See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/373930763

Customers’ Satisfaction of E-Banking in Bangladesh: Do Service Quality and

Customers’ Experiences Matter?

Article in FinTech · September 2023

DOI: 10.3390/fintech2030036

CITATIONS READS

3 2,131

4 authors:

Md Abdul Bashir Md. Alaul Haque

Uttara University Metropolitan University
16 PUBLICATIONS 110 CITATIONS 8 PUBLICATIONS 25 CITATIONS

SEE PROFILE SEE PROFILE

Aidin Salamzadeh Md. Mizanur Rahman

University of Tehran; Arshanik BRAC University
184 PUBLICATIONS 4,407 CITATIONS 128 PUBLICATIONS 1,642 CITATIONS

SEE PROFILE SEE PROFILE

All content following this page was uploaded by Md. Alaul Haque on 05 October 2023.

The user has requested enhancement of the downloaded file.

Article
Customers’ Satisfaction of E-Banking in Bangladesh: Do
Service Quality and Customers’ Experiences Matter?
Md. Abdul Bashir 1 , Md. Alaul Haque 2 , Aidin Salamzadeh 3, * and Md. Mizanur Rahman 4

1 Department of Computer Science & Engineering, Uttara University, Dhaka 1230, Bangladesh;
[email protected]
2 Department of Business Administration, Metropolitan University Sylhet, Sylhet 3104, Bangladesh;
[email protected]
3 Faculty of Management, University of Tehran, Tehran 1411713114, Iran
4 BRAC Business School, BRAC University, Dhaka 1212, Bangladesh; [email protected]
* Correspondence: [email protected]

Abstract: The banking sectors are optimistic that electronic banking (E-banking) will help them
provide better customer service and strengthen customer relationships. Despite this, a relatively low
priority has been given to the level of satisfaction that E-banking users in Bangladesh have regarding
the quality of the services they receive and their overall experiences. Consequently, this study
aims to determine the effect of service quality and customer experiences on the level of satisfaction
perceived by E-banking customers in Bangladesh. Using a convenience sampling technique and a
self-administered questionnaire, we gathered data from 315 E-banking customers. The independent
variable (service quality and customer experience) and dependent variable (customer satisfaction)
on a five-point “Likert-Type Scale” explain the degree to which participants agree or disagree with
the questionnaire’s statements. Covariance-based structural equation modeling (CB-SEM) was
utilised to analyse the gathered data. The findings of this study indicate that service quality and
customer experience significantly positively affect E-banking customer satisfaction in Bangladesh.
The outcomes of this study will urge the banking authorities to prioritize service quality to boost
Citation: Bashir, M.A.; Haque, M.A.;
customer satisfaction by suggesting several steps to improve the efficiency, effectiveness, and security
Salamzadeh, A.; Rahman, M.M.
of the E-banking system.
Customers’ Satisfaction of E-Banking
in Bangladesh: Do Service Quality
and Customers’ Experiences
Keywords: Bangladesh; commercial banks; customer’ satisfaction; customer’ experience; E-banking;
Matter? FinTech 2023, 2, 657–667. service quality
https://doi.org/10.3390/
fintech2030036

Academic Editors: Nina St˛epnicka,

1. Introduction
Beata Sadowska and
Grzegorz Zimon Unlike every other service industry, the banking sector, with the aid of science and
technological innovation, interacts closely with their customers, who have become more
Received: 21 July 2023 critical than ever before. It is acknowledged that the banking industry is the one that
Revised: 6 September 2023
is primarily affected by the Internet and developments in information communication
Accepted: 8 September 2023
technology (ICT). However, electronic banking (E-banking) services started their journey
Published: 13 September 2023
in Bangladesh in 2001 [1]. This development has meant that Bangladesh currently has
61 scheduled banks operating throughout the country [2]. And, the banking sector is very
competitive [3–6]. In Bangladesh, the total number of internet users is 112.72 million, and
Copyright: © 2023 by the authors.
the total number of E-banking customers is 3.38 million. Bangladesh’s Internet banking
Licensee MDPI, Basel, Switzerland. users account for 2.99% [7]. However, very few users/clients take the services from the
This article is an open access article E-banking processes in Bangladesh due to different factors such as fearing personal account
distributed under the terms and security, complications of online sites banks, poor website response, etc. [1].
conditions of the Creative Commons E-banking allows consumers to safely and easily access their bank accounts. Infor-
Attribution (CC BY) license (https:// mation technology has advantages in cost-efficiency, flexible maintenance, promptness,
creativecommons.org/licenses/by/ efficacy, and dramatically increased productivity [8–11]. Customers can securely and in-
4.0/). stantly access and monitor their finances online, regardless of location or time. Furthermore,

FinTech 2023, 2, 657–667. https://doi.org/10.3390/fintech2030036 https://www.mdpi.com/journal/fintech

