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Impact of Internet Banking on Customer Satisfaction and Loyalty:

A Conceptual Model
Thanh Nguyen

Mohini Singh

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298 The Fourth International Conference on Electronic Business (ICEB2004) / Beijing

Impact of Internet Banking on Customer Satisfaction and Loyalty:

A Conceptual Model
Thanh Nguyen, Mohini Singh
School of Business Information Technology, RMIT University,
GPO Box 4576V, V Melbourne, Victoria, Australia
[email protected], [email protected]

ABSTRACT
This is a research in progress paper discussing Internet banking issues both from the bank’ s point of view and from the
customers’points of view. Based on literature it includes several factors that impact Internet banking. It includes several
hypothesis derived from literature to be tested empirically. The research will be guided by the conceptual model
presented as figure 2 in this paper highlighting the relationship between Internet banking and customer satisfaction and
loyalty.

Keywords: Internet banking, customer satisfaction, customer loyalty

1. INTRODUCTION perceptions of Internet Banking between the literature

and practitioners. With reference to most Australian
Internet banking is one form of e-commerce that has banks’websites, the term ‘Internet banking’has been
gained a wider acceptance than others. In Australia all construed as the transactions relating to current and
banks are now offering internet banking facilities to all credit card accounts such as viewing balances, paying
its customers. As suggested by Chang [10] the evolution bills, and transferring funds. In contrast, in the literature,
of information technology has significantly influenced Internet banking includes the services relating to
the banking industry. Particularly, the advent of the financing, insurance, investment, and new banking
Internet and the popularity of personal computers have services [14, 43]. The latter will be referenced in this
created both an opportunity and a challenge for this paper.
industry. In only a decade Internet Banking has rapidly
grown [2]. In 2001, the Market Intelligence Strategy 3. INTERNET BANKING TECHNOLOGY
Centre (MISC) reported that approximately 2.8 million
people have used Internet Banking in Australia [50]. According to Leong, Srikanthan & Hura [27] Internet
These figures increase rapidly with each new survey. banking is a web application based on client/server
A study from Taylor Nelson Sofre in 2002 revealed that architecture in which Internet technology plays an
23% of Australians used Internet Banking and the important role. A basic architecture is illustrated in
Internet Banking adoption rate in Australia is greater figure 1.
than in the US and Britain [3]. In mid-2002, the MISC
reported that 5 million Australians had used Internet
Banking services [39]. Recent survey undertaken by the
MISC shows that the number of Australians using
Internet Bank had reached 7.7 million in September
2003, with an annual growth rate of 113% [33].
The rapid growth of Internet banking in recent years is a
clear indication of consumer acceptance of this media.
However, the impact of Internet Banking on customer
satisfaction and loyalty in Australia is yet to be
established as few studies have addressed this issue. In
this paper we present a review of literature on internet
banking and the factors that may impact internet
banking and customer satisfaction and loyalty.

2. DEFINITION OF INTERNET BANKING

Figure 1: Internet Banking application architecture - adopted
Internet Banking is defined as the usage of Internet and from Leong, Srikanthan & Hura (1998) and Turban et al.
(2000)
telecommunication networks to deliver banking services
to customers [12, 14, 43]. Customers can inquire
information and carry out most banking services such as
account balance inquiry, inter-account transfers, and
bill-payment via the Internet. There are different
 The Fourth International Conference on Electronic Business (ICEB2004) / Beijing 299

