Sustainability

sustainability
Article
The Effect of Perceived Usefulness, Reliability, and COVID-19
Pandemic on Digital Banking Effectiveness: Analysis Using
Technology Acceptance Model
Erlane K. Ghani 1 , Mazurina Mohd Ali 1, * , Muhammad Nazmy Rezzaimy Musa 1 and Akrom A. Omonov 2
1 Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Puncak Alam 42300, Malaysia
2 Department of Banking, Tashkent Institute of Finance, Tashkent 100000, Uzbekistan
* Correspondence: mazurina@uitm.edu.my
Abstract: This study examined the digital banking effectiveness of a bank. This study specifically
explored the effect of perceived usefulness, banking system reliability, and COVID-19 pandemic on
the digital banking effectiveness of a bank in Malaysia based on the technology acceptance model
(TAM). Data collection was undertaken using a questionnaire survey involving 228 clients of the bank.
The findings indicated that two of the chosen factors, namely, perceived usefulness and reliability of
the banking system, significantly influenced digital banking effectiveness. On the other hand, the
findings also showed that the COVID-19 pandemic did not influence digital banking effectiveness, per
the bank clients’ perspective. The study’s findings provide insight into the future financial direction
and addresses consumers’ financial needs. In addition, the findings help develop an overview of the
industry based on one of the prominent financial institutions in Malaysia.
Citation: Ghani, E.K.; Ali, M.M.; Keywords: perceived usefulness; reliability; banking system; COVID-19; bank
Musa, M.N.R.; Omonov, A.A. The
Effect of Perceived Usefulness,
Reliability, and COVID-19 Pandemic
on Digital Banking Effectiveness: 1. Introduction
Analysis Using Technology
Technology advancements in the banking industry significantly implicate a bank’s
Acceptance Model. Sustainability
marketing efforts, particularly in digital banking, where customer interfaces are affected.
2022, 14, 11248. https://doi.org/
Traditional banking models are challenged as digital banking through telephone, Internet,
10.3390/su141811248
and mobile has become a major way of delivering multi-channel services to customers.
Academic Editor: Francesco Discovering and retaining customers and increasing profitability have become increasingly
Paolone important as customer expectations rise continuously [1]. Malaysia is not an exception
to this scenario. As Malaysians become more familiar with the Internet and technology,
Received: 26 July 2022
Accepted: 22 August 2022
Malaysia’s financial industry has begun to recognise the importance of digitising its opera-
Published: 8 September 2022
tions. In line with digitisation, Bank Negara Malaysia (BNM) has issued the Digital Banking
Framework, and the first digital banking license is expected in early 2022. This issuance
Publisher’s Note: MDPI stays neutral is a positive development for the industry, regardless of the pandemic or pre-planned [2].
with regard to jurisdictional claims in
Consumers have moved to contactless payment applications and digital banking due to the
published maps and institutional affil-
pandemic, prompting most banks nationwide to lower the number of physical branches to
iations.
increase the convenience and efficiency of online banking transactions. The CEO of Group
Consumer Banking at CIMB Group, Samir Gupta, stated that the pandemic had intensified
the transition to digital banking. People were forced to switch to digital platforms to
Copyright: © 2022 by the authors.
control their finances and perform purchases during the lockdown, creating new shopping
Licensee MDPI, Basel, Switzerland.
preferences resultantly. Banks had to swiftly adapt to these developments to maintain
This article is an open access article business continuity [2].
distributed under the terms and One of the banks in Malaysia that is optimistic about digital banking solutions is ABC
conditions of the Creative Commons Bank (due to confidentiality, the name of the bank is changed to ABC Bank). The bank
Attribution (CC BY) license (https:// is making efforts to ensure that digital banking pervades everything it undertakes, be it
creativecommons.org/licenses/by/ products and services offered to clients or the way it operates internally and communicates
4.0/).
Sustainability 2022, 14, 11248. https://doi.org/10.3390/su141811248 https://www.mdpi.com/journal/sustainability

