ARTICLE IN PRESS

Journal of Retailing and Consumer Services 16 (2009) 340–351

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Journal of Retailing and Consumer Services

journal homepage: www.elsevier.com/locate/jretconser

Customers’ perspectives regarding e-banking in an emerging economy

Reeti Agarwal a,, Sanjay Rastogi b, Ankit Mehrotra c
a
Faculty of Marketing, Jaipuria Institute of Management, Lucknow, U.P., India
b
Faculty of Decision Sciences, Indian Institute of Foreign Trade, New Delhi, India
c
Faculty of Information Systems, Jaipuria Institute of Management, Lucknow, U.P., India

a r t i c l e in f o a b s t r a c t

Determining factors affecting customer perception and attitude towards and satisfaction with e-
Keywords: banking is an essential part of a bank’s strategy formulation process in an emerging economy like India.
e-Banking To gain this understanding in respect of Indian customers, the study was conducted on respondents
Indian customers’ perception & satisfaction taken from the northern part of India. The major findings depict that customers are influenced in their
Security & trust usage of e-banking services by the kind of account they hold, their age and profession, attach highest
degree of usefulness to balance enquiry service among e-banking services, consider security & trust
most important in affecting their satisfaction level and find slow transaction speed the most frequently
faced problem while using e-banking.
& 2009 Elsevier Ltd. All rights reserved.

1. Introduction From the Asian market experience, it is clear that Internet

banking is here to stay and will be a major channel to acquire and
The Indian financial services industry is undergoing rapid service customers. Internet usage and Internet banking are
change and becoming intensely competitive. Traditional and new expected to grow to more than 45.4 million in the next few years
players both are trying to protect their customer base, and they in the Asia Pacific region (Jaffe, 2003). The percentage of banks
also compete for new business. The advances in information that have launched online banking products and services grew
technology are becoming an important factor to the future from 6% in 1998 to 75% in 2003. According to IDC, markets like
development of financial services industry especially the banking Korea and Singapore have nearly 10% of their population banking
industry (Kannabiran and Narayan, 2005). Although technology over the Internet during the same period. Although these markets
adoption by the banking industry in many countries around the are way ahead of India both in terms of Internet penetration and
world has been at a very high level, the process has been slow in online banking penetration, India is a big potential market and is
India, over the last several years. However, the emergence of new fast catching up with its Asian counterparts (Kannabiran and
private-sector banks in the country in the mid-1990s has changed Narayan, 2005).
the scenario drastically, as the business model of these new banks Despite all the efforts, these e-banking systems have remained
revolved around a strong IT backbone. Their emergence and largely unnoticed by the customers of India. Therefore, customer
success over the last decade have put competitive pressure on perception is of utmost importance for successfully providing e-
many of the state-owned banks to look at IT as a strategic banking services. The present study proposes to examine Indian
necessity to remain competitive (Kannabiran and Narayan, 2005). customers’ perception in the context of e-banking. There are
One of the most significant areas of bank marketing where several advantages of conducting the e-banking acceptance study
technology has been used by banks in recent years has been in in India. The Indian market has become increasingly attractive for
creating new channels through which customers can transact global marketers in recent years. Even though the overall per-
their accounts and interact with their bank (Hughes, 2003). Over capita GDP of the 1-billion-strong population of India is relatively
many years, technological developments have enabled financial low at $421 (Budhwar, 2001), there are about 203 million middle-
services products to be sold and administered via remote class consumers in the country who belong to well-educated
distribution channels. e-Banking is the latest channel whose households with salaries worth more than $5000 in local
potential is being explored by both traditional financial services purchasing power (Ramachandran, 2000), an amount sufficient
players and new entrants alike (Boyes and Stone, 2003). to sustain purchases of foreign consumer products. While India
exports more than $6.4 billion in software and services, employ-
ing about 415,000 software professionals in more than 900 firms
 Corresponding author. (Edwards and Sridhar, 2003), the economic liberalization policies
E-mail address: [email protected] (R. Agarwal). undertaken by the Indian government since the early 1990s have

0969-6989/$ - see front matter & 2009 Elsevier Ltd. All rights reserved.
doi:10.1016/j.jretconser.2009.03.002
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R. Agarwal et al. / Journal of Retailing and Consumer Services 16 (2009) 340–351 341

