Journal of Internet Commerce

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Internet banking: a review (2002–2016)

Mugdha Y. Keskar & Neeraj Pandey

To cite this article: Mugdha Y. Keskar & Neeraj Pandey (2018): Internet banking: a review
(2002–2016), Journal of Internet Commerce, DOI: 10.1080/15332861.2018.1451969

To link to this article: https://doi.org/10.1080/15332861.2018.1451969

Published online: 29 May 2018.

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JOURNAL OF INTERNET COMMERCE
https://doi.org/10.1080/15332861.2018.1451969

Internet banking: a review (2002–2016)

Mugdha Y. Keskar and Neeraj Pandey
Marketing Area, National Institute of Industrial Engineering, Mumbai, Maharashtra, India

ABSTRACT KEYWORDS
This paper presents an exhaustive review of literature on the Adoption; customer
current developments in internet banking. It provides an over- satisfaction; e-service
view of the changes as well as the ongoing research on inter- quality; internet
banking; trust
net banking. To identify relevant works, research databases
were searched using 11 keywords. Only research papers on
internet banking published in the last 15 years (2002–2016)
were selected. The selected articles were further refined on
the basis of country of origin, journal type, and research meth-
ods used for data analysis. Finally, 51 papers were selected
on the basis of specific inclusion criteria for further analysis.
These papers were grouped by research themes, and customer
satisfaction with internet banking was identified as the most
common theme.

Introduction
Globally, the financial services sector has witnessed considerable changes
in the last few years. One such significant change is the adoption of
self-service technologies (SSTs) by banking organizations to reduce their
operational costs (Loonam and O’Loughlin 2008). The use of telecommuni-
cation and information technology (IT) in banking began in the 1990s,
with some American banks launching their e-banking services as early as
1992 (Sikdar, Kumar, and Makkad 2015). Since then, the emergence of
e-banking has revolutionized the banking sector (Yang 2009; Ariff et al.
2013). Today, banks are being replaced by mobile phones, tablets, and lap-
tops. Changing socioeconomic trends and advances in SSTs have enabled a
vast number of people to access banking services. Customers are willing to
pay a price for these services provided that they are assured of convenience
and better turnaround time (Pandey, Mehta, and Roy 2017).
Customers use online banking services to pay utility bills, check balances,
transfer money, download bank statements, and order checkbooks
(Yang 2009). Banks have come to resemble television news channels: avail-
able 24/7. According to Casalo, Flavi
an, Guinal
ıu (2007), e-banking is a vir-
tual channel for availing banking services “anytime and anywhere.”

CONTACT Neeraj Pandey npandey@nitie.ac.in Marketing, National Institute of Industrial Engineering,

Vihar Lake Road, Powai, Mumbai, Maharashtra, 400087, India.
Color versions of one or more of the figures in the article can be found online at www.tandfonline.com/wico.
ß 2018 Taylor & Francis Group, LLC
2 M. KESKAR AND N. PANDEY

Purpose and organization

This literature review aims to provide insights into the extensive research
on internet banking by focusing on the technological achievements in dif-
ferent aspects of internet banking. Specifically, the objectives of this study
are as follows:

1. Identify and understand the dominant themes of research on inter-

net banking.
2. Determine the variables affecting adoption of, continued use of, and
resistance to internet banking.
3. Analyze the antecedents and consequents of customer satisfaction in
internet banking.

The rest of the paper is organized as follows. The next section summa-
rizes previous literature reviews on internet banking with an objective to
provide continuity to the research. Subsequently, we present the method-
ology adopted for conducting this review. The findings are described in the
discussion section and, finally, we present the conclusions, limitations, and
future directions for research.