Sustainability 2022, 14, 11248 2 of 16
and transacts with consumers, following its ethos of ‘Digital-at-the-Core’. The bank ac-
complishes its digitising efforts by continuing to invest in innovative and highly accessible
technology, using market partnerships, analysis, and expertise to provide an advanced
banking network to personalise solutions to individual customer needs. ABC Bank is
able to provide an easy, seamless, and transparent banking experience to its consumers,
delighting them with experiences and connections with the bank that empower them to
handle their finances and financial management. It was named ‘Malaysia Best Digital Bank’
for the second year in a row at the Asiamoney’s Best Bank Awards 2019 for its consistent
efforts in driving digital transformation and increasing consumers’ digital interactions. In
response to the COVID-19 pandemic, ABC Bank, as a customer-centric bank, saw through
the numerous funding relief programmes launched by BNM and the government. The
bank’s programmes seek not only to secure customers’ financial sustainability and market
profitability but also to provide comfort. Due to the movement control order (MCO) im-
posed by the government, the bank streamlined and digitised the application process for
BNM’s Special Relief Facility for clients by allowing applications to be submitted through
email, SMS, or WhatsApp, with permission given by digital signature. Although more
people are shifting their financial management to digital, some bank clients believe that
digital banking does not meet their needs and prefer to use physical banking instead.
One of the main priority areas of ABC Bank for 2020 was to expand its digital services
while concurrently encouraging clients to migrate from conventional branch purchases to
its Connect portal. Customers’ use of digital platforms and the amounts of digital purchases
registered are the key indicators of whether the bank’s digital products meet their needs.
The overall number of consumers onboarding the bank’s Connect retail network increased
by 9.3% in 2019. ABC Bank’s current digital retail customer base stands at 54%, and it
intends to exceed 60% by 2021. The rise in this figure has incited the question of the
factors that motivate clients to utilise the bank’s digital banking solution. In addition,
Ref. [3] claimed that the impact of new technological factors on the digital transformation
of business models is relatively low. Previous studies on Malaysia’s fintech and technology
revolution focused on specific aspects of the financial sector’s digital initiatives, such as
e-wallets, paper-money substitutes, behavioural changes prior to and after the COVID-19
pandemic, and the shift from auto-teller machines (ATMs) to mobile banking. Nevertheless,
these initiatives were fuelled by the financial sector’s revolution, which was centred on
changes in the financial landscape and banking framework revolution.
This study aims to examine the effect of clients’ perceived usefulness, the reliability
of the banking system, and the COVID-19 pandemic on the effectiveness of the banking
system by focusing on a bank in Malaysia and taking the bank’s current digital footprint
into consideration. The findings of the study will address the financial needs of consumers
and provide valuable insight to the related bank and other interested parties regarding the
future financial direction. The next section, Section 2, provides the literature review related
to this study. Section 3 explains the research design, and Section 4 provides the results of
this study. The last section, Section 5, summarises and concludes this study.
2. Literature Review
2.1. Digital Banking
Traditional banking activities and programmes have, up until recently, been accessible
to customers only when they were physically present inside of a bank branch. Digital
banking refers to the process by which these activities and programmes have been digitised
or moved online [4]. The transition from traditional to digital banking has been slow but
steady, and it will likely continue for some time. This transition is characterised by varying
degrees of digitisation across banking services. There are a lot of different solutions that
are leading up to the development of digital banking, such as mobile digital wallets, in-
vestment management applications, the ability to deposit mobile cheques through banking
applications, card-less ATM withdrawals, and a lot more [5]. These are all innovations
that have been successful as a result of the emerging technology of digital banking. When
compared to traditional banking services, digital banking services come with a number of
advantages as well as a variety of other beneficial benefits.
Digital banking began with online banking piloted in the 1980s by Citi, Chemical
Bank, Minitel (France), and Prestel (UK). Nevertheless, digital banking did not take off
until the 1990s, when Internet usage soared. Traditional banking activities and services can
transform into a digital environment through digital banking. Digital banking is a business
model that relies on a technological platform to allow banks and consumers to exchange
data for executing transactions. This data exchange is accomplished through the use of
digital devices linked to computer software over the Internet. Clients are not required
to visit physical bank branches to do business, and banks are not required to meet with
customers to complete transactions [6]. Through simple browser-based tools, patrons
had access to key banking transactions, including money transfers, bank statements, and
electronic bill payments. Digital banking incorporates technology and is built to meet
the demands of continuous efficiency. Digital banking foregoes a central data repository
through seamless integration. Instead, it opts for a secure, encrypted, distributed data
system, which is less vulnerable to attack. Personal data stores allow for better digital
wallets (grouping, classification), identification, and increased security around personal
biometric data crucial to the digital bank’s security protocols [7].
Numerous studies have examined digital banking, including comparing traditional
and digital banking. For example, a study comparing traditional and digital banking in
South Korea found that digital banks outperform traditional banks in terms of usefulness.
Customers who favour digital banking appear to value quick service, high interest rates,
ease of account opening, low fund transfer fees, high financial service credibility, and easy
access to financial products and mobile apps. Nevertheless, in terms of security, digital
banking has several disadvantages over traditional banking [8]. Other studies, such as [9],
found that consumer behaviour in digital banking was influenced by trust in various
situations and services. The behaviour is triggered by various sources, including sociology,
economics, philosophy, and business intelligence. Depending on the consumption context
or circumstance, the definition of trust varies. Bank–consumer relationships concerning
banking services are frequently contractual in nature. The relationships are based on the
outcomes of consumer encounters and user-specific characteristics, such as demographics,
culture, and lifestyle. Previous studies found that the safety perception of mobile banking
services impacts clients’ trust, thus influencing clients’ behaviour in using digital banking
facilities [9]. Studies suggested that banks should utilise online platforms to improve
customer experiences across the entire product portfolio by leveraging technology rather
than presenting specific products and services. Clients prefer to be in charge of their
financial and investment decisions [10].
2.2. Digital Banking Effectiveness

