College of Management I-Shou University
Master Thesis
Determinant Factors and Consequences of Customer Satisfaction in Vietnamese Internet Banking Sector
Advisor: Dr. Heidi Chang Graduate Student: Duong Phuong Linh (Candy)
January 2015
Acknowledgements
In order to finish this thesis, I was granted a lot of assistance, guidance and
supervision from professors, respondents and supporters. Hence, I want to thank to all who support, direct and motivate me throughout the process of completing the research.
Especially, I would like to express my special thanks of gratitude to my supervisor Dr. Heidi
Chang who initiated the project; guided and suggested me a lot of valuable and constructive comments; and gave me a good opportunity to complete my Master thesis.
Besides, I would like to express my deep gratitude to our research committee members who assisted to improve my thesis paper. They worked hard and corrected my mistakes and errors to help my thesis better. I also want to thank all the respondents who have paid time to get through the entire survey with their enthusiastic and supporting manner.
Moreover, I am particularly grateful for my family, my friends and my classmates.
They always trusted and supported me when the study difficulties came. Their deepest love and sacrifice were spiritual inspiration to cheer me up. Lastly, thanks are extended to everyone who encouraged and guided me to finish my research work directly and indirectly.
2 Abstract
The development of Internet-based technologies in the last two decades significantly
changes the way businesses operate. Banking sector is along with the evolution of computer
and specialized technologies in order to provide the highest quality to customers. Internet
Banking is new service so it pays more and more attention of customers in Vietnam.
Internet Banking services and perceived value is basically essential to satisfy and retain
customers. They are also the critical elements to achieve customer satisfaction and then
leads to customer loyalty and brand reputation. These research findings showed that there is
positive relationship between service quality and customer satisfaction, perceived value and customer satisfaction, brand reputation and customer satisfaction, as well as customer loyalty and customer satisfaction.
Key works: Internet Banking, Banking Sector, Customer Satisfaction, Service
Quality, and Perceived Value
3 Table of Contents ACKNOWLEDGEMENTS ...... 2 ABSTRACT ...... 3 LIST OF TABLES ...... 6 LIST OF FIGURES ...... 7 CHAPTER I: INTRODUCTION ...... 8 1.1. Introduction ...... 8 1.2. Research Objectives ...... 9 1.3. Research Questions ...... 10 1.4. Research Significance ...... 10 CHAPTER II: LITERATURE REVIEW ...... 11 2.1. Internet Banking ...... 11 2.2. Customer Satisfaction ...... 12 2.2.1. Definition ...... 12 2.2.2. Models of Assessing Customer Satisfaction...... 13 2.3. Perceived Value ...... 14 2.4. Service Quality ...... 16 2.5. Brand Reputation ...... 17 2.6. Customer Loyalty ...... 19 CHAPTER III: METHODOLOGY ...... 21 3.1. Conceptual Framework ...... 21 3.2. Research Design ...... 22 3.3. Sampling ...... 23 3.4. Measures ...... 24 3.4.1 Measures ...... 24 3.4.2 Key Variables ...... 24 3.5. Data Analysis ...... 27 CHAPTER 4: RESULT AND DISCUSSION ...... 29 4.1 Descriptive Analysis ...... 29 4. 2 Mean and Standard Deviation ...... 32 4.3 Reliability Cronbach’s Alpha ...... 35 4.3.1 Perceived value ...... 37 4.3.2 Service quality ...... 37 4.3.3 Customer satisfaction...... 38 4.3.4 Brand reputation ...... 38 4.3.5 Customer loyalty ...... 38 4.3 Hypothesis testing ...... 38 4.3.1 Correlation test ...... 39
4 4.3.2 Linear regression analysis ...... 41 4.4 One way ANOVA analysis ...... 43 4.4.1: The differences of perceived value, service quality, brand reputation, customer loyalty and customer satisfaction among respondents’ age ...... 43 4.4.2 The differences of perceived value, service quality, brand reputation, customer loyalty and customer satisfaction among respondents’ job ...... 44 4.4.3 The differences of perceived value, service quality, brand reputation, customer loyalty and customer satisfaction among respondents’ monthly income ...... 46 CHAPTER 5: CONCLUSION AND RECOMMENDATIONS ...... 48 5.1 Research summary ...... 48 5.2 Theoretical and Practical implication ...... 49 5.3 Research limitations and Future research...... 52 5.4 Concluding statement ...... 53 REFERENCES ...... 55 APPENDIX A ...... 61 APPENDIX B...... 65
5 List of Tables
Table 3.1: The sources of measurement scale…………………………………………………….25
Table 4.1 Demographic characteristics for overall respondents………………………….30
Table 4.2: Descriptive statistics for variables……………………………………………………...33
Table 4.3: Reliability analysis…………………………………………………………………………….35
Table 4.4: Reliability Cronbach’s alpha of respective factors……………………...……….37
Table 4.5: Correlation Matrix…………..……………………………………………………………...40
Table 4.6: ANOVA summary……………………………………………………………………………...41
Table 4.7: Coefficient summary …………………………………………………………..…………….42
Table 4.8: One way ANOVA tests of variables among respondent’s age…..……………….43
Table 4.9: One way ANOVA tests of variables among respondent’s job…..……….……….44
Table 4.10: One way ANOVA of monthly income……...………………………………………….46
6 List of Figures
Figure 3.1: Frame of the study………………………………………………………….………………..21
Figure 4.1: Age distribution of respondents……………………………………………………....30
Figure 4.2: Monthly income distribution…………………………………………………………....32
7 CHAPTER I: INTRODUCTION
1.1. Introduction
The development of Internet-based technologies in the last two decades
significantly changes the way businesses operate. Information and communication are
exchanged rapidly and therefore it leads to the development and expansion of service
sector. As the inevitable result, electronic commerce holds the prominent position in
the global market by delivering an inexpensive, direct and immediate way to sell or
buy products and services as well as deliver information (Abor, 2004). Banking sector
is along with the evolution of computer and specialized technologies in order to provide
the highest quality to customers. Jagdish (2008) stated that the beginning step to attain
success derived from how leaders deal with long-term relationship with new and potential
customers. It seems more reasonable provided costs to potential customers using Internet
Banking in financial services sector. They can connect and use at any place and any time
over the world with just a click. Moreover, due to breakthrough in technology in recent
decades and easiness to browse into World Wide Web, Internet has brought an easy
channel and method to manage customer’s banking account, make necessary enquiries
and undertake banking transactions.
In Vietnam, Internet Banking is new service so it has not received much attention
of customers. It is on the process of advertising to attract new users and broadening the market. The commercial banks almost offer Internet banking services in their operation nowadays. The Director of Operations and Technology Division of Techcombank, one of the leading banks in the technology sector in Vietnam market, said: "We see technology as a core part of the strategy business strategy and we are committed to focus all resources to develop this area, create a sustainable competitive advantage. In
8 addition to the average investment of $ 15 million per year for several consecutive years
for the technology, banking has also focused human development with a team of
experienced professionals from the leading banks in Vietnam and world “(Doan, 2013).
Using a smart phone or a computer with a network connection, the consumers’ needs are
rapidly performed via a few clicks.
However, there is a real situation of insecurity services using Internet banking in
Vietnam. Some customers have lacked money to hackers. The Internet banking system
has still some weaknesses in securing customers’ account. Therefore, the need to ensure
customers’ rights and enhance their attitudes and awareness to Internet Banking services
is basically essential to retain customers. It is explained the importance of customer
satisfaction to reach customer loyalty.
1.2. Research Objectives
Internet banking services face a number of challenges in the operation process.
Al-Sukkar and Hasan (2004) had indicated some major issues in their study: data and network security, especially privacy problems, lack and limitations of government policies, regulations and legislation to protect users and to make the Internet secure, lack of infrastructure and weak telecommunications, broken and slow Internet
connections, lack of Internet awareness, especially in the rural areas. Internet banking
there is still unaccepted therefore enhancing customers’ awareness about benefits of
Internet banking services could encourage a higher level of acceptance, customers
tend to be fear in using Internet Banking services because they think any mistake and
error could cause a loss of money, connection costs and costs of building and
managing Internet Banking system seems unreasonable.
9 Therefore, the study tries to measure and find understanding of factors affecting adoption of Internet Banking services and its possible consequences in Vietnam and find out the influence determinants towards customer satisfaction.
