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The influence of corporate image on consumer trust: A comparative analysis in
traditional versus internet banking
Carlos Flavián Miguel Guinalíu Eduardo Torres
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Consumer trust
The influence of corporate image
on consumer trust
A comparative analysis in traditional versus
internet banking 447
Carlos Flavián and Miguel Guinalı́u
University of Zaragoza, Zaragoza, Spain, and
Eduardo Torres
University of Chile, Santiago, Chile
Abstract
Purpose – To analyze the relationship between corporate image and consumer trust in the context of
financial services distribution.
Design/methodology/approach – This paper analyzes the causal relationship that exists between
corporate image and consumer trust in the financial services distribution through traditional channels,
as well as over the internet. This paper also analyzes the moderating effect of relationship duration on
the influence of the corporate image on trust.
Findings – The results obtained show that in distribution through traditional channels no significant
differences exist in the intensity of the effect of the image on trust in terms of the relationship duration.
Nevertheless, significant differences in the financial services distribution over the internet have been
observed.
Practical implications – The significant influence that image exerts on consumer trust shows us
that corporate image becomes a key tool for the management of trust in financial services distribution.
Originality/value – Despite the importance that researchers have assigned to the variables of
corporate image and trust, much of the work so far is in the initial phase of development. Thus, the
majority of the works have been approached from a fundamentally theoretical perspective, or else the
empirical testing has been carried out in an indirect way, based on factors that form part of the image
or are related to it. Because of this, today there is no research that has empirically evaluated the role
played by corporate image in the levels of trust of the consumer of financial services.
Keywords Internet, Trust, Corporate image
Paper type Research paper
1. Introduction
The distribution of financial services today faces new challenges, derived from the
spread of new technologies and the greater intensity of competition exercised by new
channels for doing business. Consequently, researchers have been studying the
factors that could influence purchasing decisions by the consumer of financial
services. In this respect, the concepts of corporate image and trust have gained
special relevance. A variety of studies have made it clear that image and consumer
trust can significantly affect individual behavior (e.g. Ratnasingham, 1998). Thus, it
Internet Research
Vol. 15 No. 4, 2005
The authors wish to express their gratitude for the financial support received from received from pp. 447-470
q Emerald Group Publishing Limited
the Spanish Government CICYT (SEC2002-01009), the Aragón Regional Government (S-46; 1066-2243
PM-34) and FUNDEAR. DOI 10.1108/10662240510615191
INTR has been suggested that the image perceived by the consumer helps to make tangible
15,4 the influential factors present at the moment of execution of a financial transaction,
diminishing the risk perceived by the individual and simultaneously increasing the
probability of purchase. In addition, we should like to point out that lack of trust has
been identified as one of the major obstacles to the spread of internet banking (Rexha
et al., 2003).
448 Despite the importance that researchers have assigned to the variables of image and
trust in the distribution of financial services, we consider that much of the work so far
is in the initial phase of development. This fact is reflected especially when relating
image to other variables that might influence decision-making by agents involved in
the exchanges. In this respect, we stress the works that have analyzed the relationship
between corporate image and consumer trust. Thus, the majority of the works
concerning the corporate image/trust relationship have been approached from a

fundamentally theoretical perspective (e.g. Lehu, 2001), or else the empirical testing has
been carried out in an indirect way, based on factors that form part of the image or are
related to it, such as, for example, reputation or perceived usefulness (e.g. Ba, 2001;
Mukherjee and Nath, 2003). Consequently, today we have no research that has
empirically evaluated the role played by corporate image in the levels of trust of the
consumer of financial services. Similarly, the influence of the duration of the
relationship on the intensity of the impact of image on trust has not been evaluated.
Therefore, this paper carries out a study of the relationship between image and trust in
the distribution of financial services through traditional channels as well as in the new
commercial avenues based on the internet. Moreover, the moderating role of the length
of the relationship on the influence that corporate image has on consumer trust is
evaluated. Finally, major conclusions will be drawn and principal managerial
implications will be presented.
2. Theoretical background
2.1 Corporate image and financial services distribution
The specialist marketing literature has emphasized that corporate image is not the
only image to be perceived by the consumer. In this respect, researchers have
suggested that there are different types of image depending on the specific group of
consumers (Nguyen and Leblanc, 1998, 2001) and the kind of experiences and
contacts they have had with the business and/or its brand (Dowling, 1986, 1988).
Similarly, Gray and Smeltzer (1985) point out that image is a set of impressions that
different kinds of public have of a certain company. For LeBlanc and Nguyen (1996,
p. 45), corporate image “is the result of an aggregate process by which customers
compare and contrast various attributes of companies”. This complex character of
the image construct has in turn introduced a particular intricacy to the process of
generating and managing a corporate image. In this respect, De Chernatony (1999)
suggests that due to the existence of these different perceptions, businesses are
progressively looking to coordinate their activities, with the objective of trying to
transmit a single image. Specifically, they are trying to determine how their brands
are being perceived, both within the company as well as in the target market.
Moreover, they are promoting the coordinated and efficient projection of an image
that matches the interests of the business, especially with regard to the degree of
influence on consumer trust.
As a consequence of the influence of image on consumer behavior, this variable has Consumer trust
acquired significant relevance during recent years and has become a key factor in the
advanced management of marketing strategy in every company (Esteban et al., 1997).
Thus, it is worth emphasizing the growing interest in the corporate image in the
financial sector. This interest is based on several aspects:
.
the possibility that image might be considered as a source of competitive
advantage; and 449
.
the fact that a positive image will not only help the company to attract
customers, but will also exercise a positive influence on the trust of other
interested groups.
In short, we may consider that corporate image is a strategic tool of great value for the
financial sector, since besides helping to achieve long-term objectives (Abratt and
Mofokeng, 2001) it can turn into a source of competitive advantage. This is due to the
fact that corporate image is one of the most difficult resources to imitate, as a
consequence of the extensive time period that is needed to develop it (Hall, 1993). This
phenomenon leads to obstacles to entry into the market by new competitors.
Furthermore, the directors of financial entities are conscious of the effect that corporate
image can have on the trust of their customers. This helps them to attract not only
potential customers, but also those interest groups necessary to achieve success, such
as analysts, investors, rating agencies, employees, and so on (Abratt and Mofokeng,
2001). All this has a measurable effect on business management, since it assumes that
every financial institution should concern itself with the management and control of its
corporate image (Park et al., 1986). It is also necessary to guard against the corporate
image being modified in the market as a result of external factors that are not
controlled by the organization. Otherwise, a negative image could be generated, which
very possibly would be difficult to reorientate in the direction of the company’s
interests.
2.2. Trust and financial services distribution

