, the
digital transformation of traditional financial institutions has created more cross-border
online opportunities for banks. E-banking also necessitates more cross-cultural research to
tackle the challenges of globalization (Shaikh and Karjaluoto, 2015). Only a few studies have
examined the direct or indirect effects of culture on e-banking customer loyalty and its
antecedents (Alghamdi, 2012, 2014), and their samples were limited to two countries.
Therefore, there is still a lack of research on the impact of relevant factors on e-banking
customer loyalty from a cross-cultural perspective. This study is important because the
existing literature suggests that there is a vacuum on the impact of e-banking customers’
cross-cultural backgrounds on their loyalty intentions.
A meta-analysis will help overcome the limitations of the existing literature and provide
valuable results. This method can effectively reduce or even eliminate measurement and
sampling errors in the results of a single study, quantitatively analyze the results of multiple
studies, and form a comprehensive conclusion. It can also analyze the moderating variables
and explain the reasons for the existence of multiple studies (Rosenthal and DiMatteo, 2001).
This study employs meta-analysis to investigate the antecedents and cultural moderators
of e-banking customer loyalty, focusing on Hofstede’s four cultural dimensions (power
distance, individualism/collectivism, masculinity/femininity, and uncertainty avoidance) to
examine how national cultural differences influence customer loyalty in the e-banking
context. This study advances the understanding of e-banking customer loyalty from the
CCSM following aspects. First, the study investigates the importance of the antecedents of
29,3 e-banking customer loyalty, because meta-analysis will help draw general scientific
conclusions. Second, it identifies the moderating effect of cultural factors. Third, this study
covers the empirical literature on e-banking customer loyalty from 2010 to 2020, and it will
help bank managers make decisions and provide certain benefits to cross-cultural
management.
700
2. Theoretical background and hypothesis development
2.1 Antecedents of e-banking customer loyalty
When banking services move from the traditional physical market to the electronic market,
the importance of the antecedents of loyalty changes. Customer loyalty in the virtual
environment is much more complicated than in the real world because customers often make
decisions with limited information. E-banking provides better flexibility, faster transactions,
enhanced market extension, reduced cost structure, wider product lines, greater
customization, and other appealing benefits compared to traditional banking (Konalingam
et al., 2017). However, as the adoption rate of e-banking continues to rise, new market entrants
represented by Internet financial enterprises continue to have an impact on the industry’s
competitive landscape, jeopardizing banks’ survival and expansion prospects. In the fiercely
competitive environment of the financial industry, customers can access detailed information
on many banks in the market and have wider options (Vives, 2019). Consequently, the efforts
required to gain customer loyalty in an e-banking environment differ significantly from those
in a traditional channel. Trust (van Esterik-Plasmeijer and van Raaij, 2017), perceived value
(Roig et al., 2006), service quality, and satisfaction (Bloemer and De Ruyter, 1998) have been
identified as major determinants of customer loyalty in traditional banking. However, in the
field of e-banking, the competitive environment is more complex and when the customers
remain loyal, they feel that e-banking is more profitable. The factors that are more valuable to
e-banking customers are a widely discussed and debated topic. For example, some scholars
empirically conclude that perceived value, satisfaction, and service quality are important
factors that significantly affect e-banking customer loyalty (Rahi and Ghani, 2016; Amin,
2016). Yee and Faziharudean (2010) found that service quality and perceived value were not
significantly related to customer loyalty. E-banking customer loyalty refers to customers
tending to visit specific websites regularly and display high stickiness and retention time
(Anderson and Srinivasan, 2003).
Several theoretical models have been developed to explain the continuous use of
information systems. TAM (Davis, 1989) is one of the most extensively used models. Through
the user’s perception of usefulness and ease of use, the model predicts the user’s attitude and
loyalty to the information system. Many empirical studies have confirmed the significant
impact of perceived usefulness and perceived ease of use on the intention to use information
systems. Perceived usefulness and perceived ease of use play a significant role in deciding
continued usage, because better service tools will recompense customers for their continued
use more directly (Bhattacherjee, 2001). When combined with more factors, TAM has a
stronger explanatory power (Foroughi et al., 2019). In this study, perceived usefulness and
perceived ease of use are combined with other relevant factors to form a theoretical
framework.
Previous studies have highlighted other important antecedents. Customer perception is
one of the main factors that determine customer loyalty. In the e-banking environment, many
researchers have analyzed the influence of relationship variables such as perceived value,
trust, and satisfaction on customer loyalty. The theory of social exchange is the cornerstone
of the study on marketing relations, and it states that trust is an essential component of
effective relations (Kieserling, 2019). Owing to the lack of direct social contact and
relationship connections between customers and suppliers in the electronic environment as Customer
well as the nature of electronic financial services (which involves many risks), the importance loyalty in
of trust in customer loyalty cannot be overstated (Poromatikul et al., 2019). Satisfied
customers are more likely to maintain long-term engagement with e-banking and
national
demonstrate more loyal behaviors (Floh and Treiblmaier, 2006). Perceived value, the first culture
element of relationship marketing, has also been shown to influence behavioral intentions to
use e-banking (Rahi and Ghani, 2016; Yee and Faziharudean, 2010). Many studies have
focused on the impact of corporate characteristics on e-banking customer loyalty. Since 701
financial institutions are often forced to operate in volatile environments, their success or
failure often depends on whether their reputation is viewed positively or negatively by the
public (Loureiro et al., 2014). Whether in terms of profitability or customer outcome variables,
reputation and image of e-banking are critical. Product and service attributes are also
important determinants of e-banking customer loyalty. Customers’ understanding of
e-banking relies on online electronic platforms, and there is no cost for online comparisons of
products and services. The reliability of the technical functions of e-banking products
(Oertzen and Odekerken-Schr€oder, 2019) and high-quality customer service are considered
important prerequisites to obtain competitive advantage in e-banking (Mbama and Ezepue,
2018; Dhurup et al., 2014).
Therefore, in our proposed model, we added the following factors that are crucial to e-
banking customer loyalty: trust, bank reputation, perceived usefulness, perceived ease of use,
perceived value, service quality, and satisfaction. Each antecedent and its respective concept
are listed in Table 1.