1.3. Research Questions
The research aims to examine which factors influence to customer satisfaction by replying the following questions:
1. What is the real situation of Internet Banking service in Vietnam?
2. What is the level of customers’ awareness of using Internet Banking services?
3. Which factors mostly influence customer satisfaction?
4. What benefits banks achieve when its customers satisfy?
5. What solutions should be recommended to enhance customer satisfaction?
1.4. Research Significance
The thesis aims to provide an explanation on the Determinant Factors and
Consequences of Customer Satisfaction Using Internet Banking in Vietnam. This research can be applied in Vietnam and other countries because it is an essential need to realize factors being responsible for maintaining customer satisfaction in internet banking services. This topic isn't somehow new, but it is to be one of the meaning basis researches to support for the development of internet banking system in Vietnam.
10 CHAPTER II: LITERATURE REVIEW
The basic idea of this chapter is to discuss the main concepts of the study and
find out the conceptual framework and models in assessing customer satisfaction
using Internet banking services.
2.1. Internet Banking
Internet banking is defined as “the usage of Internet and telecommunication
networks to deliver banking services to customers” (Nguyen & Singh, 2004). Daniel
(1999) describes that customer is able to connect Internet via high technology media
as computer, television, cable phone or mobile phone, and PDA to use offer banking
products and services. Customer can gather interested information and use most
banking services such as checking account balance, making banking transfers,
deducting for registered monthly bills and invoices, buying online products and
services and using money in advance even without money with Credit card and paying
interest later.
Due to differences on user’s requirement (i.e. Strategic objectives for e-banking;
Scope, scale, and complexity of equipment, systems, and activities; Technology
expertise; and Security and internal control requirements), Internet banking system
varies in configuration. The following is a sample of Internet banking architecture (IT
examination Handbook InfoBase, 2003). Internet Banking is a substitute channel of
distribution of financial services which becomes a competitive advantage of operation
process in global basis. Also, it gives advantages to both bankers and customers. It has
low cost transactions, saves times and increases employees’ productivity. Tuchilla (2000)
listed some other benefits such as an ability to customize users’ accounts, innovation of
new products and services, and the lowest cost of communication and advertising.
11 With over 40% of the population uses the Internet (2013), Vietnam is a potential
destination for attracting and retaining customers using Internet Banking services. Since
Internet banking is given to Vietnamese market for ten years, Internet banking services
are increasingly popular and attract more and more users. According to estimates, until
the end of 2013, the number of people using the service has increased by 45% for the last
three years. Vietnam Banking Association said 40 banks have announced deployment
internet banking system at different levels so far. IB is the most powerful system of
several major banks like Vietcombank and Techcombank commercial banks.
2.2. Customer Satisfaction
2.2.1. Definition
Although the term “customer satisfaction” is popularly recognized and valued
in business environment, it has been arguing how to define the term. Kotler & Keller
(2006) defines satisfaction is “a person’s feelings of pleasure or disappointmnet
resluting from comparing a product’s performance (outcome) in relation to his
expectation”. According to Oliver (1981), satisfaction is apsychological state resulting
from a process of emotional and cognitive evaluation. Since customers have their own
attitudes and experience, they value outcome with different level of satisfaction.
Customer satisfaction means “a measure of how your organization’s total products’
performs in relation to a set of customer requirements (Hill, Brierley, & MacDougall,
2003). And therein, customer satisfaction of Internet banking services mean that banks
fully attain customer’s expectations. Anderson et al. (1994) clearly categorizes
banking customer satisfaction into two conceptialization: transaction-specific and
overal satisfaction. The first one results from a specific service encounter transaction’
experience while the other is the result of overal transactions. The more expectations
are met or exceeded, the more an organization attain comprtitive advantages compared
12 to other competitors.The gap of expectation and real outcome is as short as possible
will get more customers’ loyalty.
2.2.2. Models of Assessing Customer Satisfaction
There are a number of models used to assess customer satisfaction. Firstly,
Swedish Customer Satisfaction Barometer (SCSB) was constructed by Fornel and his
colleagues under supervision of University of Michigan-National Quality Research
Center and the Swedish Center in 1989. The model describes two primary drivers of
satisfaction: perceived value and customer expectations. Perceived value is the
comparison between the price paid and quality received, while expectation is about
customer’s desire products and services. The second connection is customer’s
complaints and his loyalty/commitment to bought products and services.
Secondly, American Customer Satisfaction Index (ACSI) is introduced in 1994
by American Quality Association and University of Michigan Business School. The
model which is constructed based on the knowledge of SCSB model, is the
satisfaction of American consumer about products and services in local market. ACSI
explains the link of input factors (perceived quality, perceived value and expectations)
and the outcome (customer’s complaints and loyalty). It differs from SCSB by breaking
down perceived quality of perceived value.
The European Customer Satisfaction Index (ECSI) is an analytical tool to
harmonize customer satisfaction index and support organizations’ marketing strategy
under encouragement of European Quality Institute and European Quality
Management. ECSI is divided by two sub-models, i.e. structural model and measurement
model. Customer satisfaction is the central variable related to drivers: company’s image,
13 perceived quality, perceived value and expectations. The significant outcome of these
links is customer’s loyalty.
Using these above knowledge and through empirical studies, Nguyen and Singh
(2004) developed a conceptual model of the relationships between Internet banking
system and customer satisfaction and loyalty. The model explains the relationship of
customer characteristics (age, income, education, experience, disability and emotion);
Internet banking system quality (transaction speed, ease of use, convinience,
accessibility, costs vs benefits, security/privacy, and user powerment) ; cusomer
system contraints (user’s software, hardware and Internet bandwith); and customer
satisfaction. If customers are satisfied with bank attributes like brand reputation, costs,
convinience and banking service quality, they will be loyal to the bank’s services.
2.3. Perceived Value
Perceived value can be confirmed like as a difference between total consumers
value that a consumer can get from a product or a service. Evaluating, receiving, using
and eliminating any product or any service is incurred from total customer cost (Roig
et al., 2006). Value is the judgment behavior of preference by customers toward
products and services (Gan et al, 2005). Value refers to: function of overall quality and
price of the firm’s products and services compared to the competitors” (Mokhtar et al,
2005). The sellers can't confirm perceived value exactly, only customer can perceive
this value because they are people who directly use the product or the service. When
customer decides to buy any product or any service from any company, they will
inspect and evaluate customer value as a method to decision standard to choose their
suit product or the best service for them. Therefore, the key success for their
organization is focused on supplying value for their customers.
14 There are two major approaches can be discovered about the level of perceived
value. The first approach defines perceived value as a construct what has two parts,
one benefit gets and one benefits sacrifices (Dodds et al., 1991; Cronin et al., 2000).
Customer benefits are those value derived from quality of product or services and a
chain of psychological benefits. The sacrifices component is formed from monetary and non-monetary (Dodds et al, 1991.). The second approach defines perceived value
of customers like as a multidimensional construct (De Ruyter et al., 1997 & 1998;
Sweeney & Soutar, 2001; Roig et al., 2006). It means that perceived value has five main components which are social value, emotional value, functional value, epistemic value and conditional value (Sheth et al., 1991).
Customer perceived value is the basis of all marketing activity. Higher value leads to users’ higher motivation of purchasing the firm’s products and services. In
PERVAL model, Jillian and Geoffrey (2001) broke down elements of perceived value as quality, emotional value, price and social value.
(1) Quality: the value derived from actual quality comparing with a product’s or
service’s expected performance.
(2) Emotional value: the value which explains the feelings or affective states from
real experience of using products or services.
(3) Price: the value which stated the lower on costs in short-term and long-term
period.
(4) Social value: the value which defined and enhanced self- concept of a product or
service.
15 Higher perceived value will achieve more customers awareness and preferences
of products and services. And therefore it will have a positive effect on customer
satisfaction.
H1: There is a positive relationship between perceived value and customer
satisfaction.
2.4. Service Quality
Almost businessman understands the importance of service quality provided to
customers but it is continuously arguing how to define the term “service quality”. The
term mainly defined under customers’ view as the result of service that achieves their
expectations. It influence customer’s experience and volatile the demand volume of
products and services sold. Under financial managers’ point of view, service quality
must be assessed as a core strategy of business performance because it impacts the
company’s profit and financial indicators (Hinson, Mohammed, & & Mensah, 2006)
as well as the company’ image. Service quality is considered as a sustainable
competitive advantage to competitors (Kotler & Keller, 2006; Gronroos, 2001) and a
measurement of products’ and services’ improvement process. Under Internet banking
sector, service quality has been identified as the gap between service expectation and
service performance or the comparison of what customers expect to receive and what they
actually receive (Gefen, 2002). Service quality often depends on the current and past
experience of customers (Berry & Leonard, 1995). The higher service quality is provided,
the higher customers satisfy.