Trust is one of the variables that has attracted major interest in the academic
community. This is due to the fact that trust is considered a strategic variable in
current marketing (Selnes, 1998). It is an essential ingredient in the success of
relationships (Berry, 1995; Dwyer et al., 1987; Moorman et al., 1992; Morgan and Hunt,
1994). In fact, the relevance of trust applies to a wide variety of cases, such as the
exchanges between companies or with the administration (Kennedy et al., 2001). In
addition, its effect on relationships in the distribution channel (Langerak, 2001),
satisfaction, obtained results or investment planning has been widely studied (e.g.
Anderson and Narus, 1990; Moorman et al., 1992; Spekman, 1988).
Trust may be defined as “one party’s belief that its needs will be fulfilled in the
future by actions undertaken by the other party” (Anderson and Weitz, 1989, p. 312).
Trust refers to the value that one of the parties assigns to certain attributes of the
partner in the exchange, particularly the degree of honesty (Gundlach and Murphy,
1993) and of goodwill (Larzelere and Huston, 1980; Doney and Cannon, 1997).
In spite of the existence of some points of agreement among researchers of trust –
such as its influence on decision making or on the degree of commitment (e.g. Achrol,
1991; Moorman et al., 1992) – the focus adopted in these studies has not always been
INTR the same. Thus, we see how some authors have moved away from the study of trust in
15,4 the framework of interpersonal relations, to consider trust from the point-of-view of the
consumer regarding a brand or a product. This is the case of Chaudury and Holbrook
(2001), who consider that trust is the consumer’s certainty of the brand’s ability to work
properly. Consequently, trust is not necessarily an attitude toward another person, but
also may be directed toward an intangible object, such as a brand (Delgado and
450 Munuera, 2001).
The effect of trust on the continuing relationship is greater depending on the sector
under analysis. One of the areas in which this effect is most strongly felt is in the
services sector (Grayson and Ambler, 1999). This is due to the particular
characteristics of the distribution of services (Liu and Wei, 2003).
.
Intangibility: the intangibility of services prevents the consumer from being able
to precisely value the quality of the product before it has been acquired.
.
Inseparability: services are produced and consumed at the same moment in time,
whereas with tangible goods the production and consumption originate at
well-defined distinct times.
.
Heterogeneity: the quality of services is variable, since it depends on who
provides the product, when and where. Nevertheless, the quality of tangible
goods is much more consistent, thanks to advances in the systems of production.
. Expiration: services cannot be stored due to their intangible character, so that
their production will depend on sufficient resources being available at any given
time.
3. Hypothesis formulation
Studies carried out regarding the role of corporate image on the behavior of
individuals show us that the formation of this construct is cumulative. Thus, the
accumulation of experiences over time contributes to the generation of an image in
the mind of the consumer (Nguyen and LeBlanc, 1998; Howcroft and Lavis, 1986). In
addition, the duration of the relationship also fulfills a fundamental role in the
formation of trust (Einhorn and Hogarth, 1978). The greater the duration of the
relationship of business-customer, especially if the service carries a high perceived
risk, the greater the probability that the trust deposited in that service will also
increase (Smith and Swinyard, 1982). For this reason, we may consider that in the
distribution of financial services, experience plays a crucial role in the formation of a
positive attitude on the part of the consumer, given that these kinds of products are
associated with a high level of perceived risk – not least concerning the so-called
financial risk (Mitchel, 1998).
Despite the fact that experience might operate in isolation, this could act as a factor
that influences the relationship between the corporate image and other variables
related to decision-making on the part of consumers, especially in the level of trust in
the organization. Thus the succession of positive experiences allows the perceived
image held by the purchaser to improve, at the same time enhancing the level of trust.
In this way, the process of image formation would permit a parallel development of
trust.
Some research suggests that corporate image is one of the most influential factors in
the degree of consumer trust (Lehu, 2001). For Lehu (2001) corporate image is one of the
fundamental elements that form part of what he calls “the shield of trust”. In fact, Consumer trust
image for this author is one of the elements that enables the building of a sincere
relationship of trust between total satisfaction and the natural loyalty of the consumer.
However, the availability of research suggesting a direct link between corporate image
and trust is scarce. In fact, most research undertaken in the new channels of
distribution suggests an indirect relationship between both variables. Thus, for
example, for Yoon (2002) the variables related to corporate image significantly 451
influence the trust of the consumer towards a specific website.
Something similar occurs in the case of research studies in the financial sector. In
fact, in this sector the relationship between corporate image and consumer trust has
been better explained by means of other variables, in particular, reputation and
perceived usefulness by customers. Among these studies we might quote Mukherjee
and Nath (2003), in which reputation is included as one of the dimensions of trust.
Similarly we cite the study by Ba (2001), according to which the reputation internet
banking is one of the principal factors influencing the use of this new channel of
communication. We might also cite the study done by Suh and Han (2002), who
demonstrated that the perceived usefulness by consumers of internet banking
significantly influences trust in these types of financial institutions.
In spite of the relevance of the relationship between image and trust to the success
of the bank, until now research has not been developed that analyzes this relationship.
So, in this work the direct influence exercised by corporate image on consumer trust in
the context of financial services is examined. This relationship will be analyzed in the
traditional channels as well as in the channels based on the internet. In line with these
proposals the following research hypotheses are put forward:
H1. A better corporate image favors a higher level of trust in a financial institution
that operates through traditional distribution channels.
H2. A better corporate image favors a higher level of trust in a financial institution
that operates through the internet.
The intensity of the influence exerted by the corporate image of a financial institution
on the degree of trust of its customers can be subject to diverse factors. Among these,
the one that predictably carries more weight is the duration of the relationship
between the customer and the bank. Indeed, the marketing literature has discussed
the effect of the relationship duration on the variables that influence decision-making
and the relationship between them (e.g. Buvik and Halskau, 2001). So, certain authors
have distinguished various phases in the development of a relationship. In this
respect, Ha (2004) in the context of brand trust online, notices that building e-brand
trust requires a systematic relationship between a consumer and a particular web
brand. Likewise, Dwyer et al. (1987) state that aspects such as the increase of
commitment and trust help, over time, to reduce levels of conflict and produce a
greater interdependence between the parties involved in the relationship. Similarly,
Wilson (1995) analyzes the variables that influence the progress of the relationship.
In this respect, variables such as social links, cooperation or shared technology have
an effect on the relationship. Nevertheless, Wilson (1995) emphasizes that the
influence of each variable is not constant, as it may be latent until a certain event
occurs that activates the effect of the variable. In addition, Verhoef et al. (2000) test
how the influence of satisfaction on trust is dependent on the duration of the
INTR relationship. Likewise, Grayson and Ambler (1999) notice that the so-called “dark
15,4 sides” of long-term relationships cause the discouraging effect of relationship
duration on the association of trust and commitment with relationship performance,
although they can not find support for this hypothesis.
The influence that the passage of time can exert on the relationship between
corporate image and trust in the distribution of financial services may be due to
452 two fundamental factors. In the first place, as has been mentioned, image and
trust are variables whose formation is due to cumulative experiences between both
parties. For this reason, one might suggest that their structuring in the mind of
the consumer, and influence on his/her behavior, will vary depending on the
duration of the relationship. Secondly, the inherent risk in the purchase of financial
services on the internet, and in general in any purchase made online (Cheung and
Lee, 2001), is greater than that observed in traditional channels. Furthermore, the
aforementioned risk varies among different segments of consumers, being greater
in those who have less experience and knowledge of the financial institution
(Al-Ashban and Burney, 2001).
The two factors previously alluded to may be observed in the distribution of
financial services through the internet. In the first contact that the consumer has with
the virtual bank the perceived risk in each operation is greater than that perceived in
later phases, due to the absence of previous experience that enables the consumer to
make inferences as to how the bank will behave and how the financial transactions
will go. Thus, in these initial phases, aspects that shape the corporate image and at
the same time are factors that influence the adoption of internet banking, such as
security in transactions, ease of use of the system (Sathye, 1999) or the degree of
reputation, have a greater bearing on the degree of trust shown by the consumer. In
later phases, the increased experience of the consumer will enable him/her to value
with greater objectivity the virtual bank’s reputation, security or usability of the
website (Sánchez-Franco and Rodrı́guez-Bobada, 2004; Constantinides, 2004) through
which transactions are carried out. Therefore, the passage of time should reduce the
intensity of the influence of image on trust, and would give rise to a lesser
dependency on image, and trust could depend more on other variables, such as the
degree of satisfaction. Nevertheless, the passage of time does not mean that image
stops significantly affecting the degree of trust of the individual, but that it does so
with reduced intensity. Furthermore, if we consider the marketing of financial
services via bricks-and-mortar branches, it seems reasonable to suppose that the
intensity of the image-trust relationship will not be affected by the duration of the
relationship. This will be because of the lesser-perceived risk by the consumer in
purchasing through traditional channels compared to online purchases. The greater
awareness of participating agents in the market and of the financial system together
will cause those consumers approaching the bank for the first time to perceive no
significantly greater risk than do long-term purchasers. Therefore, factors such as
security or reputation – components of the image construct – will show no
significant influence over time. In accordance with this rationale we may suggest the
following working hypotheses:
H3. In the context of traditional banking, the length of the relationship with the
consumer does not have a significant impact on the influence of corporate
image on consumer trust.
H4. In the context of internet banking, the length of the relationship with the Consumer trust
consumer has a significant impact on the influence of corporate image on
consumer trust.
4. Reliability and validity analysis

