National Conference on Global

Management 2009

National University of Computer &

Emerging Sciences
FAST – School of Business

24 July 2009 – 25 July 2009

NCGM-2009-ISSN-2073-2961

“Customer satisfaction with

technology based services
provided by the banking sector”

Mr. Zaki Rashidi

Assistant Professor
FAST-NU, Karachi
E-mail: zaki.rashidi@nu.edu.pk

Mr. Syed Yasir Hussain

MBA – Student
FAST-NU, Karachi
E-mail: yasir224@gmail.com
Abstract:

Banks are providing technology based services to provide an ease to their customers
and to increase their profitability by reducing the operational cost. But the technology
based services don’t satisfy the customer expectations and sometime become a cause
of trouble to the customers. In a competitive market place understanding customer’s
need become an important factor. As a result companies have moved from a product
centric to a customer centric position. Satisfaction is also of great interest to
practitioners because of its important effect on customer retention.

Customer satisfaction is major issue for the businesses which are dealing in electronic
commerce because it will determine whether the business will survive or fail in future.
The purpose of this research is to gain a better understanding of the service quality
dimensions that affect customer satisfaction with technology based services in the
banking sector. The increasing number of advancements took place in technology
based services provided by the banking sector and day by day new technologies are
on their way, there is a need to measure that those services actually satisfy the
customer expectation or not. This research will be highly beneficial for the banking
industry because it will give an idea to banks that how the service quality dimensions
affect customer satisfaction and what are the causes of problems and how to solve
them. The outcomes of this study will help the management of banks to do effective
strategic planning for the future of electronic banking in Pakistan.

Introduction:

In the world of banking, the development in Information Technology has an

enormous effect on development of more flexible payment methods and more – user
friendly banking services. Electronic banking services are new, and the development
and diffusion of these technologies by financial institutions is expected to result in a
more efficient banking system. This technology offers institution alternative or non-
traditional delivery channels through which banking products & services can be
delivered to customers more conveniently and economically without diminish the
existing series level. In recent years almost one fourth of banks in Pakistan have
starred to offer online banking services to customers and to satisfy customers with
their technology based services is one of the major areas of focus for banks.

The rapid advancement in electronic distribution channels has produced tremendous

changes in the financial industry in recent years, with an increasing rate of change in
technology, competition among players and consumer needs (Hughes, 2001). It is also
important to study the impact of technology based transactions on bankers’
perceptions and behavior (Lymperopoulos and Chaniotakis 2004). IT-based
distribution channels reduce personal contact between the service providers and the
customers, which inevitably leads to a complete transformation of traditional bank-
customers relationships (Barnes and Howlett, 1998). One of the key challenges of
technology based services as a delivery channel that how bank manage service
quality, which holds significant importance to customer satisfaction.

Objectives:

The objective of this study is to gain better understanding of service quality

dimensions that effect customer satisfaction with technology based services in the
banking sector from the consumer perspective. The major objectives of this research
are;

• To determine up to what extent technology based services are adopted by bank

customers?

• To explore the problems faced by bank customers in using technology based

services?

• To find the level of customer satisfaction with technology based services?

• To identify which service quality dimensions affect customer satisfaction?

Hypothesis & Research Question:

Hypothesis

Customer Satisfaction
Ho : µ ≥3.5 Customers are satisfied with ATM, Internet Banking & TeleBanking
services provided by banking sector
H₁ : µ ≤3.5 Customers are not satisfied ATM, Internet Banking & TeleBanking
services provided by banking sector

Efficiency
Ho : µ ≥3.5 Customers are satisfied with efficiency ATM, Internet Banking &
TeleBanking services provided by banking sector
H₁ : µ ≤3.5 Customers are not satisfied with efficiency of ATM, Internet Banking
& TeleBanking services provided by banking sector

Privacy
Ho : µ ≥3.5 Customers are satisfied with privacy of ATM, Internet Banking &
TeleBanking services provided by banking sector
H₁ : µ ≤3.5 Customers are not satisfied with privacy of ATM, Internet Banking &
TeleBanking services provided by banking sector