The advent of digital banking has become a driving force behind the creation of a
more effective banking system by facilitating easier access to banking services. The term
“effectiveness” in digital banking refers to the degree to which a bank is successful in
meeting the needs of its clients through the provision of digital services [4]. Studies have
shown that the effectiveness of digital banking is related to the method of transaction
that was made either online or physically, the satisfaction of users with online or mobile
banking, and the preference of customers to make online or mobile transactions rather than
physically [11].
Several studies have been conducted to investigate the efficiency of utilising digital
banking from a variety of viewpoints. For instance, [12] investigated the customer’s
perception on electronic banking transactions in order to examine the service quality, secure
transaction, sufficient mechanism, and regulatory framework of electronic banking. Other
studies looked at the cost effectiveness of digital banking. Ease of use, convenience, problem
handling, security, and responsiveness are the essential factors that influence customer
satisfaction in electronic banking services (such as [4,12]. There are also studies that have
investigated the difficulties of utilising digital banking and identified important aspects of
utilising digital banking [13].
Another body of the literature has made an attempt to investigate customers’ view-
points regarding the e-payment system [14,15]. For instance, ref. [15] investigated how
customers feel about electronic payment systems and discovered that debit cards have
a high level of credibility and are the most widely used type of electronic payment system.
In their study on the role of digital banking, ref. [16] found that ATMs were initially devel-
oped to allow people to withdraw cash without having to visit bank branches. However,
they have since been expanded to include a variety of services, including cash withdrawals,
the payment of utility bills and other bills, fund transfers, the booking of tickets, the
payment of online purchases, and the retrieval of balance statements.
In a nutshell, many researchers have been active in the field of digital banking through-
out its history. These studies have been carried out in order to investigate various aspects
of digital banking from a variety of perspectives. This study contributes to the existing
body of knowledge by expanding our understanding of the factors that influence the
efficiency of digital banking. Specifically, this study focuses on the perceived usefulness of
digital banking services to customers, the reliability of the digital banking systems, and the
COVID-19 pandemic.
2.3. Factors Influencing Digital Banking Effectiveness

