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The determinants of satisfaction with e-banking

Article in Industrial Management & Data Systems · May 2013

DOI: 10.1108/02635571311324188

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IMDS
113,5
750
Received 2 December 2012
Revised 18 February 2013
Accepted 19 February 2013 Abstract
Industrial Management & Data
Systems
Vol. 113 No. 5, 2013
pp. 750-767
q Emerald Group Publishing Limited
0263-5577
DOI 10.1108/02635571311324188
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/0263-5577.htm
The determinants of satisfaction
with e-banking
Francisco Liébana-Cabanillas, Francisco Muñoz-Leiva and
Francisco Rejón-Guardia
Department of Marketing and Market Research, University of Granada,
Granada, Spain
Purpose – The aim of this paper is to contribute to the field of satisfaction research from the
perspective of electronic banking users; a topic of great interest to the business strategies of financial
institutions. In this context, the authors analyse the main determinants of user experience with a
specific institution’s products.
Design/methodology/approach – A comprehensive review of the scientific literature has justified
the development of a behavioural model that explains satisfaction using a set of constructs or
endogenous variables. Data was collected from a self-administered web survey in the authenticated
section of the electronic banking service of a prestigious financial institution.
Findings – The analysis tests the relationship between the proposed variables (accessibility, trust,
ease of use and usefulness) and satisfaction with electronic banking.
Research limitations/implications – The study was limited to the data of a single financial
institution. Caution should therefore be exercised in generalising the results. The research results
provide a number of valuable conclusions for financial institutions.
Originality/value – This paper is a pioneer study of satisfaction with electronic banking, especially
of the relationships between satisfaction and its main determinants.
Keywords Electronic banking, Satisfaction, Determinants, Expectation disconfirmation, Banking,
Customer satisfaction
Paper type Research paper
1. Introduction
Consumer satisfaction is a phenomenon of particular importance in the evaluation
process of a shopping, consumption, or product or service usage experience and is
therefore vital in long-term consumer responses (Grönroos, 1991). Both the scientific
literature and the business management world have shown a strong interest in meeting
customer needs to determine subsequent purchase behaviour. Although satisfaction
has been studied scientifically since the 1960s (Howard and Sheth, 1969) following
different approaches and theories, the managerial focus would not be considered a key
element of the value chain until the 1990s (Oliver, 1997).
Growing attention has also been paid to satisfaction in the financial sector as a
result of increased competition and recent technological developments. Given that
financial institutions offer similar banking products and services, many attempts to
justify differentiation and customer preference in terms of satisfaction with the
services customers receive. Electronic banking, in particular, is one of the services that
offers the greatest advantages to financial customers.
Traditionally, financial products and services have been distributed through bank
branches due to their proximity to customers, the large number of services they
perform, the added value that the client receives at the branch, and the important role
bank branches play in decisions made by customers. In spite of this, however, this Satisfaction
conventional channel has begun to be replaced by a more agile and dynamic channel as with e-banking
reflected in the data of the World Retail Banking Report[1] (2010) on the percentage of
use of the main channels. These data contrast with the level of customer satisfaction
according to a report by American Customer Satisfaction Index[2] (2011) (Figure 1).
Despite the evident importance of bank branches, this distribution channel has lost
significant terrain to electronic banking and telephone banking in the last 15 years and 751
the level of satisfaction with online banking is increasing.
From the 1990s onwards, electronic banking has become a major distribution
channel for financial institutions (Karjaluoto et al., 2002). Indeed, most institutions now
offer their customers access to the majority of their services through this channel.
Electronic banking has therefore become an essential service to secure client loyalty
by ensuring greater customer satisfaction and building stronger ties with them.
Moreover, it is of utmost importance in meeting user expectations (Berrocal, 2009) and
a major source of cost savings for an entity (Fujitsu, 2009). Therefore, it is of crucial
importance to ensure minimum customer satisfaction due to the costs of attracting new
customers. According to Bhattacherjee (2001), acquiring new customers may cost five
times more than retaining existing ones.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
1995 2005 2010
Bank branches 98% 86% 67%
Electronic banking 10% 5% 17%
Telephone banking 10% 8% 13%
ATM 0% 1% 3% Figure 1.
Satisfaction with Online Banking 0% 77% 83% Evolution of financial
distribution channels
Satisfaction with Banking Overall 0% 75% 76% (in per cent of use) and
Source: Authors based on World Retail Bank Report (2010) and American Customer banking satisfaction
level (per cent)
Satisfaction Index (2011)
IMDS The electronic applications of many financial institutions serve to differentiate them
113,5 from their competitors, while many customers choose a bank precisely because of these
services (i.e. ING, Openbank, Bankinter, etc.).
Nevertheless, most financial institutions have a business structure with a wide
variety of products and services that are commercialised in parallel markets. In other
words, the traditional distribution channel (bank branches) has been complemented by
752 the internet as an alternative channel to secure the loyalty of regular customers, reduce
operating costs and increase productivity, hence the need to develop electronic banking
systems as noted by Ibarrondo and Sánchez (2005).
We can therefore conclude that electronic banking is the primary alternative
channel to traditional bank branches (face-to-face banking) and offers customers a
number of advantages such as convenience, global access, availability, cost and time
savings, transparency of information, ability to choose and compare and customization
and has few drawbacks related mainly to future investments, possible errors and
security issues (Muñoz-Leiva, 2008).
The objective of this study is to provide evidence of the relationship between the
satisfaction with e-banking and its major determinants based on a review of the literature.
The relationships are expressed in a robust and parsimonious behavioural model
including a set of determinants of an operative character from the banks’ perspective.
This is a critical issue for all financial institutions in this new market where the number
of traditional channels is being reduced due to financial constraints and the cultural
preference expressed by clients, leaving alternative channels as the clear path to
maintaining relationships, profitability, securing customer loyalty and attracting future
clients. This is a topic of great interest given the current social and economic scenario
of the financial sector; a scenario which directly affects bank customers.
To achieve the objectives outlined above, an empirical research study was carried
out using data drawn from a service quality survey conducted by a financial institution
in a southern European country every two years.