created great opportunities for foreign businesses to tap the Cunningham, 2003; Wang et al., 2003; Mukherjee and Nath, 2003).
potential of the huge Indian market as well. As a result, foreign A review of studies undertaken in the area of e-banking brings to
direct investment (FDI) flow to India increased from a paltry light a number of dimensions which need to be looked at.
$103 million in 1990–1991 to $5.1 billion in 2000–2001. Foreign
marketers in diverse sectors, from Information Technology and
2.1. Research models related to user acceptance of technology
consumer electronics to soft drinks and fast food, have entered the
Indian market and are competing with domestic marketers
Multiple models have been used to attempt to explain or
(Bandyopadhyay and Fraccastoro, 2007).
predict user acceptance of technology. Information systems
While India’s emerging market holds great commercial
research has long studied how and why individuals adopt new
opportunities for banks (both domestic and international), these
information technologies. Within this broad area of inquiry, there
banks, in order to be successful, need to gain a better under-
have been several streams of research. One stream of research
standing of consumers’ perceptions and adoption of e-banking.
focuses on individual acceptance of technology by using intention
Gaining access to India’s markets will require careful analysis of
or usage as a dependent variable (e.g., Compeau and Higgins,
consumer usage behavior. Our study can help understand the
1995; Davis et al., 1989). Other streams have focused on
perception of customers regarding e-banking in India—the largest
implementation success at the organizational level (Leonard-
market in South Asia. Though many interesting articles are found
Barton and Deschamps, 1988) and task technology fit (Goodhue,
in newspapers and magazines regarding e-banking initiatives of
1995; Goodhue and Thompson, 1995), among others. Jointly,
several banks in India, detailed accounts in terms of how satisfied
research results suggest several models are capable of providing
customers are with the e-banking services in India and what are
fairly adequate explanation and/or prediction of user acceptance
the major areas of problems leading to dissatisfaction among
of IT, and UTAUT is the most predictive (Chau, 1996; Davis et al.,
customers are seldom made available to the academia and
1989; Hu et al., 1999; Venkatesh et al., 2003).
practitioners. Our research is an attempt to address this gap.
The Unified Theory of Acceptance and Use of Technology
The current paper will begin with a discussion of the
(UTAUT) model (Venkatesh et al., 2003) is one of the most recent
theoretical background of the study. The following sections
work in the area of explaining and predicting the acceptance and
present, successively, the objectives of the study, research design,
use of information technology by end users. This theory examined
sample of the study, analysis of research findings, discussion and
eight different models and integrated the components of those
implications, and end with the limitations of the study.
models into a single, unified model that is more predictive than
any of the individual models alone. UTAUT considered and
integrated the theory of reasoned action (TRA), the technology
2. Theoretical background
acceptance model (TAM), the motivational model (MM), the
theory of planned behavior (TPB), a model that combined the
The global business environment in the last decade of the 20th
technology acceptance model and the theory of planned behavior
century witnessed significant involvement of technology in
(C-TAM-TPB), the model of PC utilization (MPCU), the innovation
business primarily in the area of electronic commerce, or
diffusion theory (IDT), and the social cognitive theory (SCT). The
exchange of products and services through Internet and tele-
constructs of each of the individual models that contributed to the
communication networks (Kalakota and Whinston, 1997). Most of
development of the UTAUT model are provided in Table 1.
the industries have been influenced by this emerging technology-
Models have also been proposed by researchers to measure the
based approach to business (Gunasekaran and Love, 1999).
impact of e-banking. A model was proposed (Stamoulis et al., 2002)
Previous literature on IT in developing countries has focused on
for evaluating the business value of e-banking channels involving an
development of national policies (Bhatnagar and Odreda, 1992;
internal view, where the channel is considered as a resource whose
Madon, 1992), development of manpower (Aladwani, 2001;
utilization must be maximized, and an external view, where the
Bhatnagar, 1992; Kanungo et al., 2001; Montealegre, 1998; Pawar,
channel as an interface to the bank’s customer base should enable
1992), using tested technologies, managing IT investments
and support customer relationship management.
(Avgerou, 1998; Heeks, 2002; Kraemer and Dedrick, 2001), and
In the present study, the UTAUT model has been used as the
role of consultants in deploying technologies (Palvia et al., 1992).
basis to examine Indian customers’ attitude towards and
However, the impact of electronic commerce has been apparent in
acceptance of and satisfaction with e-banking as a channel of
the banking and financial services industry when compared with
banking. Taking the supper constructs of the UTAUT model as the
other industry segments (Bughin, 2004; eMarketer, 2000). It is
base and analysis of other studies undertaken in the area helps in
evident from the literature that banks across the world are
identifying the various factors that can effect customer adaptation
motivated to implement e-banking to achieve either top-line or
towards e-banking. For example, it has been found (Liao and
bottom-line benefits. This is achieved through increased market
Cheung, 2002) that individual expectation regarding accuracy,
share due to product delivery convenience and product innovation
security, transactions speed, user-friendliness, user involvement,
(Jaleshgari, 1999; Orr, 1999). Although Internet is revolutionizing
and convenience are the most important quality attributes in the
the way in which companies offer their products and services,
perceived usefulness of Internet-based e-banking.
studies relating to customer acceptance of this technology are
limited (Meuter et al., 2000). An understanding of different
dimensions of creating value to the customer through use of new 2.2. Performance expectancy, perceived usefulness and current
technology and its impact on their performance in terms of return fulfillment of customer needs
on investment is always a matter of concern for the banking and
financial services industries (Lucas and Spilter, 1999). The banking Performance expectancy is defined as the degree to which an
system has been attempting to gather more and more information individual believes that using the system will help him or her to
on aspects that induce people to use the Internet for banking attain gains in job performance. The five constructs from the
purposes (Gerrard and Cunningham, 2003; Sathye, 1999). The different models that pertain to performance expectancy are
adoption of e-banking by consumers has been extensively perceived usefulness (TAM/TAM2 and C-TAM-TPB), extrinsic
investigated by several authors (Sayar and Wolfe, 2007; Eriksson motivation (MM), job-fit (MPCU), relative advantage (IDT), and
et al., 2005; Jaruwachirathanakul and Fink, 2005; Gerrard and outcome expectations (SCT) (Venkatesh et al., 2003). Thus, in the
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Table 1
UTAUT constructs, root constructs relevant models, and references.

UTAUT constructs Root constructs Models References

Performance expectancy Perceived usefulness TAM Davis (1989), Davis et al. (1989)
Extrinsic motivation MM Davis et al. (1992)
Job-fit MPCU Thompson et al. (1991)
Relative advantage IDT Moore and Benbasat (1991)
Outcome expectations SCT Compeau and Higgins (1995), Compeau et al. (1999)

Effort expectancy Perceived ease of use TAM Davis (1989), Davis et al. (1989)
Complexity MPCU Thompson et al. (1991)
Ease of use IDT Moore and Benbasat (1991)

Social influence Subjective norm TRA, TPB, C-TAM-TPB Ajzen (1991), Fishbein and Azjen (1975), Mathieson (1991), Taylor and Todd (1995)
Social factors MPCU Thompson et al. (1991)
Image IDT Moore and Benbasat (1991)

Facilitating conditions Perceived behavioral control TPB, C-TAM-TPB Ajzen (1991), Taylor and Todd (1995)
Facilitating conditions MPCU Thompson et al. (1991)
Compatibility IDT Moore and Benbasat (1991)

