Article

Online Banking and Customer Asia-Pacific Journal of Management

Research and Innovation

Satisfaction: Evidence from India

15(1–2) 68–80, 2019
© 2019 Asia-Pacific
Institute of Management
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DOI: 10.1177/2319510X19849730
A. Meharaj Banu1 journals.sagepub.com/home/abr

N. Shaik Mohamed2
Satyanarayana Parayitam3

Abstract
On the basis of technology acceptance model (TAM) and decomposed theory of planned behaviour (DTPB), the present study is aimed
at studying customer satisfaction in online banking in India. Data collected from 750 respondents from both public and private sector
banks were used to test the mediated model using the hierarchical regression. The results supported that perceived usefulness acted
as a partial mediator in the relationship between various independent variables, such as awareness of online banking services, security,
knowledge of Internet, self-efficacy, intention to adopt, trust, easy to use, and dependent variable, that is, customer satisfaction.
Implications for research and practising managers are discussed.

Keywords:
Online banking, customer satisfaction, perceived usefulness, TAM

Introduction Literature Review and Objectives

Online banking is one of the e-banking services relatively a
new channel and is an umbrella term for the process by
which a customer may perform banking transactions
electronically without visiting a brick-and-mortar institution
(Compeau & Higgins, 1995; Shah & Clarke, 2009). The
fast-paced technology has affected almost all industries
including banking industry. Banking environment has
undergone tremendous changes due to the infusion of
innovative practices like Internet banking throughout the
world, and India is no exception to this. Globalisation of
Indian economy during the 1990s has also contributed to
Internet banking. To implement various recommendations
forwarded by the committees in connection with the banking
reforms, the Indian government emphasised the need for
implementing the online banking in the banking sector
(Srivastava, 2007).
of the Study
The studies on Internet banking were conducted in
many countries: Australia (Herington & Weaven , 2007;
Joseph, McClure, & Joseph, 1999; Sathye, 1997), Taiwan
(Chen, 1999), the UK (Boyes & Stone, 2003; Jayawardhena
& Foley, 2000), Malaysia (Mohan et al., 2013), Turkey
(Polatoglu & Ekin, 2001), Italy (Hasan, Maccario, &
Zazzara, 2002), Finland (Karjaluoto, Mattila, & Pento,
2002), Singapore (Liao & Cheung, 2002), Thailand
(Prompattanapakdee, 2009), Malacca (Ling, Lim, Tan, &
Huat, 2016) and Korea (Suh & Han, 2002). Prom-
pattanapakdee (2009, p. 3) has summarised the research
studies on Internet banking conducted in several countries.
The present study is aimed at focussing on relationship
between influencing factors and customer satisfaction in
online banking in India.

1 Department of Commerce, Srimad Andavan Arts and Science College, Tiruchirappalli, Tamil Nadu, India.
2 Department of Commerce, AIMAN College of Arts & Science for Women, Tiruchirappalli, Tamil Nadu, India.
3 Department of Management and Marketing, Charlton College of Business, University of Massachusetts Dartmouth, Dartmouth, Massachusetts, USA.