The first factor that potentially contributes to digital banking effectiveness is clients’
perceived usefulness. Perceived usefulness refers to a situation with a customer’s view of
the capacity to increase job efficiency, for example, by saving time and accessing services in
numerous ways [17,18]. Ref. [17] in his technology acceptance model (TAM) theory, men-
tioned that perceived usefulness could be used to measure how far a user believes a specific
application to increase work performance. When consumers find a service beneficial, they
have a good attitude about it and are more likely to utilise it in the future [19].
Ref. [6] studied the factors affecting the intention to use digital banking in Vietnam. He
found that perceived usefulness favourably impacts attitude and intention to use the service.
The findings indicated that banks could use technological advancements to improve their
value by focusing on promoting digital banking services’ development. Customers are
increasingly cherishing the benefits of digital services, such as time saving and diversity of
services compared to performing transactions at a counter. Hence, increasing consumers’
perceptions of usefulness through media, promotion, and consultation is important to
ensure they completely comprehend the benefits of utilising digital banking services [6,20].
Nevertheless, a study on Alipay, a digital payment platform, revealed an insignificant
relationship with perceived usefulness. The study suggested convenience and reliability as
better indicators for users to use Alipay [21].
Ref. [22] studied Lebanese bank clients by focusing on the adoption of mobile banking.
They found that perceived usefulness has an insignificant relationship with mobile banking
adoption. Other researchers such as [23,24] found an insignificant relationship between
perceived usefulness, convenience to use, intention to use, and digital banking channels.
Perceived usefulness may determine a user’s confidence in a certain application’s ability to
improve task performance. When customers find a service useful, they have a favourable
impression of it and tend to use it again. In order to test the relationship between the
perceived usefulness of digital banking and the effectiveness of digital banking for ABC
Bank’s clients, the following hypothesis was posited:
H1. The perceived usefulness of digital banking significantly influences the effectiveness of digital
banking for ABC Bank’s clients.
The second factor examined in this study is the reliability of the bank’s banking
system. Reliability is considered the combination of trust and security. It indicates that
consumers are comfortable using the services without fear of danger or other difficulties.
A high level of trust increases the desire to use digital financial services. Customers that
have faith in a website or application find it highly useful. A study by [6] indicated that
customers would have a negative attitude towards digital banking services if they have
poor perceptions of information or transaction security. Customers are infuriated by issues
that endanger or cause them harm. In short, customers who have gained confidence in
digital banking services are less likely to feel insecure when using the service and vice versa.
If the customers’ confidence is weakened by lack of information, perceived insecurity, or
poor service quality, they tend to take sensible precautions and consider risks when using
the service [6,25]. High levels of trust support the urge to utilise digital banking. Customers
with unsatisfactory views of information or transaction security would negatively approach
digital banking services. The digital banking experience was also shown to be harmed by
perceived risk.
Enhancing the quality and reliability of the banking system in terms of security
and due diligence has been at the forefront of financial institutions’ strategies in recent
years. Companies’ boards of directors are under tremendous pressure to reduce operating
expenses. Regulators demand improved enforcement procedures and requirements from
financial institutions, and customers’ wants for a better and simpler banking experience
drive this focus [26]. Although financial technology has advanced rapidly in recent years,
consumers remain sensitive to key issues, such as security, trust, personalisation, ease of
use, and various cultural traits, that can influence how mobile technology is accepted in
various service consumption contexts, including banking services [1,9].
In a study of customer perceptions of digital banking in the United Kingdom, ref. [1]
found that perceived risk negatively impacts the digital banking experience. The study
also found that security impacts the quality of digital banking services. Customers’ digital
banking behaviour is influenced by their perception of risk, which should be reduced
through improved security [1,27]. Ref. [28] found a similar link between digital banking
and trust in an Indian study. Therefore, trust and perceived risk influence digital banking
acceptance. The following hypothesis was developed to determine the link between the
reliability and effectiveness of digital banking for ABC Bank’s clients.
H2. The reliability of the banking system significantly influences the effectiveness of digital banking
for ABC Bank’s clients.
The third factor examined in this study is the COVID-19 pandemic. The COVID-
19 pandemic has significantly impacted the global economy, social interactions, and the
financial industry, which must satisfy consumers’ and businesses’ needs and limitations
due to the government’s movement restriction orders to control the disease. The COVID-19
pandemic has had numerous effects on the banking sector, including increased use of
digital channels and payments, changes in consumer behaviour, relief from regulatory
and supervisory provisions, new challenges in operational resilience, and an increase in
non-performing loans. Retail consumers have been forced to utilise more digital payments
and channels to completely adapt and accept the new channels and technology at the cost
of cash and traditional channels [9,29].
According to past studies, the COVID-19 pandemic had already changed public
lifestyle and financial administration. The impact of COVID-19 forced authorities and the
public to familiarise themselves with digital banking to mitigate infection risk. Indonesian
researchers studied the acceptance of digital banking before and after COVID-19 struck
Indonesia. In their study, ref. [30] found a drastic increase in digital banking reliance after
the COVID-19 pandemic. A study in Malaysia by [31] on digital payments before and
after COVID-19 found an upward trend in the usage of non-cash payments through digital
means after COVID-19 as the pandemic caused statutory social distancing and control
orders in the country. Similarly, in a study of branchless banks in Iran, ref. [32] found that
marketing the use of digital facilities to customers became easier due to the COVID-19
pandemic. The third hypothesis to test the relationship between the perceived effect of
the COVID-19 pandemic and the effectiveness of digital banking for ABC Bank’s clients is
as follows:
H3. The perceived effect of the COVID-19 pandemic significantly influences the effectiveness of
digital banking for ABC Bank’s clients.
The TAM theory, the theory of reasoned action (TRA), and the theory of planned be-
haviour (TPB) are three main concepts that could represent significant changes in consumer
behaviour from a technological standpoint. Of the three theories, TAM is a well-known
and influential theory describing how people accept information systems. The TAM theory
is based on TRA, which states that an individual’s intention towards a particular behaviour
invariably influences that behaviour. Moreover, TAM builds on the TRA and TPB foun-
dations by emphasising an innovation’s perceived usefulness and ease of use. External
factors, such as behavioural intention and behaviour, were eventually included in the model
measurements as the model progressed through various validation and testing stages [20].
As perceived usefulness could be predicted by perceived ease of use, behavioural intention,
and behaviour simultaneously, it has been used as a dependent and independent variable
in previous studies [33].
The applicability of TAM to tasks that were too broad is one of its major flaws. Previous
studies have primarily been conducted by assigning a single task to a single information
system. On the other hand, many studies of task-technology fit found that people’s
perceptions of technology differ depending on the task. Mixed results in information
system acceptance are possible due to the lack of task focus in evaluating information
systems. According to [33], users’ perceptions may change when they are more accustomed
to information system technology. This finding may be acceptable, but it might no longer
be sufficiently accurate. The TAM theory has instigated numerous novel research findings
aimed at determining factors influencing user adoption and how innovative technology
can be positively perceived by potential users [22].
In the context of the present study, the adoption of factors suggested by [17] was
discussed. Individuals evaluate the consequences of their behaviour in terms of perceived
benefits, known as perceived usefulness. This perception is based on their decision to
behave desirably [17]. A commitment to maintaining digital banking and trust in digital
banking applications is referred to as reliability. Reliability is also the polar opposite of
perceived risk and uncertainty [24]. In terms of the definition of the COVID-19 pandemic
as a variable, the lifestyle concept defined by [19] was adopted. People’s lifestyles have
changed dramatically, particularly during the MCO. Access to various services, including
banking services, has been limited, and online solutions have emerged as an alternative [9].
Figure 1 depicts the study’s framework.
Figure 1. Theoretical framework for the effect of clients’ perceived usefulness, reliability, and
COVID-19 pandemic on digital banking effectiveness.
3. Research Design
3.1. Sample Selection
This study’s sample was the clients who had signed up for mobile banking solutions in
a bank in Malaysia. The choice of using a bank only in this study is to ensure control of the
clients’ perception on one particular service which is the mobile banking solutions in the
particular bank. This is considered appropriate since the unit of analysis used in this study
is individual that is the clients of a bank [34]. The population of this study was decided
based on ABC bank’s Annual Report 2020, which stated that by 30 June 2020, there were
1,847,333 clients registered for HLB’s mobile banking solution. Based on the population,
this study relied on Sekaran and Bougie’s sample size table. According to [35], researchers
can decide the size of the sample based on the population. Hence, for 1,847,333 clients of
ABC bank, the appropriate sample size is 384. Previous studies have used this approach
when determining sample size [36]. However, it is well-known that not all recipients of
a questionnaire in a survey would respond. Thus, this study decided to expand the sample
size to 450 in an attempt to obtain the number of responses as close as possible to the
suggested sample size.
3.2. Research Instrument