context of e-banking performance expectancy will be defined as determining adaptation of innovations. As a consequence, the
the degree to which a consumer perceives e-banking to be more greater the perceived usefulness of using electronic banking
useful in accomplishing banking tasks than using the traditional services, the more likely that electronic banking will be adopted
banking channels. (Polatoglu and Ekin, 2001, Jaruwachirathanakul and Fink, 2005).
The Wallis Report (1997) stated that ‘‘consumers will seek out Another factor that affects adoption is whether the existing
those financial products and suppliers which offer the best value mode of service or product delivery fulfils the customers’ needs
for money and they are educated about it’’. Hence, for adoption of adequately. In the context of Internet banking, telephone banking,
Internet banking, it is necessary that the banks offering this and brick and mortar branches are the existing modes of
service make the consumers aware about the availability of transacting banking business. Adoption of new technologies often
such a product and explain how it adds value relative to their comes across a certain amount of resistance to change from
own other products or those of the competitors. The added value present ways of operating. Commenting about technology adop-
or perceived usefulness in electronic banking, according to tion, Quinn and Mueller (1982) stated ‘‘human beings what they
Trethowan and Silicone (Daniel, 1999), was convenience, sales are, there tends to be resistance to change’’. Daniel (1999) found
orientation and lower costs. The importance of perceived useful- ‘‘a high level of customer inertia in changing their established
ness has been widely recognized in the field of electronic banking banking arrangements’’. For customers to change present ways of
(Guriting and Ndubisi, 2006; Jaruwachirathanakul and Fink, 2005; operating and take up new technology, it must ‘‘fulfill a specific
Eriksson et al., 2005; Laforet and Li, 2005; Polatoglu and Ekin, need’’ (Wallis Report, 1997). Unless such a need is fulfilled,
2001; Liao and Cheung, 2002). According to them usefulness is the consumers may not be prepared to change from present ways of
subjective probability that the technology can improve the way a operating. In the present study we have taken into consideration
user completes a given task. According to the technology the aspects of perceived usefulness and relative advantage. The
acceptance model, perceived usefulness is the degree to which a present study analyses whether consumers’ use and acceptance of
person believes that using a particular system would enhance his e-banking systems depend on the usefulness of the technology in
or her job performance. According to Davis et al. (1992), perceived getting the latest information and more services from this channel
usefulness refers to consumers’ perceptions regarding the out- of banking, while at the same time enabling them to do their bank
come of the experience. Davis (1993) defined perceived usefulness work faster, from anywhere, any time and at a lower cost. In order
as the individual’s perception that using the new technology will to gain an insight into the perceived usefulness of e-banking by
enhance or improve her/his performance. Similarly, Mathwick Indians, the study also makes an attempt to find out the services,
et al. (2001) defined perceived usefulness as the extent to which a which are considered to be of value by the customers.
person deems a particular system to boost his or her job
performance. Pikkarainen et al. (2004) applied TAM in Finland
and they found perceived usefulness as a determinant of actual 2.3. Effort expectancy and perceived ease of use
behavior, which encouraged the user of the 21st century banking
to use more innovative and user-friendly self-service technologies Effort expectancy is defined as the degree of ease associated
that give them greater autonomy in performing banking transac- with the use of the system. Three constructs from existing models
tions, in obtaining information on financial advices, and in capture the concept of effort expectancy: perceived ease of
purchasing other financial products. However, Gerrard and use (TAM/TAM2), complexity (MPCU), and ease of use (IDT)
Cunningham (2003) noted that perceived usefulness depends on (Venkatesh et al., 2003). The similarities among these constructs
the banking services offered such as checking bank balances, have been noted in prior research (Davis et al., 1989; Moore and
applying for a loan, paying utility bills, transferring money abroad, Benbasat, 1991; Plouffe et al., 2001; Thompson et al., 1991).
and obtaining information on mutual funds. There are extensive Consistent with previous research (e.g., Agarwal and Prasad, 1997;
evidences proving the significance of effect of perceived useful- Davis et al., 1989; Thompson et al., 1991, 1994), effort-oriented
ness on adaptation intention (Chen and Barnes, 2007; Guriting constructs are expected to be more salient in the early stages of a
and Ndubisi, 2006; Jaruwachirathanakul and Fink, 2005; Eriksson new behavior, when process issues represent hurdles to be
et al., 2005; Hu et al., 1999; Venkatesh, 2000; Venkatesh and overcome, and later become overshadowed by instrumentality
Davis, 1996; Venkatesh and Morris, 2000). Tan and Teo (2000) concerns (Davis et al., 1989; Szajna, 1996; Venkatesh, 1999; Wong
suggested that perceived usefulness is an important factor in et al., 1985).
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Researchers argued that perceived ease of use is the extent to using a product/service’’ as an essential service/product promo-
which a person accepts as true that using an exacting method tion strategy.
would be at no cost to that individual (Davis et al., 1989; Social influence is defined as the degree to which an individual
Mathieson, 1991; Gefen and Straub, 2000; Gahtani, 2001). At first perceives that important others believe he or she should use the
Rogers (1962) affirmed perceived ease of use as a term that new system. The three constructs related to social influence
represents the degree to which an innovation is perceived not to include subjective norm (TRA, TAM2, TPB/ DTPB, and C-TAM-TPB),
be difficult to understand, learn or operate. He further stated that social factors (MPCU), and image (IDT) (Venkatesh et al., 2003).
perceived ease of use is the degree to which consumers perceive a The role of social influence in technology acceptance decisions is
new product or service as better than its substitutes (Rogers, complex and subject to a wide range of contingent influences.
1983). Similarly, Zeithaml et al. (2002) stated that the degree to Social influence has an impact on individual behavior through
which an innovation is easy to understand or use could be three mechanisms: compliance, internalization, and identification
considered as perceived ease of use. According to Mathieson (Venkatesh and Davis, 2000; Warshaw, 1980). While the latter two
(1991), the perceived ease of use is the consumers’ perception that relate to altering an individual’s belief structure and/or causing an
banking on the Internet will involve a minimum of effort. individual to respond to potential social status gains, the
Similarly, Consult (2002) noted that perceived ease of use refers compliance mechanism causes an individual to simply alter his
to the ability of consumers to experiment with a new innovation or her intention in response to the social pressure—i.e., the
and easily evaluate its benefits. He also affirmed that the drivers of individual intends to comply with the social influence. Results
growth in electronic banking are determined by the perceived in the technology acceptance literature indicate that reliance
ease of use which is a combination of convenience provided to on others’ opinions is significant only in mandatory settings
those with easy Internet access, the availability of secure, high (Hartwick and Barki, 1994), particularly in the early stages of
standard electronic banking functionality, and the necessity of experience, when an individual’s opinions are relatively ill
banking services. In his study, Cooper (1997) found ‘‘ease of informed (Agarwal and Prasad, 1997; Hartwick and Barki, 1994;
adoption’’ as one of the three important characteristics from the Karahanna et al., 1999; Taylor and Todd, 1995a; Thompson et al.,
customer’s perspective for adoption of innovative service. The 1994; Venkatesh and Davis, 2000). This normative pressure will
Wallis Report (1997) identified that technological innovation attenuate over time as increasing experience provides a more
‘‘must be easy to use’’ to ensure customer take up or acceptance. instrumental (rather than social) basis for individual intention to
‘‘The degree to which an innovation is difficult to understand or use the system. The present study examines the major influences
use’’ was one of the reasons for failure of home banking in the USA increasing the awareness level of Indian customers in respect of
(Dover, 1988). Rogers (1962) analysis of diffusion emphasized the e-banking and affecting their usage of e-banking services.
importance of individual perceptions and understanding of a new
technology in shaping its acceptance. Scarbrough and Corbett
(1992) found ‘‘understandings of consumers’’ to be an important 2.5. Facilitating conditions and security, privacy and trust
element in the diffusion of innovative technology. Daniel (1999)
identified ‘‘ease of use’’ as one of the factors for customer Facilitating conditions are defined as the degree to which an
acceptance in her study of electronic banking in the UK and individual believes that an organizational and technical infra-
Ireland. Extensive research over the past decade provides structure exists to support use of the system. This definition