To develop this research a personal survey was conducted among a sample of
customers who used the services of the main Spanish financial institutions. This group 453
of internet users is relevant due to the fact that Spanish is the fourth language on the
internet after English, Chinese and Japanese (see www.internetworldstats.com).
Our non-random method of collecting the data (volunteer sampling) generated a
total of 633 users, of whom 151 also made use of services offered by the same bank on
the internet (atypical cases, repeated responses and incomplete questionnaires were
controlled). As it was not possible to statistically assess the reliability or possible bias
of non-random samples we compared some of the survey results with available
information about the population. Thus we compared the sociodemographical
characteristics of the sample with other studies on the online Spanish-speaking
population (e.g. AIMA, 2005). The results are very similar.
To select the financial institutions on the internet, the classification proposed by
López (2001) was considered, including traditional banks operating through internet
and virtual banks. We consider virtual banking to be a specific form of banking for
internet characterized by the fact that it does not have a registered name or
conventional branches where clients can carry out their transactions.
We measured image’s dimensions (access to services, services offered, personal
contact, security and reputation) and consumer trust through multi-item seven-point
Likert scales. Moreover, in the survey we included some socio-demographic data.
These socio-demographic data show that most participants were between 17 and 44
years old (74.8 percent), males (53.3 percent), incomes lower than e24.000 per year (60.5
percent) and in general they had a good educational level (61.5 percent higher
education).
The scales initially proposed were subjected to a further sifting process in order to
obtain measurement instruments that would allow us to quantify the concepts we
wanted to measure.
4.1 Exploratory analysis of reliability