Corresponding author:
Satyanarayana Parayitam, Department of Management and Marketing, Charlton College of Business, University of Massachusetts Dartmouth, Dartmouth,
MA 02747, USA.
E-mail: sparayitam@umassd.edu
Banu et al. 69
The need for deploying Internet banking in India has
been very strong, considering that (a) a significant
proportion of the urban population in India today is
employed in the information technology industry and so
they have easy access to the Internet and (b) there is a huge
expatriate Indian workforce engaged in various professional
pursuits around the world (Kannabiran & Narayan, 2005).
Most of the banks in India have introduced customer-
friendly online banking facility with advanced security
features to protect customers against cybercrime. Almost
57 per cent of Indian respondents using the Internet prefer
banking online and use other financial services due to
hassle-free easy access and time-saving feature of online
banking (Malhotra & Singh, 2009). At the same time,
online banking exposed customers to unforeseen frauds.
Reserve Bank of India (RBI) has suggested that banks
introduce two-stage authentication to ensure security of
transactions.
Online banking is mainly designed by both private and
public sector banks to achieve two objectives. The first
objective is to increase convenience of the customers
by fulfilling the customers’ requirements such as online
viewing of account details, statement information, payment
of bills online, money transfer, applying for accounts and
e-clearance such as rent, loan payment and so on. The
second objective is to reduce cost of operation. The present
study is aimed at studying the total customer satisfaction
with online banking. Though customer satisfaction is
multidimensional (Bharadwaj & Mitra, 2016; Kumar,
2016) and has been widely studied in various contexts, the
available literature is very scant about customer satisfaction
in online banking, especially in India (Patel & Pithadia,
2013; Sureshchandar, Rajendran, & Anantharaman, 2002).
This study aims at examining the factors that may
influence users to adopt Internet banking. The impact
of awareness of service, security, knowledge and quality
of Internet connection, cost and time savings, keenness
to change, perceived usefulness, perceived ease of use, per-
ceived enjoyment, trust, customer attitude towards using
computer and adoption intention are sought to determine
the level of users’ acceptance and customer satisfaction
towards Internet banking. For instance, if the security,
perceived usefulness and trust on banks website are high,
then customer satisfaction will also be high. Online banking
has numerous advantages, and at the same time, certain
limitations, such as phishing, identity theft, and so on,
which keep away customers to use Internet banking
service.
Theoretical Background
Hypotheses Development
There are several models in the literature on innovation
that predict the user’s intention and actual adoption of
different innovations. Online banking is an innovation, and
some of the models are technology acceptance model
(TAM) of Davis (1986), theory of reasoned action (TRA)
and theory of planned behaviour (TPB). Of all, TAM is
superior (Chau & Hu, 2002). In addition, the decomposed
theory of planned behaviour (DTPB) (Taylor & Todd,
1995) is also relevant to the present study.
TAM is one of the most influential extensions of Ajzen
and Fishbein’s TRA. It was developed by Fred Davis
and Richard Bagozzi (Bagozzi, Davis, & Warshaw, 1992;
Davis, 1989). TAM replaces many of TRA’s attitude
measures with the two technology acceptance measures,
that is, ease of use and usefulness. The TAM is an infor-
mation systems theory that models how users come to
accept and use a technology.
According to the TAM, ‘perceived ease of use’ and
‘perceived usefulness’ constructs are believed to be
fundamental in determining the acceptance and use of
various IT. Using the TAM as a theoretical framework, this
study introduces ‘perceived credibility’ as a new factor that
reflects the user’s security and privacy concerns in the
acceptance of Internet banking. It also examines the effect
of computer self-efficacy on the intention to use Internet
banking. In one study by Wang, Wang, Lin, & Tang (2003),
based on a sample of 123 users from a telephonic interview,
the results support the extended TAM in predicting the
intention of users to adopt Internet banking. It also demo-
nstrates the significant effect of computer self-efficacy on
behavioural intention through perceived ease of use,
perceived usefulness and perceived credibility.
Another theoretical foundation for the present study is
provided by DTPB. Taylor and Todd (1995) decomposed
the attitude, subjective norms and perceived behavioural
control in the TPB and proposed the DTPB. The DTPB
incorporates the attitude dimensions from TAM, like
perceived usefulness and perceived ease of use, and the
behavioural dimensions from TPB (Ajzen, 1991), subjec-
tive norm (i.e., social influence) and perceived behavioural
control by decomposing them into more specific salient
belief dimensions, for example, peer influence, supervisor’s
influence, self-efficacy, resource-facilitating and technology-
facilitating conditions. Available empirical evidence sug-
gests that relative usefulness, perceived risk, computer
efficacy and image had a significant impact on the con-
tinued usage of Internet banking (Botelho, 2007; Lu, Lai,
& Cheng, 2006).
Awareness of service. Awareness of service is the
customer awareness level of the Internet banking services
provided by banks. The level of awareness is influenced by
the amount of information received by the customer
(Al-Shomali, Gholami, & Clegg, 2008). If banks can create
user-friendly websites providing the kind of security
customers’ demand, the idea of online banking could be
profitable for them (Smith, 2006). When customers are
aware that banks provide online banking service, they tend
to use the online banking and they see its usefulness in
several ways such as convenience, time, cost and money.
70 Asia-Pacific Journal of Management Research and Innovation 15(1–2)
Based on the above, we hypothesise:
H1: 
Awareness of service is positively related to
perceived usefulness of online banking.
Security. Level of security offered by Internet banking
services plays an important role in perceived use, especially
because of cybercrimes these days. Without adequate level
of security, the use of Internet banking will become risky
(Lu et al., 2006; Masrek, Syafiq, Halim, Khan, & Ramli,
2018). Security comprises three dimensions: reliability,
safety and privacy (Polatoglu & Ekin, 2001). The higher
the assurance level of security provided by the Internet
banking service providers, the greater the benefits that can
be received by customers. Research supports the view that
convenience and security in Internet banking are positively
related to customer satisfaction (Vij, 2003). To avoid the
risk of cybercrimes, banks are introducing biometric
technologies (e.g., fingerprint and facial recognition) to
enhance security. Biometric customer applications in bank
branches focus on transaction authentication. Transaction
in the bank branch could be authorised by the customer
with a biometric characteristic. Banks were conservative
and risk averse in their approach to new technologies,
the increasing standardisation, growing experiences with
biometrics in other application fields like electronic ID
documents and the growing damage caused by ID theft
and other fraud would facilitate the widespread use of
biometrics in banking. Biometric technology helped to
prevent identity fraud in banking in future as well as it
helped to maintain the banking customer’s trust (Koltzsch,
2006). Security also involves maintaining confidentiality
and integrity in the customers’ accounts. When customers
see security, they perceive usefulness of Internet banking
(Chiemeke, Evwiekpaefe, & Chete, 2006). Based on the
above, we hypothesise the following:
H2: Security is positively related to perceived usefulness
of online banking.
Knowledge and quality of Internet connection. Quality
of Internet connection is the level of connection quality
used to access Internet banking by customers. Without an
adequate Internet connection, the use of Internet banking
is not possible to do, especially for features that have
special requirements, so this will have an impact on
customers who have difficulty in accessing Internet