substantial evidence of the significant effect of perceived ease of captures concepts embodied by three different constructs:
use on usage intention, either directly or indirectly (Hernandez perceived behavioral control (TPB/DTPB, C-TAM-TPB), facilitating
and Mazzon, 2007; Guriting and Ndubisi, 2006; Eriksson et al., conditions (MPCU), and compatibility (IDT). Each of these
2005; Wang et al., 2003; Venkatesh, 2000; Venkatesh and Davis, constructs is operationalized to include aspects of the technolo-
1996; Venkatesh and Morris, 2000). Recently, Chen and Barnes gical and/or organizational environment that are designed to
(2007) have empirically found that two technological aspects of remove barriers to use (Venkatesh et al., 2003). It has been
the interface, namely perceived ease of use and perceived demonstrated that issues related to the support infrastructure—
usefulness, significantly affect customer adaptation intentions. a core concept within the facilitating conditions construct—are
The present study analyses the effect of customers’ perceptions largely captured within the effort expectancy construct, which
about the understandability, ease of contact, ease of access and taps the ease with which that tool can be applied (e.g., Venkatesh,
ease of using the system on their overall satisfaction level with 2000). Venkatesh (2000) found support for full mediation of the
e-banking, which in turn will effect their acceptability of the effect of facilitating conditions on intention by effort expectancy.
same. At the same time an attempt has been made to identify the Facilitating conditions do have a direct influence on usage beyond
areas of problems faced by the customers while using e-banking. that explained by behavioral intentions alone. Consistent with
TPB/DTPB, facilitating conditions are also modeled as a direct
antecedent of usage (i.e., not fully mediated by intention). In fact,
2.4. Awareness and social influence the effect is expected to increase with experience as users of
technology find multiple avenues for help and support throughout
Adoption is the acceptance and continued use of a product, the organization, thereby remove impediments to sustained usage
service or idea. According to Rogers and Shoemaker (1971), (Bergeron et al., 1990). Security and privacy is dependent on the
consumers go through ‘‘a process of knowledge, persuasion, image of the company in the minds of the customers and
decision and confirmation’’ before they are ready to adopt a customers’ belief that organizational and technical arrangements
product or service. The adoption or rejection of an innovation have been made by the organization to ensure security and
begins when ‘‘the consumer becomes aware of the product’’ privacy of customer data. The importance of security and privacy
(Rogers and Shoemaker, 1971). An important characteristic for for the acceptance of online banking has been noted in many
any adoption of innovative service or product is creating banking studies (Hernandez and Mazzon, 2007; Chen and Barnes,
awareness among the consumers about the service/product. 2007; Sathye, 1999; Hamlet and Strube, 2000; Tan and Teo, 2000;
‘‘Don’t assume good products sell themselves’’ (Cooper, 1997). Polatoglu and Ekin, 2001; Black et al., 2002; Howcroft et al., 2002).
In the context of bank marketing planning, Guiltinan and To be more precise, lack of privacy and security were found to be
Donnelly (1983) identified ‘‘information about the benefits of significant obstacles to the adoption of online banking (Chen and
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Barnes, 2007; Sathye, 1999). Roboff and Charles (1998) found that 1997; Lubinski et al., 1983; Lynott and McCandless, 2000;
people have a weak understanding of online banking security Motowidlo, 1982). Similar to gender, age is theorized to play a
risks although they are aware of the risks. Furthermore, they moderating role. Research on job-related attitudes (e.g., Hall and
noted that although consumers’ confidence in their bank was Mansfield, 1995; Porter, 1963) suggests that younger workers may
strong, yet their confidence in the technology was weak (Howcroft place more importance on extrinsic rewards. Gender and age
et al., 2002). As the amount of products and services offered via differences have been shown to exist in technology adoption
the Internet grows rapidly, consumers are increasingly more contexts also (Morris and Venkatesh, 2000; Venkatesh and Morris,
concerned about security and privacy issues. According to many 2000). In looking at gender and age effects, it is interesting to note
studies (e.g. Hernandez and Mazzon, 2007; Westin and Maurici, that Levy (1988) suggests that studies of gender differences can be
1998; Cranor et al., 1999) privacy issues have proven important misleading without reference to age. For example, given tradi-
barriers to the use of online services. Therefore, trust is one of the tional societal gender roles, the importance of job-related factors
important determinants of successful e-banking (Suh and may change significantly (e.g., become supplanted by family-
Han, 2002). Many researchers have argued that trust is essential oriented responsibilities) for working women between the time
for understanding interpersonal behavior and is relevant to they enter the labor force and the time they reach childrearing
e-banking. Trust is not merely a short-term issue, but also the years (e.g., Barnett and Marshall, 1981). Venkatesh and Morris
most significant long-term barrier for realizing the potentials of (2000), drawing upon other research (e.g., Bem and Allen, 1974;
B2C e-commerce (Gefen, 2000; Jarvenpaa and Tractinsky, 1999). Bozionelos, 1996), suggest that effort expectancy is more salient
For the present study, facilitating conditions in terms transpar- for women than for men. The gender differences predicted here
ency on the part of the bank, reliability and responsiveness of the could be driven by cognitions related to gender roles (e.g., Lynott
bank, and steps taken by the banks to ensure safety and security and McCandless, 2000; Motowidio, 1982; Wong et al., 1985).
of customer data have been taken into consideration since it has Increased age has been shown to be associated with difficulty in
been proposed that customer satisfaction with these will effect processing complex stimuli and allocating attention to informa-
their satisfaction level and acceptability related to e-banking. tion on the job (Plude and Hoyer, 1985), both of which may be
necessary when using software systems. Prior research supports
the notion that constructs related to effort expectancy will be
2.6. Customer attitude
stronger determinants of individuals’ intention for women
(Venkatesh and Morris, 2000; Venkatesh et al., 2000) and for
Empirical studies related to diffusion of technological innova-
older workers (Morris and Venkatesh, 2000). Theory also suggests
tions have expanded the use of the TAM model to include
that women tend to be more sensitive to others’ opinions and
attitudes as defined by the theory of reasoned action (Davis et al.,
therefore find social influence to be more salient when forming an
1989; Jayawardhena and Foley, 2000; Karjaluoto et al., 2002). At
intention to use new technology (Miller, 1976; Venkatesh et al.,
first, Lancaster (1966) noted that attitude is the driver of
2000), with the effect declining with experience (Venkatesh and
consumer utility or attributes. Triandis (1979) described attitude
Morris 2000). As in the case of performance and effort
as an individual’s positive or negative behavior towards innova-
expectancies, gender effects may be driven by psychological
tion adaptation. Triandis further stated that attitude portrayed the
phenomena embodied within socially constructed gender roles
perceptions of usefulness of electronic banking, adaptation
(e.g., Lubinski et al., 1983). Rhodes’ (1983) meta-analytic review of
features, bank electronic features, risk and privacy, and personal
age effects concluded that affiliation needs increase with age,
preferences. TAM suggests that attitude is based on the salient
suggesting that older workers are more likely to place increased
beliefs, which a person has about the consequences of a given
salience on social influences, with the effect declining with
behavior and his or her evaluation of those consequences. More
experience (Morris and Venkatesh, 2000). Additionally, organiza-
specifically, Polatoglu and Ekin (2001) suggested that customer
tional psychologists have noted that older workers attach more
attitude is composed of one’s beliefs about the object and
importance to receiving help and assistance on the job (e.g. Hall
perceived importance (weight) of that attribute in making the
and Mansfield, 1995). This is further underscored in the context of
decision to adopt. In the electronic banking context, consumers
complex IT use given the increasing cognitive and physical
attitude is assorted in terms of perceptions regarding product
limitations associated with age. These arguments are in line
information, form of payment, delivery terms, service offered, risk
with empirical evidence from Morris and Venkatesh (2000). Given
involved, privacy, security, personalization, visual appeal, naviga-
the importance of gender and age as depicted by theory in
tion, entertainment, and enjoyment. Understanding the determi-
the adoption of technology the present study considers age as the
nants of consumers’ attitude, it is argued that this attitude has a
criterion variable in selecting the sample for the study and also
strong, direct, and positive effect on consumers’ intentions to
examines the effect of age on the usage pattern related to e-banking.
actually use the new technology or system (Hernandez and
Mazzon, 2007; Eriksson et al., 2005; Jaruwachirathanakul and
Fink, 2005; Bobbitt and Dabholkar, 2001). 3. Objectives of the present study