These analyses offered satisfactory results. Cronbach’s alpha test showed an
acceptable degree of internal consistency in the scales and groups we considered, being
in all the cases over the 0.7 recommended by Cronbach (1970) or Nunnally (1978). So,
for traditional banking Cronbach’s alpha was 0.80 for access to services, 0.79 services
offered, 0.88 personal contact, 0.83 security, 0.74 reputation and 0.90 consumer trust.
For internet banking Cronbach’s alpha was 0.76 in access to services, 0.81 services
offered, 0.92 security, 0.82 reputation, and 0.88 trust. Nevertheless, in the case of
internet banking it was observed that variable ACCI5 presented an item-total
correlation subscale of 0.06 which is below the limit of 0.3 established by Nurosis (1993)
for such effects. Therefore, this indicator was eliminated from the analysis with a view
to improving the internal consistency of the access to services subscale.
As a second stage in the previous exploratory analyses of the scales, we carried out
a study of unidimensionality in each by means of an exploratory factor analysis
INTR (McDonald, 1981). To achieve this, an exploratory analysis was applied using the SPSS
15,4 10.0 statistics package. The exploratory factorial analysis was carried out on each of
the subscales considered, applying principal components, and when necessary
Varimax rotation. The factor extraction criterion used was the eigenvalue, although for
the final decision on the number of factors to consider, variance explained by the first
factor (which had to be close to 60 percent) and factor loads (which had to be higher
454 than 0.45) were analyzed. The tests applied to the six scales presented correct values of
KMO indicator and Barlett sphericity test. Factorial analysis revealed the existence of a
single factor in all scales, variances higher that 0.6 and factor loads higher than 0.7.
4.2 Confirmatory analysis of reliability

In order to guarantee the proposed scales’ reliability and validity, we carried out a
series of confirmatory analyses with all the variables included in the model and
according to the methodology of confirmatory model development (Hair et al., 1998).
This methodology enables one to sift scales by the development of successive
confirmatory factor analyses. We used the statistical software EQS version 5.7b. As an
estimation method we chose robust maximum likelihood, since it affords more security
in samples that do not unmistakably pass multivariate normality tests. With this aim,
we successively eliminated those items that did not meet the three criteria proposed by
Jöreskog and Sörbom (1993):
(1) Criteria of weak convergence would eliminate indicators that did not have a
significant factorial regression coefficient t student(. 2:58 : p ¼ 0:01).
(2) Criteria of strong convergence would eliminate those indicators that were not
substantial, i.e. those whose standardized coefficient is less than 0.5.
(3) Lastly, Jöreskog and Sörbom (1993) propose the elimination of those indicators
that least contribute to the explanation of the model, considering the cut-off
point as R 2 , 0:3.
In accordance with these three criteria it was necessary to carry out three confirmatory
analyses in the group of traditional banking that meant the elimination of items
SECT4, SECT5, TRUSTT6 and TRUSTT8 (see appendix). In addition, in the sample of
users of internet banking it was necessary to develop four confirmatory factor
analyses, which gave rise to the sifting of items SERI4, SERI5, TRUSTI4 and
TRUSTI6. The adjusted indicators in the group of traditional banking and internet
banking offered satisfactory values (see Table I).
Adjustment fit measures Optimum value Traditional banking Internet banking
x2 (g.l.) p . 0:05 1072.035 (260) p ¼, 0:001 311.507 (142) p ¼, 0:001

Satorra-Bentler x2 p . 0:05 744.8267 p ¼ 0:0000 260.2812 p ¼ 0:0000
RMSEA , 0.08 0.070 0.089
NFI High (close to 1) 0.892 0.854
NNFI High (close to 1) 0.903 0.896
Table I. IFI High (close to 1) 0.916 0.915
Adjustment fit measures CFI High (close to 1) 0.916 0.914
for confirmatory factor RCFI High (close to 1) 0.931 0.904
analysis x2/g.l. (1; 5) 4.123 2.193
In order to confirm the multidimensionality of the variable “image” two structural Consumer trust
models were compared: a first order model and one factor, and a second order model
with five factors for traditional banking and four factors for internet banking
(Steenkamp and Van Trijp, 1991; Hair et al., 1998). The results indicated that the fit of
the second order model was superior to that offered by the first order model.
Therefore, the presence of five dimensions in image (four for internet banking) could
be confirmed. 455
In order to confirm the definitive reliability of the scales, we carried out tests of the
composite reliability coefficient (Jöreskog, 1971) and the average variance extracted
(Fornell and Larcker, 1981). Result are offered in Table II (average variance extracted
must be higher to 0.5 and composite reliability coefficient higher to 0.7). These analyses
offered satisfactory results.
4.3 Validity analysis