Similar to all Internet transmission of information, with certificates, firewalls, Secure Socket Layer (SSL),
Internet banking security is an important concern for Secure HTTP (S-HTTP), Secure Electronic Transaction
banks and customers [43]. All banks offering Internet (SET), Joint Electronic Payment Initiative (JEPI), and
Banking have taken special care to ensure security, Open Financial Exchange (OFX) are important
privacy and confidentiality of information to all its technologies supporting Internet Banking security [25].
customers. Basic security requirements to conduct SSL and S-HTTP are popular protocols for secure
business over the Internet are discussed below. communications over the Internet at network level
Authentication involves the ability of an individual, security and application level security respectively,
organisation, or computer to prove its identity. Security using public key cryptography and symmetric key
systems accomplish authentication by verifying encryptions. On the other hand, SET is a
information that the user provides against what the standard/protocol for securing real-time credit card
system already knows about the user. Authorisation transactions over the Internet. This protocol enables
involves the control of access to particular information E-Commerce applications to communicate between the
once identity has been verified. Authorisation is meant customers, SET-compliant merchants and authorised
to limit the actions or operations that authenticated third-party payment gateways.
parties are able to perform in a networked environment.
Audits include information on access of particular JEPI and OFX are secure communication protocols.
resources using particular privileges or performing JEPI is known to standardise payment negotiations by
certain security actions. It identifies the person or assisting consumers and merchants in selecting an
program that performed the actions. Confidentiality appropriate payment mechanism of different payment
involves the secrecy of data and/or information, and the protocols for both parties. OFX is primarily designed
protection of such information from unauthorised access. for electronic data exchange between financial
For e-businesses confidentiality is of utmost importance institutions and is a messaging protocol for online
in the protection of an organisation or company's financial services such as Electronic Bill Presentments
financial data, product development information, and Payments (EBPP) and investment services. OFX
organisation structures and various other types of has been adopted by many large financial institutions
information. Time related information such as a price [25]. In Australia, OFX has been implemented for
list or confidential report can be crucial and need to be BPAY, an EBPP system developed by Australian banks
kept confidential until a certain time. Policies regarding [9].
the release of information must be included in Internet Banking allows account aggregation. With
confidentiality, as well as authorisation services. account aggregation, customers can manage several
Confidentiality policy must ensure that information banking accounts held at different banks via a unique
cannot be read, copied, modified, or disclosed without access point. This means that customers just log on to
proper authorisation and that communication over the Internet Banking websites which support account
networks cannot be intercepted. Integrity is the aggregation enable customers to access their account
protection of data from modification either while in held at other banks, including deposit account, credit
transit or in storage. E-commerce and e-business cards and award programs [28]. To use account
systems must have the capability of ensuring that data aggregation service, a customer has to give settings such
transmissions over networks arrive at their destinations as the URL, user name and password of each external
in exactly the same form as they were sent. Integrity account. Once customer logs on to an account
services must protect data against modifications, aggregation website, this system automatically logs onto
additions, deletions, and reordering parts of the data. other banks’Internet Banking sites just as if a customer
Information can be erased or become inaccessible, is logged on to them directly. With account aggregation,
resulting in loss of availability. This means that those a customer is able to access al information from an
who are authorized to get information did not get what account held at another bank. This provides customers
they needed. Availability of information is an important with convenience and time saving. Although this has
attribute in service-oriented businesses that depend on many advantages to the customers, security, level of
information (e.g. airline schedules). When a user cannot information access and legal standards to protect the
get access to the network or specific services provided banks and customers has led to a slow adoption [1, 28].
on the network, they experience a denial of service.
Nonrepudiation involves protection against a party In Australia, account aggregation was offered by
involved in a transaction or communication activity that WestPac, Commonwealth Bank, AMP and Macquarie
later falsely denies that the transaction or activity Bank [57]. However, recently, Macquarie Bank has
occurred. Nonrepudiation services must be able to removed this feature due to the security concerns [47].
demonstrate to a third party proof of origin, delivery,
submission and transport of the data in question [56]. 3. BENEFITS OF INTERNET BANKING
Security protection includes physical security devices Internet Banking provides clear advantages to both the
i.e. secure server rooms, unauthorised intrusion detector, financial institutions and the customers. From the
organisation’s security policies and related Internet banks’perspective, Internet Banking has very low cost
security technologies. Authentication, digital transactions, compared to human teller banking since it
300 The Fourth International Conference on Electronic Business (ICEB2004) / Beijing