2.2 Culture
The most common mistake in cross-cultural management is the belief that its business model
can be replicated in different countries without the need to make adjustments based on the
host country’s consumer behavior, product preferences, and marketing channels. The “one
size fits all” strategy is no longer applicable to the reality of cross-cultural marketing, because
consumers in different countries are different (Kotler et al., 2013). Today, the academic
community has reached a consensus that cultural differences will hinder the effectiveness of
standardized marketing strategies, and cross-border marketing needs to adapt to local and

Antecedents Concepts

Trust Trust is defined as a belief, confidence, or expectation about an exchange partner’s

trustworthiness that stems from the partner’s expertise, dependability, or intentionality
(Moorman et al., 1993)
Reputation An aggregate of outsiders’ impressions of a company’s key attributes (Fombrun and
Rindova, 2000)
Perceived The extent to which a person believes that using e-banking will improve his or her job
Usefulness performance (Venkatesh and Davis, 2000)
Perceived Ease of The extent to which a person believes that using e-banking is effortless (Venkatesh and
Use Davis, 2000)
Service Quality Customers’ overall assessment and judgment of the excellence and quality of the virtual
marketplace’s e-services offerings (Santos, 2003). The main aspects of e-banking service
quality are reliability and security, responsiveness, assurance, empathy, and website
design
Perceived Value Customers’ overall impressions of the value they get for the effort they put in Woodruff
(1997) Table 1.
Satisfaction Customers’ assessment of a product or service in terms of whether it met their needs and Main construct in the
expectations (Zeithaml, 2000) proposed model
CCSM cultural conditions. The development of the Internet has provided global marketers with
29,3 more opportunities to interact with customers online, and cross-cultural marketing research
has received extensive attention from scholars. Studies have suggested that global culture
has a significant influence on customer behavior (Cruz-Cardenas et al., 2019; Galina et al.,
2018). Numerous studies show that cultural factors moderate the relationship between
customer loyalty and its antecedents. The relative importance of customer loyalty
antecedents may vary, depending on the characteristics of each market (Harris and Goode,
702 2004). However, only a few scholars have examined the impact of national cultural factors on
the antecedents of customer loyalty in the field of e-banking, and the size and variety of
national samples are limited. Loureiro et al. (2014) used Hofstede’s four cultural dimensions to
compare the relationships between e-banking customer loyalty and self-control, usefulness,
customer value, and technology acceptance factors in Portugal and Austria. Al-Ghamdi
(2012) studied the influence of uncertainty avoidance on e-banking customer loyalty and its
influencing factors in the UK and Saudi Arabia.
Studying e-banking customer loyalty antecedents in different cultures is necessary to
develop e-banking systems that are culturally adaptable. Hofstede’s model is one of the most
comprehensive and systematic cultural analysis models in the field of multinational
management research. This study examines four dimensions of Hofstede’s model: power
distance, individualism/collectivism, masculinity/femininity, and uncertainty avoidance.
Based on previous research, this study presents a theoretical framework for the
antecedents of e-banking customer loyalty and the influence of national culture. The
theoretical model is shown in Figure 1.
2.2.1 Power distance. Power distance refers to the degree to which the less powerful
members of an organization or institution accept the unequal distribution of power in society.
Doney et al. (1998) believed that the power distance dimension positively affects the target’s
opportunistic behavior. Societies with high power distance show stronger risk perception
(Leng and Botelh, 2010). A high-power-distance environment promotes distrust among