Previous literature reviews

Seth, Deshmukh, and Vrat (2005) critically analyzed 19 service quality mod-
els in their review (1984 to 2003), published in the International Journal
of Quality and Reliability Management. They focused on models used
to evaluate customer satisfaction in the banking sector such as the PCP
(pivotal, core, and peripheral) attribute model (Philip and Hazlett 1997),
the retail service quality and perceived value model (Sweeney, Soutar, and
Johnson 1997), the service quality model (Parasuraman, Zeithaml, and
Berry 1985), the customer value and customer satisfaction model (Oh
1999), the antecedents and mediator model (Dabholkar, David Shepherd,
and Thorpe 2000), the internet banking model (Broderick and
Vachirapornpuk 2002), and the model of e-service quality (Santos 2003).
Ladhari (2010) reviewed studies on measurement scales developed for
e-service quality published between 2001 and 2008. The paper summarized
the methodological challenges in developing e-service quality scales (26
research papers), which were related to sampling methods, industries, item
generation and purification, data analysis, and scale reliability and validity.
The key dimensions of e-service quality were identified as reliability/
fulfillment, ease of use, responsiveness, privacy/security, information qual-
ity/content, and web design.
 JOURNAL OF INTERNET COMMERCE 3

Goudarzi et al. (2013) conducted a literature review of studies that exam-

ined the effect of trust on the adoption of internet banking. They summar-
ized that trust is an important factor for online banking transactions
(Pikkarainen et al. 2004). It helped in improving customer relationships
and resulted in increased revenue. They also noted that internet banking
lead to savings in cost, reduced transaction time, easier access to new cus-
tomers, and better customer service, which ultimately promotes customer
satisfaction (Alsajjan and Dennis 2010). According to Alsajjan and Dennis
(2010), “trust is an assessment made by the online consumer in regard to
the trustworthiness of the electronic vendor,” and it can favorably influence
the rate of adoption of internet banking. McKnight and Chervany (2001)
identified three types of trust: calculus-based, relational, and institutional.
They also identified three stages of trust development: construction, con-
stancy, and dissolution. The factors affecting trust in internet banking were
risks related to website use, reputation, privacy, security, usability, third-
party assurance seals, website quality, and brand. The reviewed works con-
firmed that trust is more important in online banking than in off-
line banking.
The reviews described above mainly focused on three aspects—service
quality, adoption, and trust—in the internet banking domain. However, a
comprehensive literature review on the topic of internet banking is lacking.
Further, studies on “internet banking” published during 2002 to 2016
(15 years) have hardly been considered by previous researchers, thus repre-
senting a gap in current knowledge. Examining customer satisfaction in
internet banking calls for a cross-disciplinary approach that draws on
insights from the fields of marketing, finance, consumer behavior, IT, qual-
ity assurance, and management. Such a perspective has not been adopted in
any of the earlier literature reviews. Our work attempts to address this gap
by analyzing research literature on internet banking published between
2002 and 2016 in journals belonging to varied knowledge sectors.

Research methodology
Data collection for the literature review was completed in two phases:
primary filtration and classification of articles vis-a-vis inter-rater
reliability.

Phase 1: Primary filtration

To investigate internet banking from a multidisciplinary perspective, we
selected journals from various fields, including marketing, consumer behav-
ior, IT, quality assurance, benchmarking, electronic research, business
research, and management systems. International conference papers on
4 M. KESKAR AND N. PANDEY

advances in SSTs, cloud computing, green banking, etc. were also consid-
ered because conference papers are usually indicators of future research to
be published in journals (Awasthi and Sangle 2012, Daulatkar and Sangle
2015). To find relevant articles, we searched nine databases: EBSCO,
Emerald, Elsevier, Springer, Google Scholar, JSTOR, ProQuest,
ScienceDirect, and Taylor & Francis. Eleven keywords were used as search
terms: “internet banking,” “online banking,” “adoption of online banking,”
“e-service quality,” “e-customer satisfaction,” “customer satisfaction in
banking,” “self-service technologies (SST),” “trust in internet banking,”
“customer loyalty in internet banking,” “website impact on internet bank-
ing,” and “service quality models.” A broad search on internet banking
yielded 900 articles. For example, we used the advanced search function in
Ebsco using a combination of keywords. This yielded 414 research papers.
Dissertations for master’s and doctoral degrees were not considered; articles
published in peer-reviewed journals are considered optimal for research
purposes (Awasthi and Sangle 2012).
Chapters in books were also not included as they are typically not peer-
reviewed. However, relevant case studies from reputed universities were
included in the review. Abstracts were thoroughly scanned for content rele-
vancy to the subject. Subsequently, all papers were thoroughly examined for
content relevancy. Thus, the number of research papers to be reviewed was
reduced from 414 to 103. This number was further reduced to a final figure
of 51 articles, after criterion-based examination. Only one research paper
from the same country was selected after thorough analysis of numerous
papers on internet banking from the same country. The other criteria for
selection were year of publication, sample size, methods used for data ana-
lysis, content, and research complexity.

