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Lecturer, UIMS-PMAS-University of Arid Agriculture Rawalpindi, and PhD Scholar Iqra University
Islamabad, Pakistan
2 Ph. D Scholar at National College of Business Administration and Economics (NCBA&E), Pakistan
3 MBA Student, Allama Iqbal Open University Islamabad, Pakistan
1
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
identify the key distinctive features of the e-banking, the list may range from transferring of
funds to paying bills.
Ever since the era of technology started, people are finding themselves comfortable. Every
organization is trying to be equipped in order to remain in the competition. Banking industry,
like the other large organizations, is being kept on emerging at a large scale. Increasing trend
towards electronic banking is one face of its emergence. The facility of electronic banking
gets more on demand when a customer from a busy environment does not have enough time
to spare in going bank, stand in a long waiting queue to perform detailed banking activities or
paying bills even. Besides, it even gets worst when a customer is intended to find out the
working branch, want to operate for a transaction and find no access to it. The technology of
electronic banking resultantly has become indispensible while facilitating a user to have an
online access to his her account at any time.
Hence, a bank that facilitates its customer from anywhere around the world at any place even
into their homes over the internet is an Ultimate Internet Bank (UIB) and the banking
services that are delivered either electronically or over the internet is collectively known as
Electronic Banking.
Before getting into further detail, clarity is required for the term electronic banking. The term
e-banking is used to relate any kind of banking activity which is performed electronically.
Most of the times, Internet Banking is often taken alternatively as Electronic Banking which
is however, not a right phrase to be called. It must be kept in mind that Electronic Banking
includes several traditional banking activities like ATM, Telephone Banking, Plastic Money,
etc. The most recent additions are Internet Banking, Mobile Banking, and Digital TV
Banking. Electronic Banking is also referred as Electronic Funds Transfer (EFT) and is a
mean to transfer of funds from one account to the other. Table 1.1 explains the various
features and functions being offered under the umbrella of e-banking.
Table 1.1: Features and Functions of Electronic Banking
Features
Telephone
Banking
Self Service
Terminals
ATMs
With drawls
Deposits
Balance Enquiries
Interim Statement
Transfer Funds
Internet
Banking
TV
Banking
Y
Y
Y
Y
Stop Payment of
Cheques
Exchange Rates
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Stop Orders
Billing
Pakistan has seen number of ups and downs in the field of investment and particularly in
banking industry in the past. (Sajjad et al., 2011, p.3) stated that in early ninetys, the banks in
Pakistan experienced chief breakdown, more specifically in line of insurance and monetary
value. (Kaleem, and Ahmad, 2008, pg.3) stated that due to such collateral damage in Pakistan,
the foreign banks soon after, held the grip by heavily introducing ATMs and credit cards in
the mid-90s, leading some of the native financial organizations to get crumpled, although
domestic banks followed in the late 90s to cope up with the business. In an annual report,
published, (State Bank of Pakistan, 2003, p. 110) put forward the reason of this late indulgent
towards electronic banking. The report argued that regulatory hurdles, higher startup costs,
on-going banking sector reforms and lack of technical skills were the major issues. With these
3
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
allowed the customers to perform various banking activities to perform online through banks
hosted website. (Birch, & Young, 1997; Dannenberg, and Kellner, 1998) came on to the
common ground that electronic banking provides an advantage to both customers and the
banks. (Barnes, and Howlett, 1998) further explained a view of introducing information
technology. They stated that electronically dissemination of data has also reduced personal
contact between the service facilitators and the clients which unsurprisingly ended up on a
complete transformation of old-fashioned bank-customer relationships. In addition,
(Lymperopoulos, and Chaniotakis, 2004) further stated that figuring out the reasoning which
may be critical to the decision, plays a vital role in terms of service delivery. It is also
worthwhile to study the influences about the introduction of a new technology in terms of
performing transactions electronically. So to perform varied financial activities through
electronic means, different financial intermediaries such as banks; introduced a new kind of
service that covers varied banking services of a bank under its umbrella. The new era knows
the service as Electronic Banking which is shortly abbreviated as E-Banking.
Varied authors suggested diverse perspective and elucidated the concept of electronic
banking. The most acceptable definition world-wide for electronic banking, and which is
being described here in this paper as well, was originally termed by the (Basel Committee
Report, 1998, p.3). The report described e-banking as the stipulation of small valued products
of banking using electronic channels. The activities may include deposit taking, online bill
payment, management of user account through a given account management area, and
payment through electronic money etc. (Hussam et al., 2003) some of the leading bankers
explained the term E-Banking. They envisaged that e-banking or electronic banking can be
termed as an umbrella that holds the number of banking processes through which a customer
may execute numerous banking transactions electronically without visiting a brick-and-mortar
branch. (Sherrod, 2000) envisaged that electronic banking predominantly allows a customer
to perform any kind of banking activity through using any computer connected with high
speed internet connection and an interactive browser. (Banks, 2001) seconded the statement
of Sherrod and stated that electronic banking is a wide-range spectrum that holds the
savings/deposits, balance enquiry, transfer of funds, credit card services etc. Further he added
that while electronic banking does not enjoy the allure and exhilaration of electronic
tradeoffs, it is a business function that facilitates itself with the internet updated technologies.