2. The study of financial client satisfaction

The study of satisfaction dates back to the research of Cardozo (1965) and Howard and
Sheth (1969) on the influence of expectations on satisfaction. These studies are considered
the starting point of scientific interest in satisfaction, its origins and consequences
(Campo and Yagüe, 2009).
Based on the proposals of Giese and Cote (2000) and later adaptations by Moliner
(2004), the satisfaction is approached according to two criteria (Figure 2): a “conceptual”
criterion which defines satisfaction through processes and/or types of consumer
responses; and a “referential” criterion that reflects aspects of the situation in which these
processes and/or responses occur. Given that these are not necessarily mutually exclusive
criteria, the main definitions in the literature may provide different and complementary
approaches that serve to improve our understanding of satisfaction.
Regarding the first set of definitions, which responds to the “conceptual” criterion,
three approaches can be taken: the evaluation process, which is understood as a
process of evaluating certain variables (product performance, needs and expectations);
the cognitive response, which is the result of a consumption experience that is
manifested as a consequence of an evaluation or the cognitive comparison of variables
(expectations and performance, efforts and rewards, etc.) versus the affective response,
 Evaluation
Satisfaction
process with e-banking

Conceptual Response

753
Evaluation
process and
Satisfaction affective response

Specific
transaction
Referencial
Cumulative
character Figure 2.
Classification of the
concept of satisfaction
Source: Adapted from Giese and Cote (2000) and Moliner (2004)

which is a result of the consumption experience manifested as the affective comparison