A questionnaire was used to collect the data. The questionnaire was created in two sec-
tions. The respondent’s demographic profile was the focus of Section A in Appendix A.
Three questions were included in this section to gather details on the respondents’ appro-
priate data. The respondents were asked about their gender, age group, and status as ABC
Bank’s clients. The elements in Section B (in Appendix A) focused on their experience with
financial services. The respondents chose their options using a five-point Likert scale. This
section contained elements validated by previous researchers. Elements on digital banking
effectiveness (dependent variable) were adapted from [6,9]. The independent variables of
perceived usefulness of digital banking, reliability, and perceived effect of the COVID-19
pandemic were derived from refs. [6,9,37,38], respectively. Table 1 presents the variable
measurement for all the variables in this study.
Table 1. Variable measurements.
Variable Measurement Authors

Independent variable
1. Method of transaction that made (online/physical).

Digital banking effectiveness 2. Users’ satisfaction of online/mobile banking. [6,9]
3. The preference for making online/mobile transactions than
physical transactions.
Independent Variables
1. Perception of customers on online/mobile banking.

2. More financial control and supervision with online/mobile
Perceived usefulness banking. [9]
3. Customers are more efficient in managing finances as
online/mobile banking is convenient.
1. Connection to Internet in Malaysia is good.

Reliability 2. Utilisation of digital financial services before [9,38]
COVID-19 pandemic.
3. The level of trust in financial services security and policy.
1. COVID-19 pandemic has a major influence on lifestyle.

Perceived effect of COVID-19 pandemic 2. COVID-19 pandemic has a major economic impact. [9,37]
3. COVID-19 pandemic influences users to look for alternatives
other than physical contact.
3.3. Data Collection Procedures

Two techniques were used to disseminate the questionnaire. Initially, the survey was
physically disseminated to ABC Bank’s clients at its branches with permission. Neverthe-
less, due to the government’s movement restriction order, an online survey was constructed
using Google Forms to enable data collection. The survey link was emailed to the re-
spondents. Despite distributing 450 questionnaires, only 356 people submitted responses.
A total of 228 respondents completed the survey and qualified for data analyses. The
remaining 94 responses were incomplete, inaccessible, and discarded from this study.
4. Results
4.1. Demographic Profile
Table 2 exhibits the study respondents’ demographic profile. The statistics show that
125 respondents (54.8%) were male, while 103 (45.2%) were female. Table 2 also shows
the age distribution of the 228 respondents. Most respondents (33.8%) were 21 to 30 years
old, and 28.5% were 31 to 40 years old. Respondents in these age groups are far more
technologically savvy and financially literate than respondents from other age groups,
owing to their exposure and reliance on technology. Furthermore, they have witnessed
the emergence of the Internet and the technological revolution since their youth. Of the
remaining respondents, 17.5% were 41 to 50 years old, 8.8% were 51 to 60 years old, 7.5%
were younger than 20 years old, and 3.9% were older than 61 years old.
Table 2. Respondents’ demographic profile.
Gender Frequency Percent (%)

Male 125 54.8
Female 103 45.2
Age
Less than 20 years old 17 7.5
21–30 years old 77 33.8
31–40 years old 65 28.5
41–50 years old 40 17.5
51–60 years old 20 8.8
More than 61 years old 9 3.9
4.2. Descriptive Analysis

All the data for each variable were initially evaluated using descriptive analysis. The
respondents selected their options from a five-point Likert scale, with 1 indicating strong
disagreement and 5 representing strong agreement. The results are displayed in Table 3.
Digital banking effectiveness was measured using three elements. Table 3 shows that the
mean score of these elements was 4.3, with a standard deviation of 0.50. The mean score
shows that most respondents agreed with the statements, and only a slight variation of the
means from the central tendency is observable. This outcome demonstrates that ABC Bank’s
clients have awareness and have grown accustomed to the penetration and integration of
technology known as digital banking in conducting financial transactions with a variety
of known parties. The findings also establish that the bank’s clients have accepted the
Internet’s importance as a financial management tool. The result is unsurprising since most
of the study’s respondents were between 21 and 40 years old. Most online transactions
and digital banking users are in this age group [38]. They have become accustomed to
efficiently using technology to improve their financial management.
Table 3. Descriptive statistics of variables.
Digital Banking Reliability of Perceived