In order to verify whether through the designed scales we were measuring the concepts
correctly, we carried out the corresponding analyses of validity (Flavián and Lozano,
2003).
4.3.1 Content validity. After a review of the most pertinent literature regarding the
measurement of corporate image and trust, a preliminary questionnaire was designed.
For the items making up the measurement scales, an analysis was made of the
literature regarding the measurement of traditional banking image from a
multi-dimensional viewpoint. Among these works are those by Evans (1979),
Mandel et al. (1981), Parasuraman et al. (1988), Alonso and Cruz (1991), Llorca (1995),
LeBlanc and Nguyen (1996), and Nguyen and LeBlanc (2001). In order to develop the
scales of trust, research done by Moorman et al. (1992, 1993), Morgan and Hunt (1994),
Doney and Cannon (1997), Hewett and Bearden (2001), and Sanzo et al. (2003) was
taken as reference in different sectors of activity. Due to the fact that a large part of the
literature dealt with traditional distribution channels, or else used misvalidated scales,
a prior sifting of the items proposed initially was required. This sifting, following the
recommendations of De Wulf and Odekerken-Schröder (2003), was based on opinions
expressed by focus groups made up of various experts in e-banking and e-marketing,
as well as a series of in-depth interviews with around a dozen users of e-banking and
traditional banking. Finally, a quantitative pre-test was conducted with a sample of 30
users, based on exploratory factorial and Cronbach alpha analyses. The aim of these
initial siftings was to ensure that the questions posed were understood correctly, as
well as to include the most pertinent aspects in the measuring of image perceived and
consumer trust. Detailed information on the origin of the items considered appears in
the appendix.
4.3.2 Construct validity. This type of validity analysis is formed by two fundamental
categories of validity: convergent and discriminatory. To test convergent validity it
was contrasted that the standardized coefficients in each scale were over 0.5 and
significant (Sanzo et al., 2003). Moreover, the correlations between five dimensions of
image (four in internet banking) were significant and high (Lozano, 2003). The
discriminatory validity was confirmed through three distinct criteria. Firstly, the
correlation between the different variables in the confirmatory models was tested to
make sure that they did not exceed 0.8 points as this would indicate a low
discrimination between them (Bagozzi, 1994). Secondly, we checked that the value 1 did
15,4
456
INTR
Table II.
Average variance
reliability coefficient
extracted and composite
Traditional banking Internet banking
Average variance extracted Composite reliability coefficient Average variance extracted Composite reliability coefficient
Access to services 0.39 0.76 0.49 0.79

Services offered 0.42 0.69 0.48 0.72
Personal contact 0.50 0.83 Not included Not included
Security 0.52 0.77 0.65 0.85
Reputation 0.42 0.68 0.52 0.76
Trust 0.54 0.87 0.51 0.86
not show that it was in the confidence interval of the correlations between the different Consumer trust
variables of the confirmatory model. Finally, the correlation between each pair of
confirmatory model variables was fixed at 1 and a chi-squared difference test was
carried out (Bagozzi, 1981). The evaluation of all the discrimination criteria gave us a
sufficient discriminate validity. The data corresponding to convergent and
discriminatory validity can be seen in Tables III and IV.
The results of these analyses allowed us to confirm the convergent and 457
discriminatory validity of the different scales.
5. Results
In this section we contrast the relation of causality between the two variables proposed
in the working hypotheses. Specifically, the first hypothesis suggests that image
perceived will have a positive influence on consumer trust for traditional banking,
Variables Correlations Confidence interval Dif. x2 (g.l.) p
Acc-serv 0.70 * (0.04; 0.09) 157.258 (1) , 0.001

Acc-per 0.72 * (0.04; 0.08) 268.142 (1) , 0.001
Acc-sec 0.63 * (0.05; 0.09) 355.169 (1) , 0.001
Acc-rep 0.75 * (0.04; 0.10) 116.883 (1) , 0.001
Serv-per 0.62 * (0.05; 0.09) 253.558 (1) , 0.001
Ser-sec 0.65 * (0.05; 0.10) 228.204 (1) , 0.001
Serv-rep 0.76 * (0.05; 0.10) 90.383 (1) , 0.001
Per-sec 0.63 * (0.05; 0.09) 451.854 (1) , 0.001
Per-rep 0.67 * (0.05; 0.05) 200.064 (1) , 0.001
Sec-rep 0.66 * (0.05; 0.11) 195.509 (1) , 0.001
Acc-trust 0.71 * (0.65; 0.76) 304.851 (1) , 0.001
Serv-trust 0.67 * (0.61; 0.73) 249.140 (1) , 0.001
Per-trust 0.67 * (0.61; 0.72) 294.660 (1) , 0.001
Table III.
Sec-trust 0.70 * (0.63; 0.75) 310.521 (1) , 0.001
Convergent and
Rep-trust 0.80 * (0.74; 0.85) 378.583 (1) , 0.001
discriminatory validity
Note: *Significant to level 0.01 for traditional banking
Variables Correlations Confidence interval Dif. x2 (g.l.) p
Acc-serv 0.55 * (0.15; 0.27) 91.174 (1) , 0.001