of variables (happiness, surprise or displeasure); and the process of evaluation and
affective response, which is expressed as satisfaction linked to both cognitive
judgements and affective reactions resulting from acquisition, consumption or use.
With regard to the second set of definitions related to the “referential” criterion, the
conceptualisation of consumer satisfaction can be interpreted from the point of view of
a specific transaction as a post-choice evaluative judgement and/or an emotional
response by the consumer concerning a given purchase, consumption or use. In
contrast, the cumulative view evaluates the overall experiences of the user.
After reviewing the literature and following the transaction specific approach, we
understand satisfaction as the general attitude manifested by consumers as a result of
experience accumulated through buying behaviour.
Specifically, satisfaction with online service has been studied extensively by many
authors since the late 1990s (McHaney and Cronan, 1998; Kuo and Wu, 2008). Sheng
and Liu (2010) and Kuo and Wu (2012) confirm that improved user satisfaction with
this type of service favours future purchase intention and increased loyalty (Eid, 2011).
However, in the financial sector, the study of online satisfaction as an element of
consumer decision-making behaviour in virtual environments has only recently
attracted attention in marketing research (Lassala et al., 2010).
Within the context of e-banking Mattila (2001) conceded that customer satisfaction is a
key to success in internet banking and banks use different media to customize products
and services to fit customers’ needs. Research into the adoption and use of e-banking
services has grown in many parts of the world, but the centre of attention has been largely
on determinants of online banking adoption, not on user satisfaction (Pikkarainen et al.,
2006). Riquelme et al. (2009) demonstrated that satisfaction with electronic banking
is directly related to the services that an entity offers through this channel. Casaló et al.
(2008) showed that satisfaction with previous interactions with the bank’s web site had
a positive effect on customer loyalty and positive word-of-mouth (WOM).
IMDS In addition, in response to the strategic changes that the financial sector is
undergoing, some recent authors have approached the study of electronic banking
113,5 based on the antecedents of adoption by users. In this sense, Yoon (2010) verifies that
design, speed, security, information content, and customer service have a significant
influence on customer satisfaction with electronic banking. This paper focuses only on
the direct influence of these constructs on satisfaction without considering the relation
754 of the constructs with each other. Further, Poon (2008) states that antecedents of user
satisfaction with electronic banking include accessibility, convenience, design and
content. However, this research does not provide an explicit model that includes the
satisfaction construct. Finally, Ahmad and Al-Zu’bi (2011) state that accessibility,
comfort, content, design and speed, among others aspects, determine the level of user
satisfaction, though this paper does not focus on analysing the role of these constructs
as direct determinants of satisfaction.
For these reasons, the following research is different from previous studies as it
includes technical, behavioural and cognitive antecedents, in a more comprehensive
model defining e-satisfaction based on the user experience.

3. Justification of the hypothesis and research proposal

3.1 Effects of accessibility
According to different authors, the concept of ease of access or accessibility
encompasses multiple dimensions. For Rice and Shook (1988), accessibility consists of
four dimensions: accessibility of computer equipment, access to information, system
reliability and ease in learning the language of use. Karahanna and Straub (1999) hold
that accessibility consists of a physical dimension related to the terminal of access and
the usability of the system. In other contexts reference is made to ease of access for the
disabled (such as the blind, hearing impaired, etc.)[3].
In our study we focus on the accessibility of information understood as ease of
access to electronic banking applications as well as accessibility to the transactions
that can be carried out in them.
With respect to perceived trust, some authors state that usability, as a broader
concept of accessibility, determines perceived trust (Roy et al., 2001). Similarly, Saeednia
and Abdollahi (2012) demonstrate how usability has a positive, direct relationship with
trust, implying different behaviours depending on the level of ease of access that a user
perceives toward electronic banking services. Given the above we propose the following
hypothesis:
H1. Accessibility to the electronic banking service of a financial institution
positively determines trust towards the service.
Several studies have demonstrated that better accessibility to information leads to
greater information usage and ease of use (Wyer and Srull, 1986; Lin and Lu, 2000).
Moreover, Tan and Teo (2000), Wixom and Todd (2005) and Poon (2008) claim that the
accessibility of electronic banking facilitates the adoption of technological innovations
and therefore their ease of use. Cyr’s (2008) model emphasizes the importance of a
navigation system that can help users easily access a web site. Based on the above
arguments we propose that:
H2. Accessibility to the electronic banking service of a financial institution
positively determines ease of use of the service.
Moreover, applications accessibility also has a decisive bearing on satisfaction, Satisfaction
facilitating user accessibility and usability, improving intentions to use e-banking and with e-banking
the satisfaction derived from it. Poon (2008), Casaló et al. (2008) and Sadeghi and
Hanzaee (2010), show that accessibility is advantageous for attaining user satisfaction
in the adoption of electronic banking, which reinforces our hypothesis:
H3. Accessibility to the electronic banking service of a financial institution
positively determines satisfaction towards the service.
755
Finally, ease of access to electronic banking determines its usefulness (Lin and Lu, 2000),
as it later determines the level of user satisfaction in relation to its use and usefulness.
Fonchamnyo (2013) shows that the accessibility of banking services improves the
perceived usefulness that users express towards it to the extent that they will have a
greater likelihood of using such services. In this sense, we propose the following
hypothesis:
H4. Accessibility to the electronic banking service of a financial institution
positively determines the usefulness of the service.