Reliability
Ho : µ ≥3.5 Customers are satisfied with reliability of ATM, Internet Banking &
TeleBanking services provided by banking sector
H₁ : µ ≤3.5 Customers are not satisfied with reliability of ATM, Internet Banking
& TeleBanking services provided by banking sector

Fulfillment
Ho : µ ≥3.5 Customers are satisfied with fulfillment of ATM, Internet Banking &
TeleBanking services provided by banking sector
H₁ : µ ≤3.5 Customers are not satisfied with fulfillment of ATM, Internet Banking
& TeleBanking services provided by banking sector

Responsiveness
Ho : µ ≥3.5 Customers are satisfied with responsiveness of ATM, Internet Banking
& TeleBanking services provided by banking sector
H₁ : µ ≤3.5 Customers are not satisfied with responsiveness of ATM, Internet
Banking & TeleBanking services provided by banking sector

Research Question:

For this research the main research question was;

“What are the service quality dimensions in technology based services and how
do they effect customer satisfaction?”

Literature Review:
The State Bank of Pakistan is the Central Bank of Pakistan. The state bank of Pakistan
started its operation on 1st July 1948. State Bank is not only responsible for issuing
domestic currency and regulating foreign currency but also for analyzing domestic
economy. The bank has been operating with a mission of promoting both monetary
and financial stability and to promote the financial system for achieving sustainable
growth by reducing inequality. The relevant provisions of law which vest powers in
State Bank of Pakistan (SBP) to carry out inspection of banks.
Pakistan has a highly developed financial sector consisting of 4 public 12 private
21 commercial banks, DFI, leasing companies, mutual funds, Islamic venture
capital fund companies. The commercial banks have assets of over one trillion
rupees of which about 80% is held by domestic banks. (Alam 2007, p.24)

The banking industry of Pakistan has grown to a significant level in last ten years and
its still on a growth stage. Banks are opening new branches, new foreign & local
banks are entering to market and merger & acquisition between banks are also taking
place. On the other side market is becoming more complex, banks are introducing
new innovative products and the market has become more competitive.

Kaleem & Saima (2008) concluded that it was changing consumer attitudes rather
than bank cost structures that determine the changes in distribution channels; they
added that virtual banks can only be profitable when the segment that prefers
electronic media is approximately twice the size of the segment preferring street
banks. According to Dash & Mahapatra (2007); with the phenomenal increase in the
country's population and the increased demand for banking services; speed, service
quality and customer satisfaction are going to be key differentiators for each bank's
future success.

Pakistan has passed through its introductory phase and now it is moving towards new
avenues. After introductory phase customers are well aware of e-products and are
now demanding more sophisticated services. Electronic banking is the latest in the
series of technological wonders of the recent past. ATMs, TeleBanking, Internet
Banking, Credit Cards and Debit Cards have emerged as effective delivery channels
for traditional banking products. In Pakistan, foreign banks took the lead by
introducing ATMs and credit cards in the mid 1990s, and domestic banks followed in
the late 1990s (Kaleem & Ahmad, 2008).
According to Hill, Brierley and MacDougall (2003); Customer satisfaction is measure
of how yours organization total product perform in relation to a set of customer
requirement. Customer satisfaction is the measurement about how products and
services supplied by any firm meet customer expectations. It is seen as a key business
performance indicator. Bauer, Hammerschmidt and Falk (2005, p.153) highlighted
that Customer satisfaction and customer retention are increasingly developing into
key success factor in e-banking.

Satisfied customers are central to optimal performance and financial returns. At many
countries in the world, business organizations have been inspiring the role of the
customer to that of a key stakeholder. Measuring customer satisfaction and keeping a
track of it can become the success factor for any firm. When buyers are powerful, the
health and strength of the company's relationship with its customers – its most critical
economic asset – is its best predictor of the future. Focusing on competition has its
place but it is more important for any firm to pay attention to its customers.