banking (Al-Shomali et al., 2008). Most important factors
discouraging the use of Internet banking include (i) lack
of Internet access, (ii) unsafe environment for Internet
banking, and (iii) inability to access account (Talukder,
2018; Vij, 2003). Based on the above, we hypothesise the
following:
H3: Knowledge and quality of Internet are positively
related to perceived usefulness of online banking.
Self-Efficacy: Computer self-efficacy is an individual’s
ability to use computers. A customer who often uses com-
puters, especially Internet, will feel easy to adjust to Internet
banking services (Wang, et al., 2003). Hill, Smith, and Mann
(1986) found that self-efficacy predicts intentions to use a
wide range of technologically advanced products. Thus, an
individual who is confident in having the skills in using the
computer and the Internet is more inclined to adopt Internet
banking. Computer self-efficacy was found to exert a sig-
nificant influence on individuals’ expectations of the
outcomes of using computers, their emotional reactions to
computers as well as their actual computer use. An individu-
al’s self-efficacy and outcome expectations were found to be
positively influenced by the encouragement of others in their
work group as well as others’ use of computers. Thus, self-
efficacy is represented as an important individual trait which
moderates organisational influences on an individual’s deci-
sion to use computers (Compeau & Higgins, 1995). In one
study, it was found that both subjective norm and computer
self-efficacy indirectly played significant roles in influenc-
ing the intention to adopt Internet banking. Perceived ease of
use had a significantly indirect effect on intention to adopt/
use through perceived usefulness, while its direct effect on
intention to adopt was not significant (Chan & Lu, 2004).
Based on the above, we hypothesise the following:
H4: 
Self-efficacy is positively related to perceived
usefulness of online banking.
Time and cost saving: The adoption of innovation
largely depends on the cost of innovation. Research
supports that high costs associated with innovation are
negatively related to the adoption intention and vice versa
(Tornatzky & Klein, 1982). For example, in one study, it
was found that cost of mobile network negatively impacted
the adoption intentions of users (Shin, 2010). Similarly, the
recent computerised reservation has been adopted due to
the low cost. Robinson (2000) believed that the supply of
Internet banking services enables banks to establish and
extend their relationship with the customers. There are
other numerous advantages to banks offered by online
banking such as mass customisation to suit the likes
of each user, innovation of new products and services,
more effective marketing and communication at lower
costs (Tuchila, 2000). Internet banking is a convenient
and effective application which allows any individual
customer—retail or corporate—to manage his/her accounts
24 hours a day, and it is accessible from any location as
long there is access to Internet, and the information
provided is current and immediate without any intermediary
situation needed (Tan & Teo, 2000).
Banu et al. 71
The researcher acknowledged that Internet banking was
an innovative distribution channel that offered less waiting
time and a higher spatial convenience than traditional
branch banking with significantly lower cost structure than
traditional delivery channels. Internet banking reduced not
only operational cost to the bank but also leads to higher
levels of customer satisfaction and retention (Mols, 2000).
Based on the above, we hypothesise the following:
H5: 
Cost and time savings are positively related to
perceived usefulness of online banking.
Perceived ease of use: Perceived ease of use is defined
as the degree to which a person believes that using a system
would be free from effort (Davis, 1986). The perceived
usefulness was central because it determines whether the
perceived ease of Internet bank use would lead to increased
use of the Internet bank. This innovation attribute has been
used in different technologies like e-government and
information technology (Lee & Kozar, 2008; Sang, Lee, &
Lee, 2009). A well-designed and easy-to-use Internet bank
may not be used if it is not perceived as useful. Researchers
concluded that the perceived usefulness of Internet bank-
ing is a key construct for promoting customer use and
suggested that models of technology acceptance should be
reformulated to focus more on the key role of the perceived
usefulness of the service embedded in the technology
(Eriksson, Kerem, & Nilsson, 2005; Kapoor, Dwivedi, &
Williams, 2015). Based on the above, we hypothesise the
following:
H6: 
Ease of use is positively related to perceived
usefulness of online banking.
Attitude towards using computer: Attitude is defined
as an individual’s positive or negative feelings about
performing a target behaviour (Fishbein & Ajzen, 1975).
Attitude is related to behavioral intentions because people
form intentions before behaving in a particular way. The
attitude–behavioural relationship is fundamental to TRA,
TAM and related models presented by Triandis (1977) and
Bagozzi (1981). Walker and Johnson (2005) surveyed 180
urban shoppers to determine the attitudes of consumers
towards Internet banking. The objective was to know the
purpose of illuminating reasons for using Internet banking
services and establishing whether or not regular use of
these services necessarily implies loyal patronage and that
the customer has a sense of relationship with the service
provider. Significantly, it was found that regular use does
not necessarily imply willing or satisfied use, or that the
customer has a sense of relationship with the service
provider. The study also found that the consumers missed
the personal aspect on traditional banking, and that Internet
banking should provide more personal interactions in
conjunction with convenience that it offers. Based on the
above, we hypothesise the following:
H7: Attitude to use computers is positively related to
perceived usefulness of online banking.
Adoption intention: Adoption intention, in the context
of Internet banking, will affect customer’s decision whether
to continue using Internet banking or decide to not use it
anymore. Intention to use Internet banking will appear
when a customer has a positive attitude towards Internet
banking (Al-Shomali et al., 2008). The results showed that
adopters of Internet banking perceive the service to be
more convenient, less complex, more compatible to them
and more suited to those who are PC proficient. Adopters
were also found to be more financially innovative. The
perceptions that adopters had about social desirability,
confidentiality, accessibility and economic benefits were
viewed no differently when adopters were compared with
non-adopters (Gerrard & Cunningham, 2003). Adoption
intention also involves the keenness of the customers to
change to new technology and intention to use Internet
banking. In terms of a consumer-oriented service, the
consumer-relevant groups around the individual may
influence the individual’s adoption. Chua (1980) suggests
that the adopter’s friends, family and colleagues/peers are
groups that will potentially influence the adoption. Based
on the above, we hypothesise the following:
H8: Adoption intention is positively related to perceived
usefulness of online banking.
Trust: Trust was found to be one of the most significant
factors in elucidating customers’ attitude in the acceptance
of Internet banking (Suh & Han, 2002). Though huge
investments have been made to enhance the security of
Internet and the Internet banking channels, these investments
unfortunately have not attained economies of scale due to
low number of Internet banking users (Khalil & Pearson,
2007; Vimala, 2016). Customers feel uncomfortable when
asked about sensitive information, like credit card number,
due to distrust in the Internet banking technology (Suh &
Han, 2002). Lack of trust remains a barrier in the widespread
adoption of Internet banking both in the context of the bank
and the overall online environment (Yousafzai, Foxall, &
Pallister, 2009). Based on the above, we hypothesise the
following:
H9: 
Trust in online banking is positively related to
perceived usefulness of online banking.
Perceived usefulness: Perceived usefulness is defined as
the degree which a person believed that using a system