-vis inter-rater reliability

Phase 2: Classification of articles vis-a
In the second phase, the selected papers were classified into categories
based on their research focus. The articles were grouped on the basis of
keywords, abstracts, and the topic of research. To ensure accuracy, a panel
of three members, consisting of two academicians and a banking expert,
was consulted. Inter-rater reliability was ensured to arrive at the final classi-
fication. Thus, following this process, the articles were classified into the
following 14 categories: customer satisfaction in internet banking, technology
acceptance, service quality, e-channels, continued use of SSTs, perceived risk
in internet banking, trust in internet banking, customer loyalty, website
design quality, green banking, cloud computing, IT governance, customer
retention, and switch from credit union to internet banking.
 JOURNAL OF INTERNET COMMERCE 5

Figure 1. Year-wise distribution of reviewed publications.

Findings from the literature review

Year-wise and numerical analysis
We analyzed a total of 51 relevant research publications on internet bank-
ing: 41 journal articles, 8 conference proceedings, and 2 publications from
well-known universities. The publications spanned 15 years—from 2002 to
2016. A year-wise analysis showed that the maximum number of articles
was published in 2014 (Figure 1).

Analysis based on research objectives

Of the 14 categories of research themes specified earlier, the majority of
articles pertained to consumer behavior or marketing. Specifically, 14 stud-
ies focused on customer satisfaction with internet banking in different
countries. Further, 13 articles studied service quality, while 7 analyzed
technological adoption issues in internet banking. Two papers focused on
perceived risk in internet banking.
Our analysis showed that trust has been extensively studied as an import-
ant factor influencing the adoption and use of internet banking. For
instance, Goudarzi et al. (2013) conducted an extensive literature review on
trust. A bank’s website is also a key determinant of the success of internet
banking. Three research papers evaluated website design quality and its
impact on the use of internet banking: Casalo, Flavi
an, and Guinal
ıu (2008)
studied website usability and its impact on customer loyalty and word-
of-mouth publicity; Cristobal, Flavi
an, and Guinaliu (2007) examined the
relationship between website design and e-service quality; and Al-Qeisi
et al. (2014) studied website design quality and usage behavior. Overall,
the studies suggested that the service quality of the internet service provider
(in this case, banks) and customer retention are highly correlated
6 M. KESKAR AND N. PANDEY

(Thaichon et al. 2014). Pikkarainen et al. (2006) applied the End-User

Computing Satisfaction instrument to internet banking, and various
researchers (Nimako, Gyamfi, and Wandaogou 2013; Nochai and Nochai
2013; Amin 2016) have assessed the impact of the internet banking service
quality model.
Without doubt, internet banking is closely linked to new technologies.
Accordingly, Lin and Hsieh proposed a scale to measure the quality of SSTs
in 2011. This scale was applied to internet banking by Radomir and Nistor
in 2012. Nasri and Charfeddine (2012) applied the technology acceptance
model to internet banking. Nagaraju and Parthiban (2015) examined the
development of trust in online banking using the cost-saving technique of
public cloud computing. Huang et al. (2011) developed a trust model based
on IT governance and Control Objectives for Information and Related
Technologies (COBIT) in Taiwan. Once internet banking gained momen-
tum in early 21st century, branch banking shifted its focus from retail
banking to internet banking. Similarly, credit unions switched from branch
banking to internet banking. Katuri and Lam (2007) studied this phenom-
enon in the United States, while Sunder and Antony (2015) studied it
in India.
With regard to research methods, out of the 51 research publications
reviewed, 46 employed empirical research methods, 2 were conceptual, and
3 were literature reviews (Figure 2). The research themes over the years are
highlighted in Figure 3.
Table 1 shows all the reviewed articles classified according to the 14
research themes in internet banking. These categories were confirmed by
the inter-rater reliability technique.
Tables 2, 3, and 4 show the analysis of journal publications, conference
proceedings, and university publications.