Figure 1.
Proposed theoretical
framework
individuals, leading to an increased demand for privacy protection (Lu et al., 2017a, b). Customer
Individuals with higher-power-distance values may be aware of the greater hazards of loyalty in
utilizing mobile applications, which will become a disincentive to their continuous usage
(Tong, 2010). Moreover, they will be more cautious in assessing whether trust in a particular
national
situation or relationship is beneficial to them and in calculating rewards and losses. Although culture
opportunism is rare in cultures with low power distance, it may occur in cultures with high
power distance. Customers from a higher-power-distance culture are more likely to employ
the calculation process to judge the trustworthiness of e-banking, which is a vital aspect of 703
their long-term loyalty (Lundgren and Walczuch, 2003). Therefore, we expect that individuals
in higher-power-distance culture will more greatly value the trust in driving their loyalty
intention to use e-banking. Stated formally:
H1a. The impact of trust on e-banking customer loyalty is stronger in cultures with
higher power distance.
Power distance is an important factor in customer service relationship management,
especially in a culture characterized by high power distance, because in such cultures, the
perception of status is a very sensitive issue between the customers and companies. Perceived
value reflects the relationship between cost and benefit (Hernandez-Ortega et al., 2017). The
countries with a high-power-distance score, consider customer is king (Mariani et al., 2018).
They would carefully assess the costs and promised benefits of e-banking services before
paying their loyalty to the bank. Therefore, a high-power-distance culture will positively
regulate perceived value and e-banking customer loyalty. Stated formally:
H1b. The impact of perceived value on e-banking customer loyalty is stronger in cultures
with higher power distance.
In a high-power-distance culture, when the authority figure recommends the use of a system,
the individuals will continue its use without evaluating its usefulness or ease of use (Ollo-
Lopez et al., 2020). In such a culture, the individuals also respect their superiors, and the
advice of an authority figure would be ample enough for decision-making (Kirkman et al.,
2009). In contrast, in a low-power-distance environment, individuals buy what they want
without worrying about other people’s feelings or thoughts. Moreover, in low-power-distance
culture, customers (as opposed to high-power-distance cultural customers) are less affected
by power groups and pay more attention to the product itself (Yoon, 2009). Thus, we argue
that these individuals will more greatly value the e-banking product itself (usefulness and
ease of use) in driving their loyalty intention to use e-banking. Stated formally:
H1c. The impact of perceived usefulness on e-banking customer loyalty is stronger in
cultures with lower power distance.
H1d. The impact of perceived ease of use on e-banking customer loyalty is stronger in
cultures with lower power distance.
Reputation signals are very important in a high-power-distance (as opposed to low power
distance) culture (Falkenreck and Wagner, 2010). In a higher-power-distance culture, people
emphasize on retaining their self-image and are more sensitive to the hierarchical status
(Wang et al., 2011). This is because they conceptualize faces as a phenomenon of
interdependence and focus on groups (Liao and Bond, 2011). In a high-power-distance culture,
people tend to emphasize the importance of prestige and wealth in the vertical relationship
between social classes (Hofstede, 1980). Iskhakova et al. (2021) discovered that reputation
management is critical for loyalty in universities with higher power distance. Owing to the
high prestige sensitivity, people in higher-power-distance cultures may be more inclined to be
loyal to e-banks with better reputations to gain face for themselves. Stated formally:
CCSM H1e. The impact of bank reputation on e-banking customer loyalty is stronger in cultures
29,3 with higher power distance.
In Asian cultures with high power distance, service providers and customers perceive their
defined roles in service settings, and the concept of service is clearly institutionalized (Tse and
Ho, 2009). Higher power distance leads to higher service expectations (Crotts and Pizam,
2003). Customers in a high-power-distance culture will attach great importance to the
704 recognition of their status in society and to receiving preferential service treatment (Haron
et al., 2020). We argue that customers in a higher-power-distance culture will more greatly
value the service quality in driving their loyalty intention to use e-banks. Stated formally:
H1f. The impact of service quality on e-banking customer loyalty is stronger in cultures
with higher power distance.
High-power-distance values are related to conservatism, and customers in this culture are
more concerned with preserving the status quo. Customers with these cultural values are less
likely to be innovative in their value proposition selection (Zhang et al., 2010) and are more
loyal (Palumbo and Herbig, 2000) as they are less willing to stray from the present scenario.
Consequently, once customers in high-power-distance cultures are satisfied with e-banks, it is
easier for them to establish loyalty. On the contrary, people in high-power-distance cultures
value consistency rather than individuality. Conflicts or public oppositions are generally
unwelcome, and people expect the individual to be passive and obedient. Therefore,
customers will accept enterprises’ efforts to improve their satisfaction with less resistance
and will be influenced by enterprises to a greater extent (Aksoy et al., 2013). This results in
improved e-banking customer loyalty. Stated formally:
H1g. The impact of satisfaction on e-banking customer loyalty is stronger in cultures
with higher power distance.
2.2.2 Individualism/collectivism. Individualism/collectivism reflects whether people are
concerned about individual or collective interests in society and the degree of
interdependence of individuals in society. People living in an individualistic culture are
more self-reliant in their decision-making (Hofstede, 2010). Concomitantly, individual
decision-making also implies that it is difficult to fully identify potential risks and bear the
losses caused by their own decisions. In a highly individualistic culture, people put their tasks
ahead of their relationships. They tend to make decisions freely and independently, pay more
attention to comprehensive service experience, and measure more value of use and cost input
in terms of the continuous use of e-banking. Therefore, we infer that people from
individualistic cultures are more concerned with the perceived value of e-banking. Stated
formally:
H2a. The impact of perceived value on e-banking customer loyalty is stronger in cultures
with higher individualism.
In a highly individualistic culture, customers seek the best value of money or the best product
function at a given price (Erdem et al., 2006). They pay more attention to efficiency than
individuals from a collectivistic culture (Dagwell and Weber, 1983) and are not concerned
with social comparisons, norms, or prestige. People from a highly individualistic culture pay
more attention to the utilitarian value of exchange (Bhawuk and Brislin, 1992) and emphasize
the specific attributes (such as characteristics and uses) of e-banking products. Therefore,
in an individualistic culture, perceived usefulness and ease of use play important roles in
e-banking customer loyalty. Stated formally:
H2b. The impact of perceived usefulness on e-banking customer loyalty is stronger in
cultures with higher individualism.
 H2c. The impact of perceived ease of use on e-banking customer loyalty is stronger in Customer
cultures with higher individualism. loyalty in
Service quality is an important dimension for people from individualistic cultures (Kvist and national
Klefsj€o, 2006). In a highly individualistic culture, customers are often independent and require culture
a higher standard of service quality (Furrer et al., 2000). In such a culture, customers are
primarily concerned with their interests (Dash et al., 2009) and are less concerned with
developing long-term relationships. They expect service providers to treat them with respect 705
and care as well as empathy and personal attention, and they will be less tolerant of service
providers. Collectivist customers, on the contrary, are more tolerant of substandard services
because they prefer to maintain a relationship with the service provider and will adapt their
expectations to match the quality of service (Donthu and Yoo, 1998). Therefore, we can expect
a stronger positive link between e-banking customer loyalty and overall service quality in an
individualistic culture. Stated formally:
H2d. The impact of service quality on e-banking customer loyalty is stronger in cultures
with higher individualism.
People from a lower individualistic culture place a higher emphasis on the service provider’s
friendliness and readiness when serving customers. On the contrary, those from a very
individualistic culture tend to maintain distance from the service provider and are more
concerned with service efficiency than relationship maintenance (Furrer et al., 2000).
Individuals in collectivist cultures emphasize building relationships and trust. Collectivist
customers are more susceptible to interpersonal and prestige (Lichtenstein et al., 1993) than
individualistic customers. Consequently, customers feel that e-banking is committed to
providing what they want and believe that e-banking has qualities of honesty and credibility
that will be more important in a collectivist culture. Stated formally:
H2e. The impact of trust on e-banking customer loyalty is stronger in cultures with
higher collectivism.
In a collectivist culture, individualistic people are always integrated into tightly united
groups (Harris et al., 1995) and are regarded as links in the social network. When social
networks and connections are at the core of a business, reputation becomes the most
important resource for e-banks. Customers rely on word-of-mouth communication because of
the high degree of contact between group members (Cho, 1999). Therefore, this study
speculates that in a collectivist culture, people rely more on collective evaluations and pay
more attention to the overall reputation of the e-bank with regard to the long-term choice of
e-banking. Stated formally:
H2f. The impact of bank reputation on e-banking customer loyalty is stronger in cultures
with higher collectivism.
Collectivist culture emphasizes relationships and social connections (Oyserman et al., 2002).
Individualist culture emphasizes the establishment of long-term commitment and loyalty
(Hofstede, 2010). While there are no empirical results on cultural differences in satisfaction-
loyalty relationships in the e-banking industry, one study found that, in Korea (a collectivist
country), bank customers do not openly complain about their unsatisfactory service and are
more tolerant of service providers, while in the United States (an individualist country) (Liu
and McClure, 2001) it is the opposite. For the low individualistic culture, emotional
measurement (satisfaction) is more effective than cognitive measurement (quality) (Smith and
Reynolds, 2009). Collectivism shows a greater degree of group behavior; therefore, they may
pay more attention to the emotional connection (satisfaction) with the bank in their long-term
relationship. Thus, this study hypothesizes that when customers in a low individualistic
CCSM culture are satisfied, they are more likely to stick with the e-banking provider. Stated
29,3 formally:
H2g. The impact of satisfaction on e-banking customer loyalty is stronger in cultures
with higher collectivism.
2.2.3 Masculinity/femininity. According to Hofstede (2010), “masculinity (MAS) implies that
society will be driven by competition, achievement, and success.” Families train their children
706 toward self-confidence, ambition, and competition in a masculine society (Hofstede and