In simple, electronic banking is not a product of bank; instead it is a sub-division of ebusiness that hedges all categories of business to be performed using electronically
maintained system in order to conduct the successful transactions. (Mohammed, et al., 2009)
explained the working of e-banking. He stated that electronic banking works on electronically
configured channel through which the major banking activities may be conducted. The
example may hedges from transferring of funds to paying bills over the internet. (Aladwani,
2001, Mols, 1999, and Sathye, 1999) explained the electronic banking as a collection of
services, through which a customer is able to perform numerous banking activities to perform
e.g. stable response to the customers query, inter-account transfer, paying bills etc.
The major advantage is that if one needs to perform any kind of banking services or
operations; he may need not to interact with the banking personnel but can perform his
required banking activity himself. (Gonzalez, 2008) in his research claimed that electronic
banking has seen an acute progress and has surely converted outmoded practices in banking.
(Maholtra, and Singh, 2007) in their research added the concrete in the foundation of its
importance and stated that electronic banking is tilting towards the shift in the current
practices of marketing that resultantly leads to the improved performance of the banking
industry.
5
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
(Blackwell et al., 2001) explained e-commerce and termed it as clicks and order
transaction. He further stated that the success in this competition depends on dealing with the
customers and to upkeep their customers better than their competitors while offering better
opportunities and solutions to their customers problems that were available in the past.
Electronic commerce has been variously defined over the period of time. According to
(Zwass, 1996) electronic commerce is a name of sharing of information, up keeping of
connections, and the dealings made through information technological tools. Later (Savoie,
and Raisinghani, 1999) explained electronic commerce and stated that it provides an ease of
performing transaction with just a touch of a button and a customer may have access to what
he/she desire at any time, at any place. (Lawrence, et al., 2000) envisaged that electronic
commerce is not just about the transaction. Among the main ingredients, focusing on the
customers and value maximization are the key propositions which may be a part of proactive
relationship management. (Turban et al., 2004, p.4) later, at another stage, described in detail
the electronic commerce. They stated that electronic commerce is a process of purchasing,
retailing, transporting or trading of products or services along with the concerned information
through the networks of computer like internet etc. Electronic commerce, they added, can be
explained under numerous viewpoints like communication, amenity, industrial processes and
businesses. In terms of say amenities, they stated that electronic commerce is a technological
instrument that covers the requirements demanded by government institutes, various
businesses, customers and administration to low down the cost of services with the
improvement of quality.
Quality improvement may be addressed especially in terms of customer facilities and growing
speed of delivery of service, requested. (Lawrence et al., 2002) added that the ethics of
electronic commerce strongly rely on innovations and persuasive techniques in order to
increase the efficiency of processes conducted, cost reduction, while seeking for new market
prospects. Seeing through the other perspective, electronic commerce facilitates the
accomplishment of transactions among two or more parties using unified network. These
unified networks can be a permutation of telephone systems, cable TV, leased lines, etc.
(Kalakota, and Robinson, 2000) further added that electronic commerce also include
electronically made payments in order to increase number of clients and transfer of funds.
To explain further, (Newton, 2000) envisaged that the electronic commerce which is also
termed as EDI (Electronic Data Interchange) allows the exchange of business data
electronically (such as purchases and invoices) among the organizations and their trading
partner. He argued that EDI facilitates faster and effective trading which has increased the
quality points and favor among its company players worldwide. The organizations that use
EDI technology have some nature of EDI Gateway. This EDI Gateway is also frequently
identified as Electronic Commerce Gateway (ECG). The EDI Gateway is actually an
assortment of computers and related soft wares that permit the exchange of information to
execute. The EDI Gateway acts as a heart in communication medium among the
organizations letting them to connect negotiate and trade.