would enhance their performance (Davis, Bagozzi, &
Warshaw, 1989). Available empirical evidence suggests
that perceived usefulness and information on online
banking on the website are the main factors influencing
72 Asia-Pacific Journal of Management Research and Innovation 15(1–2)
customer satisfaction with online banking (Pikkarainen,
Pikkarainen, Karjaluoto, & Pahnila, 2004). Findings also
support that e-banking services delivery is the cheapest,
most profitable and wealthiest delivery channel for banking
products. Based on the above, we hypothesise the
following:
H10: 
Perceived usefulness is positively related to
customer satisfaction.
Perceived Usefulness as a Mediator
The TAM is an information systems theory that models
how users come to accept and use a technology. The model
suggests that when users are presented with a new
technology, several factors influence their decision about
how and when they will use it. One of the important
components of TAM, perceived ease of use, influences
perceived usefulness, which in turn affects behavioural
intentions to use. Customer’s intention to use largely
depends on the perceived usefulness of the new technology.
In one study, it was found that expectations of accuracy,
security, network speed, user-friendliness, user involvement
and convenience were the most important quality attributes
underlying perceived usefulness (Liao & Cheung, 2002).
In another study, it was found that perceived usefulness
and information on online banking on the website were
the main factors influencing online banking acceptance
(Chen, 1999). It was indicated that e-banking services
delivery are the cheapest, most profitable and wealthiest
delivery channel for banking products, leading to customer
satisfaction. Based on the above, we hypothesise the
following:
H11: Perceived usefulness mediates the relationship bet-
ween independent variables (awareness of service,
security, knowledge and quality of Internet, self-
efficacy, cost and time savings, ease of use, attitude
to use computers, adoption intention and trust) and
dependent variable (customer satisfaction).
The conceptual model is presented in Figure 1.
Method
Sample
Data were collected from 500 respondents using Internet
banking service, 166 of which were from private sector
banks and 334 were from public sector banks. Five public
sector banks and five private sector banks were selected
from southern part of India for this study. The public sector
banks include (a) State Bank of India, (b) Indian Overseas
Bank (c) Indian Bank, (d) Canara Bank and (e) Punjab
National Bank. The five private sector banks selected for
this study include (a) Karur Vysya Bank, (b) Axis Bank, (c)
ICICI Bank, (d) HDFC Bank and (e) City Union Bank.
Sample consisted of 166 employees from private sector
banks and 334 from public sector banks. The break-up of
sample of public sector banks include 116 respondents
from State Bank of India, 85 from Indian Overseas Bank,
60 from Indian Bank, 38 from Canara Bank and 35 from
Punjab National Bank. The respondents from private sector
banks include 47 from Karur Vysya Bank, 35 from Axis
Bank, 31 from ICICI Bank, 27 from HDFC Bank and 26
from City Bank.
The look at the demographic profile of the respondents
reveals that from the sample respondents of 166 from the
private sector banks, 60 per cent of them were married, 57
per cent were males, 54 per cent were living in urban areas,
36 per cent were below the age of 30 years and 31 per cent
were earning an annual income of above `4,00,000 (i.e.,
$6,000 approximately), 85 per cent of them had savings
bank account, 35 per cent of them were using online banking
above 3 years and 51 per cent were indulged in frequent
online banking. On the other hand, a total of 334 respondents
were drawn from the public sector banks in the study area.
Among the respondents, 60 per cent of them were male, 57
per cent of them were married, 52 per cent were living in
urban areas, 40 per cent of them completed their graduation
and 37 per cent were employed in the private concern.
Again, 81 per cent of them had savings account, 55 per cent
were frequently engaged in online banking and 40 per cent
of them were using online banking for 2 years.
Survey Instrument
A structured questionnaire was designed to collect the
data. The respondents asked to answer the questions on
a 5-point Likert scale ranging from ‘5 = strongly agree’ to
‘1 = strongly disagree’.
Measures
These measures were adapted and abridged from Davis
et al. (1989), and Taylor and Todd (1995).
Awareness of service: Awareness of service is measured
using four items. Sample items for this measure are
‘Knowing that bank had internet banking services’,
‘Knowing benefits and risk from using internet banking’.
The reliability coefficient of Cronbach’s alpha for this
measure is 0.744.
Security: Security is measured using six items. The
sample items read as ‘Bank gives security guarantee
(authorised username and password) to do transaction over
internet banking’ and ‘Using internet banking services for
money transactions is secure’. The reliability coefficient of
Cronbach’s alpha for this measure is 0.669.
Banu et al. 73
Figure 1.  Conceptual Model
Source: The authors.
Cost and time savings: Cost and time savings are
measured using four items. The sample items read as
‘Internet banking is a cheaper way to conduct banking
activities’ and ‘Internet banking helps me by reducing the
waiting time for doing banking transactions’. The reliability
coefficient of Cronbach’s alpha for this measure is 0.880.
Knowledge and quality of Internet connection: This
is measured using five items. The sample items read as
‘Computer knowledge is required for doing internet bank-
ing’ and ‘Appropriate skills are necessary to do the transac-
tions over internet banking’. The reliability coefficient of
Cronbach’s alpha for this measure is 0.631.
Self-efficacy: Self-efficacy is measured using two items.
The sample item reads as ‘I could complete my bank
transaction using the Internet banking system if I had only
online help for reference’. The reliability coefficient of
Cronbach’s alpha for this measure is 0.964.
Perceived usefulness: This is measured using five items.
The sample items read as ‘My job performance is increased
by using internet banking’, ‘My job effectiveness is
improved by using internet banking’. The reliability
coefficient of Cronbach’s alpha for this measure is 0.734.
Perceived ease of use: Perceived ease of use is measured
using five items. The sample items read as ‘Interacting
with internet banking does not require a lot of my mental
time’ and ‘Interaction with internet banking is clear and
understandable’. The reliability coefficient of Cronbach’s
alpha for this measure is 0.661.
Trust: Trust is measured using three items. Sample item
reads as ‘The internet banking site keeps its promises and
commitments’. The reliability coefficient of Cronbach’s
alpha for this measure is 0.713.
Attitude towards using computers: This is measured
using three items. The sample item reads as ‘Using internet
banking is a wise idea’. The reliability coefficient of
Cronbach’s alpha for this measure is 0.758.
Adoption intention: Adoption intention of using Internet
is measured with three items. Sample item reads as ‘Using
internet banking is a wise idea’. The reliability coefficient
of Cronbach’s alpha for this measure is 0.892.
Customer satisfaction: Customer satisfaction is measured
with five items. Sample items read as ‘Satisfied with my
banks internet service’ and ‘Satisfied with internet based
transactions’. The reliability coefficient of Cronbach’s alpha
for this measure is 0.743.
The composite reliability of all these measures was
0.907.
Results
Descriptive Statistics
The means, standard deviations and zero-order correlations
are reported in Table 1.
Our initial analysis of correlations suggests that the
highest correlations were between trust and customer
satisfaction (r = 0.527) and knowledge of Internet and
perceived usefulness (r = 0.509). From the viewpoint of
multicollinearity, correlations of 0.80 or higher may be
problematic (Kennedy, 1979). Further, we also performed
a statistical check for multicollinearity using variance
inflation factor (VIF) for each of the independent variables.
The VIF was less than 2, and our results support that
multicollinearity is not a problem.
Table 1.  Descriptive Statistics: Means, Standard Deviations and Correlationsa