FinTech 2023, 2 658

Internet banking allows users to verify their current balance from a remote location through
the Internet. E-banking enables customers to manage their accounts from anywhere and
at any time, regardless of whether it is a holiday, evening, or night. In E-banking, the
customer’s opinion is critical in determining the service’s quality. Certain consumers value
the quality and responsiveness of service providers above all else, while others value
privacy and protection above all else. Some customers also value the website’s design
and ease of use, demonstrating that different customers have different needs and expec-
tations from E-banking service providers. Nevertheless, some common circumstances
can be found in the customer’s intentions, which are legitimate expectations that ensure
the study’s interest. Furthermore, previous studies showed that, compared to internal
factors, customers were susceptible to behavioral factors when it came to customer service
delivery through E-banking [1]. As a result, there is a clear link between behavioral and
E-banking technologies regarding consumer engagement and satisfaction with E-banking.
As a result, the extent of E-banking adoption would directly impact consumers’ satisfaction
with service delivery regarding behavioral factors [1].
In the context of E-banking services, previous research has revealed (dis)advantages
related to client attitudes and documented reasons why customers detest utilizing E-
banking services. The literature on what inspires customers to adopt digital banking
services [1,12] and how to keep them happy is primarily focused on E-banking services [13].
Many factors or constraints could be to blame for the limited adoption of electronic banking
services [14]. Not all customers attempt E-banking services, for example, because of
network issues with local phone services [15], a lack of trust in service safety [14,16], a lack
of reading abilities and consciousness [6], and the mentality associated with traditional
banking services [17]. Financial inclusion, trustworthiness, technology use and culture,
gender inequality, and religion were all explored in a previous study on the acceptability
of mobile banking [18]. Furthermore, the need for complete client safety, security, and
quick access to electronic banking is becoming a growing source of worry [9,19–23]. The
primary cause was the banks’ lack of service quality, including the proper IT infrastructure
and security mechanisms [24–28]. Service quality is an explanation of disparities between
expectations and capabilities in addition to quality factors. Reliability, responsiveness,
tangibility, communication, trustworthiness, security, and competence help customers
evaluate service quality [29]. Contrarily, the degree to which a consumer’s product or
service matches their expectations is referred to as customer satisfaction [30]. However,
most of Bangladesh’s E-banking issues stem from a lack of infrastructure and customers’
satisfaction (CS). However, to find the research gaps, the recent works concerning E-banking
in Bangladesh are shown in Table 1.

Table 1. Research gaps of E-banking in Bangladesh.

Authors Independent Variable Dependent Variable

Service quality, web design and content,
[31] Customer satisfaction
security and privacy, convenience, and speed
[32] Review paper
[24] E-banking services Financial performance
[33] Review paper
[34] Conceptual paper Conceptual paper
[35] Security and loyalty E-Banking practices
Source: Authors’ creation.

After a critical evaluation of Table 1, it was found that the majority of the research
conducted on the conventional banking system in Bangladesh is definitively based on the
reviewing literature, and some authors have focused on the direct effects of E-banking
services on customers’ satisfaction (CS). Still, less attention has been given to customer
experience (CE). Consequently, this study aims to determine the effect of service quality
(SQ) and customer experience (CE) on the level of satisfaction perceived by E-banking
customers in Bangladesh.
 The rest of the paper is put together as follows. The following section discusses the
study’s theoretical framework and hypotheses. After that, the overall methodology is de‐
scribed. The study also explains how the data were processed and what was discovered.
FinTechFinally,
2023, 2 the implications of the study are discussed. 659

2. Research Framework and Development of Hypotheses

The rest of the paper is put together as follows. The following section discusses the
In 1985, Davisstudy’s
[36] developed the Technology
theoretical framework Adoption
and hypotheses. After Model
that, the (TAM) to determine
overall methodology is
described. The study also explains how the data were processed and what was discovered.
how successfully people will accept new technologies, ideas, or products. TAM describes
Finally, the implications of the study are discussed.
why individuals accept new technology or new ideas, as well as how external factors or
variables (SQ and CE)2. Research Framework
influence people’sand Development
feelings about of Hypotheses
new products or systems when
In 1985, Davis [36] developed
they adopt them [37]. The model also reveals how individuals the Technology Adoption Model (TAM)
perceive to determineor
new products
how successfully people will accept new technologies, ideas, or products. TAM describes
systems after adoption [37]). According
why individuals accept new to studiesor(such
technology as Venkatesh
new ideas, as well as howand Davis,
external 1996
factors or
[38]), individuals are more(SQ
variables likely
and CE)to acquire a new feelings
influence people’s piece of technology
about new products or orsystem
systemsifwhen
they
perceive that it willthey adopt them
benefit them [37].
andThe be model
easy to alsouse.
reveals how individuals
A few perceive new
studies’ findings products
support the
or systems after adoption [37]). According to studies (such as Venkatesh and Davis,
abovementioned arguments [39]. There
1996 [38]), individuals is evidence
are more to suggest
likely to acquire thatof many
a new piece technologypsychological
or system if
and sociological factors have that
they perceive been added
it will benefitto theand
them original
be easy toTAM
use. Ainfeworder
studies’tofindings
gain asupport
better
the abovementioned arguments [39]. There is evidence to
understanding of how people’s actions and thoughts may change as a result of adopting suggest that many psychological
and sociological factors have been added to the original TAM in order to gain a better
new technology or understanding
an invention. However,
of how the following
people’s actions and thoughts research
may change framework
as a result of(Figure
adopting1)
has been developednew based on theorassumptions
technology of the the
an invention. However, TAM model.
following research framework (Figure 1)
has been developed based on the assumptions of the TAM model.