Hofstede, 1991). A highly masculine culture is task-oriented, with a focus on completing
specified tasks swiftly and attaining goals. In a highly masculine society, when people evaluate
information technologies (such as electronic services), they prefer to focus on usefulness; that is,
whether the use of the technology system would improve their work (Lin, 2014, 2015). Perceived
usefulness was strongly correlated to achieving work goals and progress. In an e-service
context, the perceived usefulness of e-loyalty was found to be stronger among men than women
(Cyr et al., 2007). On the contrary, perceived ease of use also has a great impact on the speed and
efficiency of customers using e-banking and conforms to the masculinist’s pursuit of
completing tasks as quickly as possible. Srite and Karahanna (2006) believed that masculinity/
femininity affects the path between perceived ease of use and behavioral intention, and this
relationship is stronger for masculine people. Customers prefer to perform transactions in e-
banking because of their liquidity, which means that they are not bound by geographic location
or time when making payments. This benefit should appeal to people who work hard, are busy,
have a definite objective in mind, and typically support masculine work values (Lu et al., 2017a,
b). Therefore, we believe that the impact of perceived usefulness and perceived ease of use on
customer loyalty will be stronger in masculine cultures. Stated formally:
H3a. The impact of perceived usefulness on e-banking customer loyalty is stronger in
cultures with higher levels of masculinity.
H3b. The impact of perceived ease of perceived ease of use on e-banking customer loyalty
is stronger in cultures with higher levels of masculinity.
Femininity represents cooperation, humility, and quality of work and life (Hofstede, 2010).
Individuals from feminine cultures seek long-term connections with e-banking service
providers to save time and effort at a later stage and to improve their quality of life
(Schumann et al., 2010). Customers from feminine cultures place a premium on social
connections and relationship trust. Moreover, they are more willing to interact with e-banks
to obtain information clues and are more cautious about choosing e-banks worthy of long-
term trust. Cyr et al. (2005) found that men and women have significant differences in their
degree of trust in website information, and women have a lower degree of trust in website
information. Correspondingly, the perceived risk levels of women in the online environment
are also higher than those of men (Garbarino and Strahilevitz, 2004). The relationship
between trust and e-loyalty is more significant among customers from masculine cultures
than feminine cultures (Cyr et al., 2007). Stated formally:
H3c. The impact of trust on e-banking customer loyalty is stronger in cultures with
higher levels of feminism.
Feminine culture values the quality of life (Fontaine et al., 2002). Customers from feminine
culture have higher expectations for the perceived value of website services (Barry et al.,
2008). Currently, there is a lack of empirical research on perceived value and e-banking
customer loyalty in masculine and feminine cultures. Based on existing literature, we
speculate that people from feminine cultures will be more aware of the perceived value of
services, which are closely linked to their quality of life. Stated formally:
 H3d. The impact of perceived value on e-banking customer loyalty is stronger in cultures Customer
with higher levels of feminism. loyalty in
The service quality of e-banking is related to quality of life, which is an important aspect of national
the feminine culture. Customers from feminine culture believe that a higher level overall culture
service quality is valuable to them. On the contrary, achievement-oriented customers, who are
characterized by masculinity, apparently accept lower levels of all dimensions of perceived
service quality, considering it less valuable to them (Ladhari et al., 2011). For them, technical 707
quality is more important than the service quality. When customers feel valued, they remain
loyal to the business (Famiyeh et al., 2018). Hence, we expect the effect of service quality on
e-banking customer loyalty will be stronger in feminine culture. Stated formally:
H3e. The impact of service quality on e-banking customer loyalty is stronger in cultures
with higher levels of feminism.
Concomitantly, e-banking’s reputation for honesty and reliability is very important to
customers from feminine culture (Loureiro et al., 2014). Having confidence in the services
provided by the bank, feeling satisfied, feeling that the bank is committed to providing what
the customers need, and especially, the bank’s honest reputation are more crucial to a
feminine society than to a masculine society (Yeh et al., 2016). Dittmar (2005) reported that
when shopping, identity-related factors are more important for women than for men.
Therefore, women prefer social values and brand recognition than men. We believe that
feminine customers (compared to masculine customers) rely more on bank reputation
indicators to determine which banks deserve long-term commitment. Stated formally:
H3f. The impact of bank reputation on e-banking customer loyalty is stronger in cultures
with higher levels of feminism.
Contrarily, feminine cultures are more sensitive to emotional cues and empathy, and pay
greater attention to long-term relationships. Customers’ pleasure with the relationship and
transaction experience is reflected in the satisfaction variable, which is more closely tied to
the relevant features of feminine culture. However, there is a dearth of literature on this topic.
Garcıa Sanchis and Gil Saura (2005) found that satisfaction has a greater impact on loyalty in
feminine culture. Hence, we assume that the effect of satisfaction on e-banking customer
loyalty is stronger in feminine culture. Stated formally:
H3g. The impact of satisfaction on e-banking customer loyalty is stronger in cultures
with higher levels of feminism.
2.2.4 Uncertainty avoidance. Uncertainty avoidance (UAI) reflects the degree to which people
feel uncertain about events or threats of unconventional conditions in the society (De Mooij
and Hofstede, 2011). Uncertainty avoidance can actively moderate the association between
customers’ overall risk perception and the utilization of specific suppliers’ products
(Broderick, 2007) and can influence the process of trust formation (Kim et al., 2016). The trust
formation would reduce the perceived risk of bad opportunistic behavior of electronic
suppliers among online customers. This would further lessen the perception of social
complexity and transaction uncertainty (Luhmann, 1979). Furthermore, it is argued that the
loyalty of people from a high uncertainty avoidance culture is mainly determined by trust
(Ndubisi et al., 2012). In a high uncertainty avoidance culture, people tend to develop long-
term ties and maintain a high standard of loyalty when they trust the bank provider (Chae
et al., 2015). Therefore, this study hypothesizes that uncertainty avoidance will have a
favorable impact on the link between e-banking customer loyalty and trust. Stated formally:
H4a. The impact of trust on e-banking customer loyalty is stronger in cultures with
higher uncertainty avoidance.
CCSM The likelihood of a customer being loyal to e-banking also depends on how they evaluate the
29,3 utility of the service, the gain from bank products (perceived value), and the assured outcome.
To a certain extent, how the customer evaluates the cost of using e-banking and the value of
the transaction is directly related to their preference for uncertainty avoidance. High
uncertainty avoidance culture focuses on risk aversion, predictability, and strict control
systems. Some empirical studies have concluded that in a high uncertainty avoidance culture,
customers will perceive higher risk perceptions when purchasing online (Arshad and
708 Ibrahim, 2019; Sabiote et al., 2013), which has prompted consumers to pay more attention to
perceived value (Al Kailani and Kumar, 2011). Therefore, this study assumed that under a
high uncertainty avoidance culture, the impact of perceived value on customer loyalty will be
stronger. Stated formally:
H4b. The impact of perceived value on e-banking customer loyalty is stronger in cultures
with higher uncertainty avoidance.
Uncertainty avoidance affects the type and relative importance of information used in online
purchasing decisions (Reimann et al., 2008). Individuals from a high uncertainty avoidance
culture demand more and deeper information when selecting long-term loyal providers, and
they are expected to collect more information and conduct more site research (Kralisch et al.,
2005). According to Al-Smadi (2012), individuals from a high uncertainty avoidance culture
are more sensitive to the ease of use and usefulness of e-banking than those with a low
uncertainty avoidance culture. Technical factors associated with reduced uncertainty (such
as evaluating product usefulness and ease of use) are important determinants of loyalty in a
high uncertainty avoidance culture (Karahanna et al., 2013). In summary, this study assumed
that individuals from a high uncertainty avoidance culture will focus more on the perceived
usefulness and perceived ease of use of products. Stated formally:
H4c. The impact of perceived usefulness on e-banking customer loyalty is stronger in
cultures with higher uncertainty avoidance.
H4d. The impact of perceived ease of use e-banking customer loyalty is stronger in
cultures with higher uncertainty avoidance.
In a culture with strong uncertainty avoidance, all dimensions of service quality are
significant in reducing uncertainty (Aurigemma and Mattson, 2018). Customers from
countries with high uncertainty avoidance culture need more certainty regarding service
quality than those from countries with low uncertainty avoidance culture (Ahmadi et al.,
2021). They prefer to obtain more information while making judgments as this may alleviate
the negative emotions generated during the decision-making process (De La Hoz-Correa and
Mu~ noz-Leiva, 2019). Furthermore, they have higher expectations for all service quality
dimensions because they are more cautious and do not like unpleasant surprises. Therefore,
the key to maintaining customer loyalty in countries where uncertainty avoidance is
relatively high is to provide good electronic service quality. Stated formally:
H4e. The impact of service quality on e-banking customer loyalty is stronger in cultures
with higher uncertainty avoidance.
People from countries with higher uncertainty avoidance score tend to resist change and
avoid ambiguity (Hofstede, 1980, 2001). This shows that these people will rely more on
information clues, such as the reputation of the company, in forming their loyal behaviors.
The reduction in consumer-related uncertainty and ambiguity by reputation signals is more
obvious in a culture with high uncertainty avoidance. Bartikowski et al. (2011) and Osakwe
et al. (2020) empirically proved that uncertainty avoidance culture positively regulates
corporate reputation and loyalty. Thus, the impact of bank reputation may be stronger in a Customer
high uncertainty avoidance culture. Stated formally: loyalty in
H4f. The impact of bank reputation on e-banking customer loyalty is stronger in cultures national
with higher uncertainty avoidance. culture
The impact of satisfaction on loyalty may be stronger in a high uncertainty avoidance culture
than in a low uncertainty avoidance culture. When customers in a high uncertainty avoidance
culture are satisfied, they rely on existing and satisfactory alternatives instead of trying new 709
options (Djelassi et al., 2018). Furthermore, satisfied consumers are more likely to avoid
changing suppliers because of the risks involved in a high uncertainty avoidance society
(Zheng et al., 2011). Stated formally:
H4g. The impact of satisfaction on e-banking customer loyalty is stronger in cultures
with higher uncertainty avoidance.
All hypotheses are shown in Table 2.

