Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 7(2):75-87

Journal of Emerging
© Scholarlink Trends
Research in Economics
Institute Journals,and Management
2016 Sciences (JETEMS) 7(2):75-87 (ISSN: 2141-7016)
(ISSN: 2141-7024)
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Customer Satisfaction with Internet Banking:

Exploring the Mediating Role of Trust

Dr. Vimi Jham

Associate Professor, Marketing

Dubai International Academic City,
Dubai, United Arab Emirates.
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Abstract
Banks all over the world have succeeded in promoting new services to its customers. Current customers are tempted
to do business online. Traditional branch-based retail banking remains the most widespread method for conducting
banking transactions in United Arab Emirates (UAE) as well as any other country. However, Internet technology is
rapidly changing the way personal financial services are being designed and delivered. Current customer account
relationships are found to be predictive of electronic services use in general. This paper focuses on the use of
internet banking and satisfaction by existing banks customers through an investigation of the factors that influence
customer‟s acceptance of Internet banking services. An exploratory study of the customers in six banks is
conducted to identify the factors which enhance satisfaction with internet banking services with the help of data
reduction technique called Factor Analysis. Further the mediating role of trust in affecting customer satisfaction with
internet banking is explored through regression analysis.
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Keywords: customer, internet banking, trust, factor analysis, UAE