1. Theoretical framework.
Figure 1. Theoretical Figure
framework.
Many researchers have given their extensive attention and focus on their research to
identify
Many researchers have the given
close connections between attention
their extensive CS and SQ, and and their
focusstudies empirically
on their evalu-to
research
ated the validation that SQ is a very necessary or key tool that is widely used to measure
identify the close connections between CS and SQ, and their studies empirically evaluated
CS [29,40–44]. In the same way, Zeithaml et al. (2011) [45] identified that dissatisfaction
the validation that orSQ is a very
satisfaction is anecessary or key
service evaluation tooltothat
offered fulfilisa consumer’s
widely used to measure
expectations CS
or needs.
Moreover, service quality is a necessary antecedent of CS, and
[29,40–44]. In the same way, Zeithaml et al. (2011) [45] identified that dissatisfaction or auspicious quality of per-
ceived service consigns higher consumer satisfaction and vice versa [46] even in current
satisfaction is a service evaluation offered to fulfil a consumer’s expectations or needs.
modern banking and financial sectors [47–49]. Depending on the literature review, focusing
Moreover, service quality
on serviceisquality
a necessary antecedent
with the customer of CS,
or client and auspicious
satisfaction quality
in the banking of per‐
sector context,
qualityhigher
ceived service consigns of serviceconsumer
is identified satisfaction
to be an obligatory
andproceeding
vice versa of CS.
[46] even in current
modern banking and H1.financial sectors
Service quality [47–49].
positively Depending
affects customers’ on the literature review, focus‐
satisfaction.
ing on service quality with
Mamat,theHaron,
customer
and Razakor client satisfaction
(2014 [50]) suggested in thatthe banking
to develop sectorcustomer
a positive context,
experience, the service provider must be very
quality of service is identified to be an obligatory proceeding of CS. intimate with the customers, and the interre-
lationship between them should be very efficient so that customers can recieve the same
services they require from the company. If all those criteria are met, customers will have
H1. Service quality positively affects customers’
a certain experience satisfaction.
with the service, which will drive customer loyalty and satisfaction.
FinTech 2023, 2 660

Most of the studies show that customer experiences and customer satisfaction are positively
correlated [50–53]. Numerous studies indicate that customers tend to be more satisfied
with an organisation, particularly when they have a more positive experience with the
company [51,54,55]. Based on the aforementioned statements, the researchers formulate
the subsequent hypothesis.
H2. Customers’ experiences positively affect customer satisfaction.

3. Research Methodology
3.1. Sampling Technique and Sample Size
The selection of sampling technique and sample size is one of the crucial tasks for re-
searchers [56]. The respondents of this research are E-banking users in Bangladesh. With the
convenience sampling technique, a questionnaire was distributed to about 400 E-banking users
to collect data. We distributed the questionnaire to the respondents of three divisions
(Dhaka, Sylhet, and Rajshahi) of Bangladesh. We started the data collection on 3 November
2022 and closed the data collection after three months and one day (4 February 2023). Cus-
tomer satisfaction is the dependent variable, while service quality and customer experience
are independent variables. “The assumption of theory testing” justifies convenience sam-
pling in this research. According to Zafar et al. (2022) [57], convenience sampling is a good
choice for research that tests theory assumptions by constructing a study framework. There
were 335 completed questionnaires returned. There were 20 completed questionnaires
deleted due to respondents’ missing data (9) and outliers (11). Finally, 315 E-banking users
met the sampling criterion for AMOS statistical studies [58].

3.2. Research Variables with Sources

This study uses questionnaires as a research tool. The questionnaire consists of two
parts: (a) the demographic part and (b) the main research variables part with sources
(Table 2). All items concerning each variable were scored on a five-point Likert scale [59].

Table 2. Measurement scale with sources.

Variable Dimensions Measures Sources Reliability

Service Quality 5 25 [25,29] 0.89
Customers’ Experience 1 7 [25,29] 0.91
Customers’ Satisfaction 1 10 [60,61] 0.90

3.3. Statistical Tools

To do the preliminary analysis (missing values, normality, and multicollinearity), the
researchers have used SPSS-21 version software, while to test the formulated hypotheses,
AMOS software 21 has been used. Covariance based-SEM (CB-SEM) using AMOS is useful
to test the theoretical assumptions [62,63].

4. Analyses and Findings

We have divided our analyses into three categories, i.e., a. a preliminary analysis, b. a
descriptive and demographic analysis, and c. a measurement and structural model analysis.

4.1. Preliminary Analysis

We checked the missing values, outliers, normality tests, and multicollinearity in
the preliminary analysis part. There were 20 completed questionnaires deleted due to
respondents’ irregular or missing data (9) and outliers (11).
FinTech 2023, 2 661

4.2. Demographic and Descriptive Findings

4.2.1. Demographic Findings
Regarding respondents that took part in this research (see Table 3), 59% are male while
41% are female; additionally, 35% of the participants are married while 65% are not. On the
other hand, 75% of respondests were in the 26 to 33 age range, 55% were private employees,
and 70% completed their postgraduate degree. Lastly, 69% of respondents had an income
level between BDT 30,000 and 50,000.

Table 3. Demographic information.

Demographic Information Findings

Male = 59%
Gender
Female = 41%
18–25 = 15%
Age 26–33 = 75%
Above 34 = 10%
High school and college = 5%
Undergraduate = 14%
Level of education
Postgraduate = 70%
Other = 11%
Government employees = 14%
Private employees = 55%
Occupation Businessmen = 15%
Housewife = 6%
Students = 10%
Married = 35%
Maritalstatus
Unmarried = 65%
Less than BDT 20,000 = 5%
Between BDT 20,000 to 30,000 = 8%
Income (per month) Between BDT 30,000 to 50,000 = 69%
Between BDT 50,000 to 80,000 = 11%
Above BDT 80,000 = 7%

4.2.2. Descriptive Findings

Table 4 shows that the mean value of CS is 3.7093, and SD is 0.90202. It indicates that
the CS regarding E-banking in Bangladesh is neutral. The correlation findings indicate that
SQ (r = 0.556 **) and CE (0.690 **) have significant (**) positive relationships with CS.

Table 4. Descriptive statistics.