Figure 2. Distribution of research methods.

 JOURNAL OF INTERNET COMMERCE 7

Figure 3. Classification of papers by research themes.

Note. IT, information technology; SSTs, self-service technologies.

Table 1. Articles grouped by research themes.

Serial Research theme in
Number internet banking Authors
1 Customer satisfaction with inter- Liao (2003), Bradley and Stewart (2003), Singh (2004), Gonzalez
net banking et al. (2004), Laforet and Li (2005), M€aenp€a€a et al. (2008),
Chuang and Hu (2010), Seyal and Rahim (2011), Li
ebana-
Cabanillas, Munoz-Leiva, and Rej
on-Guardia (2013), Fonseca
(2014), Aliyu, Rosmain, and Takala (2014), Ling et al. (2016),
Asad, Mohajerani, and Nourseresh (2016), Mittal (2016)
2 Technology acceptance Eriksson, Kerem, and Nilsson (2005), Yiu, Grant, and Edgar (2007),
Hernandez and Afonso Mazzon (2007), Durkin et al. (2008),
Poon, Yong, and Lam (2008), Santouridis and Kyritsi (2014),
Pandey and Jaiswal (2014), Patwardhan, Pandey, and Dhume
(2014), Sikdar, Kumar, and Makkad (2015)
3 Service quality Seth, Deshmukh, and Vrat (2005), Pikkarainen et al. (2006),
Loonam and O'Loughlin (2008), Herington and Weaven (2009),
Santouridis, Trivellas, and Reklitis (2009), Ladhari (2010),
Pandey and Sharma (2010), Ariff et al. (2012), Radomir and
Nistor (2012), Nasri and Charfeddine (2012), Zavareh et al.
(2012), Nochai and Nochai (2013), Nimako, Gyamfi, and
Wandaogou (2013), Amin (2016).
4 Website design quality Casalo, Flavi
an, and Guinal
ıu (2008), AlSudairi (2013), Al-Qeisi
5 Perceived risk in internet banking et al. (2014). Littler and Melanthiou (2006), Patsiotis, Hughes, and
Webber (2013)
6 Customer loyalty Levy and Levy (2014).
7 Switch from credit union to inter- Katuri and Lam (2007), Sunder and Antony (2015)
net banking
8 Trust in internet banking Goudarzi et al. (2013), Yu, Balaji, and Wei Khong (2015)
9 Continued use of self-service Eriksson and Nilsson (2007)
technologies
10 E-channels Hway-Boon and Cheng (2003)
11 Customer retention Thaichon et al. (2014)
12 IT governance Huang et al. (2011)
13 Green banking Lekakos, Vlachos, and Koritos (2014)
14 Cloud computing Nagaraju and Parthiban (2015)
Note. IT, information technology.
8 M. KESKAR AND N. PANDEY

Table 2. Reviewed publications grouped by journal and year of publication.

Serial Year of publication (No. of Total no. of
Number Name of journal publications in a year) publications
1 Information and Management 2002 1
2 Marketing Intelligence and Planning 2003 (1), 2008 (1), 2
3 International Journal of Bank Marketing 2003 (1), 2005 (2), 2006 (1), 8
2007 (1), 2008 (1), 2015 (1),
2016 (1)
4 Managing Service Quality 2004 1
5 International Journal of Quality and Reliability Management 2005 1
6 Journal of Retailing and Consumer Services 2006 (1), 2008 (2), 2010 (1), 6
2014 (2)
7 Journal of Electronic Commerce Research 2006 1
8 International Journal of Information Management 2007 1
9 Technovation 2007 1
10 Journal of Financial Services and Marketing 2007 1
11 Journal of Business and Industrial Marketing 2008 1
12 European Journal of Marketing 2009 1
13 Total Quality Management 2009 1
14 Journal of Global Issues 2010 1
15 Advances in Accounting, Incorporating Advances in 2011 1
International Accounting
16 Journal of High Technology Management Research 2012 1
17 Industrial Management and Data Systems 2013 (1), 2015 (1) 2
18 International Journal of Scientific and Technology Resource 2013 1
19 International Journal of Humanities and Sciences 2013 1
20 International Journal of Business Management 2013 1
21 Australian Journal of Basic and Applied Sciences 2013 1
22 Journal of Services Marketing 2013 (1), 2014 (1) 2
23 Journal of Business Research 2014 1
24 Ethics Information Technology 2014 1
25 Production, Planning and Control 2015 1
26 Journal of Cloud Computing: Advances, Systems and 2015 1
Applications
Total 41