In order to analyze and deeply understand Internet banking service quality, it is
necessary to get knowledge of elements relevant to achieving service quality, i.e.
accessibility, convenience, speed, fees and charges, website content and design. Firstly,
16 accessibility is the capacity to acquire information and services from a bank’s website
depending on user’s hardware and software; internet connection; size and format of
documents (Goodwin-Jones, 2001). The vital strength is the ability to access information
centers at any time with immediate responsiveness. Next, today, Internet banking is
configured to help user access online service such as internet banking, telephone banking,
mobile banking, ATM & so on at all time and place. Internet banking is easy to access is
an advantage better understand of website contents & applications. Plus, the speed &
responsiveness will be a main concern of information system & e-commerce. Therefore,
the link of downloading speed & user’s satisfaction speed & time fees & changes of
Internet banking services is much lower than documented process making. It’s save time
of employees & divided by smaller load of work, so that bank can save administrative
costs. In respect of customers’ viewpoints, they expect all products and services achieve
the highest quality. A positive perception of customers about the quality of Internet
banking services will be a contribution on customer satisfaction. The higher quality is
provided, the better customers satisfy.
H2: There is a positive relationship between service quality and customer
satisfaction.
2.5. Brand Reputation
Brand is a symbol describing an organization’s name, term, symbol, design
and products and services compared to other rivals (American Marketing Association,
1995). Na, Marshall, and Keller (1999) argued that "image cannot be measured by
attribute measurements alone but must include measurements of consumers' perceptions
of the value and benefits attainable from using the brand" (p. 171). This indicates that
the effectiveness of test images is very important so it affect to consumer satisfaction
clearly. Brand image is considered as a faithful combination between consumers in the
17 brand –specific. Brand image has influence and motivate buying behavior of consumers
if the brand image of quality assurance products for consumer awareness (Kotler and
Gertner, 2002). Perceived brand image has an effect on customer satisfaction and a
customer's beliefs about brand. They are sourced from personal use experience,
word-of-mouth endorsements/criticisms, and/or the marketing efforts of firms
(Woodruff et. al., 1983). In banking sector, one of the most essential aspects is a brand awareness what refers to the banks reputation and expiable bank place in the banking industry (Che-Ha & Hashim, 2007; Reynolds, 2007).
The measure about customer experience is how customer fills with the brand image or the services. Some combination of beliefs about the brand’s various performance dimensions determines a perceived overall brand performance (Woodruff et al., 1983; Che-Ha & Hashim, 2007). An important factor is a brand image perception what provides by service because customer satisfaction with brand image can promote service to others around them. According to Park et al (1986), the organization brand image is measured by customers’ perceptions of value and benefits achievable from use of brand. The scholar highly values the importance of brand’s benefits. Benefits are derived from functional needs, experiential needs and symbolic needs. ACSI proved the close link of reputation and customer satisfaction through a number of marketing researches. Internet banking reputation refers to the bank’s well-known and the standing in the banking industry (Che-Ha & Hashim, 2007). Kotler &
Gertner (2002) provide evidence that a well known brand will assure quality of products and services provided. Thus, it has a great effect on purchasing behavior and motivation of customers.
Reputation is assessed as an evaluation of the consistency over time of an entity’s operation and performance (Herbig & Milewicz, 1993). So in an organization, there are possibilities of reputations as cost, product quality, global reputations or creative
18 reputations. Reputation is said to be understood not only in the web. It also depends on
the whole organization (Casalo et al., 2008). Moreover, reputation is considered as a
consequence what can interactive between business and its environment. The company
and customers will have certain interactions as a source of information can help their
customers to assess more clearly about offered quality (Yoon, Guffey & Kijewski, 1993).
Standifird et al. (1999) also said that reputation depends on assess about company from
desirability what is be viewed from a number of people or a group of people from the
external. According to researchers, a good brand reputation is a result of customers’
purchasing and assessing process. If a company provides good quality and high value of
products and services, customers will be satisfied. Customer satisfaction is the best and
fastest marketing tool to retain existing customers and attract new customers; therefore,
it leads to customer loyalty and builds up a well-known brand reputation.
H3: There is a positive relationship between brand reputation and customer
satisfaction.
2.6. Customer Loyalty
Many researchers have indicated the importance of loyalty to business’ success.
Oliver (1997) defined customer loyalty as “a deeply commitment to repurchase or
re-patronize a preferred products or services in the future which cause repetitive
same-brand or same-brand set purchasing”. Loyalty has two main criteria: behavior and
attitude (Ranaweera et al, 2003). Customer commitment means a strength of good
relationship among customer and the entity and a desire to keep using its products and
services. When customers are satisfied, they come to repurchase products more
frequently; tend to be willing to try new products and services; buy only from you and
also suggest recommendations and give feedback to improve.
It is noted that businesses need to well monitor and manage their relationships
19 with both existing and potential customers. This is called the transformation process which describes how a business makes customers be loyal. It is critical to note that a satisfied customer does not necessarily mean a loyal customer. Any breach of trust from previous transactions can seriously result a negative relationship with customers. It is quite difficult and challenging to make a customer from satisfied to loyal. This is why it is so essential to keep an eye on customer satisfaction, and correct any possibly bad situations. Delivering outstanding service to customer and always paying close attention to customers’ needs and are a must. Therefore, it is essential and necessary to keep in mind that customer satisfaction is an important element to create customer loyalty.
H4: There is a positive relationship between customer loyalty and customer satisfaction.
20 CHAPTER III: METHODOLOGY
In term of aim and nature of studied problem, this chapter mainly describes main
steps of methodology process. Firstly, the study starts with conceptual framework. Next
is research design. Sampling design and data collection is the next step to collect
information from respondents. And then the study explains operational definitions of
variables discussed on this thesis. Finally, data are sorted and inserted in SPSS software
to get statistic outputs.
3.1. Conceptual Framework
Based on chapter 2 “literature review”, Figure 3.1 demonstrates the research
conceptual framework which gives explanation about the relationship among customer
satisfaction and the determinants including perceived value, service quality, customer
loyalty and brand reputation in Vietnam Internet Banking Sector.
21 3.2. Research Design
The methodology has two main categories: quantitative method and qualitative
method. Quantitative method is “to generate statistics through the use of large-scale
survey research, using methods such as questionnaires or structured interviews” whilst
qualitative method is “to explore attitudes, behavior and experiences through such
methods as interviews or focus groups” (Saunders et al. 2009). In the study,
quantitative approach is chosen to explore customer satisfaction in Internet banking
sector, using survey as method of investigation.
The variables of our research are service quality, perceived value, brand
reputation, customer loyalty and customer satisfaction. The hypotheses will be
established basing on the framework. Questionnaire will be made and delivered to the
respondent in order to collect data. The respondent is customers using Internet Banking
in Vietnam. The following steps illustrate the process of preparing questionnaire and
collecting the data for the research:
(1) Questionnaire Back - Translation
Questionnaires were translated into Vietnamese because they will be delivered to
Vietnamese people using Internet banking. This is necessary to make clear and avoid
misunderstanding, and it needs to make sure that the questionnaire is designed carefully
based on research objectives. Originally, the questionnaire is designed in English
version since the thesis is processed in English. Thus, it is necessarily translated into
Vietnamese version in order to receive accurate information and assessment from
respondents.
(2) Pre-test
Before spreading the questionnaire, it must be rechecked carefully to avoid any
misunderstanding or unclear meaning
22 (3) Pilot Study
A pilot study is to verify the reliability of the scale items: I give my questionnaire
for 3 professors, 3 bankers, 4 customers, 3 classmates who can help me for pre-check
my questionnaire before I spread it to customers.
(4) Questionnaire survey
The questionnaire will be sent to respondents in three big cities. There are two
main methods of data collection, i.e. by emails through Internet: Google email, Skype,
Facebook, Yahoo and by hard copies directly from customers who uses banks’ services
over the counter. Questionnaires were translated into Vietnamese to get easily
understanding and accurate information from respondents. The main collection data
method is depended on the questionnaires from customers through internet Google doc
via email, Skype, Facebook, Yahoo. It finds very useful in limited time and receives a
large number of reply.