With the increasing application of ecommerce in organizations, the importance of

measuring and monitoring eservice quality in the virtual world has been recognized.
According to Fassnacht & Koese (2006, p.19); for providers of electronic services,
quality is a major driving force on the route to long-term success. Comprehensive
measurement of quality, in turn, is the key to effective quality management.
Technology offers a means to improve internal communication, productivity and
efficiency within the organization to provide seamless service to customers to create
new and more effective service delivery and to enhance customer satisfaction.
(Hernon & Whitman, 2001)

During last few years a substantial growth of internet-based services, both from
internet business and from traditional companies that are developing online service
took place. One of the key challenges of online service delivery channel is how they
manage service quality which holds a significant importance to customer satisfaction.
Dash and Mahapatra (2007) highlighted that ‘There is obviously a strong link between
customer satisfaction and customer retention. Customer's perception of Service and
Quality of product will determine the success of the product or service in the market’
One of the first definitions of eservice quality is conceptualized by Zeithaml,
Parasuraman, and Malhotra (2000). They state that Internet service quality is the
extent to which a web site facilitates efficient and effective shopping, purchasing, and
delivery of products or services. Zeithaml (2002) state that some dimensions of the
SERVQUAL can be applied to eservice quality, but there are additional dimensions in
eservice, many of which are specifically related to technology. The ESQUAL scale
comprises 11 dimensions in eservice quality, and later Parasuraman et al. (2005)
developed the ESQUAL into to a seven dimensions scale. The seven dimensions are
split into two separated scales the core dimensions and the recovery dimensions.
ESQUAL is the name of the scale for the core dimensions: efficiency, system
availability, fulfillment, and privacy. The second scale is titled ERecSQUAL:
responsiveness, compensation, and contact (Parasuraman et al., 2005). It offers the
surface dimensions of eservice quality based on customers experience and evaluation
perspective, which are viewed also as the antecedents to the adoption of eservice
(Rowley, 2006).

Zeithaml, Parasuraman, and Malhotra’s (2000) study identified dozens of Web site
features at the perceptual attribute level and categorized them into 11 e-SQ
dimensions which are; Reliability, Responsiveness, Access, Flexibility, Ease of
navigation, Efficiency, Assurance/trust, Security/privacy, Price knowledge, Site
aesthetics and Customization/personalization

Reichheld (1996) suggests that unsatisfied customers may choose not to defect,
because they do not expect to receive better service elsewhere but satisfied customers
may look for other providers because they believe they might receive better service
elsewhere. Berry (1984) stressed that employees must be viewed by the management
as ‘internal customers’. Maintenance of high level of employee satisfaction and
retention is important if banks are to achieve high levels of customer satisfaction and
retention.
“Bank management tends to differentiate their firm from competitors through
service quality” (Cohen et al., 2006)

Methodology:
This is an applied and quantitative research because it will help to manage issues
related to customer satisfaction with technology and it involves information collection
and analysis of data obtained from questionnaire. Secondary data collection has been
done from various local and international journals, books, newspapers, etc for
literature review after which primary data collection through Survey-Questionnaire at
branches of different bank have been conducted. Then the compilation of data
collected through Survey-Questionnaire and data analysis - interpretation is
performed.

For reliability testing Cronbach’s Alpha Test of Reliability has been performed on all
three data sets which showed Alpha Value above 0.90 for all three data sets. The
sample size taken in this research was 600 approximately for survey respondents and
10 banks were selected in which survey have been conducted. The model used in this
research is taken from study conducted at Lulea University of Technology on
Relationship between Online Service Quality & Customer Satisfaction the model used
in this research is based on different e-SERVQUAL studies conducted by Zeithaml,
Malhotra & Parasuraman. This same model is applied on all three different
QUESTIONNAIRES on ATM, TeleBanking & Internet Banking.

The questionnaire designed in this study based on e-SERVQUAL Model by Zeithaml,

Parasuraman & Malhotra in which following e-service quality dimension has been
used to measure customer satisfaction with technology based services; Efficiency,
Reliability, Responsiveness, Privacy, Fulfillment and Customer Satisfaction.
Efficiency, Reliability, Responsiveness, Privacy & Fulfillment are used as
independent variables and Customer Satisfaction is used as dependent variable.