Table 3. Conference proceedings (grouped by year and name).

Serial Year of publication and No. of
Number Name of publication (No. of publications) publications
1 Aslib Proceedings 2004 1
2 Procedia Social and Behavioural Sciences 2012 (2), 2014 (1) 3
3 Procedia Economics and Finance 2012 (1), 2014 (1), 2016 (2) 4
Total 8

Table 4. University publications.

Serial
Number Name of publication Year of publication No. of publications
1 e-Service Journal, Indiana University Press 2011 1
2 Case Studies in the Banking Sector, Rice University, Houston 2016 1
Total 2

Conclusions
This study reviewed research articles on internet banking published during
a span of 15 years (2002 to 2016). The review adopted a multidisciplinary
approach, examining literature on internet banking from various fields
such as marketing, finance, IT cybersecurity, cloud computing, and green
 JOURNAL OF INTERNET COMMERCE 9

e-banking. Broadly, studies on the subject suggest that banks should train
and help customers access internet banking services as doing so can gener-
ate considerable cost savings for the banks.
Further, because internet banking helps banks overcome the practical dif-
ficulties of opening branches in remote areas, it allows them to target new
geographical regions without heavy financial investment in physical assets.
Good website design, customization, reliability, and faster and accurate task
completion can enhance customer satisfaction levels among internet bank-
ing users. Banks should focus on providing privacy and security features to
boost customer confidence. Our review indicates that issues such as cyber-
security, trust, and website design and their effects on customer satisfaction,
customer loyalty, customer retention, IT governance and third-party assur-
ance seals, customer tendency to switch, green e-banking, and cloud com-
puting have not been investigated in depth. These avenues present ample
scope for further research.
Although customers’ security and risk concerns have been acknowledged,
only one research article by Littler and Melanthiou (2006) has specifically
addressed this issue. The adoption of internet banking can be enhanced by
allowing customers to experience “trust” (Goudarzi et al. 2013; Yu, Balaji,
and Wei Khong 2015). Huang et al. (2011) examined the trust model and
IT governance and highlighted the importance of third-party assurance
seals on the security features provided by online banks. Further research
should be undertaken on this topic.
Lekakos, Vlachos, and Koritos (2014) explored green e-banking initia-
tives—a new research area within the banking domain. Nagaraju and
Parthiban (2015) developed a secure cloud-based framework for online
banking using multifactor biometric fingerprint authentication. Such
research on the use of public clouds by online banks can yield promising
results: It can lead to better accessibility and safe banking environments for
customers in addition to cost savings for the banks. Our review showed
that the majority of research on internet banking has been conducted in
Europe and the United States. There is a dearth of research on the subject
in countries such as South Africa, Australia, New Zealand, India, and
Japan, which could offer important and useful insights.

Limitations and future research directions

From a research perspective, such a review period can be seen as highly
selective. It is likely that relevant studies published before 2002 have been
omitted. Also, we had limited access to conference proceedings and univer-
sity publications, which may have again affected the selection of papers for
the review. Despite these limitations, however, the observations contained
10 M. KESKAR AND N. PANDEY

in this review will be valuable to bankers, researchers, and academicians

worldwide. Given that marketing has become increasingly digital, it is
imperative that future studies explore customers’ perception of banking
services, taking into account the influence of new-age media.

ORCID
Neeraj Pandey http://orcid.org/0000-0002-6238-6397

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