3.2 Effects of trust

In recent years, marketing research has underlined the importance of trust between
parties as an instrument favouring the continuance of a relationship; an issue of great
concern in the business environment (Bigné and Blesa, 2003).
Trust in online marketplaces involves the belief that a company will fulfil its
commitments without benefitting from them (Ranaweera et al., 2005). On the internet,
perceived lack of trust increases, especially with regard to economic transactions
(Gefen, 2000; Pitta et al., 2006). Financial institutions must therefore pay greater
attention to this question if they are to reduce user uncertainty (Bart et al., 2005) and
generate positive beliefs about the company’s behaviour (Ganesan, 1994). According to
previous research trust positively influences the perceived usefulness of e-commerce
(Gefen et al., 2003; Shin, 2008). Furthermore, the greater the trust users have in a web site,
the more likely they are to use it and the less time and cognitive effort they will spend
examining the details of the site and the quality of information (Muñoz-Leiva et al.,
2012). The effect of trust on usefulness has been verified in previous research (Yoon,
2009; Sun, 2010; Zhou, 2011). Therefore, we establish the following hypothesis:
H5. Trust in the electronic banking service of a financial institution positively
determines the usefulness of the service.
On the other hand, trust and satisfaction are two strongly related constructs, both of
which have been studied in previous research. The trust that a consumer/user has in a
product or service determines satisfaction levels, either in an offline context (Lin and
Wang, 2006) or an online context (Chiou, 2004). Recent research (Lee and Chung, 2009;
Zhou, 2011), shows that trust derived from information systems, mobile web sites, etc.
significantly and positively influences the trust relationship among customers and
their satisfaction. Given the above we propose that:
H6. Trust in the electronic banking service of a financial institution positively
determines satisfaction with the service.
IMDS 3.3 Effects of ease of use
113,5 Ease of use refers to the individual’s perception that using a particular system is free of
effort or simply easy to do (Davis, 1989; Taylor and Todd, 1995). This element is one of
the key variables of the technology acceptance model (TAM) developed by Davis et al.
(1989). The TAM has been employed in numerous fields to predict the acceptance and
use of new ICTs such as internet adoption (Moon and Kim, 2001); the acceptance of
756 electronic commerce (Sánchez-Franco and Roldán, 2005); mobile internet (Cheong and
Park, 2005); or the search for tourist information on the internet (Ryan and Rao, 2008),
among others.
Moreover, a review of the literature on electronic commerce has shown that trust
positively determines perceived ease of use because if the buyer trusts the retailer’s web
site, the transaction is easier to perform and the buyer will feel that they understand
more and there is less need control the situation, and so on (Muñoz-Leiva, 2008). As
regards perceived trust, Fogg et al. (2002) found that perceived ease of use is one of
the factors that most increases perceived credibility, thus making a web site more
reliable. Some authors state that usability determines perceived trust (Flavián et al.,
2006) and, more specifically, that ease of use negatively affects perceived risk
(Featherman and Pavlou, 2003), and hence trust in the electronic service. Therefore, a
user-friendly web site will be perceived as more reliable and generate greater trust in the
user. Therefore, we establish the following hypothesis:
H7. The ease of use of the electronic banking service of a financial institution
positively determines trust in the service.
Venkatesh and Morris (2000) found that perceived usefulness is an important factor
influencing satisfaction towards the use of information technologies. In addition,
Sanchez-Franco et al. (2007) confirmed the existence of the effects of ease of use on
perceived usefulness toward using a technology. Wang et al. (2003) and Lai and Li
(2005) showed that perceived ease of use positively affects perceived usefulness and the
user’s attitude towards electronic, which in turn leads to a more useful service. Given
the above we state that:
H8. The ease of use of the electronic banking service of a financial institution
positively determines the usefulness of the service.
In information systems literature, ease of use has been regarded as a factor that
influences users’ satisfaction (McHaney and Cronan, 1998) and a determinant of
adoption of information technologies (Davis, 1989) or electronic services (Liao et al.,
1999). Concretely, Abdinnour-Helm et al. (2005) found that ease of use has a direct and
positive effect on satisfaction with a commercial web site and Liao and Cheung (2008)
proposed and empirically tested ease of use as a measurement of consumer satisfaction
with online banking. Therefore, ease of use is an antecedent of customer satisfaction
with online banking (Yoon, 2010). Thus, we establish the following hypothesis:
H9. The ease of use of the electronic banking service of a financial institution
positively determines satisfaction with the service.