INTRODUCTION
Rising numbers of financial institutions are introducing It also demonstrates the significant effect of computer
and expanding their offerings of electronic banking self-efficacy on behavioral intention through perceived
products. Banks have augmented their distribution ease of use, perceived usefulness, and perceived
networks with transactional websites, which allow credibility. Traditional branch-based retail banking
customers to open accounts, apply for loans, check remains the most widespread method for conducting
balances, transfer funds, and make and receive payment banking transactions in United Arab Emirates (UAE) as
over the Internet. Some institutions view Internet well as any other country. However, Internet technology
banking as a way to lower costs or to create new is rapidly changing the way personal financial services
revenue streams by attracting additional customers and are being designed and delivered. In the UAE banks
selling more services to current customers. Other have tried to introduce internet-based e-banking systems
institutions have begun to offer internet banking to improve their operations and to reduce costs.
services as a defensive step out of concern that current
customers may switch to another financial institution Factors affecting the acceptance of a new IT are likely
with more advanced electronic banking services. to vary with the technology, target users, and context
Internet banking refers to the practice of conducting (Kim, 2009). Recent research has indicated that “trust”
financial transactions by customers over the Internet has a striking influence on user willingness to engage in
through a bank‟s website (Shao, 2007). Internet banking online exchanges of money and personal sensitive
is gaining growing popularity particularly among retail information (e.g. Hoffman, 1999; Friedman, 2000). The
customers due its 24/7 availability and low transaction first dimension of trust, perceived credibility, is the
costs (Talmor, 1995), and its ability to serve as a extent to which one partner believes that the other
convenient alternative channel (Seyal, 2011). The world partner has the required expertise to perform the job
of banking is moving away from the traditional „bricks effectively and reliably (Ganesan, 1994). The second
and mortar‟ approach and is focusing on the potential of dimension of trust is benevolence, benevolence is rooted
online banking (Stehling and Moormann, 2002). in repeated buyer-seller relationships (Ring and Van de
Ven, 1992; Zaheer, 1998) Perceived credibility is
LITERATURE SURVEY usually impersonal and relies on reputation, information
There is need for research to identify the factors that and economic reasoning (Pavlou, 2001). It is more
determine acceptance of Internet banking by the users. related to one‟s judgment on the privacy and security
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issues of the internet banking systems. Consequently, internet access to client account is the biggest challenge
perceived credibility is used as a new construct to facing banks.
reflect the security and privacy concerns in the
acceptance of Internet banking. An investigation into the factors affecting the
acceptance of E-Banking by clients who have access to
The bank product quality is primarily associated with the internet and elicit the opinion of non-internet users
product variety and diverse features. (Strieter, 1999) was done in Jordan (Mansumitrchai, Somkiat; Chiu,
noted that one of the most important developments in Candy, 2012). Technology acceptance model (TAM)
banking is the increased emphasis on marketing a wide and its various adaptations have been studied by (Ihab
array of financial services. (Dixon, 1999) also argued Ali El-Qirem, 2013). Perceived usefulness, perceived
that the key to getting more customers for the banks ease of use, self-efficacy, relative advantage and
through online service is not attraction of the internet compatibility have been tested in a study conducted in
itself but the product offered to the customers. This Nairobi County, Kenya (Njuguna,etal, 2012). A
argument was supposed by (Latimore, 2000), who Customer Adoption of Internet Banking: in Taiwanese
found that 87 percent of internet banking customers Banking was undertaken and analyzed empirically
want to make a variety of financial transaction at one (Chao Chao Chuang, Fu-Ling, 2012) and a study on
side (so called “one-stop shopping”), including paying perceived barriers towards adoption of internet banking
their bills electronically and automatically and viewing among non-metropolitan internet users was done in
their monthly bank statements, and purchasing stocks Pakistan (Aslam , et all, 2011) . Another study focuses
and insurance. Therefore it could be noted that since on the adoption of retail internet banking among
the present banking customers, with the advent of the consumers in the Klang Valley, Malaysia and the
internet technology, can have unlimited access to impact of demographics factors on such adoption
financial information and enjoy a wider range of choice behavior have been done by (Jayaraman, 2012) and
in selecting competitive products and financial (Muzividzi, Mbizi, Mukwazhe, 2103). The rise of low
institution than ever before, the subtle “differentiating” cost online services for individual‟s research has been
quality levels (e.g. diverse features) of bank products done in France (Marceau, Guillaume, 2013).
and their timely introduction on the marketplace have
become a key driving force in attracting new customers CONCEPTUAL FRAMEWORK
and enhancing customer satisfaction (Moles, 2000). The conceptual framework adapted for this study seeks
to find out the factors responsible for customer
As electronic banking becomes more wide spread, satisfaction with internet banking and explores the role
managers of financial institutions need to be able to of trust as a mediating variable between internet
assess the impact of losing relationships and accounts to banking and customer satisfaction. The framework
aggressive online alternatives. (Kennickell, 1997) postulates the factors under customer satisfaction with
examined the determinants of demand for electronic internet banking which consist of reliability, efficiency,
media for financial transactions; they found that the security, comfort, dependence and confidence. The aim
likelihood of using electronic media to obtain banking of this study was to examine the impact of trust on these
services rises with higher levels of financial assets and six internet banking service dimensions of customer