COVID-19
Effectiveness Banking System Usefulness
N (Valid) 228 228 228 228
Mean 4.3070 4.0819 4.2398 4.4664
Std. Deviation 0.49992 0.55630 0.52076 0.45270
Minimum 3.33 3.00 3.00 3.00
Maximum 5.00 5.00 5.00 5.00
Three statements were used to measure the perceived usefulness of digital banking
effectiveness. The results in Table 3 show that the overall mean score of these statements is
4.2, with a standard deviation of 0.52. The mean score shows that most respondents agreed
with the statements. In addition, the means do not deviate much from the central tendency.
The statements for this variable concern the usefulness, contribution, and efficiency of online
or mobile banking. Although most respondents perceived that digital banking is useful,
some respondents disagreed with online or mobile banking’s contribution. Nevertheless,
the variance in the data is only slightly above the mean due to the low number of responses
on this subject.
The reliability of the banking system was also measured using three statements. The
overall mean score for these statements is shown in Table 3, with a standard deviation of 0.56.
The mean score shows that most respondents agreed with the statements. The dispersion
of mean scores is fairly small, albeit the largest among the other variables. Reliability of
the banking system’s statements was about Internet reach, transaction security, and the
use of online transaction services. According to the results of the individual statements’
descriptive analysis, the respondents agreed that the Internet reach is good, and the financial
facility security is decent, if not satisfactory. Nevertheless, some respondents had only
recently begun to use the online transaction facility, resulting in a low mean score and
higher variance.
Similar to the other two independent variables, the COVID-19 pandemic was also
measured using three statements. Table 3 shows that the overall mean score for these
statements is 4.5, with a standard deviation of 0.45. The overall mean score shows that
most respondents agreed with the statements. Only a slight variation is observable in the
mean scores of the statements. The COVID-19 pandemic was measured using statements
on lifestyle changes, financial management, and transaction method. The responses ranged
from a minimum of 3 (neutral) to a maximum of 5 (strongly agree). Based on the finding, it
is fairly presumable that the COVID-19 pandemic has affected ABC Bank’s clients.
4.3. Preliminary Analyses

In order to determine whether or not the study’s variable measures could be trusted,
Cronbach’s alpha was applied. Cronbach’s alpha has been employed, as stated by [39], to
test for inter-item consistency in order to determine the average intercorrelation among the
items that were used to measure the ideas. The reliability of Cronbach’s Alpha suffers when
there are gaps in the data. Due to the fact that it is the ratio of two different variations, the
potential value of alpha can range anywhere from 0 to 1. Estimates of alpha can, however,
take on any value less than or equal to 1, including negative values, although only positive
values make sense. This is because the estimating process used determines the range of
possible values for alpha. It is preferable to have alpha values that are higher. Before they
will employ an instrument, there are certain industry experts that demand that it possesses
a dependability of 0.70 or better, which was determined using a sizeable sample [40]. As
a consequence of this, alpha is utilised in the manner that is most appropriate when the
items measure various substantive regions within the context of a single construct [41,42].
Table 4 presents the result for three items represented by N. The Cronbach’s alpha
score for digital banking effectiveness is 0.702, denoting an acceptable consistency, as the
score falls in the 0.70 to 0.79 score group. Table 4 also presents the result for the three items
(N = 3) measuring the perceived usefulness of digital banking. The Cronbach’s alpha score
is 0.846, denoting an excellent consistency, as the score falls in the 0.80 to 1.0 group. In
terms of the banking system’s reliability, Cronbach’s alpha score is 0.644, denoting a weak
consistency, as the score falls in the 0.60 to 0.69 score group. Finally, the Cronbach’s alpha
for the COVID-19 pandemic is 0.640, denoting a weak consistency, as the score falls in the
0.60 to 0.69 score group.
Table 4. Reliability statistics.
Variable Cronbach’s Alpha N of Items

Digital banking effectiveness 0.702 3
Perceived usefulness 0.846 3
Reliability of the banking system 0.644 3
COVID-19 pandemic 0.640 3
Overall, Cronbach’s alpha tests showed that the items adapted for perceived usefulness
have an excellent correlation as a group. Next, the items for digital banking effectiveness
have a good level of correlation as a group. On the other hand, the statements for reliability
have a low correlation as a group. The low scores could cause the data to be biased.
Nevertheless, no variables were rejected for further testing and analyses because the alpha
scores exceeded the threshold of insignificant correlation of items (all alpha scores are
greater than 0.60).
This study focused on the Shapiro–Wilk and Kolmogorov–Smirnov tests to analyse
the data distribution normality. The tests’ general rule is that the data substantially deviate
from a normal distribution if the significance p-value is greater than the alpha value of
0.05. The results of these tests are shown in Table 5. Both tests show that all variables’
significance p-value is less than the alpha value of 0.05. Therefore, the variables were
initially assumed as not being normally distributed.
Table 5. Normality statistics.
Kolmogorov–Smirnov Shapiro–Wilk
Statistic df Sig. Statistic df Sig.
Digital banking
0.168 228 0.000 0.910 228 0.000
effectiveness
Perceived usefulness 0.230 228 0.000 0.878 228 0.000
Reliability of the
0.190 228 0.000 0.923 228 0.000
banking system
COVID-19 pandemic 0.179 228 0.000 0.873 228 0.000
In addition to the above tests, the Q–Q plots may be used to show whether a distribu-
tion is normal. The plots provide a broader view of the distribution. The dots generally
follow the trend line if the distribution is normal. Although Q–Q plots may indicate that the
data are not far from normal, the p-value would be low if the large sample size. For minor
deviations from normal, a test with large sample size is likely to indicate considerable
deviations from the normal distribution [43]. The data for this study clustered around the
trend line, as shown in Figure 2. Hence, the distribution is normal.
Figure 2. Normal Q–Q plot.
4.4. Correlation Analysis