Standard
Variables Mean Deviation 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
  1. Gender 1.42 0.494 1
  2. Age 2.20 1.079 0.029 1
  3. Qualifications 2.62 0.877 0.060 0.026 1
  4. Income 2.95 1.436 0.129** 0.313** 0.342** 1
  5. Awareness of 4.22 0.599 −0.141** 0.009 −0.010 −0.015 1
service
  6. Security 4.00 0.621 −0.045 0.105* 0.051 −0.053 0.437** 1
  7. C
 ost and time 3.87 0.627 0.024 −0.005 0.140** −0.074 0.353** 0.445** 1
savings
  8. Knowledge of 3.96 0.680 −0.096* 0.099* 0.070 0.053 0.475** 0.369** 0.329** 1
Internet
  9. Self-efficacy 3.80 0.801 −0.012 −0.022 0.032 0.023 0.090* 0.276** 0.299** 0.068 1
10. Ease of use 4.07 0.615 −0.147** 0.016 0.001 −0.111* 0.373** 0.318** 0.347** 0.461** 0.106* 1
11. Trust 3.95 0.765 −0.111* 0.169** 0.070 0.071 0.245** 0.495** 0.305** 0.106* 0.273** 0.244** 1
12. Attitude to use 4.15 0.668 −0.049 0.021 0.002 0.129** 0.478** 0.349** 0.293** 0.355** 0.107* 0.463** 0.227** 1
computer
13. Adoption of 4.26 0.731 −0.042 0.062 −0.045 −0.055 0.377** 0.100* 0.241** 0.441** −0.034 0.322** 0.011 0.484** 1
Internet
14. Perceived 4.11 0.634 −0.146** 0.059 −0.020 0.001 0.434** 0.212** 0.296** 0.509** 0.195** 0.416** 0.163** 0.379** 0.395** 1
usefulness
15. Customer 4.10 0.626 −0.025 0.102* 0.056 0.039 0.290** 0.435** 0.411** 0.143** 0.252** 0.148** 0.527** 0.328** 0.310** 0.186** 1
satisfaction
Source: The authors.
Notes: aCells contain zero-order (Pearson) correlations.
**Correlation is significant at 0.01 level; *Correlation is significant at 0.05 level.
Banu et al. 75