reduces the following expenses [24, 52]: (1) Banks can influencing Internet Banking customer
reduce customer service staff as customers use more behaviour/attitude. The recent studies have examined
self-service functions; (2) There is less cheque the determinants such as demographics [7, 23, 32, 49,
processing costs due to an increase in electronic 15, 23, 32, 49, consumer characteristics [15, 23, 32, 35,
payments.; (3) Costs of paper and mail distribution are 44, 34, 37, 43, 30, 45, 51], consumer perceptions [15,
reduced as bank statements and disclosures are 44], technology attributes [30, 45, 51], and social
presented online; (4) There is less data entry as context [15, 44] in association with the affects of these
applications are completed and processed online by variables to Internet Banking customer
customers. On the other hand, according to KPMG behaviour/attitude.
[24], bank’s revenue increases from Internet Banking
due to: (1) Increased account sales; (2) Wider market Unfortunately, most studies concentrated on
reach; (3) New fee-based income; (4) New market investigating the impact of the above determinants on
opportunities; (5) Improved customer satisfaction. For Internet Banking adoption. Few studies [34, 40, 48, 54]
consumers, Internet banking provides convenience, have examined customer satisfaction and loyalty in
lower service charges, more accessible information relation to Internet Banking. Though Internet Banking
about bank accounts, and an attractive option for busy in Australia began in 1997 [43], literature and research
people since it saves time to go to the bank branches have only concentrated on Australian Internet Banking
and gives 24 hours access [26]. All the benefits of B2C adoption issues, focusing on either retail customer [43]
e-commerce such as 24*7 bank service, convenience, or small and medium business [52]. No empirical study
access from anywhere, one stop shop and easy access to has been conducted to understand the impact of Internet
information [57, 58 59] also apply to internet banking. Banking on customer satisfaction and loyalty in
Australia.
6. PRODUCTS AND SERVICES
OFFERED ONLINE 8. A CONCEPTUAL MODEL AND
HYPOTHESES
Internet Banking provides customers with many
services and several facilities to carry out online For the purpose of understanding the factors influencing
banking transactions. The basic services include Internet Banking customer satisfaction and loyalty, this
opening a bank account, printing bank statement, paper proposes a conceptual model (figure 1). This
transferring funds between bank accounts, and paying conceptual model is developed based on several
bills. Other Internet Banking services comprise of future, previous studies relating to Internet Banking and
dated and recurring bill payments and funds transfers, human-computer interactions [55].
loan application, e-trade, fund management,
customisation of account names, ability to export
banking transactions to popular financial management
software packages such as Microsoft Money or Intuit
Quicken [1]. In addition, account aggregation services
allow customers to manage multiple accounts from
different financial institutions with a single login.
There are many online financial services but they can be
divided into the following categories [18]: (1) Current
account; (2) Insurance-based; (3) Credit-based; (4)
Investment-based services.
Most Australian banks provide interactive, extensive
and sophisticated Internet Banking services [6].
However, it appears that no empirical study has been
conducted to examine whether the Internet banking
services in Australia are satisfactory to customers.

7. INTERNET BANKING AND CUSTOMER

BEHAVIOUR IN THE LITERATURE Figure 2: Conceptual model of the relationships
between Internet banking system and customer
In the literature, scholars have focused on examining the satisfaction and loyalty
characteristics of Internet Banking and the factors
banking application and the impact of the technological
In figure 1, three groups of variables that are likely to characteristics of Internet Banking are specially
have an impact on customer satisfaction are grouped considered.
together. These are Internet Banking system quality,
customer characteristics, and customer’s system Internet Banking system quality: this consists of
constraints. However, for the purpose of assisting several independent variables such as transaction speed,
practitioners in building a more effective Internet ease of use, convenience, accessibility, cost/benefit,
 The Fourth International Conference on Electronic Business (ICEB2004) / Beijing 301

user empowerment, security and privacy [30, 34, 43, 46, H3. The limitations of accessibility to technology due to
54]. customer system constraints such as availability of
software, user’s system processing speed and Internet
Customer characteristics: Characteristics of Internet bandwidth are likely to moderate the relationship
banking customers identified from literature are between Internet banking quality and customer
younger, high income earners [17, 41, 46, 17, 41], and satisfaction [55].
the better-educated [17, 41]. To date no significant
relationship between e-Banking and gender or H4. Customer satisfaction resulting from the usage of
occupation has been identified [17, 41]. Zhang & Li [51] Internet banking is likely to have a positive impact on
suggest that health condition (disability, emotion i.e. customer loyalty [13, 34].
stress) also impact customer perceived usage of
technologies. Based on the above, age, income, 6. CONCLUSION
education, experience, disability and emotion are This is a research in progress paper, providing an
included as customer characteristics in the conceptual overview of Internet banking, addressing a number of
model. issues identified from literature. Literature review
Customers’ system constraints: System constraints discussed above address Internet banking as well as
(hardware, software and Internet bandwidth) are likely online banking customer issues. The hypothesis
to affect the accessibility of Internet banking by presented above will be empirically tested to identify
customers [51]. Customers with these constraints will customer satisfaction and loyalty in internet banking.
be deprived of Internet banking opportunities therefore Research will be guided by the conceptual model
these technology issues are considered as contingent presented above as figure 2.
variables.
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