Correlation analysis determines the degree to which two numerically measured contin-
uous variables are related. In this study, the Pearson correlation matrix with a significance
level of p = 0.05 was used to display the direction, strength, and significance of relationships
between the variables. The findings of this analysis are shown in Table 6. Table 6 shows
that the relationship between perceived usefulness and digital banking effectiveness is
0.562 at a p = 0.00 significant level, indicating a strong, positive relationship between the
two variables. The result also shows that the relationship between perceived usefulness and
digital banking effectiveness is 0.550 at a p = 0.00 significant level, reflecting a strong and
positive relationship between the two variables. Nevertheless, the relationship between
the COVID-19 pandemic and digital banking effectiveness indicates a small and positive
relationship between the two variables with 0.240 at a p = 0.00 significant level.
Table 6. Correlation analysis.
Digital Banking Perceived Reliability of COVID-19

Effectiveness Usefulness Bank System Pandemic
Digital Banking 1 0.562 ** 0.550 ** 0.240 **
Effectiveness 0.000 0.000 0.000
Perceived 0.562 ** 0.299 0.260
1
Usefulness 0.000 0.208 0.149
Reliability of 0.550 ** 0.299 0.389
1
Banking System 0.000 0.208 0.340
COVID-19 0.240 ** 0.260 0.389
1
Pandemic 0.000 0.149 0.340
** Correlation is significant at the 0.01 level (2-tailed).
4.5. Multiple Regression Analysis

Table 7 provides the results of the multiple regression analysis. The results show R2
value is 0.378. This value indicates that perceived usefulness, reliability of the banking
system, and the COVID-19 pandemic together account for 37.8% of the variation in digital
banking effectiveness. The remaining 62.2% of the variation in digital banking effectiveness
could be explained by other factors not included in this study.
Table 7. Multiple regression model.
Model R R-Square Adjusted R-Square Std. Error of the Estimate

1 a b 0.378 0.370 0.39680
0.615
a.Dependent Variable: Digital banking effectiveness. b. Predictors: (Constant): Perceived usefulness, reliability of
banking system, and COVID-19.
Therefore, the regression model can be stated as:
Digital banking effectiveness = 1.519 + 0.331(Use) + 0.283(REL) + 0.051(COV)
The linear relationship between the independent variables and the dependent variable
is represented by the regression coefficients in Table 8. According to Table 8, perceived
usefulness has a significant positive influence on digital banking effectiveness (β = 0.331;
p = 0.000, <0.05). The p-value of 0.000 complies with the general rule for regression analysis.
The rule states that the p-value should be lower than 0.05. Resultantly, the null hypothesis
for H1 is rejected, suggesting that perceived usefulness positively impacts the effectiveness
of digital banking for ABC Bank’s clients. In other words, H1, which states that there is
a positive impact of perceived usefulness of digital banking on the effectiveness of digital
banking for ABC Bank’s clients, is supported.
Table 8. Multiple regression coefficients.
Unstandardised Standardised Coefficients

Model Coefficients Standard Error t Sig.
β Beta
(Constant) 1.519 0.301 5.047 0.000
USE b 0.331 0.067 0.345 4.941 0.000
1a
REL b 0.283 0.062 0.315 4.548 0.000
COV b 0.051 0.062 0.046 0.826 0.409
a.Dependent Variable: Digital banking effectiveness; b . USE = Perceived usefulness; REL = Reliability of banking
system; COV = COVID-19 pandemic.
Table 8 also shows that reliability of banking system has a significant positive influence
on digital banking effectiveness (β = 0.283; p = 0.000, <0.05). Its p-value of 0.000 complies
with the general rule for regression analysis as it is lower than 0.05. Consequently, the null
hypothesis for the reliability of the banking system is rejected. The findings suggest that
reliability aspects positively impact the effectiveness of digital banking for ABC Bank’s
clients. Thus, H2 is supported. It highlights the positive impact of reliability on the
effectiveness of digital banking for ABC Bank’s clients.
Table 8 also displays the results for COVID-19 indicating no significant relationship
with digital banking (β = 0.051; p = 0.409, >0.05). Thus, the null hypothesis for H3 fails to be
rejected. Therefore, H3, which states that the perceived effect of the COVID-19 pandemic
significantly influences the effectiveness of digital banking for ABC’s bank clients, is not
supported. Hence, this study was unable to verify whether the COVID-19 pandemic
impacts the effectiveness of digital banking for ABC Bank’s clients.
5. Conclusions
This study examined factors influencing ABC Bank clients’ acceptance of digital
banking. Three factors were identified in this study: perceived usefulness of digital
banking, reliability, and perceived effect of the COVID-19 pandemic. The first variable in
the study, the perceived usefulness of digital banking, has a significant positive impact on
digital banking. Although this finding is consistent with [6,20], several studies contradict
the relationship. Refs. [21,22,24] showed different findings because they defined perceived
usefulness differently to fit their studies on testing multiple components of perceived