Hypothesis Tests gender was a significant predictor of predicting perceived

We used hierarchical regression to test hypotheses.
Columns 1 and 2 show the results of effect of independent
variables on perceived usefulness. First, we entered the
control variables in step 1. The results are presented in
Table 2.
As shown in column 1 of Table 2, of all the control
variables (gender, age, qualification and income) only
usefulness ( b = −0.148, p < 0.001). The model explained
26 per cent of variance in perceived usefulness. The model
was significant (R2 = 0.26; Adj R2 = 0.18; F = 3.240, p <
0.001). The main independent variables are entered in step
2. The results show that the beta coefficient of awareness
of service was significant ( b = 0.170, p < 0.001), thus
supporting Hypothesis 1 that awareness of service is
significantly and positively related to perceived usefulness.

Table 2.  Results of Multiple Regression

Column 1 Column 2 Column 3 Column 4

Step 1 Step 2 Step 1 Step 2
Variables Perceived Usefulness Perceived Usefulness Customer Satisfaction Customer Satisfaction
Gender −0.148*** −0.065 −0.030 −0.004
(−3.298; 0.001) (−1.772; 0.077) (−0.674; 0.501) (−0.080; 0.936)
Age 0.062 0.023 0.105** 0.094**
(1.324; 0.186) (0.605; 0.546) (2.221; 0.027) (2.010; 0.045)
Qualifications −0.014 −0.047 0.059 0.061
(1.302; 0.763) (−1.226; 0.221) (1.228; 0.220) (1.303; 0.193)
Income 0.005 0.026 −0.010 −0.011
(0.105; 0.916) (0.634; 0.526) (−0.198; 0.843) (−0.220; 0.826)
Awareness of service 0.170***
(3.677; 0.000)
Security −0.142**
(−2.947; 0.003)
Cost and time savings 0.051
(1.173; 0.241)
Knowledge of Internet 0.301***
(6.430; 0.000)
Self-efficacy 0.154***
(4.005; 0.000)
Ease of use 0.133**
(3.014; 0.003)
Trust 0.040
(0.935; 0.350)
Attitude to use 0.081
(1.722; 0.086)
Adoption of Internet 0.119**
(2.658; 0.008)
Perceived usefulness 0.181***
(4.068; 0.000)
R2 0.26 0.393 0.014 0.046
Adj R2 0.18 0.377 0.006 0.037
DR2 0.367 0.032
F 3.240** 24.210*** 1.806 4.800***
DF 32.688*** 16.550
df 4,495 13,486 4,495 5,494
Source: The authors.
Notes: *** p < 0.001; ** p < 0.05.
76 Asia-Pacific Journal of Management Research and Innovation 15(1–2)
The beta coefficient of security ( b = −0.142, p < 0.05)
was significant but negative, which is contradictory to
Hypothesis 2. The beta coefficient of cost and time savings
( b = 0.051, p = 0.241) was not significant, and hence,
Hypothesis 3 is not supported. The beta coefficient of
knowledge of Internet ( b = 0.301, p < 0.001) was
significant, thus supporting Hypothesis 4. The regression
coefficient of self-efficacy ( b = 0.154, p < 0.001) was
significant and hence supporting Hypothesis 5. The beta
coefficient of ease of use ( b = 0.133, p < 0.001) was
significant and hence renders support to Hypothesis 6. The
beta coefficients of trust ( b = 0.040, p = 0.350) and attitude
to use computers ( b = 0.081, p = 0.086) were not significant,
hence not supporting Hypotheses 7 and 8. Finally, the beta
coefficient of adoption intention ( b = 0.119, p < 0.05) was
significant, hence supporting Hypothesis 9. The main
effects of model are significant (R2 =0.393; Adj R2 =0.377;
F = 24.210, p < 0.001; Δ R2 = 0.367; ΔF =32.688, p <
0.001) and explaining 36.7 per cent of variance in perceived
usefulness by these independent variables.
The regression results of the perceived usefulness as
predictor of customer satisfaction are presented in columns
3 and 4 of Table 1. Among the control variables, age is the
significant predictor ( b = 0.105, p < 0.001) of customer
satisfaction, and the rest of the control variables, namely
gender, qualifications and income, are not significant. The
control variables model was not significant (R2 = 0.014;
Adj R2 = 0.006; F = 1.806, ns.). In step 2 (column 4), the
main variable, perceived usefulness, was entered the
regression equation. The beta coefficient of perceived
usefulness ( b = 0.181, p < 0.001) was significant, thus
supporting Hypothesis 10 that perceived usefulness is
significantly and positively related to customer satisfaction.
Hypothesis 11 is concerned with perceived usefulness
as a mediator in the relationship between nine independent
variables and dependent variable (customer satisfaction).
Three conditions are necessary to demonstrate mediation
(Aiken & West, 1991). The first condition is to ensure that
nine independent variables (i.e., awareness, security, cost
and time savings, knowledge of Internet, self-efficacy,
ease of use, trust, attitude to use computers and adoption
intention) are significantly related to the mediator (perceived
usefulness). The second condition is to ensure that these
nine independent variables are significantly related to
customer satisfaction. The third condition is to ensure that
when perceived usefulness is included in the full equation,
the relationship between the nine independent variables
is either no longer significant or less significant. If the
relationship is not significant, then full mediation is present;
if the relationship is significant, then perceived usefulness
becomes partial mediator. The regression results of test of
mediation hypothesis are presented in Table 3.
All control variables are entered first in the regression
equation (column 1). As seen earlier, none of the control
variables represents any significant predictor of customer
satisfaction. In step 2 (column 2), all independent variables
are entered. The results are particularly interesting because
there is no direct relationship (a) between cost and time
savings and perceived usefulness, (b) attitude to use
computers and perceived usefulness and (c) trust and
perceived usefulness. Therefore, the first condition of
mediation is not satisfied for these three variables, namely
cost and time savings, trust and attitude to use computers.
Out of nine variables, awareness of service and self-
efficacy are not significantly directly related to customer
satisfaction. Therefore, the second condition of mediation
is not satisfied for these variables like awareness of service
and self-efficacy. The only variables that satisfied the
condition to check mediation are security, knowledge of
Internet, ease of use and adoption to use interest. The
results show that (a) the beta coefficients for security were
significant before and after entering the mediator into the
equation ( b = 0.176, p < 0.001; b = 0.173, p < 0.001), (b)
the beta coefficients for knowledge of Internet ( b = −0.135,
p < 0.05; b = −0.130, p < 0.05) were significant, (c) the
beta coefficients for ease of use ( b = −0.149, p < 0.001;
b = −0.147, p < 0.001) were significant and (d) the beta
coefficients for adoption to use Internet ( b = 0.309,
p < 0.001; b = 0.311, p < 0.001) were significant. After
entering the mediated variable, the beta coefficient of
perceived usefulness became non-significant ( b = −0.017,
n.s). These results support partial mediation of perceived
usefulness in the relationship between security, knowledge
of Internet, ease of use and adoption to use Internet and
dependent variable, that is, customer satisfaction. The
mediated model was significant and explained 46.3 per
cent of variance in customer satisfaction (R2 = 0.463; Adj
R2 = 0.447; F = 29.845, p < 0.001).
Post-hoc analysis of the study also showed some very
interesting results. Other than awareness of service and
self-efficacy, all other independent variables are directly
related to customer satisfaction. The beta coefficients
(before and after entering the mediated variable, i.e.,
perceived usefulness) for security ( b = 0.176, p < 0.001;
b = 0.173, p < 0.001), cost and time savings ( b = 0.194,
p < 0.001; b = 0.195, p < 0.001), knowledge of Internet
( b = −0.135, p < 0.05; b = −0.130, p < 0.05), self-efficacy,
ease of use ( b = −0.149, p < 0.001; b = −0.147, p < 0.001),
trust ( b = 0.387, p < 0.001; b = 0.387, p< 0.001), attitude
to use computers ( b = 0.087, p<0.05; b = 0.088, p<0.05)
and adoption of Internet ( b = 0.309, p<0.001; b = 0.311,
p<0.001) were significant. We did not formulate any
hypothesis for these as this is a post-hoc analysis.
Summary of test of hypotheses is presented in Table 4.
Discussion
On the basis of TAM and the DTPB, the present study is
aimed at examining customer satisfaction in online banking
Banu et al. 77