3.4 Effects of usefulness

Perceived usefulness is defined as “the potential user’s subjective probability that
using a particular system will enhance job performance in an organisational context”
(Davis et al., 1989, p. 985). In our research on electronic banking, the implementation of Satisfaction
systems that facilitate access by customers in an easier and more agile manner will with e-banking
improve perceived usefulness (Shih and Fang, 2004) and satisfaction (Bhattacherjee
and Premkumar, 2004). There are multiple studies suggesting that the perceived
usefulness has a decisive influence on satisfaction (Zhou and Lu, 2011; Wu, 2013).
Therefore, we state that:
H10. The usefulness of the electronic banking service of a financial institution 757
positively determines satisfaction with the service.
Table I summarises the relationships described in the above research hypotheses
(Figure 3).
Following the review, we propose the model appearing below for its analysis and
study.

4. Methodological aspects: scope of the study and data collection

The data used in the study were drawn from the electronic banking satisfaction survey
conducted by a national financial institution in southern Spain, which is administered
to customers every two financial years through the authenticated section of the bank’s
online portal.

H1 Accessibility ! trust
H2 Accessibility ! ease of use
H3 Accessibility ! satisfaction
H4 Accessibility ! usefulness
H5 Trust ! usefulness
H6 Trust ! satisfaction
H7 Ease of use ! trust
H8 Ease of use ! usefulness
H9 Ease of use ! satisfaction Table I.
H10 Usefulness ! satisfaction Hypotheses to analyse

H7 Ease
of use H9

H2
H8

H3 Satisfaction
Accessibility

H6
H4
H1

H10
Figure 3.
Trust
Model proposed
H5 Usefulness in the research
IMDS The survey used for the study was conducted between September and October 2009.
113,5 During this time all users who accessed the secure web site were voluntarily invited to
answer a multiple choice questionnaire from a pop-up banner that appeared
automatically when they connected (see Appendix for the questionnaire). The online
questionnaire consisted of a total of ten Likert-type questions with five scales. A total
of 946 completed questionnaires were obtained with a sampling error of 3.19 per cent in
758 the estimation of a proportion. Table II shows the profile of respondents and Table III
the technical data and sample characteristics.
To test the suitability of the measurement scales used (accessibility, ease of use,
trust, usefulness and satisfaction), different exploratory (Cronbach’s a and exploratory
factor analysis) and confirmatory (factor) analyses of data reliability and validity were
employed using SPSS 15.0 and LISREL v8.8 software, respectively.