2.7. Demographic influences on customer adaptation of technology The present study has been undertaken to understand the
perception and attitude of Indian customers and their satisfaction
From a theoretical point of view, there is reason to expect that level with the various services offered through the e-banking
the relationship between performance expectancy and customer mode by banks in India. In particular, the research focuses on:
adaptation of technology will be moderated by gender and age.
Research on gender differences indicates that men tend to be (1) identifying the most important factor in influencing custo-
highly task-oriented (Minton and Schneider, 1980) and, therefore, mers’ awareness level and usage pattern regarding e-banking,
performance expectancies, which focus on task accomplishment, (2) studying the influence of the age of the respondent on the
are likely to be especially salient to men. Gender schema theory frequency of usage of e-banking,
suggests that such differences stem from gender roles and (3) understanding customer perception regarding the usefulness
socialization processes reinforced from birth rather than biologi- of different services offered via e-banking and the frequency
cal gender per se (Bem, 1981; Bem and Allen, 1974; Kirchmeyer, of various problems faced while using e-banking,
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R. Agarwal et al. / Journal of Retailing and Consumer Services 16 (2009) 340–351 345

(4) identifying the impact of satisfaction level of customers with 4.2. Sample profile
different aspects/features of e-banking on the overall satisfac-
tion level of customers using e-banking, For the present study, the sample comprised of only those
(5) segmenting customers using e-banking services on the basis people who were already using the facility of e-banking. Analysis
of their attitude towards e-banking. of the profile of respondents clearly indicates that the majority of
respondents (56.5%) belonged to the age group 31–45 years while
35% of the representation in sample came from the age group of
4. Research design 20–30 years. This clearly depicts that 91.5% of the total
respondents were below the age group of 45 years. This was
The research was conducted in the northern part of India. The done because it was presumed that the people in this age group
tool employed for generating responses was questionnaire-based are more tech savvy and therefore more open to usage of
survey of bank customers with respect to their perception and technology in their day-to-day working.
opinion towards e-banking. Focused Group Discussions (FGD) After applying age as the major criterion for the selection of
were conducted, which provided information and understanding respondents from the sample, constraints were also imposed on
of the major factors and aspects associated with customers’ usage the basis of income and profession of respondents to make the
of e-banking as a mode of banking. Factors affecting customer sample more representative. On the basis of profession, the
perception towards the various add-on services provided by the sample comprised of 30% respondents employed in private sector,
bank through e-banking mode were also identified through Group while 21.5% were employed in the government sector. 22.5% of the
Discussion. Pilot testing of the questionnaire was done on a group respondents were self-employed professionals like doctors,
of 50 respondents. Unwanted and ambiguous questions were lawyers, etc. and 20% were business people. Only a small
removed and some new alternatives were introduced in the representation of 6% was given to students, since it was assumed
questionnaire after conducting reliability analysis. that students being unemployed, generally do not have an account
This whole exercise helped in framing the questions for the in a bank. As far as income is concerned, 11.5% of the respondents
final Questionnaire and also helped in streamlining the informa- belonged to the income group of less than Rs. 10 K, while 21% of
tion needed to conduct this research. The sampling procedure the respondents were in the income group of Rs. 10–20 K, 33.5%
adopted was quota sampling in which the relevant control between Rs. 20–35 K, 23.5% in Rs. 35–50 K and 10% in the greater
characteristic was Age on the basis of which quotas were formed. than Rs. 50 K income group. The rationale behind giving
The customers, who use e-banking as a mode of doing banking importance to income and profession of the respondent along
transactions, formed the target population. The respondents were with their age in choosing the sample was not only to make the
selected conveniently and the information was collected through sample more representative of the population but also to explore
a questionnaire using the personal interview method of data the assumption that income and profession of the respondents
collection. affect the attitude of customers towards e-banking.
Only primary data was used in the research, which was
obtained from the questionnaire. Different types of scales used
4.3. Analysis of findings
included nominal, ranking scale and Likert scale. Likert scale was
used to gain an understanding of attitude of consumers towards
To analyze the importance of different entities in increasing
statements (items) denoting different attributes associated with
the awareness level of customers and in influencing them to use
e-banking. These statements were framed taking the super
e-banking, the Friedman test was applied on the various factors.
constructs of UTAUT model as well as other studies (Hernandez
The value of w2 came out to be 37.638 (p ¼ 0.000) which indicates
and Mazzon, 2007; Chen and Barnes, 2007; Polatoglu and Ekin,
that the respondents have significant difference in their opinion
2001; Sathye, 1999) and on the basis of the information collected
regarding the importance of different factors in increasing their
through focus group discussions. These were further used for the
awareness level regarding e-banking and in influencing them to
extraction of factors on which customer awareness, perceived
use it.
usefulness and attitude were measured. Other scales were used
As can be seen from Table 2, respondents found friends or
for the extraction of other relevant information.
relatives to be the most important in increasing their awareness
level about e-banking and in influencing them to use it. The
4.1. Reliability and validity second most important influencer, according to the respondents,
was advertisement via different media such as television,
The first draft of the questionnaire was reviewed by two newspaper, magazine, internet, mailing flyers, etc.
professional scholars in related fields. The contents of the It was also explored whether there is any change in the
draft were reviewed and revisions were suggested. The ques- influence pattern on the basis of the type of account (Savings/
tionnaire used in the study thus qualified for expert validity. Current account) which the respondent has with a bank which is
The results of the pilot test were incorporated and expert validity offering the facility of e-banking. It was found that the people
was ensured. The pilot test for the questionnaire was conducted having savings account in the bank were more influenced by the
on a sample of 50 bank customers. Reliability analysis was various information disseminating methods like flyers, letters to
conducted on all the 50 responses. In our study we had adopted
internal consistency analysis to conduct reliability testing. Table 2
Cronbach’s á came out to be 0.7912. The value indicates that Mean rank of factors influencing customers awareness level and usage of
e-banking.
reliability of the scale of measurement was significantly high.
For the complete study, 350 responses were generated using Mean rank
the pilot tested questionnaire, but only 320 completely filled
questionnaires were retrieved. The reliability of the completely Advertisements 2.44
filled questionnaires was tested using the internal consistency Bank employees 2.12
Personal enquiry 2.14
method wherein the value of Cronbach’s alpha came out to Friends, relatives or peer groups 2.90
be 0.843.
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346 R. Agarwal et al. / Journal of Retailing and Consumer Services 16 (2009) 340–351