3. Method design
3.1 Research method
Meta-analysis, first proposed by Glass in 1976, is a quantitative literature review method. It
integrates multiple empirical studies on the same research topic through statistical methods
and then generalizes them to draw relatively general conclusions. This study used the CMA
software (version 3.0) for meta-analysis. First, relevant documents were searched, relevant data
were collected and sorted for coding, and a research database was established. Second, through
a meta-analysis, the antecedents of e-banking customer loyalty were grouped into seven factors
(trust, bank reputation, perceived usefulness, perceived ease of use, service quality, perceived
value, and satisfaction). We then integrated and analyzed these relationships. Finally, the
moderating role of cultural factors was tested to explain the heterogeneity of the results.

3.2 Literature collection and screening

The literature search of this research was mainly through Web of Science (SCI/SSCI/A&HCI),
Springer LINK, JSTOR, Science Direct, EBSCO (ASP/BSP), Google Scholar, Emerald, CNKI,
and Wanfang. The keywords “electronic bank,” “online bank,” “Internet bank,” “mobile
bank,” and “customer loyalty” were searched in titles, abstracts, subject terms or keywords.
As of May 2021, 460 articles were collected. The literature selection criteria were as follows:
(1) the literature must be empirically researched; (2) the subject of the study must be

PDI IDV MAS UAI

TR - LY þþ   þþ
PV - LY þþ þþ  þþ
PU - LY  þþ þþ þþ
PEOU - LY  þþ þþ þþ
REP - LY þþ   þþ
SQ - LY þþ þþ  þþ
SA - LY þþ   þþ
Note(s): PDI - Power Distance, IDV - Individualism, MAS - Masculinity, UAI - Uncertainty avoidance; TR -
Trust, PV - Perceived value, PU - Perceived usefulness, PEOU - Perceived ease of use, REP - Reputation, SQ - Table 2.
Service quality, SA - Satisfaction, LY - Customer Loyalty Hypothesis
þ þ /  5 strong positive/negative relationship summary table
CCSM e-banking; and (3) the sample size, variable reliability, and correlation coefficients (or other
29,3 effect sizes that are convertible to correlation coefficients) between e-banking customer
loyalty and other variables must be mentioned; and (4) the research samples must be
independent. If different studies used the same sample, only one was included in the database
and if there was a sample overlap in different documents, only the study with the larger
sample size was included in the database.
710
3.3 Meta-analysis procedure
The first stage was data encoding. This study adopted the coding method of Lipsey and
Wilson (2001). First, two researchers independently coded documents in the database. The
coding content included the sample size and its characteristics, the measurement scale of each
variable, the correlation coefficient, and other effect sizes that could be converted into
correlation coefficients. Then, the coding results of the two researchers were checked
individually and the agreement was found to be 92%. All disagreements regarding the
content were discussed and agreed upon.
In the second stage, effect sizes were extracted and calculated. The correlation
coefficient, direction, and sample size of literature reports were extracted and convertible
indicators, such as regression coefficients, were converted into correlation coefficients for
documents that did not report correlation coefficients (Peterson and Brown, 2005).
Subsequently, the correlation coefficients were converted to Fisher’s Z scores using the
Fisher’s Z conversion formula. The standard deviation was then transformed into a
standard error and the inverse of the squared standard error was used as a weight to the
Fisher’s Z-score. Finally, the final effect sizes of this study were obtained using the
inverse Fisher’s Z conversion formula.
In the third stage, publication bias analysis and heterogeneity test were performed. To
avoid publication bias, this study adopted a fail-safe number Pto test the research sample. The
fail-safe number at the 95% significance level ðNfs;o:05 ¼ ð Z =1:645Þ2 − kÞ (k is the number
of studies), to estimate the number of sample documents with non-significant results, is
needed to reverse the results. The critical value of the fail-safe number was set at Nfs;o:05 >
(5kþ10). If the critical value is not exceeded, the results are considered reliable. To determine
whether to use a fixed-effect model or a random-effect model (Erez et al., 1996), this study used
the Q value and the heterogeneity test where the Q value reflects the degree of difference
between the effect sizes: Q > k1 indicates that there is heterogeneity, and the I2 reflects the
proportion of heterogeneity in the total variation of effect size. I2 > 50% indicates that there is
great heterogeneity.
The fourth stage was effect size synthesis. This study used the following effect size
synthesis formula (Hunter & Schmidt, 2004):
P
r x yi
r xy ¼ qffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiqiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffiffi
ffi
n þ nðn  1Þr x i x j m þ mðn  1Þr y i y j
P
rxi yi represents the sum of the correlation coefficients between the X and Y variable factors.
r xi xj represents the average correlation coefficient between X variable factors. r yi yj represents
the average correlation coefficient between the Y variable factors. n represents the number of
X variable factors. And m represents the number of Y variable factors. Using this formula, we
calculated the effect size for each study.
In the fifth stage, we analyzed the moderating effect. Hofstede’s four cultural dimensions
were used as moderating variables to test the research model. This study used national
income per capita (GNI per capita), gross domestic product per capita (GDP per capita)
growth, and average GDP growth from 2010 to 2019 (https://data.worldbank.org.cn/) as Customer
economic control indicators. These economic variables were substantially associated with loyalty in
cultural characteristics in previous studies (Hofstede, 2001; Malhotra et al., 2020). Although
Hofstede’s cultural indicators do not specifically measure Taiwan, Hong Kong’s geographical
national
location and cultural customs are similar to those of Taiwan. Hence, we referred to Fischer culture
and Mansell (2009) research, using the data from Hong Kong in Hofstede’s cultural research,
to measure the cultural situation of Taiwan. In addition, we controlled the number of items,
the number of answer options (Cortina, 1993), and the year of publication to control for the 711
effects of time.

4. Results
4.1 Publication bias
This study carried out a publication bias analysis using CMA 3.0. The results are presented in
Table 3. As shown by the fail-safe number in Table 3, the indicators satisfy the criterion of
greater than the critical value of 5K þ 10, indicating that the sample is representative and
there is no publication bias.