3.3. Sampling
Population is defined as “the complete set of units of analysis that are under
investigation, while element is the unit from which the necessary data is collected”
(Stapleton, 2006). The core function of this study is to investigate determinant factors
and consequences of customer satisfaction using Internet banking in Vietnam. Therefore,
the target population is residents in Vietnam. However the research can only carried out
in Ha Noi Capital, Ho Chi Minh City and Da Nang city because of limitation of time. In
this paper, a convenience sampling method is employed because of the ease to access.
According to Saunders et al. (2009), a larger sample size will be more representative for
the population rather than the smaller one. Thus, the mean of the sample is more
representative to population mean which is explained as the law of large numbers.
Hence, 250 surveys are delivered to respondents from different ages, gender, jobs and
23 education background. Respondents are chosen from customer lists with odd listing
numbers up to collect enough 250 surveys during a week in three cities. Surveys are
uploaded to “Google” website and then the link is going to be sent to respondent’s email.
The research surveys are under questionnaire type.
3.4. Measures
3.4.1 Measures
In the thesis, several rating scales will be used due to different functions and
characteristics. Firstly, dichotomous scale is a measurement to answer questions under
“yes” or “no” choice. It deals with respondents’ demographic characteristics in the first
part of the survey. Secondly, ranking scale is mainly employed to rank variables. The
questionnaire is divided into two main sections: demographic and determinant factors
and consequences of customer satisfaction. The demographic section is general
information about a respondent such as age, gender, income level, marital status, and
education level. The second section consists of five subsections: quality, perceived value,
customer loyalty and brand reputation. These subsections used a five point Likert Scale
with ratings from “strongly disagree” (1) to “strongly agree” (5). Likert scale is the most
popular instrument to measure factors affecting customer satisfaction and their possible
consequences using Internet banking services. Five-point Likert scale with ratings from
“strongly disagree” (1) to “strongly agree” (5) is chosen.
3.4.2 Key Variables
Customer satisfaction is an experiencing process of purchasing and using
products and services. Customers set their own of expectations and if the products and
services met the requirements, customers are satisfied. But how does it measure?
Customer satisfaction is assessed by service quality and perceived value. Therefore, it is
24 a dependent variable. Plus, customer loyalty and brand reputation is an achievement of
customer satisfaction; hence they are dependent variables as well. Service quality and
perceived value are independent variables since they are essential elements affecting
customer satisfaction using Internet Banking.
The variable Service Quality was measured by Maroofi (2013) & Mojares (2014);
they are 6 items in the scale. The variable Perceived Value was measured for Moore and
Benbasat (1991); they are 9 items in the scale. The variable Brand Reputation was
measured for Homburg and Giering (2001); they are 9 items in the scale. The variable
Customer Loyalty were measured for Maroofi (2013)/ Homburg and Giering (2001);
they are 6 items in the scale. And the variable Customer Satisfaction was measured for
Homburg and Giering (2001); they are 9 items in the scale. The items of each scale
perform clearly through this figure.
Table 3.1: The sources of measurement scale
Constructs Items Adapted from
Service 1. Full information on product features and services offered Maroofi (2013)/
Quality 2. Internet banking is clear and easy to use Mojares (2014) 3. Website information is regularly updated
4. Internet banking is convenience and saves time
5. The confidentiality of customer’s data is ensured
6. Internet banking transactions are satisfactory worked
in term of security and privacy protection
25 Perceived 1. Internet banking gives me greater control over my Moore and finances Value Benbasat (1991) 2. Transaction fees are reasonable
3. Internet banking service is good value of money
4. The use of Internet banking is relaxed
5. Internet banking is interesting to use
6. Using Internet banking for my banking services increase my productivity
7. Using Internet banking improves my performance of utilize banking service
8. Internet banking is compatible with my life and working style
9. Internet banking offers a convienient cross-linked transactions among banks
Customer 1. Internet banking makes it easy to find what I need Homburg and
Satisfaction 2. My expectation before using Internet banking is met with Giering (2001) my experience
3. Basing on my experience, Internet banking application is quite pleasant
4. I am satisfied with Internet banking application
5. I am satisfied with the delivery of the overall service of Internet banking
6. I am satisfied with quality and fee of Internet banking service
7. I am satisfied with the first time installing and using Internet banking
8. I am able to make transactions anywhere at any time I want
9. Customer service of Internet banking system is quick and highly satisfied
26 Brand 1. Internet banking has a good image in customer’s mind Mojares (2014)
Reputation 2. Internet banking has a good reputation compared to traditional banking services
3. Banking websites has a good reputation for offering wide range and high quality of banking services
4. Banking websites have a good reputation on secure customer’s confidential information
5. Internet banking has a good reputation on specialists’ ability to detect fraud and information theft
Customer 1. I commit in frequent use of Internet banking service Maroofi (2013)/
Loyalty 2. I will use Internet banking service in the future Homburg and 3. I will recommend friends and relatives using Internet Giering (2001) banking service
4. I will recommend Internet banking services to someone who seeks my advice
5. I am eager to send feedback to improve futurely supplied services
6. It is difficult to change my beliefs about Internet banking
3.5. Data Analysis
After gathering the questionnaires, raw data was sorted, checked for usability, and
inputted into an Excel file. In order to avoid duplicated or inaccurate data, it is essential
to apply a data treatment procedure. These include of checking errors due to wrong
typing or invalid questionnaires and then correct any wrong records. After that, the data
analysis will use SPSS version 20 software as a major tool to analysis the collected data.
The statistical procedures for quantitative research include Descriptive Statistic,
Reliability, Linear Regression Analysis and ANOVA Analysis. Descriptive statistics is
selected in order to understand the characteristics of the sample and included measures
27 of central tendency and variability (frequency, distribution, range and standard deviation)
for selected variables. Descriptive statistics is selected in order to measure selected
variables’ central tendency and variability (frequency, distribution, range and standard
deviation). ANOVA is performed to consider the difference in the assessment of factors of each different customer’s perception on perceived value, service quality, and company brand image, and customer satisfaction with customer satisfaction. Linear
Regressions would explain the interrelated relationship among testes variables with customer satisfaction factor.
28 CHAPTER 4: RESULT AND DISCUSSION
This chapter is the analysis of collected data gathered from 205 respondent (return rate is 82% out of 250 respondents) about Determinant Factors and Consequences of
Customer Satisfaction in Vietnamese Internet Banking Sector. The statistical analysis includes:
- Description of respondents: Demographic analysis
- Compare mean and standard deviation
- Cronbach’s Alpha test
- Testing of hypotheses
- ANOVA analysis
To help clarify analysis, bar charts, tables, graphs showing percentages and trends are employed to present collected data.
4.1 Descriptive Analysis
Data is collected and analyzed by SPSS version 20. Total participated respondents are
250, and 205 questionnaires were pretreated and yielding an 82% respondents. After categorizing data, 48.29 % of respondents were male and 51.71 % of respondents were female. The age statistics clearly stated that the largest group of interviewees was those from 26 to 35 years old accounted for 29.27% of 205 respondents. The age from 15 to 25 years old was the second rank with 24.88% (51 out of 205 respondents). The age group from 46 to 55 has 18.05% while the group of 36 to 45 has 17.07%. The least age group was those above 66 years old with only 0.98% of total participants. The below graph showed frequency of age group (see Figure 4.1).
29 35
30
25
20
15
10
5
0 15~25 26~35 36~45 46~55 56~65 66 and over
Figure 4.1: Age distribution of respondents
These statistics explained most participants using Internet Banking services are young people like students (15.61%) who love exploring and high technology. Also the age from
36 to 55 years old were working respondents such as administrative / managerial with 32 respondents (15.61%); government/ state-enterprise staff with 36 respondents (17.56%); professionals with 23 respondents (11.22%) and entrepreneurs with 24 respondents
(11.71%). Internet banking services are fast, convenient and flexible for those who are too busy at work and have no time to queue and make transactions at banks. The others like laborers or farmers group (6.34%); retired, unemployed or housewife group (7.80%); commercial group (6.83%) and others job group (7.32%) have less frequency of using
Internet Banking. The results stated diversity patterns of age and jobs and may lead to different levels of satisfaction of using Internet Banking services (see Table 4.1).