Collinearity Statistics
Mean SD A_CS A_Sev_Qul A_CE
Tolerance VIF
A_CS 3.7093 0.90202 1
A_Sev_Qul 3.7664 0.73055 0.556 ** 1 0.718 1.392
A_CE 3.1556 1.05766 0.690 ** 0.531 ** 1 0.718 1.392

4.3. Measurement and Structural Models

4.3.1. Measurement Model
According to Mahajan (2021) [64], all research constructs have achieved unidimen-
sionality because each item’s factor loading was more significant than 0.6. The correlation
values between the latent exogenous concepts are less than 0.90, which shows that dis-
criminant validity is not an issue. But when the fitness indexes meet the criteria GFI > 0.9,
CFI > 0.9, RMSEA ≤ 0.085, and the ratio of chi sq/df was less than 5.00, the concept validity
was attained (Figure 2 and Table 5). We used the structural model to analyze the direct
influence in the Analysis and Results section.
 According to Mahajan (2021) [64], all research constructs have achieved unidimen‐
sionality
FinTech 2023, 2 because each item’s factor loading was more significant than 0.6. The correlation 662

values between the latent exogenous concepts are less than 0.90, which shows that discri‐
minant validity is not an issue. But when the fitness indexes meet the criteria GFI > 0.9,
Table 5. Results of model fit.
CFI > 0.9, RMSEA ≤ 0.085, and the ratio of chi sq/df was less than 5.00, the concept validity
was attained (Figure 2 and Table 5). Absolute We usedFit Incremental Fit
the structural Parsimonious Fit
model to analyze the direct
RMSEA GFI AGFI CFI Chisq/df
influence in the Analysis
Measurementand Results
Model 0.056section.
0.844 0.819 0.940 2.00

2. Measurement model.
Figure model.
Figure 2. Measurement
4.3.2. Structural Model
Table 5. Results of model fit.
Table 6 and Figure 3 are shown below:

Table 6. Results ofAbsolute Fit

the direct standardized Incremental
effect. Fit Parsimonious Fit
Variables RMSEA Variables
GFI AGFI
Estimate S.E. CFI C.R.Chisq/df p
Measurement Model
SQ 0.056
--- 0.844
CS 0.819
0.23 0.057 0.940 4.834
2.00 ***(significant)
CE --- CS 0.60 0.043 10.261 *** (significant)
4.3.2. Structural Model
To understand the direct impact of SQ on CS, refer to Figure 3 and Table 6. Overall,
Table 6 and service
Figurequality
3 areand
shown below:
customer experience explained 58% of the variation in CS (R2 = 0.58).
Results showed that SQ and CE positively significant impact CS (βSQ: = 0.23 and p = 0.000 **
Table 6. Results ofand
theβCE:
direct standardized
= 0.60 and p = 0.000effect.
**, respectively). H1 and H2 are therefore supported.

Variables Variables Estimate S.E. C.R. p

SQ ‐‐‐ CS 0.23 0.057 4.834 ***(significant)
CE ‐‐‐ CS 0.60 0.043 10.261 *** (significant)
023, 2, FOR PEER REVIEW
FinTech 2023, 2 663

Figure 3. Structural model.

Figure 3. Structural model.
5. Discussion of the Findings
To understand
This section the direct
explains the impact of SQ onbased
study’s discussion CS, refer
on the to FigureOur
findings. 3 and Table 6. O
findings
showed that both SQ and CE positively impacted CS. Our first finding is in line with those
service quality and customer experience explained 58% of the variation in CS (R2
obtained by prior researchers [65–67]. In addition, Khan and Fasih (2014) [68] carried out
Resultsresearch
showed that
on the SQ and
banking CE positively
industry in Bangladesh significant impact
and discovered that SQCShas(βSQ: = 0.23 and p
a substantial
** and βCE: = 0.60 and p = 0.000 **, respectively). H1 and H2 are therefore supporte
association with CS. The findings of that study are in line with the findings of the current
study. Banks remain strong in their commitment to service their consumers despite the
intense competition in the industry. The service is offered at every hour (24/7) and at
5. Discussions of theall
a single location, Findings
to provide superior service quality and keep existing customers.
This section explainsdemand
Customers in Bangladesh the service
the study’s level they receive,
discussion basedandon
when unsatisfied
the findings. with Our fi
it, they go elsewhere (other banks). The service quality model suggests superior service is
showedthethatbestboth
way toSQ and
keep CE
loyal positively
consumers. Theimpacted
assumptionsCS. Ouralso
of TAM first finding
support is in line wit
this finding.
obtained by Ourprior
secondresearchers
finding showed[65–67]. In significantly
that CE addition, Khan andaffects
positively Fasihthe(2014)
CS of [68]
E- carr
banking in Bangladesh. It means customers are satisfied if they
research on the banking industry in Bangladesh and discovered that SQ has a sub have a positive or better
experience. Various earlier studies found a similar result that CE has a positive relation-
association with
ship with CSCS. TheCustomer
[69–73]. findingsexperience
of that study areservices,
in banking in line especially
with theinfindings
electronic of the
study. banking
Banks services,
remainisstrong in their
the interaction commitment
between to service
banks (employees) theirholders
and account consumersover desp
a long period. The customer experience that Bangladeshi customers
intense competition in the industry. The service is offered at every hour (24/7) a earn is the bank’s
attraction, service discovery, and service rendering flow [28,74,75]. Account holders
single location,
or E-banking allusers
to provide superior
in Bangladesh service
are not quality andsound.
very technologically keepTheexisting
processcustomer
of
tomersadopting
in Bangladesh demand
online banking the becomes
sometimes servicedifficult
level they receive,
for them. andthewhen
Therefore, unsatisfie
perceived
it, theyease of use of E-banking
go elsewhere (otheris banks).
considered veryservice
The crucial. Customers experiencing
quality model easy-to-use
suggests superior se
the best way to keep loyal consumers. The assumptions of TAM also support this f
Our second finding showed that CE significantly positively affects the CS of E
ing in Bangladesh. It means customers are satisfied if they have a positive or bette
FinTech 2023, 2 664

E-banking activities such as opening transactions, transferring money to other accounts,

and paying various bills are delighted. Hassle-free, easy, and comfortable operation
banking activities ensure a practical and attractive customer experience. E-banking is
becoming very popular in Bangladesh. Banks ensure a good customer experience so that
customers become satisfied and loyal to them. To provide better customer experience
and service, banks offer various facilities to solve their problems.