education. Additionally, younger consumers tend to use satisfaction.
computers, ATMs, and debit cards more. However, the
use of direct deposit rises with age. (Kolodinsky, 2000) Customer Satisfaction
also found that age and education had an influence on Oliver (1997) explained that customer satisfaction is full
whether consumers use electronic banking products. meeting of customer expectation of the products and
However, they conclude that positive attitude toward e- services. If the perceived performance matches or even
banking services matter more than demographic factors is beyond customers‟ expectations of services, they are
in determining whether such services are used. These satisfied. If it does not, they are dissatisfied. Under this
items included statements related to perceived use, theory, consumers form expectations of product
convenience, relative advantages and risk associated performance prior to purchase. These expectations are
with electronic banking. (Mantel, 2000) investigated the derived from past experience with the product itself or
factors that influence consumers' willingness to use with similar products, other marketing stimuli, and
electronic bill payment. (Jeevan, 2000) observes that the existing attitudes and confidence felt by the consumer
Internet enables banks to offer low cost, high value (Moon et al., 2011). The literature has taken two
added financial services. Banks as well as consumers approaches to operationalizing satisfaction. The first
view the security threat as perhaps the most serious sees consumer satisfaction as the transaction-specific
threat. (Denny, 2000) observes that the security of evaluation (Høst and Knie-Andersen, 2004). This view
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refers to customers‟ feelings in response to a particular customer trust is vital to internet banking. Customers‟
product or service encounter (Bitner and Hubbert, trust in internet banking transactions has some unique
1994). The other operationalization defines consumer dimensions: the impersonal nature of the online
satisfaction and dissatisfaction as cumulative environment, the extensive use of technology, and the
satisfaction. This view is determined by satisfying and inherent uncertainty of using an open infrastructure for
dissatisfying with a product or service over time transactions (Yousafzai et al., 2009). Extant research
(Zeithaml et al., 1993). In this study, customer has identified a number of factors leading to customer
satisfaction is understood as an overall customers‟ trust in internet banking, for example, perceived
actual evaluation of satisfaction and dissatisfaction trustworthiness, perceived security, and perceived
service encounters with the bank over time (Fornell et privacy (Yousafzai et al., 2009). Trust is a dynamic and
al., 1996; Høst and Knie-Andersen, 2004). Previous multi-faceted concept (Dimitriadis et al., 2011).
researchers have identified various factors that
determine customer satisfaction in the Islamic banking Next to satisfaction, trust has been brought forward as a
industry and differences in how consumers perceive precondition for patronage behavior (Pavlou, 2003) and
services across countries and cultures that cannot be the development of long-term customer relationships
generalized. For example, Levesque and McDougall (Doney and Cannon, 1997; Papadopoulou et al., 2001;
(1996) highlighted that convenience and Singh and Sirdeshmukh, 2000). Trust generally
competitiveness of the bank were two important factors decreases the perceived risk of using a service
which were likely to influence the overall satisfaction (Garbarino and Johnson, 1999). The role of trust could
levels of a customer. In Malaysian Islamic banks, it has be even more important in an e-commerce setting, since
been found that fast and efficient service, friendliness of e-customers do not deal directly with the organization,
bank personnel, confidentiality, and transaction speed or its staff (Papadopoulou et al., 2001; Urban et al.,
are the key criteria that Malaysian customers have 2000). Various relationships have been proposed
identified concerning their satisfaction with the services between trust, satisfaction and loyalty in an online
of their banks (Amin and Isa, 2008). A study examined context (Reichheld and Schefter, 2000). In a recent
how the personality trait need to evaluate moderates the study, for example, Corbitt et al. (2003) suggest a strong
effects benevolence, image and service quality have on positive effect of trust on loyalty to online firms, but
customer satisfaction (Hansen, 2008). The banks‟ ability theoretical foundations as well as empirical
to deliver these benefits on an on-going basis probably confirmations are lacking (Anderson and Srinivasan,
influences the level of customer satisfaction. Therefore, 2003; Grabner-Kra¨uter and Kalusha, 2003).
in order to maintain and expand their customer base, it
is important for Islamic banks to understand the criteria A commonly used definition of trust is that of Moorman
consumers use to evaluate banking services, and to have et al. (1992), who define it as the willingness to rely on
a system by which consumer satisfaction are an exchange partner in whom one has confidence. E-
continuously measured and improved. trust will therefore be defined as the degree of
confidence customers have in online exchanges, or in
Trust the online exchange channel. Electronic exchanges are
Trust is defined as the willingness of a party to be believed to present numerous risks to customers
vulnerable to the actions of another party based on the (Grabner-Kra¨uter and Kalusha, 2003), while trust
expectation that the trustee will perform a particular appears to be especially important for creating loyalty
action important to the trustor, irrespective of the ability when the perceived level of risk is high (Anderson and
to monitor or control that other party (Mayer et al., Srinivasan, 2003). Purchasing online is considered
1995). Morgan and Hunt (1994) argue that trust is risky, since customers lack direct contact with the
central to understanding relationship marketing. Trust, organization, i.e. through sales personnel or the physical
together with commitment, distinguishes productive, store (Reichheld and Schefter, 2000), and have to hand
effective, relational exchanges from those that are over sensitive information, such as credit card numbers,
unproductive and ineffective. The importance of trust on in order to complete the transaction. The absence of
the internet has been consistently argued (Fang et al., interpersonal interaction also suggests that online trust