Table 4.1 Demographic characteristics for overall respondents
Frequency Percentage Variable (N) (%)
Total participants 205 100 Gender
30 Male 99 48.29 Female 106 51.71 Age 15~25 51 24.88 26~35 60 29.27 36~45 35 17.07 46~55 37 18.05 56~65 20 9.76 66 and over 2 0.98 Monthly Income Under3 million VND 29 14.15 3~7 million VND 62 30.24 7~ 15 million VND 75 36.59 Over 15 million VND 39 19.02 Level of education Less than High School 10 4.88 High School 28 13.66 College 117 57.07 Graduate 50 24.39 Job Professionals 23 11.22 Laborers/Farmers 13 6.34 Frequency Percentage Variable (N) (%)
Total participants 205 100 Students 32 15.61 Entrepreneurs 24 11.71 Administrative/Managerial 32 15.61 Government/State Enterprise 36 17.56 Retired/ Unemployed/Housewife 16 7.80 Commercial 14 6.83 Others 15 7.32
31 In term of education, most of participants were college graduated (117 out of 205 participants – 57.07%) and postgraduate (50 participants with 24.39%). Lower level was high school graduated with 13.66% and the least were less than high school graduated with
4.88%. The majority of respondents (36.59 % and 30.24%) were those who had average monthly income at VND 7 million to 15 million and VND 3 million to 7 million. 19.02% had monthly income over VND 15 million. Monthly income under VND 3 million had
14.15% of respondents. These revealed that diversity of level of education and income level would differently affect satisfaction levels of using IB services. The following chart represented frequencies of respondents’ level of income:
14.15%, 19.02% Under3 million VND 3~7 million VND 7~ 15 million VND 30.24% 36.59% Over 15 million VND
Figure 4.3: Monthly income distribution
4. 2 Mean and Standard Deviation
Mean value is an important measure of respondent’s response in quantitative research.
Mean using in Likert 5 points indicates the level of agreement. In the study, four elements of customers satisfaction model are (1) Perceived value, (2 ) Service quality, (3) Brand reputation and (4) Customer loyalty.
32 Table 4.2: Descriptive statistics for variables
Std. Variables Items N Mean Deviation Perceived PV1. Internet banking gives me greater control over 205 3.40 1.308 value my finances PV2. Transaction fees are reasonable 205 3.31 1.070
PV3. Internet banking service is good value of money 205 3.43 1.030
PV4. The use of Internet banking is relaxed 205 3.54 1.045
PV5. Internet banking is interesting to use 205 3.50 1.123 PV6. Using Internet banking for my banking services 205 3.57 1.044 increase my productivity PV7. Using Internet banking improves my 205 3.60 1.027 performance of utilize banking service PV8. Internet banking is compatible with my life and 205 3.49 1.060 working style PV9. Internet banking offers a convenient 205 3.58 1.159 cross-linked transactions among banks Service SQ1. Full information on product features and 205 3.63 1.106 quality services offered SQ2. Internet banking is clear and easy to use 205 3.63 .990
SQ3. Website information is regularly updated 205 3.59 .989
SQ4. Internet banking is convenience and saves time 205 3.65 1.001
SQ5. The confidentiality of customer’s data is ensured 205 3.79 1.044 SQ6. Internet banking transactions are satisfactory worked in term of security and privacy protection 205 3.70 .973
Customer CS1. Internet banking makes it easy to find what I 205 3.61 1.059 satisfaction need CS2. My expectation before using Internet banking is 205 3.61 .936 met with my experience CS3. Basing on my experience, Internet banking 205 3.60 1.007 application is quite pleasant CS4. I am satisfied with Internet banking application 205 3.56 1.001
33 Customer CS5. I am satisfied with the delivery of the overall 205 3.60 1.007 satisfaction service of Internet banking CS6. I am satisfied with quality and fee of Internet 205 3.56 .893 banking service CS7. I am satisfied with the first time installing and 205 3.61 1.006 using Internet banking CS8. I am able to make transactions anywhere at any 205 3.59 1.014 time I want CS9. Customer service of Internet banking system is 205 3.75 2.295 quick and highly satisfied Brand BR1. Internet banking has a good image in customer’s 205 3.60 1.003 reputation mind BR2. Internet banking has a good reputation 205 3.50 .953 compared to traditional banking services BR3. Banking websites has a good reputation for offering wide range and high quality of banking 205 3.40 1.088 services BR4. Banking websites have a good reputation on secure customer’s confidential information 205 3.45 .941
BR5. Internet banking has a good reputation on specialists’ ability to detect fraud and information 205 3.51 1.055 theft Customer CL1. I commit in frequent use of Internet banking 205 3.48 1.083 loyalty service CL2. I will use Internet banking service in the future 205 3.59 .989 CL3. I will recommend friends and relatives using 205 3.56 .946 Internet banking service CL4. I will recommend Internet banking services to 205 3.51 1.065 someone who seeks my advice CL5. I am eager to send feedback to improve future 205 3.68 1.053 supplied services CL6. It is difficult to change my beliefs about Internet 205 3.59 1.038 banking
34 The mean values were greater than 3 for all four variables. These results mean a
positive evaluation of Internet banking services. Customers had a quite high and satisfied
perception of Internet banking and its services. The average mean of variables equaled 3.49
for perceived value, 3.67 for service quality, 3.61 for customer satisfaction, 3.49 for brand
reputation, and 3.57 for customer loyalty.
Besides, standard deviation was also critical measurement to assess the level of agreement. It showed a deviation of responses from the mean value. According to table 4.2, standard deviation fluctuated from 0.893 to 2.295 which explained that observations were
around mean value of above variables. Therefore, respondents were slightly satisfied with
Internet banking services.
4.3 Reliability Cronbach’s Alpha
Due to using Likert 5 point scale, Cronbach’s alpha test was performed to assess internal reliability. Five factors were tested with high results of internal consistence.
Nunnally (1978) indicated that Cronbach alpha coefficient is an effective tool to find unmatched variables. Cronbach’s alpha is ranged from 0 to 1. Variables should be higher than 0.6 and those are disqualified if they are less than 0.3. The analytical results of Alpha coefficient were as the following table:
Table 4.3: Reliability analysis
Corrected Squared Cronbach's Scale Mean if Scale Variance Item-Total Multiple Alpha if Item Item Deleted if Item Deleted Correlation Correlation Deleted
Perceived value 1 121.37 818.831 .751 . .980 Perceived value 2 121.45 830.994 .723 . .980
Perceived value 3 121.33 830.958 .754 . .980 Perceived value 4 121.22 830.322 .752 . .980 Perceived value 5 121.26 824.712 .787 . .980 Perceived value 6 121.20 828.295 .788 . .980
35 Corrected Squared Cronbach's Scale Mean if Scale Variance Item-Total Multiple Alpha if Item Item Deleted if Item Deleted Correlation Correlation Deleted
Perceived value 8 121.27 826.484 .806 . .980 Perceived value 9 121.19 821.956 .804 . .980 Service quality 1 121.13 823.778 .815 . .980 Service quality 2 121.13 830.399 .795 . .980 Service quality 3 121.17 831.574 .775 . .980 Service quality 4 121.11 827.773 .833 . .980 Service quality 5 120.98 829.730 .763 . .980 Service quality 6 121.06 830.236 .812 . .980 Customer satisfaction 1 121.15 826.198 .812 . .980 Customer satisfaction 2 121.15 831.276 .826 . .980 Customer satisfaction 3 121.16 828.456 .815 . .980 Customer satisfaction 4 121.20 827.347 .840 . .980 Customer satisfaction 5 121.16 829.025 .805 . .980 Customer satisfaction 6 121.20 835.517 .783 . .980 Customer satisfaction 7 121.15 828.988 .807 . .980 Customer satisfaction 8 121.18 827.802 .821 . .980 Customer satisfaction 9 121.01 823.451 .365 . .985 Brand reputation 1 121.16 825.724 .868 . .980 Brand reputation 2 121.26 831.136 .814 . .980 Brand reputation 3 121.36 824.054 .825 . .980 Brand reputation 4 121.31 833.059 .788 . .980 Brand reputation 5 121.25 825.707 .823 . .980 Customer loyalty 1 121.28 822.929 .848 . .980 Customer loyalty 2 121.17 825.848 .878 . .980 Customer loyalty 3 121.20 830.321 .835 . .980 Customer loyalty 4 121.25 824.541 .835 . .980 Customer loyalty 5 121.08 827.043 .802 . .980 Customer loyalty 6 121.18 829.744 .768 . .980
36 Table 4.4: Reliability Cronbach’s alpha of respective factors
Factor Items Items deleted Cronbach’s Alpha
Perceived Value 9 No 0.951
Service Quality 6 No 0.942
Customer Satisfaction 9 No 0.898
Brand Reputation 5 No 0.933
Customer Loyalty 6 No 0.953
Nunnally and Bernstein (1994) stated that Cronbach’ alpha scores greater than 0.7 are
highly internal reliability. From table 4.2, in this research, the results show the Cronbach’s
alpha of respective factors in Perceived Value is 0.951; in Service Quality is 0.942; in Brand
Reputation is 0.933; in Customer Loyalty is 0.953 and in Customer Satisfaction is 0.898 so
all factors were above 0.7 meaning that they were highly reliable.