Table 3.  Regression Results of Full Mediation Analysis of Perceived Usefulness on Customer
Satisfaction

Column 1 Column 2 Column 3

Step 1 Step 2 Step 3
Variables Customer Satisfaction Customer Satisfaction Customer Satisfaction
Gender −0.03 0.008 0.007
(−0.674; 0.501) (0.223; 0.823) (0.190; 0.850)
Age 0.105** −0.001 −0.001
(2.221; 0.027) (−0.041; 0.967) (−0.030; 0.976)
Qualifications 0.059 −0.005 −0.005
(1.228; 0.220) (−0.124; 0.901) (−0.147; 0.883)
Income 0.010 0.054 0.054
(−0.198; 0.843) (1.380; 0.168) (1.390; 0.165)
Awareness of service 0.008 0.011
(0.176; 0.860) (0.241; 0.810)
Security 0.176*** 0.173***
(3.871; 0.000) (3.780; 0.000)
Cost and time savings 0.194*** 0.195***
(4.738; 0.000) (4.749; 0.000)
Knowledge of Internet −0.135** −0.130**
(−3.081; 0.002) (−2.841; 0.005)
Self-efficacy 0.064 0.067
(1.772; 0.077) (1.815; 0.070)
Ease of use −0.149*** −0.147***
(−3.592; 0.000) (−3.501; 0.001)
Trust 0.387*** 0.387***
(9.486; 0.000) (9.486; 0.000)
Attitude to use 0.087** 0.088**
(1.974; 0.049) (1.998; 0.046)
Adoption of Internet 0.309*** 0.311***
(7.352; 0.000) (7.341; 0.000)
Perceived usefulness −0.017
(−0.408; 0.684)
R2 0.014 0.463 0.463
Adj R2 0.006 0.448 0.447
DR2 0.447 0.000
F 1.806 32.183*** 29.845***
DF 45.041*** 0.166
Df 4,495 13,486 14,485
Source: The authors.
Notes: ***p < 0.001; **p < 0.05.