Statistical tools used in this research are;

• Z-test Descriptive Statistics (Mean & SD) is used in hypothesis testing, measuring
customer satisfaction and to analyze response weightage

• Reliability Analysis – Cronbach’s Alpha is used in measuring reliability of among

all variables/factors and survey questions

• Linear Regression Analysis is used to analyze the effect of independent variables

on dependent variables
• Correlation is used to analyze which factors/variables have high or low correlation

Analysis & Interpretation:

In order to prove the internal reliability of the model used, Cronbach’s Alpha Test of
Reliability has been performed on ATM, Internet Banking & TeleBanking survey
data. Applying this test specifies whether the items pertaining to each factor are
internally consistent and whether they can be used to measure the same construct. The
table given below highlights the result of Cronbach’s Alpha Test of Reliability.

No. of Cronbach’s Alpha

Items
Among all ATM questions 21 0.920
Among all Internet Banking questions 21 0.914
Among all TeleBanking questions 21 0.935

When we performed Cronbach’s Alpha Test of Reliability on overall questionnaire

the result was α-value above 0.91 for all three data sets which reflected very high
internal reliability of overall survey data of ATM, Internet Banking & TeleBanking.

To determine which factor is more dependent for measuring customer satisfaction we

have performed Regression Analysis on ATM, Internet Banking & TeleBanking data
by keeping Efficiency, Reliability, Fulfillment, Responsiveness and Privacy as
independent variable and Customer Satisfaction as a dependent variable which gave
us the evidence of high or low dependency of Customer Satisfaction on different
variable for ATM, Internet Banking & TeleBanking.

Customer Satisfaction for ATM users is highly dependent on three factors that are
Efficiency, Reliability and Privacy while the remaining two factors Fulfillment and
Responsiveness seems to be least dependent for Customer Satisfaction from ATM.
Customer Satisfaction for Internet Banking users is highly dependent on three factors
that are Efficiency, Reliability and Responsiveness while the remaining two factors
Privacy and Fulfillment seems to be least dependent for Customer Satisfaction from
Internet Banking. Customer Satisfaction for TeleBanking users is highly dependent on
three factors that are Efficiency, Reliability and Fulfillment while the remaining two
factors Privacy and Responsiveness seems to be least dependent for Customer
Satisfaction from TeleBanking. This means that when bank customers use
TeleBanking the three most important factors they consider are Efficiency, Reliability
and Responsiveness so these three factors should be given more importance by the
banks to ensure high level Customer Satisfaction from TeleBanking.

To figure out the association between different factors we have calculated thirty six
correlations between different factors of ATM, Internet Banking & TeleBanking. The
factors which have high correlation for ATM is Efficiency & Reliability, for Internet
Banking are Efficiency & Fulfillment and Reliability & Customer Satisfaction while
for TeleBanking Efficiency & Reliability, Efficiency & Customer Satisfaction,
Reliability & Privacy, Reliability & Customer Satisfaction and Fulfillment &
Customer Satisfaction have high correlation, all these factors have correlation above
0.70.

Hypothesis ATM µ N Alpha α Mean SD Z-value Z-table Result

Efficiency 3.5 276 0.05 3.8397 0.7153 7.8894 -1.65 Accept
Reliability 3.5 276 0.05 3.5459 0.7886 0.9670 -1.65 Accept
Fulfillment 3.5 276 0.05 3.7451 0.7062 5.7663 -1.65 Accept
Responsiveness 3.5 276 0.05 3.5895 0.8543 1.7405 -1.65 Accept
Privacy 3.5 276 0.05 3.9429 0.7152 10.2880 -1.65 Accept
CustomerSatisfaction 3.5 276 0.05 3.8569 0.6792 8.7303 -1.65 Accept
Hypothesis Internet µ N Alpha α Mean SD Z-value Z-value Result
Banking
Efficiency 3.5 107 0.05 3.9064 .66862 6.2873 -1.65 Accept
Reliability 3.5 107 0.05 3.7710 .84194 3.3295 -1.65 Accept
Fulfillment 3.5 107 0.05 3.8781 .67380 5.8045 -1.65 Accept
Responsiveness 3.5 107 0.05 3.6523 .71498 2.2034 -1.65 Accept
Privacy 3.5 107 0.05 3.6168 .98849 1.2223 -1.65 Accept
CustomerSatisfaction 3.5 107 0.05 3.7846 .75978 3.8747 -1.65 Accept
Hypothesis TeleBanking µ n Alpha α Mean SD Z-value z-value Result
Efficiency 3.5 207 0.05 3.6437 .81002 2.5524 -1.65 Accept
Reliability 3.5 207 0.05 3.6268 .87747 2.0791 -1.65 Accept
Fulfillment 3.5 207 0.05 3.5037 .88084 0.0604 -1.65 Accept
Responsiveness 3.5 207 0.05 3.4639 .94000 -0.5525 -1.65 Accept
Privacy 3.5 207 0.05 3.7282 .94126 3.4881 -1.65 Accept
CustomerSatisfaction 3.5 207 0.05 3.6510 .80869 2.6865 -1.65 Accept