4.3.1 Perceived value
Perceived value is one independent variable of Customer satisfaction model using
Internet banking services in Vietnam. Item-to-total correlation of 9 items indicated that all
are satisfied and the cronbach’s alpha is higher than 0.6 (the standard measure). There were
no deleted items.
4.3.2 Service quality
As indicating in table 4.3 and 4.4 service quality has high degree of internal
consistency. There are no deleted items out of total of 6 items. The Cronbach alpha equals
0.942 which mean a high reliability of questionnaires. The total variance is also high with
strong loadings.
37 4.3.3 Customer satisfaction
Customer satisfaction had a total of nine items. They all have a high cronbach’s alpha,
all are greater than 8 while the accepted level is from 6. It proved that the questionnaire
items are highly reliable.
4.3.4 Brand reputation
Average Cronbach’s alpha of this 5 items were 0.933 which has a highly reliability.
There is no items are deleted. Brand reputation is considered as a strong loading variance.
4.3.5 Customer loyalty
Customer loyalty had a Cronbach’s alpha greater than 7 and there were no deleted
items. This means customer loyalty is one strongly reliable element of these below tests.
4.3 Hypothesis testing
After implementing Cronbach’s alpha test, this part of chapter tested four hypotheses
of this study:
H1: There is a positive relationship between perceived value and customer satisfaction
H2: There is a positive relationship between service quality and customer satisfaction
H3: There is a positive relationship between brand reputation and customer
satisfaction
H4: There is a positive relationship between customer loyalty and customer
satisfaction
For the core purpose of the study was investigating four independent variables: perceived value (PV), service quality (SQ), brand reputation (BR) and customer loyalty (CL) toward the dependent variable: customer satisfaction (CS).the correlation test and simple linear regression were conducted.
38 4.3.1 Correlation test
Correlation is a critical measure to describe the relationship between two variables.
Pearson correlation coefficient, the most common measure, were used to test correlation among variables perceived value, service quality, customer satisfaction, brand reputation and customer loyalty. The measuring interval scale is between -1 and +1 showing fluctuations of variables together. Value -1 means that variables have perfect direct linear relation while value +1 means a perfect inverse linear relation between variables. Value 0 represents no linear relation. As proving, the closer is to value -1 or +1, the stronger relations variables have (Evan, 1996).
The Table 4.5 showed positive relations among tested variables. Therefore, the correlation between customer satisfaction and brand reputation were the strongest relationship with r =.898 and Sig. (1-tailed) = .000< .05. Others variables (ie. customer loyalty with r =.889, service quality with r =.882, perceived value with r =.826) had a decreasing strength with the dependent element customers satisfaction. Customer satisfaction is significantly correlated to perceived value (r=.826), service quality (r=.882), customer loyalty (r=.889) and brand reputation (r=.898). Perceived value is significantly correlated to customer satisfaction (r=.826), service quality (r=.860), customer loyalty (r=.798) and brand reputation (r=.811). Service quality is significantly correlated to customer satisfaction
(r=.882), perceived value (r=.860), customer loyalty (r=.844) and brand reputation (r=.858).
Brand reputation is significantly correlated to customer satisfaction (r=.898), perceived value
(r=.811), service quality (r=.858) and customer loyalty (r=.897). Customer Loyalty is significantly correlated to customer satisfaction (r=.889), perceived value (r=.798), service quality (r=.844) and brand reputation (r=.897). The result of Pearson ranked hypotheses indicated that all variables used in this study was positive significance to customer satisfaction.
39 Table 4.5: Correlation Matrix
Customer Perceived Service Brand Customer satisfaction Value Quality Reputation Loyalty
Pearson Customer satisfaction 1.000 .826*** .882*** .898*** .889*** Correlation
Perceived Value .826*** 1.000 .860*** .811*** .798***
Service Quality .882*** .860*** 1.000 .858*** .844***
Brand Reputation .898*** .811*** .858*** 1.000 .897***
Customer Loyalty .889*** .798*** .844*** .897*** 1.000
Sig. Customer satisfaction . .000 .000 .000 .000 (1-tailed) Perceived Value .000 . .000 .000 .000
Service Quality .000 .000 . .000 .000
Brand Reputation .000 .000 .000 . .000
Customer Loyalty .000 .000 .000 .000 .
N Customer satisfaction 205 205 205 205 205
Perceived Value 205 205 205 205 205
Service Quality 205 205 205 205 205
Brand Reputation 205 205 205 205 205
Customer Loyalty 205 205 205 205 205
Correlation is significant at the 0.05 level (1-taied)
40 4.3.2 Linear regression analysis
Table 4.6: ANOVA summary
Mean Model Sum of SquaresDf. F Sig. Square 1 Regression 125.454 4 31.364 379.401 .000 Residual 16.533 200 .083 Total 141.988 204
R Square= .884 (Adjusted R Square=.881)
Linear Regression model was used to measure how close the relationship of dependent
variable (CS) and others independent variables (PV, SQ, BR, CL) is. The equation of this customer satisfaction is as the following:
Y (CS) = β0 + β1PV + β2SQ + β3BR + β4CL
According to table 4.6, where β0 = 0.245, β1 = 0.79, β2 = 0.258, β3 = 0.436 and β4 = 0.215; and R square is 0.884, it means that the four variables explained 88.40% of customer satisfaction variance in the attitude towards Internet banking services. It shows a high level of variability of response data around its mean. Therefore, we have got regression model as below:
Y (CS) = 0.245 + 0.79PV + 0.258SQ + 0.436BR + 0.215C
41 Table 4.7: Coefficient summary
Unstandardized Standardized Model t Sig. Coefficients Coefficients
B Std. Error Beta (Constant) .245 .097 2.516 .013 Perceived Value .070 .044 .079 1.602 .111 Service Quality .253 .056 .258 4.507 .000 Brand .410 .058 .436 7.013 .000 Reputation Customer .209 .058 .215 3.622 .000 Loyalty
a. Dependent Variable: Customer satisfaction
b. Indepent Variable: Perceived Value, Service Quality, Brand Reputation, Customer Loyalty
Among independent variables, brand reputation got the highest positive relation with
B=.436. The second rank was service quality with B=.258, the third was customer loyalty
with B=.215 and the least was perceived value with B=.079. Therefore, 88.40% of customer
satisfaction depended on PV, SQ, BR and CL, while the remaining of 11.60% was based on
other unstated variables in this study.
In short, all above results stated that the four null hypotheses are accepted. The four variables (PV, SQ, BR and CL) had a positive relationship with variable customer satisfaction.
42 4.4 One way ANOVA analysis
In this part, ANOVA (Analysis of Variation) is used to investigate the differences of
perceived value, service quality, brand reputation, customer loyalty and customer
satisfaction among demographic factors such as job, monthly income and age.
4.4.1 The differences of perceived value, service quality, brand reputation,
customer loyalty and customer satisfaction among respondents’ age
According to table 4.8 and an assumption of equal attitudes towards age groups, there is no difference in respondents’ evaluation of perceived value among six groups of age with
F<3 and Sig>0.05. This means that all groups of age are offered the same value of Internet banking services. Also other variables like service quality, brand reputation, customer satisfaction and customer satisfaction offered homogeneous quality.