(Zhres, 2012) defined the concept of Electronic Money. He stated that electronic money or
e-money is a digitally comparable of cash that can be used for delivery of payment without
the involvement of users bank account. While explaining further, he added, electronic money
is an instrument that acts as a prepaid deliverer. Nature wise, e-money can be software based
or it may be hardware based. For example GeldKarte is hardware based card used in
Germany. The card can be recharged from any recharging point or any ATM that has the
facility. Another face of e-money, (Zhres, 2012) added is software based. Herein, the
electronic money may be accessible through Internet using PayPal, for example. Electronic
Money focuses a certain group of market, though the growing usage of financial service
6
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
electronically may for sure create a big consumer market in forthcomings. (Zhres, 2012)
envisaged that the electronic money facility is designed in such a way that a user can even in
secret deliver the payment at a cheaper cost as compared to, for example, payment through
credit cards. Schemes based on e-money can recognize themselves as robust opponents
especially in milieu of delivery of payment electronically through using Internet in
forthcomings. Till today, even, the number of transactions through electronic money is not
very large. Perhaps, the convolutions in performing e-money may be one of the major reasons
of its modest progress. The quality standard must therefore be higher to maintain its
attractiveness for the customers and must be thrived from expected frauds and threats.
Electronic money needs a cryptographic technique in order to make sure that the peer-to-peer
negotiation must be controlled and monitored. Predominantly it must be ensured that the
extensive safety measurements should be taken when the electronic money is kept secured on
account of a customer. Consequently, processes to place application for fresh clients are
complex to execute electronic payment systems. The growth of digitalizing of financial
amenities perhaps may lead to gear up the usage of electronic money in forthcoming days. In
the given scenario, mobile wallets may also be a chief factor. The mobile wallets are virtual
ones that are used to store cards for payment delivery, vouchers or tickets etc. To explain it
shortly, it empowers a cellular phone to pay with a digitally stowed virtual credit card. While
discussing through the process of electronic money, (Zhres, 2012) added a concept of Virtual
Money. He stated that virtual money is another form of electronic money. It is a complete
peer-to-peer kind of e-money that permits delivery of payments online. It facilitates the two
parties payer and payee without involving the third party (financial intermediaries e.g. banks).
(Allen et al., 2001) explained the concept of Electronic Finance and stated that it is the
endowment of financial amenities and markets with the use of electronic communication and
computation. To make it simple to understand, it is about performing all kind of financial
activities, for example, sales order, payment for invoices, claims for staff expenses, and like
electronically through using internet technology. In the past few years, electronic finance has
restructured the course of action of financial landscape, specifically, in terms of electronic
banking and brokerage services worldwide. The financial services being delivered
electronically, whether online or using some remote mechanism, has spread swiftly. Even
though there are certain dissimilarities across the globe, while considering such factors like
the availability and eagerness of telecommunication infrastructure, cohesiveness among the
two may lead in spreading of electronic finance.
Electronic finance appears to be one of the most auspicious areas defined under the umbrella
of electronic commerce since monetary services are highly informative and most of the time
does not entail the physical delivery. It is now apprehended that there are not only some
comparatively simple, but also time-sensitive products such as brokerage which electronic
finance facilitate it with convenient as compared to other existing services. There are areas
which are identified to facilitate the transformation of new innovative technologies that
permits or forces to redesign the market structure at base. At some place, it may give rise to
new business models, but on the other hand, it may leave certain impact, like banks corporate
advisory work, for example. From the transformational view point, the Internet may
exemplify an up-to-date solution against the old problems for banks.
III. Emergence of Electronic Banking in Pakistan
Presently, it is evident that large number of commercial organizations in Pakistan are getting
engaged with electronic commerce technologies on an enormous scale. According to the
newspaper an article published regarding the growth of electronic banking in Pakistan, (EBanking deal, 2013), the growth of electronic banking has geared up raising a huge sum of
7
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
money transactions to Rs.6.5 trillion during the first quarter (Jul-Sep 2012) of the fiscal year
2013. Looking at the current statistics of banks in Pakistan, according to the recent report of
(SBP, 2012, p.72) as on June 30th 2012, the number of scheduled banks working in Pakistan
are 34 along with 4 other financial institutions with 9,838 branches all over the country. With
the break-even analysis, there are five public sector banks with 1,748 branches, Twenty two
local private banks with 7,498 branches, Seven Foreign oriented banks with 46 branches and
four other financial institutions with 546 branches. (Kolachi, 2006) stated that banks in
Pakistan are providing the following online oriented services and products like inquiry of
account statement, balance inquiry, and fixed deposit. Payment related issues like, fund
transfer, payments made through credit card and direct payments along with utility bill
payment. Also, request may be made for acquiring cheque book, payment stoppage, execution
of demand draft and new fixed deposits. In addition, downloading can also be made in terms
to acquire customer profile, statement download, and other information along with guidelines
of using electronic banking. Table 2.1 provides the statistical overview over the development
of electronic banking system in Pakistan extracted from the SBP Annual Report (2012, p.70)
and SBP Payment Systems Review for the FY13.