2011; Kim et al., 2009; Palvia, 2009). Trust is crucial in is mainly cognitive, i.e. based on customers‟ judgments
online transaction processes, given the impersonal of the reliability and capabilities of the merchant or the
nature of the online environment (uncertainty), and the exchange channel, and not affective trust, i.e. founded
inability to judge product quality prior to purchase on a bond among individuals (McAllister, 1995). To
(information asymmetry) (Ba, 2001). The survival of date, there is a lack of empirical studies on trust in
internet banking depends on the bank‟s ability to online exchanges (Grabner-Kra¨uter and Kalusha,
convince customers to bank online, therefore building 2003), and particularly on the effect of e-trust on
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customer behavior. Grabner-Kra¨uter and Kalusha though empirical research in this domain is scarce. A
(2003) also point to a lack of studies on the trust in e- positive effect of customer satisfaction on trust with
tailers, since many past studies have only investigated respect to the service provider has been demonstrated
web site browsing, hypothetical purchasing scenarios, or for the book e-tailing industry (Pavlou, 2003).
internet banking. It should be explicitly recognized that Satisfaction with a specific application of the system
there are different types of trust, and a distinction needs (the e-tailer) will increase confidence in the system as a
to be made between a person‟s disposition, or whole. It is therefore expected that:
propensity to trust, system-based trust and interpersonal
trust (Grabner-Kra¨uter and Kalusha, 2003). For the present study, six e- satisfaction dimensions
Dispositional trust plays a particularly important role in chosen were reliability, efficiency, comfort, security,
the interaction between unfamiliar actors (Bigley and dependability and confidence. These dimensions
Pearce, 1998) and is therefore essential for the initial constitute the theoretical basis of this model and are
use of electronic retailers (Grabner-Kra¨uter and discussed below. The mediating role of trust between
Kalusha, 2003), as well as for purchases of goods and customer satisfaction and internet banking is explained.
services that score high on credence and experience Reliability refers to the ability of one performing the
qualities. System-based trust equals e-trust and deals promised service dependably and accurately.
with customers‟ trust in purchasing or searching for Parasuraman et al.‟s (1988) SERVQUAL service
goods/service information online. Since interpersonal quality measurements also include reliability. The
relationships do not describe the interaction between pursuit of efficiency is a fundamental concern for all
customers and e-tailers well, we prefer the term “e-tailer businesses, including financial institutions. The
trust” to describe trust of customers in specific online common assumption, which underpins much of the
merchants. There is some evidence supporting a positive efficiency research and discussion, is that increasing
relationship between e-tailer trust and e-loyalty, in terms efficiency will lead to improved financial performance.
of increased spending (Gefen, 2000), and intentions to Generally, the concept of “efficiency” can be regarded
purchase (Pavlou, 2003) or repurchase (Pan et al., as the relationship between “outputs” of a system and
2002). Lack of trust is frequently cited as a reason for the corresponding “inputs” used in their production.
not purchasing. Within the financial efficiency literature, efficiency is
treated as a relative measure which reflects the
Trust and User’s Satisfaction With Internet Banking deviations from maximum attainable output for a given
Customer satisfaction and trust in e-banking services level of input (English et al., 1993; Kwan and Eisenbeis,
has been considered important theoretical and practical 1992). Comfort is defined as whatever makes life easy
issues (Ala`Eddin and Hasan, 2011; Godwin et al., (Kolcaba & Kolcaba, 1991). The mainstream approach to
2010). Customer‟s satisfaction is partly a measure of producing comfort has come to focus on measuring
product and service size via online transaction and is physiological responses to a set of environmental
seriously affected by lack of trust. Therefore , trust is conditions, which may be adjusted through the tactical
central to e-banking transaction and of paramount application of different technical systems which in this
importance in satisfying users need (Crumlish and case is the internet. Socio - technical systems approach
Malone, 2009) Trust is importantly needed in e-banking might argue that “comfort can only be understood
services as all transactions are conducted with little or through a perspective that accounts for historical,
no face to face interaction. Owing to the impeding technical and social change” (Wilhite, 2009: 85).
dangers to lack of trust in online transaction, customer Dependability is an assessment of the quality of the
knowledge on e-banking services is of great value in integrated processes applied to technology. (Lincoln &
conducting e-banking transaction (Alrawahdeh, 2010). Guba, 1985). Confidence estimate that leads to
Thus Trust in e-banking transaction is very important so correctness is dependability (Hamlet, 1987). Confidence
as to ensure safe transaction that maximizes user‟s is something we may have in institutions. Confidence is
satisfaction. Concern has grown over lack of trust in e- closer to the notion of legitimacy and as such is
banking services owing to its enormous potentially risk something that institutions have to earn and sustain.
to users satisfaction (Siam, 2006). While a number of authors seek to maintain a
theoretical distinction between trust and confidence, in
Model Development and Hypotheses practice the terms are often used interchangeably.
Customer satisfaction is closely related to interpersonal Institutional trust is confidence. The literature also notes
trust (Geyskens et al., 1996) and is considered an that due to the inherent intangibility of the services
antecedent of trust (Garbarino and Johnson, 1999; including internet banking and inseparability of the
Selnes, 1998). A positive effect of satisfaction on trust production and marketing functions, sales people,
can be expected in the online environment as well, particularly financial advisers, occupy an important
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„boundary-spanning‟ role in the relationship (Bowen Therefore it is expected that:

and Schneider, 1988). Research also indicates that there H1: Reliability as a variable of customer satisfaction is
are significant differentiations among consumers in dependent on trust for internet banking.
terms of their capacity to understand and process H2: Efficiency as a variable of customer satisfaction is
information about financial products: age, ethnicity, dependent on trust for internet banking.
gender, level of education and social class have all been H3: Security as a variable of customer satisfaction is
shown to have an impact on people‟s confidence in their dependent on trust for internet banking.
own ability to make sensible judgments (King, 2003; H4: Comfort as a variable of customer satisfaction is
Waine, 2009; Clark et al., 2008). From the perspective dependent on trust for internet banking.
of banks, trust is a key element in development of the H5: Dependence as a variable of customer satisfaction is
relationship between banks and customers (Hoq et al., dependent on trust for internet banking.
2010). Satisfaction is partly a measure of product and H6: Confidence as a variable of customer satisfaction is
service size via online transaction and is seriously dependent on trust for internet banking.
affected by lack of trust.
E- Reliability

E-Efficiency
Internet E -Trust
Banking E-Security

E-Comfort

E-Dependence

E-Confidence
Figure 1: Conceptual framework for study
with internet banking. Thus this research paper tries to
OBJECTIVE OF THE STUDY & GAPS IN THE fill this gap stated above. On the basis of the reviewed
RESEARCH literature the objectives are to identify the various
Perceived ease of use and perceived usefulness may not factors which result in customer satisfaction and then
fully reflect the users intention to adopt Internet explores the mediating role of trust between satisfaction
banking, necessitating a search for additional factors and internet banking.
that better predict the acceptance of Internet banking.
Recognizing the growing popularity of internet banking, METHODOLOGY
a large number of studies have looked at how various Sampling and Data Collection
factors influence customers‟ adoption decisions. Given The review of previous literature indicates past study
the evidence of increased adoption of internet banking, most focused on the Western Internet banking subjects,
it is now appropriate to move beyond adoption factors. little research was conducted by scholars for the internet
Our argument is consistent with the views expressed by banking adoption in Asian and Middle East customers.
Shao (2007), who in a meta-analysis of literature on Dubai is chosen as the location for this study because
internet banking, identified the dominance of factor- Dubai is ranked ahead of other emirates from the
based research and called for further research to perspective of the Internet penetration rate. Because the
examine post adoption issues associated with internet majority of Internet users in Dubai are students and
banking. This is because internet banking has created office workers aged 18 to 50 with a higher education
highly competitive market conditions for bank providers background. They tend to spend more time and have
(Beckett et al., 2000) and the changed market conditions more access to the Internet than other groups, and thus
demand that banks better understand how best they more likely to be Internet banking customers. To
should use internet banking to support the changing examine the factors affecting satisfaction with internet
needs of their customers and look into their satisfaction banking service in Dubai, a survey was conducted with
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29 variables which will help in enhancing the variance is 30.45 % which implies that that the six
satisfaction of the customer with usage of internet factors extracted account for 30.45 % of total variance
banking in the UAE. Six UAE banks were chosen where (information contained in original 29 variables)
the questionnaire was randomly administered to 492 Factor 3
respondents who were also customers of the bank. Out The 3rd factor has Eigen value = 3.67 Like the above
of 492 questionnaires, 441 were completed two factors it is also greater than 1.0 and explains more
questionnaires acquired by means of the convenience variance than a single variable. The percent of variance
sampling method. The banks chosen for the purpose of explained = 43.12 % which implies that that the four
the study were the ones who have strong retail presence factors extracted account for 43.12 % of total variance
and offer comprehensive range of information to the (information contained in original 29 variables)
customer. The survey instrument was a questionnaire Factor 4
based on the preceding literature. To ensure the content The 4th factor has Eigen value = 3.40. Like the above
validity, almost all of the items on the questionnaire are three factors it is also greater than 1.0 and explains
selected and adapted from previous relevant studies. All more variance than a single variable. The percent of
items are measured on seven-point Semantic scales as variance explained = 54.85 % which implies that that
self-reported attitudes. The scales go from extremely the four factors extracted account for 54.85 % of total
satisfied (1) to extremely dissatisfied (7). All data variance (information contained in original 29
collection procedures are designed to ensure the variables)
anonymity. To ensure that the questionnaire reaches the Factor 5
target, a screening question is asked. Only those The 4th factor has Eigen value = 3.23. Like the above
answering affirmatively proceed to reply to the three factors it is also greater than 1.0 and explains
remaining questions. The responses were transposed more variance than a single variable. The percent of
from spreadsheet to SPSS where these 29 variables were variance explained = 66.01 % which implies that that
reduced to six principal components. The six factors the four factors extracted account for 66.01 % of total
were run though regression analysis for assessing on variance (information contained in original 29
them the impact of trust. variables)
Factor 6
Analysis of the Data The 4th factor has Eigen value = 2.43. Like the above
The data was subjected to Principal Component three factors it is also greater than 1.0 and explains
Analysis, a method categorized under the broad area of more variance than a single variable. The percent of
Factor Analysis. The 29 variables were reduced to six variance explained = 74.39 % which implies that that
Principal Components through Varimax rotation the four factors extracted account for 74.39 % of total
method. (Table 1 ) variance (information contained in original 29
variables). The Eigen values and variance can be seen
Factor Analysis is a multivariate statistical procedure in table 5.
primarily used for data reduction and summarisation –
large number of correlated variables is reduced to set of After extracting the Eigen Values rotation of principal
independent underlying factors. In our sample the components is done through varimax rotation. After
Kaiser- Meyer-Olkin measure of sampling adequacy the number of extracted factors is decided upon, the
was .716 which greater than .5. This suggests that the next task is to interpret the name of the factors as
data is adequate for factor analysis. shown below. This is done by the process of identifying
which factors are associated with which of the original
Principal Component Analysis variables. Factor Analysis was used to summarize the
Factor 1 29 “internet usage variables “into smaller sets of linear
The first factor has an Eigen value = 4.61 since this is composites that preserved most of the information in
greater than 1.0, it explains more variance than a single the original data set. The six factors identified were
variable, in fact 4.61 times as much. The cumulative reliability, efficiency, secure transaction, comfort,
percentage of variance is 15.89 % which implies that dependable and confidence (Table 2 and 3). The
the six factors extracted account for 15.89 % of total diagrammatic representation of the factors can be seen
variance (information contained in original 29 in the Scree Plot (Figure1). The component covariance
variables) matrix can be seen in table 3. The Eigen values can be
Factor 2 seen in table 4.
The 2nd factor has an Eigen value =4.22 It is also
greater than 1.0 and therefore explains more variance
than a single variable. The cumulative percentage of
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Table 1: Principal Component Analysis