Table 4.8: One way ANOVA tests of variables among respondent’s age
Standard Accept Variables Age Mean deviation F Sig. Perceived value 15-25 3.9020 1.04837
26-35 3.8830 0.86944
36-45 4.0300 0.90973 0.927 0.465 No 46-55 3.6550 0.90775
55-65 3.6722 0.99019
Over 66 3.2778 1.02138
Service quality 15-25 4.0294 0.97280 26-35 3.8918 0.81679
36-45 4.0811 0.69235 1.156 0.332 No 46-55 3.7149 0.80809
55-65 3.7667 0.94188
Over 66 3.4167 0.82496
43 Customer 15-25 3.9586 1.00122 satisfaction 26-35 3.8441 0.81213 36-45 3.9970 0.75925 0.912 .474 No 46-55 3.7982 0.69550 55-65 3.7222 0.76429 Over 66 3.0000 1.41421 Brand 15-25 3.9412 1.04234 reputation 26-35 3.7690 .88850 36-45 4.0676 .66488 1.157 0.332 No 46-55 3.7675 .76674 55-65 3.8083 .66066 Over 66 3.0000 1.41421 Customer 15-25 3.9412 1.04234 loyalty 26-35 3.7690 .88850 36-45 4.0676 .66488 1.486 0.165 No 46-55 3.7675 .76674 55-65 3.8083 .66066 Over 66 3.0000 1.41421 *F<3; Sig >0.05
4.4.2 The differences of perceived value, service quality, brand reputation,
customer loyalty and customer satisfaction among respondents’ job
Table 4.9: One way ANOVA tests of variables among respondent’s job
Standard Accept
Variables Job Mean deviation F Sig.
1.Professionals 3.9275 .93900 Perceived value 2.Laborers/Farmers 3.7778 .93073 3.Students 3.4028 1.08012 1.486 0.165 No 4.Entrepreneurs 3.8889 .89427 5.Administrative/ 3.9132 .91002 6.Managerial
44 7.Government/State 3.9691 .94229 Enterprises 8.Retired/Unemploy 4.1528 .66775 ed/Housewife 9.Commercial 4.1481 .75554 10.Others 3.8741 .85539 Service quality 1.Professionals 4.0145 .81945 3.Students 3.5885 1.02826 4.Entrepreneurs 3.8860 .76991
5.Administrative/ .M 3.9635 .86004 anagerial No 0.862 0.549 7.Government/State 4.0139 .77087 Enterprises 8.Retired/Unemploy 4.0938 .65819 ed/Housewife 9.Commercial 3.9778 .87484 10.Others 4.0333 .85030 Customer 1.Professionals 3.9275 .84527 satisfaction 2.Laborers/Farmers 4.0171 .92613 3.Students 3.5313 .97632 4.Entrepreneurs 3.7661 .69477 5.Administrative/ 3.9514 .89822 6.Managerial 1.211 0.294 No 7.Government/State 3.9722 .57605 Enterprises 8.Retired/Unemploy 4.2083 .63619 ed/Housewife 9.Commercial 3.9185 .90897 10.Others 3.8000 1.04079 Brand 1.Professionals 3.7652 .97169 reputation 2.Laborers/Farmers 3.8615 .86172 3.Students 3.4938 1.06799 0.850 0.560 4.Entrepreneurs 3.7895 .63060 5.Administrative/ 3.8563 .93841 6.Managerial
45 7.Government/State 3.9556 .77991 Enterprises 8.Retired/Unemploy 4.1000 .68896 ed/Housewife 9.Commercial 3.8267 .93462 10.Others 3.8400 1.02036 Customer 1.Professionals 3.8478 .99483 loyalty 2.Laborers/Farmers 3.9744 .76934 3.Students 3.4688 1.07133 4.Entrepreneurs 3.7544 .58628 5.Administrative/ 3.9010 .92444 6.Managerial 1.286 0.253 No 7.Government/State 3.9861 .62154 Enterprises 8.Retired/Unemploy 4.1562 .66797 ed/Housewife 9.Commercial 3.9667 .85263 10.Others 3.9444 1.00725
*F<3; Sig >0.05
Table 4.9 indicated that there is no significant difference in respondents’ perceived
value, service quality, brand reputation, customer satisfaction and customer loyalty. All F value is lower than 3 and sig. > 0.05. this explained that Anova succeed in showing exact results.
4.4.3 The differences of perceived value, service quality, brand reputation,
customer loyalty and customer satisfaction among respondents’ monthly income
Table 4.10: One way ANOVA of monthly income
Standard Accept Variables Monthly income Mean deviation F Sig. Perceived Under VND 3 million 3.8889 .94426 No value VND 3~7 million 3.9462 .94404 0.442 0.723 VND 7~15 million 3.7911 .87374 Over VND 15 million 3.7611 1.07713
46 Service Under VND 3 million 3.9524 .99882 No quality VND 3~7 million 4.0269 .84187 0.769 0.513 VND 7~15 million 3.8089 .79114 Over VND 15 million 3.8917 .87180 Customer Under VND 3 million 3.8730 .97181 No satisfaction VND 3~7 million 3.9480 .86902 0.266 0.850 VND 7~15 million 3.8281 .78191 Over VND 15 million 3.8333 .79449 Brand Under VND 3 million 3.9000 1.05057 0.334 0.801 No reputation VND 3~7 million 3.8710 .89596 VND 7~15 million 3.7440 .82760 Over VND 15 million 3.7900 .88746 Customer Under VND 3 million 3.9107 .99224 1.252 0.292 No loyalty VND 3~7 million 4.0161 .81967 VND 7~15 million 3.7378 .79845 Over VND 15 million 3.8208 .92326
*F<3; Sig >0.05
As we can see the data from table 4.10, there was no significant difference in respondent’s perceived value, service quality, brand reputation, customer satisfaction and customer loyalty. F-value is smaller than 3 and Sig > 0.05, it mean that no variable is different from others.
47 CHAPTER 5: CONCLUSION AND RECOMMENDATIONS
In this chapter, a summary and implication of findings are presented. Also some limitations are also listed. After all, the chapter ends with recommendations for further
research and concluding statement.
5.1 Research summary
Internet banking services in Vietnam is more and more common even most
Vietnamese people prefer to use cash. The tendency of using Internet banking is among
young people who love convenient, flexible and time saving characteristics provided. Thus,
this study had contributed to exploring determinant factors and consequences of customer
satisfaction element in Vietnamese Internet banking sector.
Firstly, the findings of this study are sorted into three main parts which are the
analysis of demographic data, reliability test and hypotheses testing. It reveals the fact that
more slightly females using Internet banking than the males. In respect of age, most of
Internet banking users is young people from 15 to 35 years old. The mode monthly income
is from VND 3 million to 15 million. The highest participants of the survey has educated at
college level. Furthermore, major jobs of respondents are students, administrators or managerial and stated-owned enterprises’ staff. Secondly, the Cronbach alpha test for reliability stated that all variables exceeded Nunnally and Bernstein’s criteria of 0.7. These analytics indicated that variable cases are highly reliable.
Secondly, hypothesis testing includes a test of four hypotheses using Regression analysis. The four independent variables have a highly positive relationship with the dependent one. Research findings showed that there is positive relationship between service quality and customer satisfaction, perceived value and customer satisfaction, brand
reputation and customer satisfaction, as well as customer loyalty and customer satisfaction.
48 Furthermore, perceived value and service quality are elements which determining how satisfied customers are. Internet banking services provides a number of advantageous characteristics like convenience and flexibility, easy to use, and time saving. Customers can
log into Internet and use baking services as normal. They can immediately check account
balance; making transactions anywhere and anytime even at weekend. Customers do not need to directly go banks. Also it is so easy to use with a laptop connected to Internet or a digital device like smart phone, PDA and so on. Most of participants were educated at college level, thus they can quickly adapt to high technology. Both service quality and perceived value determines the level of customer satisfaction. Higher service quality provided that met or exceed customer expectations would lead to a relatively high satisfaction.
According to Pearson test, the brand reputation is the most important variable of customer satisfaction. The more customers are satisfied or Internet banking services meet or exceed the customers’ expectation, the more brand reputation is well known. Word of mouth experiences are the fastest and the most effective way to advertise about a product’s or service’s brand. People tend to believe one’s experience rather than an advertisement.
Therefore, customer satisfaction is critically affecting a brand’ awareness. The second rank related to customer satisfaction is customer loyalty. As stated, the more customers are satisfied, the more customers are loyal to banking services. It was a positively linear relation.