6. Contributions
6.1. Theoretical Contributions
This study investigated the relationship between SQ and CE with CS. The statistical
analyses indicated that SQ and CE have significant effects on CS. These findings were an
empirical confirmation of the Technology Acceptance Model (TAM). Regarding theoretical
implications, this study is one of the leading studies in Bangladesh to show the significance
of a significant association between SQ, CE, and CS. Second, covariance-based Structural
Equation Modeling (CB-SEM) is utilized to statistically validate the model for generating
critical dimensions of CS implementation. Most of the researchers had not considered CE
as a determinant of the satisfaction level of E-banking users in their past studies. However,
this study evaluated the CE as a determinant variable to measure the CS of E-banking users,
which is supported by the assumptions of the TAM model.

6.2. Practical Contributions

The SQ, CE, and CS implementation discussed in this study would be benefit both to
present and future E-banking customers in Bangladesh. They could utilize service quality
and customer satisfaction implementation findings in their bank industry. It saves time
and cost for E-banking users to implement the right tools with the proper methods. In
addition, not only the IV of DV implementation is shown in the research, but the significant
relationship of those variables is well defined; therefore, it is easier and simpler to achieve
CS in the Bangladeshi bank industry by utilizing the E-banking tools and the CS model in a
proper sequence as suggested in this study. This research clarifies the interrelationships
among these variables. The second practical implication shown in this study is that when
the customer satisfaction model is implemented effectively, and indeed in the Bangladeshi
bank industry, it will provide outstanding results for the Bangladeshi bank industry.

7. Conclusions and Areas for Further Research

The banking industry is hopeful that E-banking will help them give better customer
service and build stronger ties with their customers [10,11,76,77]. Even so, the level of
satisfaction that E-banking users in Bangladesh have with the quality of the services
they receive and their general experiences has yet to be given much attention. Therefore,
the purpose of this study is to determine how the degree of satisfaction of E-banking
clients in Bangladesh is affected by both the quality of the service provided and the
consumer’s overall experience. We have adopted a quantitative technique to fulfill the
research objectives. The results of this study show that customer satisfaction with E-
banking in Bangladesh is significantly favourably impacted by service quality and customer
experience. The results of this study will convince the authorities in the banking industry
to place a more excellent value on the fulfillment of their customers. The outcomes of
this study will urge the banking authorities to prioritise service quality to boost customer
satisfaction by suggesting several steps to improve the efficiency, effectiveness, and security
of the E-banking system. This study is based on convenience sampling, including non-
probability sampling from the selected divisions in Bangladesh. Further studies could
be carried out more scientifically with a probability sample and a statistically significant
sample size. The researchers also propose surveying a different part of the country to
improve the findings’ generalizability.
FinTech 2023, 2 665

Author Contributions: Conceptualize, M.A.B.; data collection, M.A.B.; analysis, M.M.R.; methodol-
ogy, M.A.H.; discussions, A.S.; limitations and future direction, M.A.H.; referencing, M.A.H.; overall
guidelines and proof reading, A.S. All authors have read and agreed to the published version of
the manuscript.
Funding: This research received no external funding.
Institutional Review Board Statement: During the data collection, the primary purpose was clearly
written on the consent sheet.
Informed Consent Statement: During the data collection, the primary purpose was clearly written
on the consent sheet.
Data Availability Statement: Available on request.
Acknowledgments: We are grateful to the respondents who willingly provided the data.
Conflicts of Interest: The authors declare no conflict of interest.