Acc-sec 0.29 * (0.16; 0.21) 321.272 (1) , 0.001
Acc-rep 0.48 * (0.14; 0.23) 125.548 (1) , 0.001
Ser-sec 0.54 * (0.09; 0.17) 92.554 (1) , 0.001
Serv-rep 0.65 * (0.09; 0.18) 61.909 (1) , 0.001
Sec-rep 0.46 * (0.12; 0.20) 121.095 (1) , 0.001
Acc-trust 0.41 * (0.22; 0.60) 21.999 (1) , 0.001
Serv-trust 0.61 * (0.47; 0.75) 53.847 (1) , 0.001
Table IV.
Sec-trust 0.66 * (0.71; 0.86) 116.790 (1) , 0.001
Convergent and
Rep-trust 0.62 * (0.47; 0.77) 52.591 (1) , 0.001
discriminatory validity
Note: *Significant to level 0.01 for internet banking
INTR while the second one considers that image perceived will also have a positive and
15,4 significant effect on consumer trust for internet banking.
The results showed that H1 was accepted since the relation between image and
trust was significant and with the expected sign (see Figure 1). As for the second
hypothesis (H2) the standard parameter was significant and with the expected
orientation, so we also accepted this hypothesis for the analysis (see Figure 2). Lastly,
458 the fit measurement showed values close to the recommended ones (for traditional
banking, NFI 0.93; NNFI 0.95; CFI 0.97; RCFI 0.97; RMSEA 0.081 and for internet
banking, NFI 0.9; NNFI 0.91; CFI 0.93; RCFI 0.91; RMSEA 0.109). Moreover, mention
should be made of the high R 2 reached in both models (0.72 in the case of traditional
banking and 0.84 for internet banking).
Figure 1.
Causal model for
traditional banking
Figure 2.
Causal model for internet
banking
5.1. Multi-sample analysis Consumer trust
H3 and H4 of this work analyze the influence that the duration of the relationship
exercises on the intensity of the influence exerted by image on the trust of the
consumer of financial services. Specifically, H3 evaluates the effect of duration in the
case of traditional banking. H4 contrasts the effect of duration in the case of internet
banking. To carry out these studies use was made of multi-sample analysis. This
technique, based on the development of structural equation models, enables us to check 459
the existence of significant differences among various groups. In the case of traditional
banking the total sample was divided into four groups, defined by the quartiles of a
variable that measures the duration of the relationship between the consumer and
his/her bank. The division into four groups enabled us to determine whether there was
any increasing or diminishing tendency over time with regard to the intensity of the
effect of image on trust. In the case of internet banking the division was not made in
terms of quartiles but based on the average of a variable that measures the duration of
the relationship. The rationale in following this kind of division, instead of the previous
one, is because of a variety of factors. Firstly, the sample of internet banking users was
not sufficiently broad. Thus, the creation of four groups would have shown a sample of
insufficient size to permit working with the technique of multi-sample analysis.
Secondly, the mean duration of the relationship in the case of internet banking was
much lower than that observed in traditional banking. The groups formed in the case
of internet banking would have changed in a very short time, which would have made
the observation of differences among four groups problematic. On the other hand, in
traditional banking the four groups recorded more significant differences (the first
quartile was located in 48 months, the second in 96 months and the third in 180
months).
Table V shows the results for the groups of traditional banking users. In the first
place the fulfillment of H1 in each of the four groups formed was observed. In the
second place the differences between each pair of groups with regard to the effect of
image on trust were analyzed. Between the group of users whose relationship with
the bank was more recent (first group) and the next group, there were no differences
that might be considered statistically significant (probability . 0.05). We
observed the same behavior between the second and the third group, as well as
between the third group and the fourth, and the first and the fourth groups. With
these results it is possible to state that the duration of the relationship does not
appear to affect the influence of image on trust in the distribution of financial
services by traditional channels. Consequently, H3 must be accepted. Moreover, we
should point out the notable structural model fit obtained (CFI 0.926; IFI 0.927;
RMSEA 0.08).
Table VI shows the results for the sample of consumers of internet banking. In the
same way as previously, the positive effect of image on trust was tested in all the
groups (H2). Nevertheless, unlike what was observed in the case of the distribution of
financial services through traditional channels, here we could ascertain significant
differences between the two groups formed (probability , 0.05). Thus, we may
consider that the duration of the relationship influences the intensity of the effect of
image on trust in the supply of financial services through the internet. Specifically, the
observable intensity of the influence of image on consumer trust was significantly
higher for those individuals whose experience with virtual banking was more recent.
15,4
460
banking
INTR
Table V.
results for traditional

Multi-sample analysis
Image-trust Non standardized coefficients T-value d.f. x2 Difference Probability Hypotheses
First group (R 2 ¼ 0:63) (X , 48 months) 0.805 * 9.037 H1 Yes