Table 2.1: Electronic Banking Statistics in Pakistan
Item
FY09
FY10
FY11
FY121
FY132
RTOB
6,040
6,671
7,416
9,291
9,412
ATM
3,999
4,465
5,200
5,745
5,987
POS
49,715
52,049
37,879
34,879
34,229
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
transfer, electronic bill payment, call center service etc. Internet is now a biggest electronic
market across the globe, and the organizations must have to promote themselves.
IV. Conceptual Framework
To proceed further for conclusion and recommendations of the study, questionnaire survey for
these (after which the final ranking has been done) factors have been conducted. These factors
are given below:
1. Customer Awareness
3. Online Service Quality
2. System Credibility
4. Customer Satisfaction
A framework has also been designed to analyze the hypotheses and answer the investigate
quarries. The framework is depicted in following figure:
Figure 1: Conceptual Model of Electronic Banking
Independent
Variables
System
Credibility
Dependent
Variable
Customer
Satisfaction
Customer
Awareness
Online Quality
Service
Constructs / Variables
# of Items
Cronbachs Alpha ()
08
0.838
14
0.860
11
0.874
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
08
0.861
Total
41
0.942
10
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
2.
3.
4.
Indicators
Category
Gender
Male
Age
Education
Occupation
Frequency
Percentage
156
62.4
Female
94
37.6
18 25
145
58.0
26 35
72
28.8
36 45
25
10.0
46 55
2.8
> 55
0.4
Higher Secondary
14
5.6
Bachelors / Undergraduate
86
34.4
Masters
86
34.4
Ms / M-Phil
52
20.8
Doctorate
3.2
Other
1.6
23
9.2
IT and Telecom
25
10.0
Education
66
26.4
Medical
17
6.8
3.6
15
6.0
Student
52
20.8
Other
43
17.2
93
37.2
59
23.6
35
14.0
17
6.8
24
9.6
3.6
13
5.2
Media
5.
I am an
account
holder of
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
The age of respondents ranges between 18 and 55 or above with the average age of 36.5
approximately. It can be observed that among the respondents, the percentage of male
respondents is 62.4% and of the females is 37.6%. The reason of less response from female
side may be the gender imbalance due to our cultural values and since the questionnaires were
distributed randomly, the ultimate goal was to figure out those people who go bank or operate
their account regardless they are using electronic banking or not. This may be treated as
another factor of less response. Moving further, individuals range within the age 18 to 25
have come up with the response frequency of 142 followed by the individuals with the age
range 26 to 35 with the frequency 72. Customers or individuals with the age range 36 to 45
have come up with the frequency 25. Very low response has been observed from the
customers within range 46 or above.
In the area of education, individuals or customers having strong hold in educational
background viz. Bachelors or Undergraduates with frequency 86 and Masters with same
number of frequency have shown more promising attitude towards the usage of electronic
banking. While moving further, frequency distribution explores the Occupation and reveals
the maximum number of respondents is from education sector depicting the frequency 66.
Government Sector raised 23 responses followed by Telecom Sector with 25 responses.
Students are the second highest in response with frequency 52. Response from the Media
sector claims minimum number of responses. Responses from other occupation endorse 43.
Since the target customers were focused who hold the bank account, varied response has also
been observed in terms of bank accounts as well. Many of the customers who have selected
multiple banks, as they have multiple accounts in various banks, the bank was majorly
selected on the bases of their major operational account. At the top, National Bank of Pakistan
holds 37.2% from sample customers population followed by Habib Bank Limited 23.6% from
the sample population. UBL holds 14% from sample population. Standard Chartered and
Dubai bank Islami covers less populations sample holding 9.6% and 3.6% respectively. Other
category holds several other banks like CITI, Bank, Silk bank, MCB and numerous other
which were not mentioned in the option. The descriptive statistics of demographic variables is
being tabulated in the following table 2.
Table 3: Descriptive Statistics of Demographic Variable Response
Variables
Mean
Median
Standard Deviation
Variance
Range
Gender
1.38
1.00
0.485
0.236
Age
1.59
1.00
0.813
0.661
Education
2.86
3.00
1.017
1.034
Occupation
4.73
4.00
2.426
5.886
Bank Account
2.59
2.00
1.786
3.190
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Items
DisAgree
Neutral
Agree
Mean
SD
1.
66
89
95
3.12
1.08
2.
51
70
129
3.36
1.07
3.
42
85
123
3.45
1.13
4.
38
92
120
3.39
1.03
5.
62
86
102
3.18
1.10
6.
60
77
113
3.32
1.27
7.
39
81
130
3.48
1.12
8.