4.2 Heterogeneity test

The heterogeneity test is used to determine whether multiple independent studies are
heterogeneous and whether there are moderating variables in the relationships between
each antecedent and e-banking customer loyalty. Through the Q test of CMA (see
Table 3), it was evident that the Q test results of all variables are significant (p ≤ 0.001)
and I2 > 50%, indicating that the differences in the results are not only due to sampling
errors but also some other research characteristics. Therefore, the random-effect model
was selected for the meta-analysis. It was observed that trust (r 5 0.467), perceived value
(r 5 0.567), perceived usefulness (r 5 0.582), perceived ease of use (r 5 0.502), bank
reputation (r 5 0.484), service quality (r 5 0.404), and satisfaction (r 5 0.671) have a
significant impact on e-banking customer loyalty, and the relationship strength is very
strong (see Table 4). Further analysis of each study variable was conducted to identify the
moderating variables.

4.3 The moderating effect of national culture

To test the hypotheses, a meta-regression analysis was conducted using CMA 3.0. The results
are presented in Table 5.
H1 focused on the moderating effect of power distance. These results indicated that H1b,
H1d, and H1f are supported. Power distance has a significant positive moderating effect on
the impact of perceived value on customer loyalty (r 5 0.0257, p < 0.05). Power distance has a

Heterogeneity test
Antecedents K N Q value p Value I2 Fail-safe N

Trust (TR) 17 9,285 584.463 0.000 97.262 9,030

Perceived value (PV) 9 4,418 440.447 0.000 98.184 4,323
Perceived usefulness (PU) 15 5,419 327.571 0.000 95.726 9,480
Perceived ease of use (PEOU) 12 4,303 300.574 0.000 96.340 3,294
Bank reputation (REP) 9 3,488 500.981 0.000 98.403 2,670 Table 3.
Service quality (SQ) 11 4,343 216.888 0.000 95.389 2,204 Heterogeneity test
Satisfaction (SA) 32 13,732 1067.333 0.000 97.096 5,326 results
CCSM 95% CI
29,3 Lower Upper
Antecedents Model K N r limit limit Z value p Value

Trust (TR) Random 17 9,285 0.467 0.362 0.560 7.801 0.000

Perceived value (PV) Random 9 4,418 0.567 0.398 0.698 5.703 0.000
Perceived usefulness (PU) Random 15 5,419 0.582 0.490 0.662 10.004 0.000
712 Perceived ease of use Random 12 4,303 0.467 0.335 0.582 6.277 0.000
(PEOU)
Table 4. Bank reputation (REP) Random 9 3,488 0.484 0.295 0.637 4.606 0.000
Direct relationships: Service quality (SQ) Random 11 4,343 0.404 0.280 0.515 5.948 0.000
antecedents Satisfaction (SA) Random 32 13,732 0.670 0.611 0.722 15.876 0.000

significant negative moderating effect on the impact of perceived usefulness on customer

loyalty (r 5 0.0092, p < 0.01). Power distance has a significant positive moderating effect on
the impact of service quality on customer loyalty (r 5 0.0204, p < 0.001). The moderating
effect of national culture on the impact of trust on customer loyalty; perceived ease of use on
customer loyalty; reputation on customer loyalty; and satisfaction on customer loyalty, is not
significant. H1a, H1c, H1e, and H1g are not supported.
H2 focused on the moderating role of individualism/collectivism. The results
indicated that H2a, H2c, H2d, H2e, and H2f are supported. Individualism/collectivism
has a significant negative moderating effect on the impact of trust on customer
loyalty (r 5 0.0080, p < 0.001). Individualism/collectivism has a significant positive
moderating effect on the impact of perceived value on customer loyalty (r 5 0.0843,
p < 0.05). Individualism/collectivism has a significant moderating effect on the impact
of perceived ease of use on customer loyalty (r 5 0.0196, p < 0.01). Individualism/
collectivism has a significant negative moderating effect on the impact of reputation
on customer loyalty (r 5 0.0160, p < 0.05). Individualism/collectivism has a
significant positive moderating effect on the impact of service quality on customer
loyalty (r 5 0.0431, p < 0.001). The moderating effect of national culture on the
impact of PU on customer loyalty and satisfaction on customer loyalty is not
significant. H2b and H2g are not supported.
H3 focused on the moderating role of masculinity/femininity. The result showed that H3a,
H3b, H3d, H3e, and H3f are supported. Masculinity/femininity has a significant negative
moderating effect on the impact of perceived value on customer loyalty (r 5 0.3049,
p < 0.05). Masculinity/femininity has a significant positive moderating effect on the impact of
perceived usefulness on customer loyalty (r 5 0.0123, p < 0.05). Masculinity/femininity has a
significant positive moderating effect on the impact of perceived ease of use on customer
loyalty (r 5 0.1242, p < 0.001). Masculinity/femininity has a significant negative moderating
effect on the impact of reputation on customer loyalty (r 5 0.1035, p < 0.05). Masculinity/
femininity has a significant negative moderating effect on the impact of service quality on
customer loyalty (r 5 0.1359, p < 0.001). National culture has no significant moderating
effect on the impact of trust on customer loyalty and satisfaction on customer loyalty. H3c
and H3g are not supported.
H4 focused on uncertainty avoidance as a moderator. The results indicated that H4a, H4b,
H4e, H4f, and H4g are supported. Uncertainty avoidance has a significant positive
moderating effect on the impact of trust on customer loyalty (r 5 0.0174, p < 0.01).
Uncertainty avoidance has a significant negative moderating effect on the impact of
perceived value on customer loyalty (r 5 0.0271, p < 0.05), a significant positive moderating
effect on the impact of reputation on customer loyalty (r 5 0.0279, p < 0.05), and a significant
negative moderating effect on the impact of service quality on customer loyalty (r 5 0.0856,
 PDI IND MAS UAI
Relationships K N Model Coef Std error Coef Std error Coef Std error Coef Std error

TR - CL 17 9,285 Random 0.0076 0.0055 0.0080*** 0.0026 0.0019 0.0080 0.0174** 0.0074
PV - CL 9 4,418 Random 0.0257* 0.0120 0.0843* 0.0394 0.3049* 0.1425 0.0271* 0.0127
PU - CL 15 5,419 Random 0.0092** 0.0030 0.0051 0.0030 0.0123* 0.0062 0.0034 0.0042
PEOU - CL 12 4,303 Random 0.0136 0.0080 0.0196** 0.0361 0.171* 0.0292 0.0281 0.0200
REP - CL 9 3,488 Random 0.0128 0.0110 0.0160* 0.0074 0.1035* 0.0461 0.0279* 0.0124
SQ - CL 11 4,343 Random 0.0204*** 0.0056 0.0431*** 0.0119 0.1359*** 0.0375 0.0856*** 0.0236
SA - CL 32 13,732 Random 0.0031 0.0046 0.0053 0.0037 0.0038 0.0037 0.0025 0.0043
Note(s): PDI 5 Power Distance, IDV 5 Individualism, MAS 5 Masculinity, UAI 5 Uncertainty avoidance; TR 5 Trust, PV 5 Perceived value, PU 5 Perceived
usefulness, PEOU 5 Perceived ease of use, REP 5 Reputation, SQ 5 Service quality, SA 5 Satisfaction, LY 5 Customer Loyalty. *denotes p < 0.05, **denotes <0.01,
***denotes p < 0.001
Customer
national

713
culture
loyalty in

Moderation effect
Table 5.

results
CCSM p < 0.001). The moderating effect of national culture on the impact of perceived usefulness on
29,3 customer loyalty, perceived ease of use on customer loyalty, and satisfaction on customer
loyalty is not significant. H4c, H4d and H4g are not supported.