5. Data analysis
5.1 Analysis of the proposed model
After analysing and confirming the reliability and validity of the initial measurement
scales, we tested the research hypotheses supported in the review of the literature
using a structural equation modeling (SEM). The model was estimated using the
maximum likelihood (ML) estimation method due to the fact that the hypothesis of
normality cannot be accepted in the model’s variables. Furthermore, this estimation
method is preferable in the case of small samples as opposed to generalised or
weighted least squares (West et al., 1995).
Before evaluating the proposed model in depth, we confirmed once again that the
overall fit of the model was good as the values of the goodness-of-fit indicators were at
the levels recommended in the literature (Bollen, 1989; Lai and Li, 2005; Muñoz-Leiva,
2008): RMSEA , 0.08, Bollen-Stine’s corrected p-value . 0.05, Normed x2 , 2 or 3, GFI,
AGFFI, CFI and NFI . 0.90 (Table IV).

Variables Item Frequency Percent Cumulative Cumulative (%)

Gender Male 634 67.02 634 67.02

Female 312 32.98 946 100.00
Age 16-25 56 5.92 56 5.92
26-35 324 34.25 380 40.17
36-45 277 29.28 657 69.45
Table II. 46-65 259 27.38 916 96.83
Profile of respondents . 65 30 3.17 946 100.00

Population Electronic banking users

Sampling frame Ruralvı́a users
Sampling type Simple random sampling
Sample size 946 valid questionnaires
Sample errora 3.19%
Date of fieldwork September and October 2009
Table III.
Technical data and Note: aFor the estimate of a proportion where P ¼ Q ¼ 0.5 and a confidence level of 95 per cent
sample characteristics (according to the principles of simple random sampling)
The model obtained is shown in Figure 4 and shows the values of the standardised Satisfaction
coefficients between the different constructs and the R 2 or coefficients of determination with e-banking
for each endogenous variable. In the final model, ease of use, trust, satisfaction and
usefulness were confirmed to have values of 68, 58, 81 and 94 per cent, respectively.
The results show that all the research hypotheses are supported empirically (Table V).
Specifically, H1 shows that accessibility to the electronic banking service of a financial
institution has a positive effect on trust toward the system (b ¼ 0.31; p , 0.001). 759
Additionally, H2-H4, which hold that there is a direct and positive relationship between
accessibility and ease of use (b ¼ 0.83; p , 0.001), accessibility and satisfaction
(b ¼ 0.32; p , 0.001), and accessibility and usefulness (b ¼ 0.19; p , 0.10), respectively,
have also been confirmed. H5, which shows the positive effect of trust on usefulness of
the system (b ¼ 0.18; p , 0.001), also received empirical support, as did H7 and H8 on
the positive effect of ease of use on trust (b ¼ 0.49; p , 0.001) and ease of use on
usefulness (b ¼ 0.59), respectively. The relationship between trust and satisfaction (H6)
was supported with a level of significance that was under 10 per cent (b ¼ 0.18; p , 0.10).
Finally, H10 regarding the direct and positive effect of usefulness on satisfaction has
also been confirmed (b ¼ 0.35; p , 0.001).

Coefficient RMSA GFI AGFI CFI NFI x2 Degrees of freedom

Model value 0.044 0.97 0.93 1.00 1.00 245.90 36

Recommended # 0.08 $0.90 $0.90 $ 0.90 $0.90 – –
valuea Table IV.
Goodness-of-fit indicators
Source: aHair et al. (1999) of the final model

H7: R2 = 0.68
β = 0.49 Ease H9:
of use β = 0.20
H2:
β = 0.83
R2 = 0.94
H3:
β = 0.32
Satisfaction
Accessibility
H6:
H4: β = 0.18
H1: β = 0.19
β = 0.31
H8:
β = 0.59 H10:
β = 0.35
Trust
H5:
R2 = 0.58 β = 0.18 Usefulness Figure 4.
2
Results of the SEM
R = 0.81
IMDS
Hypotheses b SE Label
113,5
H1: accessibility ! trust 0.31 * * 0.07 Supported
H2: accessibility ! ease of use 0.83 * * 0.02 Supported
H3: accessibility ! satisfaction 0.32 * * 0.06 Supported
H4: accessibility ! usefulness 0.19 * * 0.06 Supported
760 H5: trust ! usefulness 0.18 * * 0.07 Supported
H6: trust ! satisfaction 0.18 * 0.08 Supported
H7: ease of use ! trust 0.49 * * 0.06 Supported
H8: ease of use ! usefulness 0.57 * * 0.06 Supported
H9: ease of use ! satisfaction 0.20 * 0.06 Supported
H10: usefulness ! satisfaction 0.35 * * 0.07 Supported
Table V.
Results Note: Significant at: *p , 0.10 and * *p , 0.001