44
81
125
3.48
1.06
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Items
DisAgree
Neutral
Agree
Mean
SD
45
92
113
3.30
1.00
20
82
148
3.63
0.95
44
100
106
3.30
0.96
48
79
123
3.37
1.02
62
85
103
3.22
1.02
53
91
106
3.30
1.04
33
92
125
3.50
1.01
28
76
146
3.60
1.05
38
63
149
3.60
1.09
25
85
140
3.60
1.02
40
95
115
3.40
0.99
14
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
29
103
118
3.42
0.92
55
78
117
3.31
1.09
45
90
115
3.34
1.02
Items
DisAgree
Neutral
Agree
Mean
SD
32
107
111
3.41
1.03
19
90
141
3.61
0.91
29
82
139
3.60
1.07
15
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
44
86
120
3.40
1.03
27
81
142
3.70
1.05
30
87
133
3.51
0.95
22
94
134
3.60
0.98
34
87
129
3.52
1.05
19
118
113
3.48
0.89
26
90
134
3.59
0.90
11
93
146
3.72
0.83
From the above statistics of System Credibility, the Reliability Cronbachs Alpha = 0.874
which reveals that data is reliable at good scale. Moving through the data, Q#23, Q#24, Q#25,
Q#26, reveals that the confidence level of customers on the security and data privacy has
increased over a period of time and customers can freely perform transactions through using
electronic banking. Q#27, Q#28, Q#29, and Q#30 conceal that the customers show their
confidence in accessing their account online through using banks webpage. Customers have
shown enough confidence in accessing online accounts and have firm believe that only
authorized customers can operate their account. But on the other hand, customers have shown
little reserve-ness too, towards opening or operating account online as they believe that the
security system can also be breeched by the hackers. Q#31, Q#32, and Q#33 that to attract the
customers towards the usage of electronic banking, banks are improvising themselves
continuously in order to update with the time and along with the continuously extemporising,
banks have started segregating the duties to enhance the security and integrity of data. In the
table 6, Customer Satisfaction is being identified statistically.
16
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Items
DisAgree
Neutral
Agree
Mean
SD
33
80
137
3.60
1.13
21
84
145
3.63
0.97
24
88
138
3.59
1.07
19
106
125
3.60
0.90
14
74
162
3.90
0.98
18
80
152
3.73
0.99
16
61
173
3.87
0.98
38
94
118
3.48
1.11
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
18
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A Comparative Analysis on Pakistani Banking Sector. Bulletin of
Business and Economics, 1(1), 1-43.
Table 8: Correlation Matrix of Customer Satisfaction (CS) towards Electronic Banking (EB) with CA, OSQ, SC
CS
CS
CA
OSQ
SC
EB
Note:
Pearson Correlation
Sig. (2-tailed)
N
Pearson Correlation
Sig. (2-tailed)
N
Pearson Correlation
Sig. (2-tailed)
N
Pearson Correlation
Sig. (2-tailed)
N
Pearson Correlation
Sig. (2-tailed)
N
CA
OSQ
EB =
{(CA+OSQ+SC)/3}
SC
1
250
0.457**
0.000
250
250
0.615**
0.000
250
0.524**
0.000
250
250
0.772**
0.000
250
0.475**
0.000
250
0.699**
0.000
250
250
0.721**
0.000
250
0.819**
0.000
250
0.861**
0.000
250
0.847**
0.000
250
19
1
250
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Table 9:
Model
Entered
a.
b.
c.
d.
R2
Adjusted R
Square
0.457
0.209
0.205
0.648
Removed
CAc,d
1.
Model
1.
(Constant)
CA
Unstandardized Coefficients
B
Std. Error
2.209
0.435
0.185
0.054
Standardized
Coefficient
()
0.457
t Stat
Sig.
11.960
8.087
0.000
0.000
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Table 11:
Variables
Model
Entered
1.
a.
b.
c.
d.
R2
Adjusted R
Square
0.615
0.379
0.376
0.574
Removed
OSQc,d
Model
1.
(Constant)
OSQ
Unstandardized Coefficients
B
Std. Error
1.146
0.737
0.208
0.060
Standardized
Coefficient
()
0.615
t Stat
Sig.
5.509
12.298
0.000
0.000
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Also, from the equation, it can be stated that Customer Satisfaction differs 0.737 times for
every portion difference with the Improvement of Online Service Quality. Standard error of
coefficient for Customer Satisfaction is 0.054. A 95% confidence interval for the regression
coefficient for Customer Satisfaction can be conducted as:
Confidence Interval = (0.737 + k (0.060))
where k is the appropriate percentile of the t distribution with degrees of freedom equal to the
Error DF from the ANOVA table and is a standard value 1.96 (for large sample size).