Variables F1 F2 F3 F4 F5 F6

I am satisfied with the information I obtain through internet banking .118

I am satisfied with the money transfer through internet banking -.731
I am satisfied with the foreign exchange facility through internet banking .556
I am satisfied with the millionaire certificates through internet banking .698
I am satisfied with the payments through internet banking .896
I am satisfied with the reputation of internet banking of my bank .847
I am satisfied with the value added services provided through internet banking .126
I am satisfied with the availability of internet banking .601
I am satisfied with the convenience provided by internet banking .930
I am satisfied with the accessibility of internet banking .977
I am satisfied with the time I save through internet transactions .691
I am satisfied with the low cost incurred with internet transactions .868
I am satisfied with the reliability of internet transactions .533
I am satisfied with the security of internet transactions .882
I am satisfied with the ease of usage with internet banking money .768
I am satisfied with the quick processing through internet banking .809
I am satisfied with the instant feedback through internet banking .762
I am satisfied with the privacy maintained during transactions through the internet. .196
I am satisfied with the concept of self-service which internet banking provides. .921
I am satisfied with the bank needs through internet banking. .964
I am satisfied with the bank information provided through internet banking .651
I am satisfied with the loan facility .577
provided through internet banking
I am satisfied with the responsiveness of the bank through internet banking .828
I am satisfied with the flexibility provided through internet banking .942
I am satisfied with the timeliness of information through internet banking .875
I am satisfied with the trust in financial transaction done through internet banking. .558
I am satisfied with error free transactions through internet banking .545
I am satisfied with the aesthetics of the internet banking environment .720
I am satisfied with credit card payments done through internet banking .545
Extraction Method: Principal Component Analysis
Rotation Method: Varimax with Kaiser Normalization, Rotation Converged in 12 iterations.

Table 2 Principal Components Table 3: Component Score Covariance Matrix

Reliability Efficiency Secure Comfort Dependable Confidence Component 1 2 3 4 5 6
F1 F2 Transactions F4 F5 F6 1 1.000 .000 .000 .000 .000 .000
F3 2 .000 1.000 .000 .000 .000 .000
Reputation Secure Money Information Availability Payment 3 .000 .000 1.000 .000 .000 .000
Transfer enquiry 4 .000 .000 .000 1.000 .000 .000
Timesaving Instant Foreign Convenienc Reliable Accessibility 5 .000 .000 .000 .000 1.000 .000
feedback Exchange e 6 .000 .000 .000 .000 .000 1.000
Low cost Bank needs Millionaire Self service Responsive Trust
fulfilled Certificate ness
Easy to Use Bank Quick Timeliness Value
information Added
Error in Aesthetic Apply for Flexibility Credit Card
internet loan
Privacy

Table 4: Eigen Values

Initial Eigen Values Extraction sums of squared loadings
Component Total % of Variance Cumulative Total % of Cumulative
Percentage variance Percentage
1 4.610 15.898 15.898 4.007 13.818 13.818
2 4.221 14.555 30.453 3.957 13.646 27.464
3 3.676 12.676 43.129 3.578 12.337 39.801
4 3.402 11.730 54.858 3.420 11.795 51.596
5 3.237 11.161 66.019 3.350 11.551 63.147
6 2.430 8.379 74.399 3.263 11.252 74.399
Note: Extraction method principle component analysis

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Table 5: Regression Analysis