Second group (R 2 ¼ 0:72) (48 , X , 96 months) 0.739 * 10.563 H1 Yes
Third group (R 2 ¼ 0:78) (96 , X , 180 months) 0.787 * 10.529 H1 Yes
Fourth group (R 2 ¼ 0:73) (X . 180 months) 0.853 * 11.522 H1 Yes
Constraints
Differences between first and second group 1 0.032 0.857 H3 Yes
Differences between second and third group 1 0.326 0.568 H3 Yes
Differences between third and fourth group 1 1.095 0.295 H3 Yes
Differences between first and fourth group 1 0.456 0.499 H3 Yes
Note: *Significant to level 0.01
Therefore, H4 must be accepted. Finally, acceptable levels in the fit indicators were Consumer trust
observed (CFI 0.878; IFI 0.882; RMSEA 0.08).
6. Conclusions
The traditional literature has considered that corporate image and consumer trust are
determinant factors in purchasing behavior (e.g. Ratnasingham, 1998; Rexha et al., 461
2003; Lehu, 2001; Ba, 2001). This fact is especially relevant in financial services
distribution, given that the level of risk that the consumer associates with these types
of products is higher (Mukherjee and Nath, 2003). This greater level of risk is due to
two fundamental factors. The first has to do with the particular characteristics of the
services (Liu and Wei, 2003): intangibility, inseparability, heterogeneity and expiration.
The second deals with the nature of financial service that is considered by the
consumer as a type of service capable of influencing his/her wealth in a more direct and
significant way than another kind of service (e.g. leisure). Nevertheless, in spite of the
importance accorded by researchers to the concepts of image and trust in the
distribution of financial services, until now there have been no empirical studies that
have analyzed the precursor role of corporate image on the level of trust demonstrated
by consumers.
This study has analyzed how the corporate image of a financial institution
influences the trust that a customer places in it. Specifically, it has evaluated how this
relationship of image-trust manifests itself in the distribution of financial services by
means of traditional channels as well as in distribution via the internet. In addition, it
has analyzed the moderating role of the duration of the relationship on the intensity of
the influence of corporate image on levels of trust.
Corporate image is composed by five dimensions (access to services, services
offered, personal contact, security and reputation). These dimensions are proposed by
LeBlanc and Nguyen (1996). Moreover, some of these dimensions are related to articles
that have studied the online banking acceptance. On the basis of TAM literature,
Pikkarainen et al. (2004) develop a model indicating online banking acceptance among
private banking customers in Finland. The results show that perceived usefulness
(similar to access to services) and information on online banking on the web site
(similar to services offered) were the main factors influencing online-banking
acceptance. Shih and Fang (2004) examine two versions of the model of the theory of
planned behavior (TPB) – pure and decomposed – and compared to the theory of
reasoned action (TRA). The results suggest that attitude, that is, an individual’s
Non standardized
Image-trust coefficients T-value d.f. x2 difference Probability Hypotheses
Less duration (R 2 ¼ 0:738) 0.818 * 7.377 H2 Yes

More duration (R 2 ¼ 0:571) 0.419 * 4.752 H2 Yes
Constraints Table VI.

Image-trust 1 5.152 0.023 H4 Yes Multi-sample analysis
results for internet
Note: *Significant coefficients to level 0.01
banking
INTR confidence that internet banking represents speedier and more convenient
15,4 transactions, is a good predictor of online banking acceptance.
The obtained results show that corporate image is a factor that significantly
influences the trust that customers place in a financial institution, as much in the case
of a traditional bank as in a bank that operates on the internet. Furthermore, we have
shown that the duration of the relationship plays a fundamental role in the intensity
462 with which the influence of image on trust manifests itself. The results show that in the
case of internet banking the relationship between image and trust is closer at the
beginning of the relationship, lessening significantly the longer the customer
maintains a relationship with the bank. Nevertheless, in the case of traditional banking,
the results show that the duration of the relationship between the customer and the
bank has no influence on the intensity of the link between image and trust.
6.1. Managerial implications

The discovery that image exerts significant influence on the trust that a consumer
places in a financial institution presents important implications for the administration
of these types of companies and especially for Internet banking. From this perspective,
corporate image becomes a key tool for the management of trust in internet banking.
First, it is necessary to point it out that the image should not be managed just as a
whole, but that consideration must be given to each of the elements that comprise it.
Thus, in the management of the corporate image of internet banking it is essential that
the decision-makers clearly understand the role played by different elements in the
formation of the bank’s corporate image, and how the behavior and trust demonstrated
by the consumers may vary when faced with variations in each of the factors that
comprise its image. Therefore, when undertaking the strategic planning of a company
it is necessary to be aware of the corporate image that is being transmitted, or that the
company intends to transmit, so that it can be managed in the most effective way. In
this process, the attempt to make the financial services as tangible as possible, most
especially those of the banks that operate on the internet, becomes extremely
important. In this respect, the establishment of bricks-and-mortar branch offices so
that customers can obtain advice if they wish, and above all so that the customers have
the possibility of meeting with a physical person that they view as representing the
organization is a possibility to be considered.
Secondly, the importance of the role that the length of the relationship plays in the
degree of the influence of corporate image on consumer trust must be stressed. Internet
banks must create suitable conditions so that their potential customers can break that
initial barrier to entry. To achieve this, they must offer favorable experiences with the
system (O’Neill et al., 2003), which undoubtedly will enable the users’ initial trust to
increase, and thus strengthen the probability that the relationship will endure over
time.
Likewise, it is the responsibility of these financial institutions to concern themselves
with the fact that, once their customers begin to use the internet to do their banking
activities, this channel must not present failures that could affect the image of the bank
and consequently the consumer trust. Nevertheless, individual institutions working in
isolation are not promoting a general perception that the financial distribution system
on the internet is a low risk option. On the contrary there must be a concerted effort by
all companies in the industry to generate a culture of trust. Marketing literature notices
that consumer trust depends on the perceptions of honesty, benevolence and Consumer trust
competence (e.g. Morgan and Hunt, 1994; Ratnasingham, 1998). Consequently, efforts
are necessary to strengthen the available actives in order to offer more value to
customers.
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Origin/adapted
Access to services
ACCT1 Easy to use Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
ACCT2 Necessary time to carry out the transactions Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995); LeBlanc and Nguyen (1996)
ACCT3 Convenience in the service Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
ACCT4 Bank’s schedule Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
ACCT5 Possibility to make complaints Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
Appendix. Measurement scales
Services offered
SERT1 Quantity of products and services available Evans (1979); Mandel et al. (1981); Alonso and Cruz
SERT2 Attractiveness of the products and services offered Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
SERT3 Interest received on savings Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
SERT4 Interest paid on loans Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
SERT5 Commission paid for services Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
Personal contact
PERT1 Friendliness and treatment received Evans (1979); Mandel et al. (1981); Alonso and Cruz
PERT2 Individualized treatment Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
PERT3 Human contact New item
PERT4 Financial advice Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
(continued)
traditional banking
Consumer trust
Measurement scales for