Standardized Coefficient Beta () is what the regression coefficient would be if the model
were fitted to standardized the data. Herein, 0.615 is the expected regression coefficient
subject to be fitted with the model. From the t-value it can be observed as well that the two
variables hold correlation. Also, the significant or p-value of 0.000, means that the
relationship among the variables is 100% real. Figure 4.2 explains the linearity between the
two variables i.e. Online Service Quality and Customer Satisfaction. The linear curve will be:
Figure 3: The Scattered Graph showing regression line between OSQ and CS.
Sour
ce: Field Data
From the figure, it can be concluded that the Correlation = r = 0.615, so there is a strong
increasing positive linear relationship between Online Service Quality and Customer
Satisfaction. Hence, the second Research Hypothesis of the study is also valid that there is a
significant and positive relationship between Online Service Quality and Customer
Satisfaction.
Table 13: Regression Model Summarya,b between System Credibility (SC) and Customer
Satisfaction (CS)
23
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Variables
Model
Entered
a
b.
c.
d.
R2
Adjusted R
Square
0.772
0.597
0.595
0.462
Removed
SCc,d
1.
Model
1.
(Constant)
SC
Unstandardized Coefficients
Std. Error
0.608
0.862
0.162
0.045
Standardized
Coefficient
()
0.772
t Stat
Sig.
3.745
19.157
0.000
0.000
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Also, from the equation, it can be stated that Customer Satisfaction differs 0.435 times for
every portion difference with the Credibility of the System. Standard error of coefficient for
Customer Satisfaction is 0.045. A 95% confidence interval for the regression coefficient for
Customer Satisfaction can be conducted as:
Confidence Interval = (0.862 + k (0.045))
where k is the appropriate percentile of the t distribution with degrees of freedom equal to the
Error DF from the ANOVA table and is a standard value 1.96 (for large sample size).
Standardized Coefficient Beta () is what the regression coefficient would be if the model
were fitted to standardized the data. Herein, 0.772 is the expected regression coefficient
subject to be fitted with the model. From the t-value it can be observed as well that the two
variables hold correlation. Also, the significant or p-value of 0.000, means that the
relationship among the variables is 100% real. Figure 4.3 explains the linearity between the
two variables i.e. System Credibility and Customer Satisfaction. The linear curve will be:
Figure 4: The Scattered Graph showing regression line between SC and CS.
Model
15:
Regression
Model
Summarya,b
between
Electronic
(EB=(CA+OSQ+SC)/3) and Customer Satisfaction (CS)
Variables
Entered
1.
EBc,d
Banking
R2
Adjusted R
Square
0.721
0.520
0.518
0.504
Removed
25
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
a.
b.
c.
d.
Model
1.
(Constant)
EB
Unstandardized Coefficients
Std. Error
0.483
0.926
0.197
0.056
Standardized
Coefficient
()
0.721
t Stat
Sig.
2.456
16.401
0.015
0.000
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
From the figure, it can be concluded that the Correlation = r = 0.721, so there is a very strong
increasing positive linear relationship between Customer Awareness and Customer
Satisfaction. Hence, the last and fourth Research Hypothesis of the study is also valid that
there is a significant and positive relationship between Electronic Banking and Customer
Satisfaction.
An ANOVA is a statistical method used to compare the means of two or more groups by
evaluating the variation associated with certain degrees of freedom to figure out the expected
value while pointing out the overlaps between the groups.
27
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Table 17: Analysis of Variance (ANOVAa) for between Customer Awareness (CA) and
Customer Satisfaction (CS)
Modela
Regression
Residual
Total
a.
b.
Sum of Squares
Df
Mean Square
Sig.
27.476
104.186
131.662
1
248
249
27.476
0.420
65.403
0.000b
Dependent Variable: CS
Predictors: (Constant), CA
Table 18: Analysis of Variance (ANOVAa) for between Online Service Quality (OSQ) and
Customer Satisfaction (CS)
Modela
Regression
Residual
Total
a.
b.
Sum of Squares
Df
Mean Square
Sig.
49.875
81.788
131.662
1
248
249
49.875
0.330
151.233
0.000b
Dependent Variable: CS
Predictors: (Constant), OSQ
Df
Mean Square
Sig.
78.568
53.095
131.662
1
248
249
78.568
0.214
366.982
0.000b
28
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
a.
b.
Dependent Variable: CS
Predictors: (Constant), SC
Modela
Sum of Squares
Df
Mean Square
Sig.
68.503
63.160
131.662
1
248
249
68.503
0.225
268.978
0.000b
Regression
Residual
Total
a.
b.