Independent variables B Beta t-statistic F Sig Conclusion

Constant
Model 1
Reliability 76.3
Hypothesized Relationship H1
I am satisfied with the reputation of the internet -.063 -.191 -2.453 .015 Reject H1
I am satisfied with the time saved through internet transactions -.125 -.305 -5.417 .000 Accept H1
I am satisfied with low cost involved internet banking -.240 -.451 -7.862 .000 Accept H1
I am satisfied with ease of use of internet banking -.130 -.128 -2.107 .036 Reject H1
I am satisfied with error free transactions through internet banking. .161 .561 11.553 .000 Accept H1
R² = 46.7 % Adjusted R²= 46.1%
Model 2
Efficiency 61.67
Hypothesized Relationship H2
I am satisfied with security of internet banking .013 .028 .389 .698 Reject H2
I am satisfied with the instant feedback through internet banking -.474 -1.037 -11.938 .000 Accept H2
My bank needs are satisfied through internet banking -.368 -1.065 -6.219 .000 Accept H2
I am satisfied with the bank information through internet banking .182 .401 5.023 .000 Accept H2
I am satisfied with privacy provided by internet banking .011 .011 .299 .765 Reject H2
I am satisfied with the aesthetics of internet banking .157 .266 2.797 .005 Accept H2
R² = 46 %
Adjusted R²= 45 %
Model 3
30.3
Secure transactions

Hypothesized Relationship H3
I am satisfied with money transfer through internet banking -.150 -.327 -5.791 .000 Accept H3
I am satisfied with foreign exchange facility through internet banking -.182 -.291 -5.087 .000 Accept H3
I am satisfied with the millionaire certificates through internet Accept H3
-.175 -.316 -5.973 .000
banking
I am satisfied with the quick service provided by internet banking .043 .112 1.776 .076 Reject H3
I am satisfied with loan provide through internet banking -.357 -.485 -9.549 .000 Accept H3
R² = 25 %
Adjusted R²= 25 %
Model 4 3.69
Comfort
Hypothesized Relationship H4
I am satisfied with the convenience provided by internet banking .072 .324 2.964 .003 Accept H4
I am satisfied with the self service provided by internet banking .004 .014 .142 .887 Reject H4
I am satisfied with timeliness of internet banking -.020 -.071 -.888 .375 Reject H4
I am satisfied with the information enquiry provided by internet Reject H4
-.019 -.048 -1.006 .315
banking
I am satisfied with the flexibility provided by internet banking. -.089 -.319 -2.921 .004 Accept H4
R² = 4 %
Adjusted R²= 3%
Model 5
Dependence 19.2
Hypothesized Relationship H5
I am satisfied with the availability of internet banking .049 .094 1.583 .114 Reject H5
I am satisfied with the reliability of internet banking .257 .244 4.239 .000 Accept H5
I am satisfied with responsiveness of internet banking .214 .353 7.541 .000 Accept H5
I am satisfied with the value added services of internet banking .045 .038 .864 .388 Reject H5
I am satisfied with the credit card facility provided by internet banking. -.125 -.166 -2.365 .018 Reject H5
R² = 18 %
Adjusted R²= 17 %
Model 6

Confidence 64.1
Hypothesized Relationship H6
I am satisfied with the payment services of internet banking .044 .081 .832 .406 Reject H6
I am satisfied with the accessibility of internet banking. .150 .402 4.152 .000 Accept H6
R² = 22 %
Adjusted R²= 22 %
Dependent variable: Trust with internet banking.
The table shows the statistical significance significant at
p<0.05.
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Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 7(2):75-87 (ISSN: 2141-7016)