References
1. Khan, M.R.; Rana, S.; Hosen, M.I. Impact of trustworthiness on the usage of m-banking apps: A study on Bangladeshi consumers.
Bus. Perspect. Res. 2022, 10, 234–250. [CrossRef]
2. Bangladesh Bank. 2022. Available online: https://www.bb.org.bd/en/index.php/financialactivity/bankfi (accessed on
22 March 2022).
3. Rahaman, M.S.; Uddin, M.J.; Rahman, M.M.; Samuel, A.B. Commercial bank employees’ job burnout: Hope or hype? Int. J. Bus.
Glob. 2023, 33, 444–467. [CrossRef]
4. Rahaman, M.S.; Rahman, M.M. Effects of burnout on intention to leave by public banking sector in Bangladesh. Int. J. Public Sect.
Perform. Manag. 2023, 11, 108–122. [CrossRef]
5. Anjum, N.; Rahaman, M.S.; Choudhury, M.I.; Rahman, M.M. An Insight into Green HRM Practices for Sustainable Workplace in
the Banking Sector of Bangladesh: The Role of Electronic HRM. J. Bus. Strategy Financ. Manag. 2022, 4, 66. [CrossRef]
6. Rahman, M.M.; Abdul, M.; Ali, N.A.; Uddin, M.J.; Rahman, M.S. Employees’ Retention Strategy on Quality of Work Life (QWL)
Dimensions of Private Commercial Banks in Bangladesh. Pertanika J. Soc. Sci. Humanit. 2017, 25, 647–662.
7. Business Standard. Available online: https://www.tbsnews.net/economy/bankingIU=Internetusers;IBU=Internetbanking-uses
(accessed on 2 February 2023).
8. Bashir, M.A.; Ali, M.H.; Reaz, M. Customer’s satisfaction towards E-banking in Bangladesh. Int. J. Adm. Gov. 2015, 1, 37–44.
9. Ali, M.H.; Bashir, M.A.; Rahman, M.M.; Wai, L.M.; Rahman, M.A.; Hamid, A.B.A. Relationships between Service Quality,
Customer Experience and Customer Satisfaction of E-Banking In Bangladesh. J. Adv. Res. Bus. Manag. Stud. 2019, 15, 23–32.
10. Sadowska, B. Management accounting as an element of the integrated information system of an economic entity. Zesz. Teoretyczne
Rachun. 2018, 98, 225–246. [CrossRef]
11. Kaur, B.; Kiran, S.; Grima, S.; Rupeika-Apoga, R. Digital Banking in Northern India: The Risks on Customer Satisfaction. Risks
2021, 9, 209. [CrossRef]
12. Al-Okaily, M.; Al-Sartawi, A.; Hannoon, A.; Khalid, A.A. Information technology governance and online banking in Bahrain.
In Proceedings of the Artificial Intelligence for Sustainable Finance and Sustainable Technology: Proceedings of ICGER, 1 January 2022;
Springer International Publishing: Cham, Switzerland, 2022; pp. 611–618.
13. Kumar, H.; Sofat, R. Digital payment and consumer buying behaviour-an empirical study on Uttarakhand, India. Int. J. Electron.
Bank. 2022, 3, 337–357. [CrossRef]
14. Bashir, M.A.; Ali, M.H.; Wai, L.M.; Hossain, M.I.; Rahaman, M.S. Mediating effect of customer perceived value on the relationship
between service quality and customer satisfaction of E-Banking in Bangladesh. Int. J. Adv. Sci. Technol. 2020, 29, 3590–3606.
15. Roy, S.K.; Khan, M.R.; Hossain, S.M.K. Determinants of users’ satisfaction regarding mobile operators in Bangladesh: An
exploratory factor analysis approach on university students. Eur. J. Bus. Manag. 2016, 8, 31–39.
16. Bhambra, R.K. Adoption of online banking in Goa amidst the pandemic. Int. J. Electron. Bank. 2022, 3, 163–175. [CrossRef]
17. Kavitha, K. Mobile banking supervising system-issues, challenges and suggestions to improve mobile banking services. Adv.
Comput. Sci. Int. J. 2015, 4, 65–67.
18. Raza, S.A.; Shah, N.; Ali, M. Acceptance of mobile banking in Islamic banks: Evidence from. Modified UTAUT model. J. Islam.
Mark. 2019, 10, 357–376. [CrossRef]
19. Al Amin, M.; Arefin, M.S.; Alam, M.S.; Rasul, T.F. Understanding the predictors of rural customers’ continuance intention toward
mobile banking services applications during the COVID-19 pandemic. J. Glob. Mark. 2022, 35, 324–347. [CrossRef]
20. Prakash, A.; Mahajan, Y.; Gadekar, A. Adoption of mobile money among internal migrant workers during the corona pandemic
in India: A study focused on moderation by mode of payments. Int. J. Electron. Bank. 2022, 3, 144–162. [CrossRef]
21. Raji, A.A.; Zameni, A.; Mansur, M. Effect of Electronic Banking on Customer Satisfaction in Kwara State, Nigeria. Soc. Sci. 2021,
11, 1571–1585. [CrossRef]
FinTech 2023, 2 666