Dependent Variable: CS
Predictors: (Constant), EB={(CA+OSQ+SC)/3}
No. of
Banks
5
Total
Branches
22
7,498
46
546
1,748
Total
38
9,838
Source: Statistics & Data Warehouse Department, SBP Annual Report FY12 (p.72)
29
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
Having a skimmed view on the classification of banks; Public Sector Commercial banks
include 5 banks that holds 1,748 branches in Pakistan. Local Private Banks have largely
introduced themselves in pakistan, heading to 22 banks in total holding 7,498 branches. It can
be concluded that during past few years Local Private Banks stepped in the banking industry
to counter the foreign banks which were getting indulged in early 90s. Foreign Banks,
however, are working with 7 banks running with 46 branches. Later, another sector was
introduced names as Specialized Banks counting to 4 in number holding 546 branches in
Pakistan. The Pie representation of Sector wise Classification of Banks in Pakistan can be
represented in Figure 6.
Figure 6: Pie Representation of Sector Wise Bank Classification
Source: Statistics & Data Warehouse Department, SBP Annual Report FY12
However, during the first quarter (Jul-Sep, 2012) of FY13, (Payment System Review, 2013,
p.1) updated that electronic banking infrastructure has maintained the increasing development
trend. In terms of ATM, 242 more machines have been added in the system raising the total to
5,987. Also, 121 bank branches have been added to RTOBs, leading to 9,412 out of 10,111
bank branches across the country. Commercial banks in Pakistan have started to broaden their
service delivery system to their customers through using electronic banking. During last two
years, a strong improvement has been observed in the banking sector in Pakistan especially in
terms of Electronic Banking. A skimmed view on the detailed statistics of infrastructure in
terms of usage of Electronic Banking during last three years is illustrated in the table 22.
30
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A Comparative Analysis on Pakistani Banking Sector. Bulletin of
Business and Economics, 1(1), 1-43.
Table 22:
Item
Yearly Growth
(2010-11)
Yearly Growth
(2011-12)
RTOB
6,727
7,885
9,412
17%
19%
ATM
4,562
5,318
5,987
17%
13%
POS
48,632
36,473
34,229
-25%
-6%
Credit Cards
(000)
1,677
1,363
1,274
-19%
-7%
Debit Cards
(000)
8,697
12,553
17,588
44%
40%
ATM Only
Cards (000)
693
613
806
-12%
32%
31
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A Comparative Analysis on Pakistani Banking Sector. Bulletin of
Business and Economics, 1(1), 1-43.
Qtr1 FY13
(Jul-Sep 2012)
Value
Volume
(Rs.
(000)
Billion)
RTOB
16,458.93
4,329.08
19,598.66
5,694.49
23,679.53
ATM
30,934.41
262.52
38,805.23
353.51
POS
3,426.87
15.76
4,137.25
Call Center
214.58
1.85
Internet Banking
871.78
MB via Internet*
E-Banking
Yearly Growth
2010-11
Yearly Growth
2011-12
Volume
Value
Volume
5,899.75
19%
32%
21%
4%
43,876.79
430.42
20%
30%
13%
22%
18.01
4,328.83
20.77
21%
14%
5%
15%
169.82
1.79
166.06
2.09
-21%
-3%
-2%
17%
39.18
1,646.70
84.85
2,018.78
109.95
89%
117%
23%
30%
678.15
1.78
909.96
2.94
804.17
4.18
57%
140%
-12%
42%
52,584.72
4,650.17
65,267.63
6,155.57
74,874.16
6,467.16
21%
32%
15%
5%
32
Value
During last three years, the volume and value of overall transaction using electronic banking
depicted an average growth of 142.8 million and 13 trillion respectively. Looking at the
transaction value and volume made through ATM, the average growth noticed 843.6 million and
7.5 trillion respectively. Likewise, Internet Banking, Call Centres, Mobile Banking through
Internet has also increased tremendously. In other words, talking about the Awareness of
Customer, Credibility of a System along with the Quality of Online Services has played a major
role in adapting the technology. Yet, this trend has been observed in some targeted customers
from urban area who have just turned their banking activity through online banking. Table 4.23
explains the comparative analysis on randomly selected banks in the country.
Table 24: A Comparative Analysis on Randomly Selected Banks in Pakistan
NBP HBL UBL BAL
Sr#
Components
1
2
3
4
DIB5 SCB6
1.
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
2.
Website
Informational
Transactional
Y
-
Y
Y
Y
Y
Y
-
Y
Y
Y
Y
3.
E-Banking
Services
ATM
Debit / Cash Card
Credit Cards
Internet Banking
Mobile/SMS Banking
Telephone Banking
TV Banking
Call Centre
SMS Alert/ Service
Account Statement
Balance Enquiry
Inter Account Funds
Transfer
Third Party Funds Transfer
Bill Payment
Cash Deposit to Own
Cash Deposit to Third
Party
Cash With drawl through
Cheque
Opening Accounts
E-Shopping
Loan Application
Insurance
Brokerage
Remittances
Forex Rates
ATM Card Pin Change
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
33
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
5.