5.2 Discussion of the results

First, hypotheses about the effect of accessibility on trust (H1), ease of use (H2),
usefulness (H3) and satisfaction (H4) could not be rejected. Thus, accessibility
manifests a positive relationship with trust, ease of use, satisfaction and usefulness
reinforcing previous research (Lin and Lu, 2000; Roy et al., 2001; Poon, 2008).
Second, the relationship between trust and usefulness and satisfaction in H5 and
H6, also could not be rejected. The confidence that the user expresses toward electronic
banking has a direct effect on usefulness future satisfaction. These relationships
demonstrate a direct positive relationship between trust in electronic banking and the
usefulness and satisfaction that a user has towards it (verifying the results of the
studies of Zhou, 2011; Fang et al., 2011).
Furthermore, the hypotheses derived from the effect of ease of use (H7-H9), could
not be dismissed. Ease of use has a direct, positive impact on trust based on the relative
effort a user exerts using the new tool, as well as on the usefulness that users prescribe
to electronic banking and satisfaction (Lai and Li, 2005; Yoon, 2010).
Finally, the last (H10) exhibits a positive relationship between usefulness and
satisfaction. In this case demonstrating that when e-banking offers great utility, user
satisfaction improves (as argued by Zhou and Lu, 2011; Wu, 2013).
This generic and parsimonious model was tested, proven to be reliable and valid and
can be used to determine online banking satisfaction. The results reveal differences in
the weights of the relationships between certain variables of the proposed structural
model; specifically the main determinants of satisfaction with electronic banking are the
usefulness and accessibility constructs. These two determinants are followed by
the effect of ease of use and trust on the satisfaction construct. This does not show
that the users are losing the fear of interacting with their bank through the internet;
rather these users undertake a deeper cognitive process according to:
. extrinsic arguments such as the message or the product or service features; and
.
ease of access to electronic banking applications and to information.

6. Conclusions and management implications

6.1 Main conclusions
ICTs have led to numerous changes at the social, legal and consumer level, forcing a
large number of companies to apply this technology in an intensive manner. At present,
the majority of companies offer their customers the possibility of accessing the majority Satisfaction
of their services through various channels, particularly electronic banking. In this with e-banking
context, the use of electronic banking by customers of financial institutions is considered
a major breakthrough in ICT systems and has been explored in depth in various studies
and behavioural models.
Despite the complicated situation in the financial sector (financial crisis, mergers,
takeovers), user satisfaction levels with online banking have increased in recent years, 761
reaching more than 80 per cent (a level similar to the start of the crisis) according to
a report by American Customer Satisfaction Index (2011). The report also compares
the rate of overall consumer satisfaction levels of general banking versus online
banking, with the latter beating the former by nearly 20 per cent. Online banking also
was favored over other channels that customers have at their disposal (55 per cent
selected the online channel as the that satisfied them the most, while 28 per cent chose
branches, 13 per cent chose ATMs, and only 2 per cent chose call center and mobile
banking as the channel that satisfied them most). In addition, consumer satisfaction
levels with online banking are higher than for other online services (online retail
(80 per cent), online brokerage (78 per cent), online travel (78 per cent), online news site
(74 per cent) and social media (70 per cent)).
The integration of electronic banking into the multi-channel strategy of financial
institutions will improve synergies and therefore provide higher quality service and
achieve greater satisfaction among clients. This will give rise to new relationships with
customers in order to better meet and determine their needs. Given the increasingly
high expectations of customers, it is essential that financial institutions implement
these systems as they will enable customers to have instant access to information from
a more accessible channel, at a more convenient moment and from any location.
For these reasons, correct measurement of satisfaction and knowledge of its
determinants are crucial for financial institutions in order to achieve a return on
investments.
Due to the complexity of evaluating and quantifying satisfaction, several methods
have been developed to measure this variable. In our study, we proposed a model that
explores the effect of accessibility, ease of use, trust and usefulness on satisfaction with
electronic banking services, demonstrating that a positive relationship exists between
the variables. It is important to note the direct effect that usefulness and ease of access
have on satisfaction; the main determinants of the TAM model. This does not show
that the users are losing the fear of interacting with their bank through the internet;
rather their satisfaction is mainly determined by:
.
extrinsic arguments such as the message or the product or service features; and
. ease of access to electronic banking applications and to information.