5. Discussion
Our findings show that national cultures moderate the relationship between e-banking
714 customer loyalty and its antecedents (trust, perceived value, perceived usefulness,
perceived ease of use, bank reputation, service quality, and satisfaction). Previous studies
have found that different cultures, such as power distance, individualism, and uncertainty
avoidance, can influence e-banking customer behavioral intentions. For example, based
on surveys in Portugal and Austria, Loureiro et al. (2014) found that collectivism and
femininity moderate the association between corporate e-banking reputation and usage
intentions. Using data from Argentina and Spain, Gracia et al. (2015) found that
individualism and masculinity moderate the relationship between service quality and
satisfaction with satisfaction, including e-loyalty intention. Our findings expand on these
findings and contribute to the existing literature. First, our study examines the impact of
four cultural dimensions. Through this, we explored culture’s moderating impact on the
relationship between e-banking customer loyalty and its antecedents. Second, we
employed meta-analytic techniques in this study, which differs from previous research
using survey methods. This allowed us to use an international dataset to detect the
moderating effect of cultural values on e-banking customer loyalty and its antecedents,
with higher statistical validity.
Based on Hofstede’s cultural dimensions, this study revealed that national cultures
indeed moderate the relationships between e-customer loyalty and its antecedents. Our
results support the notion that the relative importance of e-banking customer loyalty
antecedents varies across cultures, although some specific relationships were found to be
insignificant. In the e-banking context, customers in individualistic cultures place more
importance on perceived ease of use, whereas customers in collectivist cultures value
trust and service quality more. However, in the literature on offline settings (Donthu and
Yoo, 1998; Furrer et al., 2000), it is reported that service quality is an important reference
factor for customers in individualistic cultures. This could be because customer risk is
increased in an electronic environment. To resist the uncertainty caused by network
security, collectivist customers have come to value the quality factors of e-banking
services more than ever before. Customers in masculine cultures care more about
perceived usefulness and perceived ease of use, whereas customers in feminine cultures
are more concerned with reputation, perceived value, and service quality. These results
are consistent with the masculine cultural traits of pursuing achievement, performance,
and efficiency, and feminine cultural characteristics that value social connections and
quality of life (Hofstede, 2010). Customers from high-power-distance cultures are more
concerned with perceived value and service quality, while customers in low-power-
distance cultures value perceived usefulness more. This finding confirms our
assumptions. Moreover, customers from cultures with high uncertainty avoidance tend
to value trust and reputation above all. This is in line with the cultural nature of high
uncertainty avoidance societies, which value durability, persistence, and solidarity
(Hwang and Lee, 2012). The significant impact of culture on reputation and e-banking
customer loyalty is consistent with signal theory (Erdem et al., 2006). Surprisingly, in
cultures with low uncertainty avoidance, service quality and perceived value play a
significant role in e-banking customer loyalty, contradicting the findings of previous
studies (Parasuraman et al., 1990; Reimann et al., 2008). Furthermore, the impact of
satisfaction on e-banking customer loyalty is not significantly different across cultures,
which is inconsistent with previous research in other industries in the electronic Customer
environment (Smith and Reynolds, 2009; Jin et al., 2008). This may be because satisfaction loyalty in
is an important prerequisite for e-banking customer loyalty among all groups, regardless
of cultural background.
national
These results confirm that people’s consumption habits and purchasing culture
preferences have strong cultural embeddedness (Schneider and Barsoux, 2003).
Most products and services need to be localized to promote easy acceptance by
customers. People’s acceptance of products and services from other countries depends 715
on the compatibility of the products and services with their own values and ideas.
Firms must infuse their products and services with qualities that not only meet the
functional needs of consumers but also reflect their underlying cultural value
preferences. It is of vital importance to highlight, through meaningful marketing, that
a product/service can benefit consumers’ lives, thereby evoking a sense of empathy
between consumers and the particular product/service. Customer psychology and
preferences determined by cultural factors should be the basis of product marketing
and promotion strategies. Product and promotion strategies in international marketing
are often linked. These strategies should impress and attract consumers to different
markets by emphasizing specific aspects of a product’s function. When firms respond
to the specific needs of the local culture, they are more likely to build strong bonds
with customers (Craig and Douglas, 2006).

6. Implications
6.1 Theoretical implications
This study provides the following theoretical contributions.
First, it is the first study to analyze the antecedents of e-banking customer loyalty using a
meta-analytic approach. This study synthesizes the empirical literature on e-banking
customer loyalty from the past 10 years and enriches relevant theoretical studies in the field
of e-banking customer marketing.
Second, this study expands upon previous scholarly research (Javalgi et al., 2011;
Søderberg and Holden, 2002). A major focus of future global marketing strategy is to
distinguish between cultural factors and develop related product-market integration for
different configurations of culture based on Hofstede’s dimensions (Palumbo and Herbig,
2000). The expanding number of people who use the Internet to get information and buy
services has necessitated a better understanding of global consumer behavior. More
importantly, marketers must understand the roles that power distance, individualism/
collectivism, masculinity/feminism, and uncertainty avoidance play in consumer
interactions with e-banking. This study analyzes the formation of e-banking customer
loyalty and its seven antecedents. The study also establishes the moderating effects of
Hofstede’s cultural dimensions and identifies which have the greatest impact on e-
banking customer loyalty. Our results will help to solve the difficulty of precise e-banking
marketing; that is, the results can be used to create focused marketing plans targeting
certain types of consumers. In sum, the results shed light on the relationship between
cultural dimensions and customer preferences and should help to guide precision
marketing strategies for e-banks.
Third, this study is the first to understand e-banking customer loyalty from the
perspective of national culture. It is of vital importance to understand the impact of national
culture, specifically because evidence suggests that national culture is the basis for consumer
desires and behaviors. This study analyzes the effect of national culture on the relationship
between e-banking customer loyalty and its antecedents, while previous studies (e.g. Gracia
et al., 2015; Loureiro, 2013) failed to examine this aspect due to data limitations. This study
CCSM can help stakeholders better comprehend the impact of cultural differences on e-banking
29,3 commercial practices and better understand customer behaviors in different cultures. The
findings reveal e-banking preferences across different cultural groups. We believe the
findings can help improve the cross-cultural management of e-banks with a global strategic
intent.