Infrastructure
Ease of Use
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
ATM
230
5,000
388
50+
RTOBs
Branches
Overseas Branches
(Outside Pakistan)
1295
23
<NA
>
1450
1450
55
1300
1300
15
471
471
8
125
125
<N
A>
<NA
>
162
162
1538
FAQs
Tutorial / Demonstration /
User Guide
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
6.
Y
-
Y
-
Y
Y
Y
-
Y
-
Y
Y
7.
Performance
Website Quick
Navigation
Quick Load
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
around. It is noteworthy to mention that the response, loading and navigation time of web
interfaces is quick.
Moving through to services offered under the umbrella of e-banking, ATM, Cash Card, Call
Centre, Account Statement, Balance Enquiry, Inter Account and Third Party Funds Transfer,
Cash Deposit to own and to Third Party, cash With drawl, ATM Pin Change, Account
Management, stoppage of payment is being offered by every bank understudy. However, Credit
Card, Telephone Banking, SMS Alert, Bill Payment, and E-Shopping is absent in services being
offered by NBP. On the other hand, talking about Internet Banking, Mobile Banking, Opening of
New Account, Application for Loan, Insurance, Brokerage, Remittance, Forex Rates, and
Banking Procedure Guide are absent in both NBP and BAL. Another important aspect is
electronic banking infrastructure in terms of ATMs and RTOBs. ATMs are there to represent
their parent banks to facilitate the customers of the bank, though number of their availability is
varied. However, considering e-banking in terms of RTOBs (Real Time Online Branches), they
are absent in NBP Branches. Resultantly, customers have to suffer the issues regarding the with
drawl of payment as branches are not connected with each other neither they are centrally
connected, and the customers can only with draw or meet their cash demands only from the
respective account holder branch. TV Banking is a new technology that has been introduced by
HSBC bank which was later adapted by ICICI India. Yet, no bank is offering TV Banking in
Pakistan.
VI. Conclusions and Recommendations
The present study statures the current status of electronic banking in Pakistan and its impact
towards the usage and also its impression on satisfaction of customers of the banks. Further,
based on the outcomes from the data gathered on the primary scale, the study portrays the results
of survey conducted on the level of engagement of Electronic banking in the minds of the
customers. Findings of the study conducted, are not contradictory to the studies made in the past
pertaining to the variables towards the usage of electronic banking and satisfaction of customers.
For instance, it is understood that Credibility of a System is extremely influential since, if the
credibility of the system is weak, no one will take risk to conduct any financial transaction online.
It is important to note that the variable System Credibility has been endorsed in numerous
researches. However, Customer Awareness and Online System Quality have strong influence in
raising the motivation among the customers and have strong significant impact on successful
implementation of electronic banking and on satisfaction of customers.
The main purpose of the study is to highlight those variables which are considered to be the major
players in raising the satisfaction of customers in Pakistan. In the past, the financial institutions in
Pakistan used to have Internet to show their presence and provide information regarding the
product and services being offered by the bank. However, during the past recent years, numerous
banks have started to offer Internet Banking as well to cater the customers and promote their
image as a friendly institution and to facilitate their customers while allowing them to perform
banking activities without visiting the bank. From the research, it has been observed that
customers who have availed the service are enjoying the benefits yet they feel bit uncomfortable
in terms of Online Service Quality. The customers have shown their concerns about the timely
response of personals. Many of the customers have raised the objection that not all utility services
have been enlisted in the options of Internet Banking. Also, customers do have awareness but not
on a large scale. Awareness among the customers using electronic banking services is quite high
but use of Internet or Mobile Banking is a new trend and experience, and customers are reluctant
to work freely with the new environment. Thus, they still are confused to perform the
35
Hunjra, A. I., Ali, A. & Anwar, S. (2012). The Impact of E-Banking on Customer Satisfaction: A
Comparative Analysis on Pakistani Banking Sector. Bulletin of Business and Economics, 1(1), 1-43.
transactional activity online. However, they believe that the banks do have System Credibility
and they are comfortable with the banks in dealing. Yet again, many customers show reluctance
in using Internet Banking for their low confidence on using it freely.
Summing up the discussion, the results of the study are conformed to the studies made earlier in
this regard, ensures that the identified factors are scrutinized as essential instruments which do
not only confirm the successful implementation of electronic banking in Pakistan but will also
raise the level of satisfaction among the customers towards the usage of e-banking. Thus, the
Customer Awareness, Online Service Quality and Credibility of a System in individual capacity
and collectively in terms of Electronic Banking, all are positively correlated with Customer
Satisfaction, which is very necessary to attract the customer towards any introduced product in
the Pakistani market.
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