The above table represent the result of hypothesis testing of ATM, Internet Banking
and TeleBanking according to the analysis all our hypothesis for ATM, Internet and
TeleBanking are accepted because they have z-value above -1.65 which comes in
acceptance region. This means that bank customers are satisfied with ATM, Internet
Banking and TeleBanking services provided by banking sector and also by Efficiency,
Reliability, Fulfillment, Responsiveness and Privacy of ATM, Internet Banking and
TeleBanking services provided by banking sector.

Finding & Conclusion:

• We have found eleven service quality dimensions to measure customer
satisfaction which are reliability, responsiveness, trust, flexibility, easy of
navigation, access, efficiency, privacy, price knowledge, aesthetics,
customization/personalization

• Technology offers a means to improve internal communication, productivity and

efficiency within the organization to provide seamless service to customers to
create new and more effective service delivery and to enhance customer
satisfaction.

• With better understanding of customer’s perceptions, companies can determine

the actions required to meet the customer’s needs. They can identify their own
strengths and weaknesses, where they stand in comparison to their competitors,
chart out path future progress and improvement. Customer satisfaction
measurement helps to promote an increased focus on customer outcomes and
stimulate improvements in the work practices and processes.

• Information technology developments in the banking sector have speed up

communication and transactions for clients. E-banking is one of the technologies
which are rapidly growing banking practices these days. Easy set-up, User-
friendly and secure service & 24-hour access are the major reasons for adopting
technology for banking

• Online banking service allows customers to manage their accounts from any place
at any time for minimum cost; it gives abundant compensation to the client in
terms of price and ease. Many factors are attracting the public like ease of use,
perceived usefulness, security and privacy.

• Poor and/or lack of technological infrastructure and reliable power supply, lack of
proper legislation governing e-transactions, balance between convenience and
security are major problems faced by customer when they used technology for
banking. Management of customer requirement is vital to development of rational
for the banks to initiate, explore and develop electronic banking services that meet
their needs and changes.
• The factors which have high correlation for ATM is Efficiency & Reliability, for
Internet Banking are Efficiency & Fulfillment and Reliability & Customer
Satisfaction while for TeleBanking Efficiency & Reliability, Efficiency &
Customer Satisfaction, Reliability & Privacy, Reliability & Customer Satisfaction
and Fulfillment & Customer Satisfaction have high correlation.

• As a result of hypothesis testing it has been found that bank customers are
satisfied with all three technology based services that are ATM, Internet Banking
and TeleBanking services provided by banking sector and also by all Efficiency,
Reliability, Fulfillment, Responsiveness and Privacy of ATM, Internet Banking
and TeleBanking services provided by banking sector.

• One of the ways for achieving high customer satisfaction and gaining the loyalty
of customers is for banks to offer high quality services. That is why being able to
measure and evaluate the quality of their online banking services is deemed
important for banks in order for them to take action to correct those features of
their online services which customers don’t find that satisfactory. Consumer
behavior is changing partly because of less spare time. The way of use of financial
services is characterized by individuality, mobility, independence of place and
time and flexibility.

• Taking into consideration the huge investments banks make in technology

infrastructure, customer satisfaction and retention are turning into the crucial
factors for success in electronic banking meaning that the generation of positive
customer value on the Internet requires the establishment of long-term customer
relationships (Bauer, Hammerschmidt & Falk, 2005).

• Singh et al., (2000) feel that the challenge for financial institutions is to find
satisfactory answers to business issues of culture and processes and to create a
win-win game which both satisfies banks and customers.

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