the customers, etc. providing information regarding various value- had to indicate their level of satisfaction/dissatisfaction with these
added services the bank is offering through its website. On statements on a 4-point modified Likert scale with 1 ¼ highly
studying the profile of the respondents having a savings account it dissatisfied, 2 ¼ dissatisfied, 3 ¼ satisfied, 4 ¼ highly satisfied.
was found that 75% of them were service class people with 89% in Factor Analysis was applied to reduce the number of these
the age group of 20–45 years. This substantiates the assumption statements to a smaller number of variables, which could then be
that people in the younger age group are more tech savvy, open to used for further analysis. In order to find out the appropriateness
new ideas and ready to use technology in its new forms. of factor analysis for the set of statements (variables), KMO and
The findings showed that people who had a current account Barlett’s tests were used. The results are shown in Table 5.
with the bank were the one’s who are self-employed professionals As can be seen from the table, Barlett’s test was found to be
or businessmen (86%) and in the age group of 20–45 years with significant, indicating that the statements used for measuring the
82% in the age group of 31–45 years. These people were found to level of satisfaction were inter-correlated. The value of KMO also
be more influenced by the advice of their friends, relatives and came out to be greater than 0.5 indicating that the sample size
peer group towards e-banking. was adequate for applying factor analysis. For factor extraction,
On further exploration, it was also found that respondents use principal component method of factor extraction was used, under
e-banking as a mode of bank transactions quite frequently, 40.5% the restriction that the eigenvalue of each generated factor was
of the respondents use it at least once a week, 44% using it at least more than one. Three factors were generated, which explained
once a month and only a small percentage of respondents (15.5%) 77.85% of the variability of the data. The extracted factors were
use e-banking less than once a month. Given the importance of then rotated using variance maximizing method (Varimax).
age in effecting technology acceptance as per the literature These three rotated factors with their variable constituents and
reviewed, the dependence of frequency of usage on the age of factor loadings are given in Table 6. The three factors identified
the respondent was analysed. It was observed that the usage were security & trust, convenience & ease of use, and value
frequency significantly depended on the age of the respondent. proposition on the basis of their variable constituents and
In Table 3, the value of the coefficient of contingency (0.644) loadings.
shows that the frequency of usage of e-banking and the age of the To study the impact of customer satisfaction with the above-
user are strongly associated. Further analysis showed that people identified factors on the overall satisfaction level of customers
in the age group 31–45 years using e-banking most frequently. with respect to e-banking, regression analysis was performed
In order to find out whether people’s perception towards the with security & trust, convenience & ease of use, and value
utility of various services offered by the different banks through proposition as independent variables and customer satisfaction
e-banking is the same, i.e. whether the respondents find all the with e-banking as the dependent variable. The result of regression
services equally useful, Kendall’s Coefficient of Concordance was analysis is shown in Table 7.
applied on the responses related to customers’ perception of the As can be seen from Table 7, the value of R2 (0.859) came out to
usefulness of different services offered through e-banking. The be high, which indicated that customer satisfaction with security
value of chi-square test came out to be 219.780 (p ¼ 0.000), which & trust, convenience & ease of use, and value proposition
indicated that the respondents perceived significant difference in influence customers’ overall satisfaction with e-banking to a very
the usefulness of the various services available through e-banking. large extent. The model was found to be significant at 5% level of
Table 4 gives the mean ranks of the perceived usefulness of significance. Each of the independent variables was also found
various services offered through e-banking. As can be clearly seen, to significantly influence satisfaction of the customers with
people found using e-banking for balance inquiry to be the most e-banking at 5% level of significance. From the unstandardized
useful, closely followed by inter-account transfer of funds. values of regression coefficients it was observed that customer
Respondents found e-banking least useful for lodging complaints. satisfaction with security & trust had the maximum impact on
To find out the impact of different aspects/features of overall satisfaction level of customers with e-banking while value
e-banking on the satisfaction level of the respondents, the proposition had the least impact.
responses were gathered using 14 interdependent statements
denoting different aspects/features of e-banking. The respondents Table 5
Results of KMO and Barlett’s test.

Table 3 Kaiser–Meyer–Olkin measure of sampling adequacy 0.703

Dependency of frequency of usage on age of respondent. Bartlett’s test of Sphericity Approx. w2 2162.286
df 66
Value Degrees of freedom Asymp. Sig. Sig. 0.000