22. Bashir, M.A.; Ali, M.H. An integrative model of customer experience in Malaysia E-banking service delivery. Glob. Manag. Lit.
2015, 57–68.
23. Al-Sartawi, A.; Al-Okaily, M.; Hannoon, A.; Khalid, A.A. Financial technology: Literature review paper. Artif. Intell. Sustain.
Financ. Sustain. Technol. Proc. ICGER 2022, 2021, 194–200.
24. Hossain, M.A.; Jahan, N.; Kim, M. A multidimensional and hierarchical model of banking services and behavioral intentions of
customers. Int. J. Emerg. Mark. 2023, 18, 845–867. [CrossRef]
25. Naeem, M.; Ozuem, W. The role of social media in internet banking transition during COVID-19 pandemic: Using multiple
methods and sources in qualitative research. J. Retail. Consum. Serv. 2021, 60, 102483. [CrossRef]
26. Gupta, N. Influence of demographic variables on synchronisation between customer satisfaction and retail banking channels for
customers of public sector banks of India. Int. J. Electron. Bank. 2019, 1, 206–219. [CrossRef]
27. Haque, M.A.; Urmee, G.; Ahsan, M.K. Credit Card: Changing the Buying Attitudes regarding Luxury Goods and Maintaining
Quality of Living Standard, Asian Account. Audit. Adv. 2022, 13, 16–24.
28. Czaja-Cieszyńska, H.; Lulek, A.; Sadowska, B. Informational Function of Accounting from the Perspective of Corporate Social Responsi-
bility; Scientific Publishing House of the University of Szczecin: Szczecin, Poland, 2021.
29. Parasuraman, A.; Zeithaml, V.; Berry, L. A conceptual model of service quality and its implications for future research. J. Mark.
1985, 49, 41–50. [CrossRef]
30. Jahan, N.; Shahria, G. Factors effecting customer satisfaction of mobile banking in Bangladesh: A study on young users’
perspective. South Asian J. Mark. 2022, 3, 60–76. [CrossRef]
31. Feng, L.; Hui, L.; Meiqian, H.; Kangle, C.; Mehdi, D. Customer satisfaction with bank services: The role of cloud services, security,
e-learning and service quality. Technol. Soc. 2021, 64, 101487.
32. Alam, M.J.; Jesmin, J.; Faruk, M.; Nur-Al-Ahad, M. Development of E-banking in Bangladesh: A Survey Study. Financ. Mark. Inst.
Risks 2021, 5, 42–51. [CrossRef]
33. Sarker, B.; Sarker, B.; Podder, P.; Robel, M.R.A. Progression of Internet Banking System in Bangladesh and its Challenges. Int. J.
Comput. Appl. 2020, 177, 11–15. [CrossRef]
34. Karim, M.M.; Bhuiyan, M.Y.A.; Nath, S.K.D.; Latif, W.B. Conceptual Framework of Recruitment and Selection Process. Int. J. Bus.
Soc. Res. 2021, 11, 18–25.
35. Munir, M.M.M.; Bishwas, P.C. Security: Challenge of E-banking Service Practice in Bangladesh. Jahangirnagar J. Bus. Stud. 2019, 8,
185–196.
36. Davis, F.D. A Technology Acceptance Model for Empirically Testing New End-User Information Systems: Theory and Results.
Ph.D. Thesis, Massachusetts Institute of Technology, Cambridge, MA, USA, 1985.
37. Davis, F.D. Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Q. 1989, 13, 319–339.
[CrossRef]
38. Venkatesh, V.; Davis, F.D. A model of the antecedents of perceived ease of use: Development and test. Decis. Sci. 1996, 27, 451–481.
[CrossRef]
39. Bitkina, O.V.; Park, J.; Kim, H.K. Measuring user-perceived characteristics for banking services: Proposing a methodology. Int. J.
Environ. Res. Public Health 2022, 19, 2358. [CrossRef] [PubMed]
40. Parasuraman, A.; Zeithaml, V.A.; Berry, L.L. SERVQUAL: A multiple-item scale for measuring consumer perceptions of service
quality. J. Retail. 1988, 64, 12–40.
41. Khan, N.; Kadir, S.L.S.A. The impact of perceived value dimension on satisfaction and behavior intention: Young-adult consumers
in banking industry. Afr. J. Bus. Manag. 2011, 5, 7055–7067.
42. Obeng-Ayisi, E.; Quansah, C.; Mensah, R.O.; Acquah, A. An Investigation into Factors Impacting on Customer Decision to Adopt
E-Banking: Viewpoints of GCB Customers. Tech. Soc. Sci. J. 2022, 33, 357–371. [CrossRef]
43. Zeleke, S.; Chauhan, S. The Effect of Electronic Banking Service on Customer Satisfaction: Evidence From Commercial Banks Of
Ethiopia Operating In Hawassa City Administration. J. Posit. Sch. Psychol. 2022, 6, 3228–3246.
44. Torabi, M.; Bélanger, C.H. Influence of Online Reviews on Student Satisfaction Seen through a Service Quality Model. J. Theor.
Appl. Electron. Commer. Res. 2021, 16, 3063–3077. [CrossRef]
45. Zeithaml, V.A. Services Marketing: Integrating Customer; Tata Mcgraw Hill: New York, NY, USA, 2011.
46. Dam, S.M.; Dam, T.C. Relationships between Service Quality, Brand Image, Customer Satisfaction, and Customer Loyalty. J. Asian
Financ. Econ. Bus. 2021, 8, 585–593.
47. Begenau, J.; Landvoigt, T. Financial regulation in a quantitative model of the modern banking system. Rev. Econ. Stud. 2022, 89,
1748–1784. [CrossRef]
48. Siddiqi, K.O. Interrelations between service qualities attributes, customer satisfaction and customer loyalty in the retail banking
sector in Bangladesh. Int. J. Bus. Manag. 2011, 6, 12–25. [CrossRef]
49. George, A.; Kumar, G.G. Impact of service quality dimensions in internet banking on customer satisfaction. Decision 2014, 41,
73–85. [CrossRef]
50. Mamat, M.; Haron, M.S.; Razak, N.S.A. Personal interaction encounter, customer involvement, familiarity and customer service
experience in Malaysian public universities. Procedia-Soc. Behav. Sci. 2014, 130, 293–298. [CrossRef]
51. Kushwaha, A.K.; Kumar, P.; Kar, A.K. What impacts customer experience for B2B enterprises on using AI-enabled chatbots?
Insights from Big data analytics. Ind. Mark. Manag. 2021, 98, 207–221. [CrossRef]
FinTech 2023, 2 667