Table AI.
467
15,4
468
INTR
Table AI.
Origin/adapted
PERT5 Accessibility for carrying out consultations New item
Security
SECT1 Security in transactions Evans (1979); Mandel et al. (1981); Parasuraman et al.
(1988); Alonso and Cruz (1991); Llorca (1995)
SECT2 Security of deposits Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
SECT3 Security of data New item
Reputation
REPT1 I believe that this bank does what it promises for its Nguyen and LeBlanc (2001)
clients
REPT2 This bank or savings bank has a good reputation Nguyen and LeBlanc (2001)
REPT3 I believe that the reputation of this bank or savings bank Nguyen and LeBlanc (2001)
is better than that of the rest of the companies
Trust
TRUSTT1 I trust this company to carry out my cash transactions Moorman et al. (1992); Moorman et al. (1993); Morgan and
Hunt (1994)
TRUSTT2 I trust that the operations that I carry out with this New item
business will be exact and without error
TRUSTT3 Doing business with this company gives me complete Sanzo; Santos; Vázquez and Álvarez (2003)
trust
TRUSTT4 I believe that if an outsider gains access to my account, New item
the bank will take all responsibility for my money
TRUSTT5 This financial institution is truly concerned with the Doney and Cannon (1997); Hewett and Bearden (2001)
proper functioning of my investments, transactions and
deposits
TRUSTT6 I believe that some risk exists in doing business with this New item
company
TRUSTT7 I believe in the veracity of the information supplied to me Doney and Cannon (1997); Hewett and Bearden (2001)
by this company
TRUSTT8 I believe that this company respects the confidentiality of Sanzo et al. (2003)
my personal information and transactions
Note: The questions in italics were eliminated in the refinement process
Origin/adapted
Access to services
ACCI1 Easy to use Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
ACCI2 Necessary time to carry out the transactions Evans (1979); Mandel et al. (1981); Alonso and Cruz
ACCI3 Convenience in the service Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
ACCI4 Bank’s schedule Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
ACCI5 Possibility to make complaints Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
Services offered
SERI1 Quantity of products and services available Evans (1979); Mandel et al. (1981); Alonso and Cruz
SERI2 Attractiveness of the products and services offered Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
SERI3 Interest received on savings Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
SERI4 Interest paid on loans Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
SERI5 Commission paid for services Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
Security
SECI1 Security in transactions Evans (1979); Mandel et al. (1981); Parasuraman et al.
(1988); Alonso and Cruz (1991); Llorca (1995)
SECI2 Security of deposits Evans (1979); Mandel et al. (1981); Alonso and Cruz
(1991); Llorca (1995)
SECI3 Security of data New item
(continued)
internet banking
Consumer trust
Measurement scales for

Table AII.
469
15,4
470
INTR
Table AII.
Origin/adapted
Reputation
REPI1 In general, I believe that this internet financial Nguyen and LeBlanc (2001)
institution always fulfills the promises that it makes
to its customers
REPI2 This Internet financial institution has a good Nguyen and LeBlanc (2001)
reputation
REPI3 I believe that the reputation of this Internet financial Nguyen and LeBlanc (2001)
institution is superior to its Internet competitors
Trust
TRUSTI1 I trust this company to carry out my transactions Moorman et al. (1992); Moorman et al. (1993); Morgan
through the internet and Hunt (1994)
TRUSTI2 I trust that the operations carried out on the Internet New item
with this institution will be exact and without error
TRUSTI3 The operations carried out with this institution on Sanzo et al. (2003)
the internet gives me complete trust
TRUSTI4 I believe that if an outsider gains access to my account, New item
the bank will take complete responsibility for my
money
TRUSTI5 This financial institution is truly concerned with the Doney and Cannon (1997); Hewett and Bearden
proper functioning of my investments, transactions (2001)
and deposits
TRUSTI6 I believe that there is some risk involved in doing New item
business with this Internet company
TRUSTI7 I believe in the veracity of the information given to Doney and Cannon (1997); Hewett and Bearden
me by this institution through the internet (2001)
TRUSTI8 I believe that this financial institution respects the Sanzo et al. (2003)
confidentiality of my personal information and my
transactions
Note: The questions in italics were eliminated in the refinement process
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The influence of corporate image on

Article in Internet Research · January 2005

Carlos Flavián Miguel Guinalíu

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University of Chile, Santiago, Chile

concerning the corporate image/trust relationship have been approached from a

2.2. Trust and financial services distribution

4. Reliability and validity analysis

4.1 Exploratory analysis of reliability

4.2 Confirmatory analysis of reliability

Adjustment fit measures Optimum value Traditional banking Internet banking

x2 (g.l.) p . 0:05 1072.035 (260) p ¼, 0:001 311.507 (142) p ¼, 0:001

4.3 Validity analysis

Access to services 0.39 0.76 0.49 0.79

Variables Correlations Confidence interval Dif. x2 (g.l.) p

Acc-serv 0.70 * (0.04; 0.09) 157.258 (1) , 0.001

Variables Correlations Confidence interval Dif. x2 (g.l.) p

Acc-serv 0.55 * (0.15; 0.27) 91.174 (1) , 0.001

results for traditional

First group (R 2 ¼ 0:63) (X , 48 months) 0.805 * 9.037 H1 Yes

Less duration (R 2 ¼ 0:738) 0.818 * 7.377 H2 Yes

Constraints Table VI.

6.1. Managerial implications

No. 3, pp. 595-604.

management”, Journal of Marketing, Vol. 50, pp. 135-45.

Measurement scales for

PERT5 Accessibility for carrying out consultations New item

Measurement scales for

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