716 6.2 Managerial implications

One of the primary takeaways from this research is the importance of understanding national
culture before attempting to cultivate e-banking customer loyalty overseas. E-banking
providers need to offer properly adapted online platforms to attract customers from different
countries. This study will help e-banking providers understand how to tailor services to
customers of different nationalities and to match website features and services to the specific
requirements of each target culture.
For customers in a culture with a high power distance, e-banking should focus on
customers’ perceived value pre-purchase, during purchase, and post–purchase.
Considering their higher service expectations, they need to be offered more favorable
service treatment in order to form a loyal connection. This is because perceived value and
service quality are the factors most valued by customers with this cultural trait. When e-
banking is marketing to customers in a culture with low power distance, it is necessary
to emphasize the characteristics and advantages of the e-banking products offered. Only
by continuously improving product technology and user experience can e-banking
products attract long-time loyal use. Customers in low power distance cultures may be
freer to express their ideas and would prefer informal relationships with e-banks, which
can affect their loyalty.
For individualistic customers, highlighting the utilitarian value of e-banking products,
including their functionality, accessibility of information, and ease of sorting and
navigation, is the most efficient option for convincing customers to choose those
products. For customers from a collectivist culture, the findings suggest that e-banking
providers treat these customers with respect and care and offer personal attention.
Maintaining a friendly relationship with customers can not only improve the reputation
of e-banking in the society, but it can also improve customers’ tolerance for the defects of
banking products.
To maintain the loyalty of customers in a masculine culture, we should pay attention to
their specific e-banking needs to help them efficiently achieve their tasks and goals; e-banks
should also work to continuously improve the efficiency of their e-banking systems and
service processes. For customers from a feminine culture, e-banking needs to build an honest
and reliable bank image and enhance the brand’s social recognition. This is because these
customers place a higher value on brand recognition.
Cultures characterized by uncertainty aversion are associated with the evaluation of risk
(Keh and Sun, 2008). In the online transaction environment of electronic banking, customer
trust is related to issues such as privacy. In a culture with high uncertainty avoidance,
e-banking should pay special attention to the protection of the various types of data collected
by users in the process of interacting with online systems to appease customers’ fears
regarding information security. People from cultures that have low uncertainty aversion are
more risk-tolerant, more willing to try new things, and more open to e-banking innovations.
Therefore, e-banking can more actively provide such groups with creative services to
improve the service experience.
Having a better understanding of what motivates consumers to be loyal within each
culture can help e-banks create more valuable products and conduct more effective marketing
campaigns. This study is of great significance for managers of global e-banking services in
terms of creating an ideal e-banking service environment for specific countries and cultural Customer
groups, as it emphasizes the importance of cultural awareness in understanding and loyalty in
retaining customers for a long term (Pick and Eisend, 2014). The globalization of business and
interdependence of the world’s economies, as well as the widespread use of e-banking during
national
the COVID-19 pandemic, reflect the increased importance and challenge of international culture
marketing and cross-cultural research. Organizations must increasingly consider the cultural
differences between domestic and international markets to develop and deploy successful
international marketing strategies. 717
The findings of this study are relevant to e-banking service providers operating both
internationally and domestically. In this context, we suggest the following.
First, deal with cultural differences. People from different countries display different
cultural characteristics in terms of their e-banking customer loyalty behavior. E-banks
should recognize the value of their current customers and modify their products to better
meet their loyal customers’ needs (Palumbo and Herbig, 2000). They should develop
products and promotional strategies that reflect the specific needs of the local culture.
Second, based on mutual understanding and respect, e-banking systems should integrate
local culture. It is of vital importance to subdivide markets into more homogeneous
market segments based on people’s perceptions of e-banking customer loyalty.
Appropriate adjustments have to made to online e-banking systems to reflect cultural
preferences. Different aspects of products and functions have to be promoted in different
markets. Last, e-banks must improve cultural adaptability and sensitivity. International
marketing managers must hire and train salespeople according to the cultural values and
norms of their clients. Employees should be provided with carefully planned cross-
cultural training to cope with overseas competition. The expected goal is for employees to
learn information and skills to accurately identify customer needs in target markets,
improve communication with host country personnel, and avoid misunderstandings and
inappropriate behavior.

7. Limitations and future research

Although the present study sheds light on the important influence of national culture on
cultivating e-banking customer loyalty, it also has limitations. First, this study only searched
databases in Chinese and English. Moreover, the relatively small sample size of the minority
conditioning subgroups in our meta-analysis may have introduced second-order sampling
errors to some of our results. Therefore, we encourage readers to exercise caution when
interpreting results based on small samples. Second, this study excluded some countries or
regions where the data needed for the meta-analysis were not directly available. We
encourage future scholars to conduct further research using data from more countries. Third,
we investigated cultural values at the country level. This study’s main limitation is that the
measurement of the cultural dimension of each country is carried out in the form of scores.
Using a single score to represent a country’s cultural values is one-sided. After all, not
everyone in a country shares the same cultural values. This study’s results are only
applicable to the analysis between countries. Therefore, we encourage future research at both
the national and individual levels. In addition, we suggest future studies examine the role of
national culture from multiple perspectives. Fourth, this study only considered the role of
cross-cultural moderating effects. Our analysis indicates that variables such as economic
factors may be theoretically important and relevant in the relationships between customer
loyalty and its antecedents. However, their empirical investigation is insufficient in the e-
banking environment. Future research could include other cultural or contextual
characteristics of a country and explore the mediating and moderating variables affecting
e-banking customer loyalty (see Table 6).
CCSM Study Country/Region Sample size
29,3
Kingshott et al. (2018) Australia 336
Floh and Treiblmaier (2006) Austria 2,253
Cyr et al. (2007) Canada 185
Alonso-Dos-Santos et al. (2020) Chile 281
Chen (2020) China 286
718 Dai and Zheng (2013) China 268
He (2020) China 287
Hu (2015) China 547
Li (2014) China 397
Li (2017) China 385
Nie (2016) China 265
Sun (2010) China 387
Lei and Gao (2012) China 394
Zhang (2014) China 200
Zhao (2009) China 416
Zhou (2011) China 437
Zhou (2014) China 226
Shankar and Jebarajakirthy (2019) India 1028
Sindwani and Goel (2016) India 414
Mohammadi (2014) Iran 200
Ghane et al. (2011) Iran 835
Kang et al. (2012) Korea South 370
Foroughi et al. (2019) Malaysia 369
Yee and Faziharudean (2010) Malaysia 350
Ariff et al. (2014) Malaysia 265
Butt and Aftab (2013) Malaysia 292
Rahi and Ghani (2016) Malaysia 437
Wong et al. (2014) Malaysia 395
Ribbink et al. (2004) Netherlands 350
Rullis and Sloka (2011) New Zealand 203
Haq and Awan (2020) Pakistan 274
Loureiro (2013) Portugal 407
Dhurup et al. (2014) South Africa 180
Ncube (2020) South Africa 344
Chu et al. (2012) Taiwan 442
Tsai et al. (2014) Taiwan 304
Deng (2015) Taiwan 355
Poromatikul et al. (2019) Thailand 399
Table 6. Al-Ghamdi (2012) UK 336
Study involved in the Mbama and Ezepue (2018) UK 680
meta-analysis Vedadi and Warkentin (2016) USA 256

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Corresponding author
728 Guichuan Zhou can be contacted at: zhouguichuan@scu.edu.cn

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