52. Nguyen, H.V.; Vu, T.D.; Nguyen, B.K.; Nguyen, T.M.N.; Do, B.; Nguyen, N. Evaluating the Impact of E-Service Quality on
Customer Intention to Use Video Teller Machine Services. J. Open Innov. Technol. Mark. Complex. 2022, 8, 167. [CrossRef]
53. Peña-García, N.; Losada-Otálora, M.; Juliao-Rossi, J.; Rodríguez-Orejuela, A. Co-Creation of Value and Customer Experience: An
Application in Online Banking. Sustainability 2021, 13, 10486. [CrossRef]
54. Masum, M.H.; Rahman, M.; Islamc, K.Z. E-banking Performance of Commercial Banks in Bangladesh: A Study on its Efficiency,
Fulfillment, and Trust as the predictors. J. Bus. Dev. Stud. 2022, 1, 15–29.
55. Narteh, B.; Kuada, J. Customer satisfaction with retail banking services in Ghana. Thunderbird Int. Bus. Rev. 2014, 56, 353–371.
[CrossRef]
56. Rahman, M.M.; Tabash, M.I.; Salamzadeh, A.; Abduli, S.; Rahaman, M.S. Sampling techniques (probability) for quantitative social
science researchers: A conceptual guidelines with examples. Seeu Rev. 2022, 17, 42–51. [CrossRef]
57. Zafar, F.; Kamran, A.; Salman, S. Influence of E-commerce and Emerging Innovative Technological Advancements in the Banking
Sector in Pakistan. Int. Conf. Manag. Sci. Eng. Manag. 2022, 193–206.
58. Rahman, M.M. Sample Size Determination for Survey Research and Non-Probability Sampling Techniques: A Review and Set of
Recommendations. J. Entrep. Bus. Econ. 2023, 11, 42–62.
59. MohdThasThaker, H.; MohdThasThaker, M.A.; Khaliq, A.; Allah Pitchay, A.; Iqbal Hussain, H. Behavioural intention and
adoption of internet banking among clients’ of Islamic banks in Malaysia: An analysis using UTAUT2. J. Islam. Mark. 2022, 13,
1171–1197. [CrossRef]
60. Fornell, C.; Johnson, M.D.; Anderson, E.W.; Cha, J.; Bryant, B.E. The American customer satisfaction index: Nature, purpose, and
findings. J. Mark. 1996, 60, 7–18. [CrossRef]
61. Johnson, M.D.; Gustafsson, A.; Andreassen, T.W.; Lervik, L.; Cha, J. The evolution and future of national customer satisfaction
index models. J. Econ. Psychol. 2001, 22, 217–245. [CrossRef]
62. Rahman, M.M.; Adedeji, S.B.; Bashir, M.A.; Islam, J.; Reaz, M.; Khan, A.M. Mediation using covariance based-structural equation
modeling (CB-SEM): The why and how? Asian J. Empir. Res. 2018, 4, 434–442. [CrossRef]
63. Rahman, M.M.; Ali, N.A.; Jantan, A.H.; Samuel, A.B.; Rahaman, M.S. Mediation using CB-SEM: A practical guideline. Int. J.
Technol. Transf. Commer. 2021, 18, 195–206. [CrossRef]
64. Mahajan, R. Advancements in Technology and Customer’s Satisfaction with online banking services. Turk. J. Comput. Math. Educ.
TURCOMAT 2021, 12, 2314–2319.
65. Gayathri, S. The mediating effect of customer satisfaction on the relationship between service quality and customer loyalty in
Digital Banking. J. Contemp. Issues Bus. Gov. 2022, 28, 20–31.
66. Das, S.A.; Ravi, N. A Study on the Impact of E-Banking Service Quality on Customer Satisfaction. Asian J. Econ. Financ. Manag.
2021, 48–56.
67. Omofowa, M.S.; Omofowa, S.; Nwachukwu, C.; Le, V. E-Banking Service Quality and Customer Satisfaction: Evidence from
Deposit Money Bank in South-South Nigeria. Management 2021, 18, 288–302. [CrossRef]
68. Khan, M.M.; Fasih, M. Impact of service quality on customer satisfaction and customer loyalty: Evidence from banking sector.
Pak. J. Commer. Soc. Sci. 2014, 8, 331–354.
69. Kabir, M.A.; Al Poddar, S.C. E-banking and customer satisfaction in Bangladesh. Eur. J. Bus. Manag. 2015, 7, 47–55.
70. Dauda, Y.; Santhapparaj, A.S.; Asirvatham, D.; Raman, R. The impact of e-commerce security, and national environment on
consumer adoption of internet banking in Malaysia and Singapore. J. Internet Bank. Commer. 2007, 12, 1–20.
71. Mbama, C.I.; Ezepue, P.O. Digital banking, customer experience and bank financial performance: UK customers’ perceptions. Int.
J. Bank Mark. 2018, 36, 230–255. [CrossRef]
72. Malik, S.U. Customer satisfaction, perceived service quality and mediating role of perceived value. Int. J. Mark. Stud. 2012, 4,
68–76. [CrossRef]
73. Berraies, S.; Hamouda, M. Customer empowerment and firms’ performance: The mediating effects of innovation and customer
satisfaction. Int. J. Bank Mark. 2018, 36, 336–356. [CrossRef]
74. Andotra, N.; Lal, T. Investigating occupation-wise perception of customers towards access to cooperative banking services. Int. J.
Cust. Relat. 2016, 4, 5–11. [CrossRef]
75. Arshad Khan, M.; Alhumoudi, H.A. Performance of E-Banking and the Mediating Effect of Customer Satisfaction: A Structural
Equation Model Approach. Sustainability 2022, 14, 7224. [CrossRef]
76. Jolović, N.; Ðuričin, S. Analysis of the Role of VCFs as Non-banking Financial Institutions in Financing Women’s Entrepreneurship.
J. Women’s Entrep. Educ. 2019, 3–4, 33–52.
77. Kyewaalabye, M.; Mayanja, J.B.; Nnyanzi, J.B. The Growth Effects of Electronic Banking: Evidence from Eastern Africa. J. Entrep.
Bus. Econ. 2022, 10, 294–325.

Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual
author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to
people or property resulting from any ideas, methods, instructions or products referred to in the content.

View publication stats