2
Pearson w 82.903 4 0.000
Contingency coefficient 0.644

Table 6
Factors and their variable constituents.
Table 4
Mean rank of customers’ perception of usefulness of various services offered Security & trust Convenience & ease of use Value proposition
through e-banking.
Transparency (0.708) Speed of transaction 24*7 Banking (0.805)
Mean rank (0.612)
Reliability (0.859) Congestion free (0.616) Low cost of
Seeking product and rate information 4.18 transaction (0.788)
Calculate loan payment information 4.70 Safety (0.768) Ease of use (0.812) Add-on services
Balance inquiry 5.65 (0.956)
Inter account transfers 5.08 Privacy (0.845) Ease of contact (0.783) Availability of latest
Lodge complaints 2.86 Information (0.821)
To get general information 4.39 Easy accessibility (0.805)
Pay bills 4.49 Customer-friendly website
Get in touch with bank 4.66 (0.722)
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Table 7 while using e-banking as per the respondents was the expense of
Results of regression analysis. using it.
Variables Coefficients Standardized Sig. R2 F Sig.
betas ratio
5. Discussion of research findings
Constant 2.954 0.000 0.859 17.43 0.000
Security 0.862 0.913 0.000
The present study had been undertaken with the purpose of
Convenience 0.807 0.85 0.004
Value 0.633 0.738 0.011 understanding the usage pattern of e-banking among Indian
proposition customers and the main elements that influence their use,
attitude, and satisfaction with e-banking. The findings of the
study have important implications for bankers and academicians
alike, by providing important insights into the dynamics of
Table 8 e-banking in India from the customer’s perspective. For banks,
Mean rank of frequency of problems faced by customers while using e-banking. the findings provide an insight into customer’s usage pattern and
attitude in respect of banking online and the factors affecting
Mean rank
these. For academicians, the present study makes an important
Unsecured mode of transaction 2.27 contribution to research in the area of e-banking particularly in
Misuse of information 3.10 the context of an important emerging economy like India.
Slow transaction 5.40
No availability of server 5.06
Not tech savvy 2.69 5.1. Social influence
Expensive 2.16
Low direct customer connection 3.32
Responses pertaining to entities influencing customers to use e-
banking indicate that the maximum influence on customers in
respect of increasing the awareness level of customers and
influencing them to use e-banking as an alternate channel of
Thereafter, customers were segmented into three groups on
banking is of friends or relatives. This implies that since customers
the basis of the three factors identified above using cluster
associate a certain degree of risk with banking online they go more
analysis. Cluster-I comprised of 69% of the respondents who use
by the words of friends and relatives than by the words of bank
e-banking because it is convenient and easy to use, believe that
employees or advertisements since they believe that the former will
banks should provide proper security for their transactions and at
give them more accurate and trustworthy feedback than the latter.
the same time expect banks to offer certain value-added
The influence pattern was found to differ on the basis of the type of
propositions. Cluster-II comprises of those 8.2% of the respondents
account (savings vs. current) that the customer holds with a bank.
who go in for e-banking because they find it a highly convenient
Findings bring forth that advertisements have the maximum
and an easy way of doing banking. They are least concerned about
influence on customers having a savings account with a bank while
security. Cluster-III includes 22.8% of the respondents whose
friends, relatives, and peer group have more influence on the
priority is security of their transactions while they are banking
attitude towards e-banking of customers having current account.
through the electronic mode. These people also look for some
The profile of customers having a savings or a current account is
value-added services while being the least concerned about
helpful in explaining this influence pattern to a certain extent. Since
convenience and ease of use.
the customers having a savings account were generally employed in
A look at the demographic profile of the respondents in the
service and belonged to the age group 20–45, it can be assumed that
different clusters indicated that the majority of customers
these people are not having a very high income as compared to
belonging to group-I were postgraduates working in private or
people having their own business (therefore do not associate too
govt. organizations in the age group of 31–45 years, whereas self-
much of a risk with e-banking) and at the same time, since they do
employed professionals formed the 2nd group, from across all age
not have too much experience in banking, turn to advertisements to
groups. The 3rd group comprised mainly of the e-bankers who are
gather information about the services being offered via e-banking
government employees in the age group 31–45 years or business-
by the various banks. The reduction in their feeling of risk due to
men from across all age groups.
their low income could be a factor enabling them to turn to an
The problems faced by customers who use the electronic mode
informal source of information such as advertisements. As opposed
of banking were also studied. The respondents were asked to give
to this, customers having a current account were generally found to
their perception regarding the various types of problems they face
be businessmen or self-employed professionals. Since this group
when they go in for e-banking. Effort was made to study whether
uses their account for business purposes and have a higher income
people faced the different problems with same frequency or the
it can be said that they find banking online to be risky and therefore
frequency differed significantly from problem to problem. For this
trust the words of their friends, relatives, and peers more than
purpose, Kendall’s Coefficient of Concordance was applied on the
advertisements. A review of studies undertaken in this area
responses of customers related to different problems commonly
indicates that though the relationship between age/gender and
faced by them while using e-banking. The value of w2 came out to
social influence in adaptation of technology has been well
be 354.079 (p ¼ 0.000) which indicated that the respondents
researched (Hall and Mansfield, 1995; Lubinski et al., 1983; Rhodes,
perceived significant difference in the problems they face while
1983; Morris and Venkatesh, 2000), there is no study which brings
banking through the electronic mode. The value of Kendall’s W
forth the effect of the kind of account a customer holds on social
(0.200) was also quite low, which indicated that there is significant
influence. The present study thus throws light on this relationship.
difference between the ranks given to various problems.
Table 8 gives the mean ranks of the problems faced by the
respondents while using e-banking. As can be clearly seen, 5.2. Age and frequency of usage of e-banking
respondents found slow transaction speed as the most-frequent
problem faced by them, closely followed by non-availability of the The study highlighted a strong association between age and
server while using e-banking. The least-frequent problem faced the frequency of usage of e-banking services by customers with
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348 R. Agarwal et al. / Journal of Retailing and Consumer Services 16 (2009) 340–351

the people in the age group 31–45 years using most frequently. stitutes those features of e-banking which make banking online
This is understandable as people in this age group are more tech convenient and easy to be used by customers. This factor
savvy than the older generation and feel more comfortable in corresponds to the effort expectancy construct of the UTAUT
using and in doing business online. Since they are better versed Model. The features under this factor include speed of transaction,
with the workings of the online world, their perception of risk also congestion free, easy to use, easy to contact, customer-friendly
gets reduced to a certain degree since a person tends to fear more website, and easy accessibility. A major factor responsible for
that he does not know. This finding is congruent with the earlier making internet popular as a medium for conducting business and
studies wherein increased age has been shown to be associated transactions among people has been the convenience it provides
with difficulty in processing complex stimuli and allocating to users. Using the internet, it has become possible to conduct
attention to information on the job (Plude and Hoyer, 1985) both business of any type, any time 24*7 and from anywhere. This
of which may be necessary when using software systems. advantage is also an important attribute of e-banking. Customers
will turn to this channel of banking only if they find it less
cumbersome and more convenient than traditional banking.
5.3. Performance expectancy
Therefore, companies should pay more attention to improving
speed of the transaction for customers while making the website
As far as findings related to the perceived usefulness of the
customer-friendly. This is especially important to enhance
various services offered through e-banking are concerned, the
customer adoption of e-banking since effort-oriented constructs
respondents found balance enquiry via e-banking to be the most
are more salient in the early stages of a new behavior, when
useful, while lodging of complaints via e-banking was found to be
process issues represent hurdles to be overcome and later become
the least useful. This implies that banks should promote balance
overshadowed by instrumentality concerns (Davis et al., 1989;
enquiry service the most in order to initiate customers to use
Szajna, 1996; Venkatesh, 1999; Wong et al., 1985). The least
e-banking with the hope that once customers start using
important factor is a combination of the features, which banks
e-banking for this purpose they might start using e-banking for
feel provides more value to the customers such as 24*7 banking,
other services also. The perception of customers in respect of
low cost of transaction, add-on services and availability of latest
finding e-banking the least useful for lodging complaints could be
information. This factor can be considered to be similar to the
because customers might be feeling that handling of complaints
performance expectancy construct of the UTAUT model. This
lodged via e-banking is not effective, lacks personal touch and is
could be because generally customers consider and therefore
not as fast as in traditional banking. Thus, to motivate customers
expect all these features to be an integral part of banking online.
to get the redressal of their complaints through e-banking, banks
Hence, customers perceive these features to be having the least
should devise an effective and quick mechanism of complaint
impact on their satisfaction with e-banking as a whole. These
handling via this channel so that the above perception of
findings are interesting in that it is contrary to the general belief
customers can be changed. Thus, in order to make e-banking
that performance expectancy is the most important factor for
popular among customers companies are required to increase the
technology acceptance in India as well as other countries
effectiveness of the services, which they are offering through this
(Bandypadhyay and Fraccastoro, 2007). This could be because
channel of banking.
Indians are more conservative in their attitude and are more
concerned about safety and security of their money rather than
5.4. Factors affecting customer satisfaction level the different kinds of services provided by banks via the online
channel. Given the preference of safety and security over super-
Analysis of the impact of customer satisfaction with the ficial services provided by banks to customers, banks should be
different features/aspects of e-banking on customer satisfaction sensitive to the fact that rather than focusing on trying to attract
with e-banking as a whole, showed that customer satisfaction customers through services, which have glamorous names and are
with security & trust provided by the e-banking site has the ‘showy’ in nature, banks should try to attract customers by
maximum impact on overall satisfaction of customers with focusing on and communicating the integrity of the bank to
e-banking followed by customer satisfaction with convenience & customers and highlight the ways in which safety and security of
ease of use. Customer satisfaction with value proposition offered the data has been ensured by the bank, since this is of higher
by banks through e-banking was found to have the least impact. concern to customers while banking online. Thus, banks should
The findings clearly bring forth the importance customers attach ensure better safety and security of their website and not pay
to the different aspects/features of e-banking. These findings are attention to only the aesthetics of the website. Identification of
an important source of information for banks to find ways to different clusters of customers attaching different level of
increase customer satisfaction with e-banking. The variables importance to the different factors while banking online helps
under security & trust include transparency, reliability, safety, the bank in understanding what features should be focused on by
and privacy, which depict the degree of importance customers the bank for which segment of customers. This can lead to more
attach with risk free operations while doing their banking accurate promotions targeted at specific groups by banks since by
transactions online. These correspond to the facilitating condi- using this information communications in the form of advertise-
tions construct in the UTAUT Model. This finding is similar to the ments, mailers, pamphlets, etc. can be designed more effectively
findings of earlier studies showing the importance of facilitating by including and focusing on the aspects considered important by
conditions on customer adaptation of technology (Venkatesh different groups.
et al., 2003). Since customer satisfaction with these aspects is a Findings related to customer perception of various problems
reflection of customers’ belief that an organizational and technical faced by them while using e-banking has important implication
infrastructure exists to support use of the system, dissatisfaction for banks. Responses clearly show that customers basically face a
regarding these parameters indicates that customers do not really problem with regard to the non-availability of server and the slow
believe that the banks have necessary measures in place to ensure speed of transaction most frequently. Though the speed of
safety and privacy of customer data. The spat of scams related to transaction is generally not in control of the bank, the availability
online fraud have instilled more fear in the minds of customers of server is generally the responsibility of the bank and therefore
thereby increasing customer demand for security & safety in their should be taken care by the bank since it can act as an irritant
online banking transactions. The second important factor con- for customers and thereby reduce their satisfaction level with
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R. Agarwal et al. / Journal of Retailing and Consumer Services 16 (2009) 340–351 349