usefulness. This study adopted the variable’s general definition to assess its overall impact
as a whole rather than measuring the variable’s niche impact.
The link between the reliability of the banking system and digital banking effectiveness
was also examined. The variables were found to have a significant positive relationship.
The findings of [1,27,28] supported this conclusion since these authors also found a positive
relationship between trust and security and digital banking. The TAM theory claims that
reliability moves in the same direction as digital banking effectiveness when technological
changes occur. The findings suggest that the effectiveness of digital banking for ABC
Bank’s clients would continuously increase if the trust and security of the system were
not compromised.
This study also shows that COVID-19 has no significant effect on digital banking
effectiveness. Although the variable appears to be less likely to produce unfavourable
results when first observed, this outcome is a new finding, as previous studies have yet
to show a similar result. The finding may be due to ABC Bank clients’ adoption of digital
banking and familiarity with its existence. Thus, the sudden spread of the COVID-19
pandemic could not significantly affect ABC Bank’s clients who use its digital banking
facilities. In addition, the bank reported that more than half of its retail clients had chosen
digital banking since it was first introduced to the public.
Several limitations were encountered during the undertaking of this study. Firstly, the
data were gathered based only in a bank and was conducted during the MCO period. Thus,
the researcher was unable to conduct a preliminary survey at various ABC Bank offices
to identify respondents who accurately suit the study’s purpose. Secondly, the COVID-19
pandemic was still relatively new at the time of the survey. Only a short period could be
used to assess its impact. Additionally, future studies should investigate the long-term
effects of the broad adoption of digital banking services on consumer behaviours for other
digitally based products or services.
In conclusion, this study assists future researchers by providing additional input
on a research study in one of the banks, ABC bank in Malaysia. As digital banking is
still relatively new, comprehensive research is needed to address the risks and expected
outcomes correctly, which would affect end-consumers and may snowball to the disruption
of the economy. Since this study was performed in only one bank, it is recommended that
future studies can extend this study to cover a larger group of banks in order to increase
generalisability. However, this study provides insights into the future financial landscape
and addresses the gap in consumers’ financial needs in Malaysia.
Author Contributions: Conceptualization, E.K.G.; methodology, E.K.G. and M.N.R.M.; software,

M.N.R.M.; validation, E.K.G., M.M.A. and A.A.O.; formal analysis, M.N.R.M.; investigation, M.N.R.M.;
resources, E.K.G. and M.N.R.M.; data curation, M.N.R.M.; writing—original draft preparation, E.K.G.;
writing—review and editing, M.M.A.; visualization, M.M.A. and A.A.O.; supervision, E.K.G.; project
administration, E.K.G. and M.M.A.; funding acquisition, M.M.A. All authors have read and agreed to
the published version of the manuscript.
Funding: The study was supported by the Fundamental Research Grant Scheme (FRGS, Reference
code: FRGS/1/2019/SS01/UITM/02/34) provided by the Ministry of Higher Education (MOHE) of
Malaysia and the authors thank the Ministry for its research support.
Institutional Review Board Statement: The study was conducted in accordance with the UiTM
Research Ethics Committee, and approved by the UiTM Research Ethics Committee (reference
number REC/06/2021 (MR/451) on 21 June 2021.
Informed Consent Statement: Informed consent was obtained from all subjects involved in the study.
Acknowledgments: The authors also would like to thank the Universiti Teknologi MARA, for
providing this opportunity.
Conflicts of Interest: The authors declare no conflict of interest.
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1. Mbama, 1. Mbama,
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Sustainability 2022, 14, 11248. https://doi.org/10.3390/su141811248 https://www.mdpi.com/journal/sustainability

2.2. Digital Banking Effectiveness

2.3. Factors Influencing Digital Banking Effectiveness

3.2. Research Instrument

Table 1. Variable measurements.

Variable Measurement Authors

1. Method of transaction that made (online/physical).

1. Perception of customers on online/mobile banking.

1. Connection to Internet in Malaysia is good.

1. COVID-19 pandemic has a major influence on lifestyle.

3.3. Data Collection Procedures

Table 2. Respondents’ demographic profile.

Gender Frequency Percent (%)

4.2. Descriptive Analysis

Table 3. Descriptive statistics of variables.

Digital Banking Reliability of Perceived

4.3. Preliminary Analyses

Table 4. Reliability statistics.

Variable Cronbach’s Alpha N of Items

Table 5. Normality statistics.

Figure 2. Normal Q–Q plot.

4.4. Correlation Analysis

Table 6. Correlation analysis.

Digital Banking Perceived Reliability of COVID-19

4.5. Multiple Regression Analysis

Table 7. Multiple regression model.

Model R R-Square Adjusted R-Square Std. Error of the Estimate

Therefore, the regression model can be stated as:

Digital banking effectiveness = 1.519 + 0.331(Use) + 0.283(REL) + 0.051(COV)

Table 8. Multiple regression coefficients.

Unstandardised Standardised Coefficients

usefulness differently to fit their studies on testing multiple components of perceived

Author Contributions: Conceptualization, E.K.G.; methodology, E.K.G. and M.N.R.M.; software,

StronglyStrongly Disagreed Strongly

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