satisfaction with reputation of internet and ease of use

are not dependent on trust but satisfaction with variables
like low cost of internet, time management and error
free transactions the customers have trust in internet
banking. The satisfaction with these variables is not
dependent on trust. For Model 2, H2, satisfaction with
security and privacy with internet banking are not
dependent on trust but satisfaction with variables like
information needs, most of the bank transactions, the
feedback through internet banking and website
aesthetics the customers have trust in internet banking.
For Model 3, H3, satisfaction with the quick service
provided by the internet banking is not dependent on
trust but satisfaction with transfer of money, millionaire
certificate, foreign exchange and loan are dependent on
trust. Model 4, H4, satisfaction with, timeliness, self-
service and enquiry information provided by internet
banking are not dependent on trust but satisfaction with
Figure 2 : Scree Plot convenience and flexibility are dependent on trust. This
implies that trust is not the anticipated major contributor
Reliability Analysis to satisfaction with internet banking for these variables.
Several measures of reliability can be evaluated in order Model 5, H5, satisfaction with availability of the
to establish the reliability of a measuring instrument. internet, value added services and credit card facility are
Reliability is operationalized as internal consistency, not dependent on trust but satisfaction with
which is degree of inter correlations among the items responsiveness to needs and reliability of the internet
that constitute the scale (Nunnally, 1988). Internal banking services are dependent on trust. Model 6, H6,
consistency is estimated using a reliability coefficient satisfaction with accessibility of the internet is not
called Cronbach‟s alpha (Cronbach, 1951). In order to dependent on trust but satisfaction with payment
assess reliability, the Cronbach alpha was determined through internet banking is dependent on trust. (Table 5)
for each construct (factor) identified through factor “Insert table 5”
analysis. If the Cronbach alpha is greater than 0.7, the
construct is deemed to be reliable. (Teo et al., 1999). All CONCLUSION
constructs met reliability criteria, as the lowest alpha The objective of the present study was to investigate the
was .887 for the data. All the values well exceed the role of customer satisfaction with internet banking and
obligatory requirement, thereby testifying that all the specifically the mediating role of trust between
twenty nine scales are internally consistent. customer satisfaction and internet banking were
modelled. Data was collected in an e-commerce setting
Regression Model and used to validate the developed model. As expected,
The next step in the analysis involves accessing the customer satisfaction with internet banking was
factors that were derived from the factor analysis and depicted with six factors reliability, efficiency, comfort,
putting them through the regression analysis. The security, dependability and confidence. While certain
dependent variable is trust with internet banking. The variables under these six factors of satisfaction are
six independent variables consist of the six variables dependent on trust while other are not,
derived from the preceding factor analysis, namely
reliability, efficiency, security, comfort, dependence and MANAGERIAL IMPLICATIONS
confidence as satisfaction variables with respect to In the present study, trust does not appear to play the
internet banking. imperative role suggested by many authors. Still, a
significant positive effect of trust on many satisfaction
This model has high predictive power with a significant variables is demonstrated, From a managerial point of
F ratio indicating a good fit of the model and being view, trust is very difficult to influence or control
statistically significant in explaining customers‟ directly, since it results from multiple interactions with
satisfaction toward online banking. The Beta‟s multiple online service providers, brand effects and
(standardized coefficient) indicate the relative personality attributes such as technology readiness. In
importance of the independent variables in explaining an electronic environment, satisfaction with service, can
customers trust with internet banking. For Model 1, H1, be directly and exclusively controlled by the service
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Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 7(2):75-87 (ISSN: 2141-7016)

provider. Trust can effectively be inspired by providing Ba, S. (2001) Establishing online trust through a
a safe, reassuring and reliable web site. Organizations community responsibility system, Decision Support
can therefore increase customer satisfaction indirectly System, Vol. 31 No. 3, pp. 323-36.
by improving the reliability dimension of their web site,
by improving their efficiency (e.g. through extensive Ba, S. and Pavlou, P.A. (2003) Evidence of the effect of
quality control), or by transferring brand equity built trust building technology in electronic markets: price
offline. Trust, which contribute considerably to premiums and buyer behavior, MIS Quarterly, Vol. 26
satisfaction can be increased substantially by providing No. 3, pp. 243-68.
an attractive user interface with security measures
which are easy to use. Beckett, et al, (2000) An exposition of consumer
behavior in the financial services industry, International
LIMITATIONS AND SUGGESTIONS FOR Journal of Bank Marketing, Vol. 18 Iss: 1, pp.15 – 26.
FURTHER RESEARCH
Several limitations are related to the sample and the Bigley, G.A. and Pearce, J.L. (1998) Straining for
research design. Although the sample in the present shared meaning in organization science: problems of
study appeared homogeneous in many respects, more trust and distrust, Academy of Management Review,
demographic information could also be gathered about Vol. 23 No. 3, pp. 405-21.
the respondents, to allow segmentation. The sample was
fairly small, and to obtain more reliable estimates it is Bowen, D. E. and Schneider, B. (1988) Services
recommended to replicate the study on a larger scale. Marketing and Management: Implications for
Furthermore, a more representative sample selection Organizational Behavior, Research in Organizational
will increase the validity of the study. Due to a mixed Behavior, 10: 43–80.
sample of students and academics, the generalizability
to a larger population is limited, since both groups are Chao Chao Chuang and Fu-Ling Hu ( 2012) Customer
very familiar with the internet and have a high Adoption of Internet Banking: An Empirical
technology readiness (Parasuraman, 2000). A customer Investigation in Taiwanese Banking, Information
looks for satisfaction from internet in services on a Management and Business Review, Vol. 4, No. 11, pp.
number of parameters as derived from the findings 570-582.
above. Thus the bank has to embark upon a strategy to
look into the customer needs with different occupations Clark, G. L., Knox-Hayes, J. and Strauss, K. (2008) The
and educational backgrounds with respect to internet significance of socio-economic status, financial
banking. Further research into this can give better sophistication, salience and the scale of deliberation in
insights to improve satisfaction with this service in the UK retirement planning. Electronic copy available at
future. http://ssrn.com/abstract=1194070 Accessed on
17.11.09.
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