in India. As online banking is considered an innovation in
developing country, it is essential to understand the impact
of implementing online banking on customer satisfaction. It
may be noted that infrastructure for online banking is still in
its embryonic stage in India (as over 70% of population still
stay in villages and do not have access to Internet), and the
success of online banking is very difficult to assess. However,
based on literature review that such studies were conducted
in several countries (as we stated in introduction), the present
study attempts to examine the factors contributing to
customer satisfaction. The study revealed very interesting
results. First, when the customers are aware of service of
online banking, the usefulness of the service is perceived to
be high. The operational implication is to make the customers
78 Asia-Pacific Journal of Management Research and Innovation 15(1–2)

Table 4.  Summary of hypotheses

Hypotheses Result
H1: Awareness of service is positively related to perceived usefulness of online banking. Supported
H2: Security is positively related to perceived usefulness of online banking. Not supported
H3: Knowledge and quality of Internet are positively related to perceived usefulness Not supported
of online banking.
H4: Self-efficacy is positively related to perceived usefulness of online banking. Supported
H5: Cost and time savings are positively related to perceived usefulness of online banking. Supported
H6: Ease of use is positively related to perceived usefulness of online banking. Supported
H7: Attitude to use computers is positively related to perceived usefulness of online banking. Not supported
H8: Adoption intention is positively related to perceived usefulness of online banking Not supported
H9: Trust in online banking is positively related to perceived usefulness of online banking. Supported
H10: Perceived usefulness is positively related to customer satisfaction. Supported
H11: Perceived usefulness mediates the relationship between independent variables Partially supported
(awareness of service, security, knowledge and quality of Internet, self-efficacy, cost
and time savings, ease of use, attitude to use computers, adoption intention, and trust)
and dependent variable (customer satisfaction).
Source: The authors.

aware of the service. Second, contrary to what is expected,
the security and availability of Internet service are not related
to the perceived usefulness of online banking. Third, self-
efficacy, ease of use and cost and time savings play a vital
role in impacting the perceived usefulness of online banking
service. Fourth, attitude to use computers and adoption
intentions are not related to perceived usefulness of online
banking. However, the attitude and adoption intentions are
directly related to customer satisfaction. The perceived
usefulness as a mediator in the relationship between the
independent variables and customer satisfaction is partially
supported. The post-hoc analysis revealed that most of the
independent variables are also directly related to customer
satisfaction, though not hypothesised, as these are expected
results.
The present study is not without limitations. First, the
common method bias, which is common in survey research,
is one potential problem that needs to be acknowledged. We
tried to reduce the common method bias by Harmon one-
factor analysis. Second, social desirability bias is addressed
by confirming to confidentiality in the survey. Even though
the psychometric properties of the survey instrument are
tested which provide internal validity, there is some problem
of generalisability because the sample is from some private
and public sector banks. However, the selection of banks
was such that the results from this study are expected to be
generalisable across all other banks in India.
Contributions, Implications and
Suggestions for Future Research
The present study adds to the existing literature and
contributes to this in several ways. It extends the TAM for
testing and validating the attributes in the model in the
Indian context. The findings from the study are significant
in bringing to light the insights into the extent of online
banking being perceived by customers. It also offers a
theoretical basis for dwelling on the problems associated
with online banking and infrastructure. The results from
the study are useful to practitioners too. From the banker’s
perspective, the key drivers of customer satisfaction in
online banking are identified as proposed in this research
model which are useful for enhancing the design and
features of online banking. From the researchers’
perspective, this study provides a platform for future
refinement by identifying potential moderators (e.g.,
demographic variables). The research model confirmed
that perceived usefulness of online banking is an influential
factor in enhancing customer satisfaction. To increase
customer satisfaction, it is necessary to examine the
frequency of online activities of customers and provide
them guidelines and instructions. Further, it is also
important to gain trust among customers about the safety
and security features of online banking. Bankers need to
keep abreast of latest technology and structure of the online
transactions. Additionally, bankers need to communicate
with the customers and seek suggestions to improve the
services. In countries like India, Internet connectivity plays
an important role in online banking (Shah, 2011). Protection
of accounts by tight security enhances trust and increases
customer satisfaction. Consistent with existing research,
technology-allowed transactions provide convenience
through various delivery channels (Sawant, 2011). The
results from the present research are in alignment with
results from other countries. The present research adds to
Banu et al. 79
the literature as there is consistency in the findings that
perceived ease of use, perceived usefulness, perceived
credibility, relative advantage and self-efficiency are
influencing factors to adopt Internet banking (Casaló,
Flavián, & Guinalíu, 2007; Tse & Wilton, 1988).
To conclude, the diffusion of any innovation, like online
banking, requires investigation and re-evaluation by future
studies to further enhance customer satisfaction. The
present study provides a platform by an integrative
mediated model adapted from TAM. Some additional
attributes can be included in future studies.
Declaration of Conflicting Interests
The authors declared no potential conflicts of interest with
respect to the research, authorship and/or publication of this
article.
Funding
The authors received no financial support for the research,
authorship and/or publication of this article.
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