e-banking. The least-frequent problem as faced by the respon- in customer attitude and perception of different countries at
dents while using e-banking was the expense of using e-banking. different stages of development. Thus, studies making a compar-
This is understandable because accessing and using the internet is ison of customer perception and attitude in respect of e-banking
not expensive in India today with rates as low as Rs. 10 per hour from different countries can be undertaken in the future.
when accessing the net from a cyber-cafe. For a personal Despite these limitations, the findings illustrate the value of a
connection it costs approximately Rs. 300 per month for a comprehensive approach to examining Indian customers’ atti-
broadband connection. tudes towards and their satisfaction level with e-banking services.
The fast pace of change in the technological environment and the
rapid growth of Internet and e-commerce makes it imperative
5.5. Implications of the study
that further research should focus not only on the general
marketing environment but also on the electronic, computer-
The findings of the study provide important insights to banks
based marketing environment. Given the importance of security,
while framing their e-banking strategies and policies. The study
trust, convenience, and value provided through e-banking in
clearly emphasizes the need for banks to understand that the
influencing customer’s attitude towards acceptability of such
financial products and services supplied over the Internet must
practices, research involving the above-identified issues remains
not only be tailored to fulfill wants, preferences, security, and
primarily in a nascent stage in India. In order to successfully
quality expectations of customers at the present time, but also be
understand and respond to Indian customers needs in respect of
required to induce customers to demand and use e-banking on a
e-banking services provided by different banks, policymakers,
wider scale in the future. Expertise in marketing and the ability to
legislators, and marketing practitioners will require a proper and a
anticipate changes in market conditions as well as in customer
more in-depth understanding of what exactly customers expect
psyche are therefore crucial to the success of Internet e-retail
and want. Thus, more researches need to be undertaken in this
banking. Given the open nature of the Internet, transaction
area as extensive research findings will be needed to influence
security is likely to emerge as the biggest concern among the
policies and practices of banks successfully.
e-bank’s (actual and potential) account holders. Since transactions
risk would create a significant barrier to customer acceptance of
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Dr. Reeti Agarwal is a full time faculty in the area of Marketing at Jaipuria Institute
assessing the business value of e-banking distribution channels: evaluation as
of Management, Lucknow. With a Ph.D. from the University of Lucknow in the area
communication. International Journal of Information Management 22,
of Consumer Behaviour, her teaching career spans over 9 years. Her areas of
247–261.
interest include CRM, Services Marketing, Retailing and Effective Communication
Suh, B., Han, I., 2002. Effect of trust on customer acceptance of Internet banking.
Skills. Extensively involved in research, she has authored papers on CRM, Retailing
Electronic Commerce Research and Applications
and Household Buying Decision Making. She regularly conducts MDPs in the area
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of Interpersonal Communication Skills, Building Customer Relationship, etc.
Management Science 42 (1), 85–92.
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Quarterly 19 (2), 561–570. Indian Institute of Foreign Trade, New Delhi. His areas of special interest are
Thompson, R.L., Higgins, C.A., Howell, J.M., 1994. Influence of experience on Quantitative Techniques, Marketing Research and Econometrics. He has publications
personal computer utilization: testing a conceptual model. Journal of Manage- in national and international refereed journals and has presented several conference
ment Information Systems 11 (1), 167–187. papers. The author was the recipient of the prestigious Indian Science Congress
Thompson, R.L., Higgins, C.A., Howell, J.M., 1991. Personal computing: toward a Association of India’s (ISCA) YOUNG SCIENTIST AWARD. He has an academic career
conceptual model of utilization. MIS Quarterly 15 (1), 124–143. spanning more than a decade and has been actively engaged in research. He has also
Triandis, H.C., 1979. Values, Attitudes and Interpersonal Behaviour. University of conducted MDP’s in Forecasting Techniques for Corporate sector.
Nebraska Press, Lincoln, NE, unpublished paper.
Venkatesh, A., Morris, M.G., 2000. Why don’t men ever stop to ask for directions?
Gender, social influence, and their role in technology acceptance and usage
behavior. MIS Quarterly 24 (1), 115–139.
Venkatesh, V., Davis, F.D., 1996. A model of the antecedents of perceived ease of
use: development and test. Decision Sciences 27 (3), 451–481. Dr. Ankit Mehrotra is a full time faculty at Jaipuria Institute of Management,
Venkatesh, V., 1999. Creating favorable user perceptions: exploring the role of Lucknow, in the area of Information Technology. With a Ph.D. from University of
intrinsic motivation. MIS Quarterly 23 (2), 239–260. Lucknow in the area of Supply Chain Management and Information Technology, his
Venkatesh, V., 2000. Determinants of perceived ease of use: integrating control, teaching career spans more than 8 years. His areas of interest include Data Mining,
intrinsic motivation, and emotion into the technology acceptance model. MIS, MS-Excel in Business and Logistics & Supply Chain Management. He has
Information Systems Research 4 (4), 342–365. authored papers on Logistics, Supply Chain Management and Information
Venkatesh, V., Davis, F.D., 2000. A theoretical extension of the technology Technology. He has been part of various MDPs being conducted and has covered
acceptance model: four longitudinal field studies. Management Science 45 usage and penetration of Information Technology under various topics.
(2), 186–204.