In the Casaló et al. (2008) study, web site usability was found to have a positive effect
on customer satisfaction, but in our study these constructs (ease of use and usability)
have a direct influence on satisfaction.
More specifically, satisfaction is the determinant that facilitates bank product and
service customization (Mattila, 2001), helping maintain and develop long-term
relationships and improve profitability linking them (Ranaweera et al., 2005), enhancing
loyalty (Aldás Manzano et al., 2011) reducing the dropout rate (Kim and Prabhakar, 2004;
Liébana-Cabanillas et al., 2013) and improving E-WOM (Casaló et al., 2008).
IMDS 6.2 Implications for the financial and academic world
113,5 Nowadays, most financial institutions offer their customers electronic banking
services. In many cases, however, they are not concerned with quantifying and
assessing user pleasure with these online services to improve their effectiveness and
efficiency and achieve better satisfaction rates and profitability. The present research
is an original contribution to this knowledge field through the analysis of the impact
762 that several factors have on customer satisfaction with the e-banking sector. Therefore,
this research contributes to the services marketing discipline by determining the role
of the e-banking in the enhancement of the perception of customer satisfaction.
Specifically, web site accessibility and elements that enhance web site usefulness
(updated information, better outcomes, increased client and institution productivity,
etc.) are aspects that need to be taken into account when considering electronic banking
users in general. In particular, these aspects have a significant effect on the satisfaction
that users experienced.
Studies of this kind are useful tools for financial institutions as they help identify
customer profiles towards whom marketing efforts must be directed. By doing so, CRM
systems will be able to combine satisfaction and product and service cross-sales and
hence customer returns. Identifying the routes followed by each type of client based on
the length of time they have been registered in the system can aid financial institutions
in deciding which commercial activities (new products and services) to launch and
customizing the design and structure of their web sites.
In summary, satisfaction attracts new customers and translates into greater
profitability. This is especially true for banks offering internet banking services since
these services increase customer satisfaction, boost retention and improve profits,
which makes increasing the adoption rate a high priority (Kim and Prabhakar, 2004).
Satisfaction improves loyalty (Aldás-Manzano et al., 2011) and customer retention
(Liébana-Cabanillas et al., 2013). Further, this research shows that satisfaction with
previous interactions with the bank web site has a positive effect on both customer
loyalty and positive WOM (Casaló et al., 2008).

Notes
1. www.capgemini.com
2. www.foreseeresults.com
3. www.w3c.es/

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Further reading
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Appendix

Rate your level of agreement with the following statements (where 1 means strongly disagree and
5 strongly agree)

Electronic banking services are easily accessible

There is ample availability to carry out operations
The site has clear and comprehensive information
There is agility in the completion of transactions/queries
Navigation and management of e-banking services are easy
The system is adapted to electronic banking operational needs
The information provided in the e-banking service is useful
The data and the operations performed on the electronic banking service are
confidential
I believe the electronic banking service is secure Table AI.
Rate your global level of satisfaction with this electronic banking service Questionnaire

Corresponding author
Francisco Liébana-Cabanillas can be contacted at: franlieb@ugr.es

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