5.2 Theoretical and Practical implication
This study has critical implication for managers of various banks participated in the
survey; especially in Internet Banking service areas. Firstly, service quality and perceived
value is a predictor of customer satisfaction using Internet banking in Viet Nam. Under
customer’s perspective, they want services provided with outstanding quality and the
49 highest perceived value. They are satisfied if they are served equal or higher than what they
expect to. From a managerial perspective, Internet Banking providers in Vietnam need to
realize that providing good Internet Banking services alone does not guarantee customer
retention. Service quality is not the most important factor to differentiate competitive
offerings but it is an essential and necessary element to establish customer’s belief.
Customers do not believe only on advertising and others’ advise but they use their own
judgment on actual experience of Internet banking services. Hence, good service quality is a
must and is expected to be offered by each Internet Banking provider in the first place.
High perceived value is also a fundamental basis to accomplish customer satisfaction.
If ever trying a bad service with low perceived value, customers will not use the second
time and will switch to other rivals. A bank can improve it perceived value by increasing a
small percentage on interest rates for banking deposits, decreasing a small percentage on fee
charges. Buyers not only choose a bank with good services but a bank with good services
and cheaper administrative costs. Constructing an attractive marketing campaign is also a
good step to increase perceived value in customer’s mind. Banks can list benefits when
using Internet banking services like convenience, time saving and easiness to manage. A
strong guarantee and confidentiality is a plus to a bank. A bank ought to try the best to avoid
a false sense of Internet Banking value; focus on the unique value compared to other banks.
Consequently, it should be noted that service quality and perceived value are fundamental
attributes for retain customers. However for customer retention strategy, Internet Banking
providers in Vietnam should look for other factors that can help to create satisfaction in
order to sustain competitive advantage in long run. Besides, the high range of customer
satisfaction can establish a well-known brand reputation in the market. This is not maintaining existing customers but also attract new groups and user segments. Banks can utilize the factors to construct an ideal image in the banking sector, increase profitability of
Internet banking services, achieve higher returns and broaden market shares.
50 Secondly, the reputation of the Internet banking provider has a positive link with
Customer Satisfaction. In fact, reputation of Internet banking services is built basing on
customers’ actual experience and marketing campaigns. More and more marketing
campaigns and social event using brand name will widespread and construct customer’s
awareness of Internet banking services. Plus providing customers with actually high quality
and value with a wide awareness will lead to a good brand reputation. If actual experience is
outstanding and customers are satisfied, good reputation of Internet banking services is the critical factor to retain and widen customers segment and market share. Brand reputations play a key role due to the same service manner. If a company’s reputation is positive, then it can be assumed that customers have a positive attitude towards the bank’s services. Therefore, customer is not willing to switch to other banks. From a managerial standpoint it is important to judge reputation as the most critical factor in encouraging satisfaction among Vietnamese customers towards their Internet Banking services.
Reputation is vital for the survival of a bank in the long run, affect stock market performance via profitability and have a direct effect on the stock markets. Customer satisfaction therefore is a basis to achieve brand reputation. Or in other words, brand reputation is one of benefit from customer satisfaction.
Thirdly, customer loyalty is one important element interacting with customer satisfaction of Internet banking services. As described on chapter 2 (literature review), customer satisfaction is a must to accomplish the goal of customer loyalty. The research findings indicated a positive connection between customer satisfaction and customer loyalty.
Customers are satisfied with actual performance and actual experience of Internet Banking services, they tend to reuse and introduce for their friends, family members and needed people. It means that customer satisfaction do not only retain existing customer but broaden new ones. From a managerial viewpoint, given values in relation with customer satisfaction of Internet banking services, managers of banks can define customers’ needs and wants.
51 Then they can concentrate resources and build marketing campaign and management
strategies that achieve the highest level of customer satisfaction. These campaign should
start from what customers like and why they use our services rather other rivals. This can be
done by making survey with existing customers. Making phone calls, face to face or even
online surveys are used, however, this process should be done quarterly or yearly depending
on the entity’ dimensions and making sure to record honest opinions and keep update the
information. It is good and necessary to attract more customers but it is not at all. It costs
ten times more to attract a new consumer than keeping an existing one. Therefore, solving
common customer complaints and delivering outstanding customer services are essential in
order to increase sales and result in attracting new customers through the existing one’
recommendation. Besides, banks can occasionally set up social events; send thanks cards or
small gifts for special dates. Nowadays, customers prefer a company having a good
contribution to society. Banks should take part in sports event, charity, pupil scholarships,
and so on. It also brings a good image in customer mind about the banks. The higher level
of satisfaction, the more loyal customers are.
With the above findings, this study analytics also served academic purposes as an
empirical study in the internet banking in Vietnam, with the perspectives of customer satisfaction, service quality and perceived value.
5.3 Research limitations and Future Research
Although the research is carefully analyzed, there are still some limitations. One main
limitation of the study is inadequate sample. The population of people using Internet
Banking is such a huge number. Therefore, this research sample as 205 participates is rather
small. Further study should extend the sample size with participants other than web-users from certain geographic areas or companies.
52 In addition, instead of using customers of all the banks to clearly clarify the determinants and consequences of customer satisfaction element in using Internet banking services in Viet Nam, only few banks in big cities like Hanoi, Da Nang and Ho Chi Minh were selected. The variety of participants was not able to be fully satisfied. This may have an effect on the study’s findings. Plus, because questionnaires were distributed mainly through Internet, most respondents are young people who have more chances in using
Internet than other groups.
The information collected may be biased since the respondents can exaggerate their answer. Some people would feel annoying and impatient to finish a long numerous quantities of questionnaires. Also, these questions were translated from English to
Vietnamese so there are occurrences of unclear translation and misunderstanding for answers. These may lead to a limitation of the analysis results. The last limitation is time and resource constraint. Time constraint affected the quality and quantity of research work.
This study will support business to identify the fundamental elements which have high impacts on customer satisfaction. The positive relationship between variables such as perceived value, service quality, brand reputation and customer loyalty with dependent variable i.e. customer satisfaction, would be used as a basis to continue further studies about these variables in Internet banking sector.
5.4 Concluding statement
This study tempted to proving a positive linear relationship between determinant factors like perceived value and service quality and customer satisfaction, and a consequent relationship between customer satisfaction and variables, i.e. brand reputation and customer loyalty. This is the primary purpose of this study. On the process of following WTO regulations up to 2015, Vietnamese economy will attract more and more investing
53 businesses and more foreigners living in Vietnam. A huge flow in and out of money will be an unimaginable prospect. This is an opportunity for all Vietnamese banks broadening their range of business, especially Internet banking services. Therefore, satisfying customer needs and wants will attain a prospective future.
54 REFERENCES
Abor, J. (2004). Technological Innovations and Banking in Ghana: An Evaluation of
Customers’ Perception. School of Administration. Legon, Ghana: University of
Ghana.
Ahmad, A., & Al-Zu'bi, H. (2011). E-banking functionality and outcome of customer
satisfaction: An empirical investigation. International Journal of Marketing Studies ,
3 (1).
Al-Kasasbeh, M., Dasgupta, S., & Al-Faouri, A. (2011). Factors affacting e-service
satisfaction. Communications of IBIMA , 12.
Alsamydai, M., Yousif, R., & Khasawneh, M. (2012). The factors influencing Consumers'
Satisfaction and Continuity to deal with E-Banking Services in Jordan. Global
Journal of Management and Business research , 12 (14), 129-142.
Al-Sukkar, A., & Hasan, H. (2004). Internet banking in the Middle East: A Jordanian study.
CISTM conference. Transforming business performance through knowledge
management. Alexandria, Egypt.
Anderson, E.W. (1994), Cross-Category Variation in Customer Satisfaction and Retention,
Marketing Letters, 5 (1), 19-30.
Berry, & Leonard, L. (1995). Service marketing is different. Business Horizons , 24-29.
Casalo, L.V., Flavian, C. and Guinaliu, M. (2008). The role of satisfaction and website
design usability in developing customer loyalty and positive word-of-mouth in the
e-banking services, The Internactional Journal of Bank Marketing, 26(6), 399-417
Che-Ha and Hashim, (2007), Brand Equity, Customer Satisfaction & Loyalty: Malaysian
Banking Sector, International Review of Business Research Papers 3 (5) ,123-133
Cronin, J., & Taylor, S. (1994). SERVPERF versus SERVQUAL: Reconciling
performance-based and perceptions-minus-expectations measurement of service
55 quality. The journal of Marketing , 58 (1), 125-131.
Cronin, J.J., Brady, M.K., & Hult, G.T.M. (2000). Assessing the effects of quality, value, and
customer satisfaction on consumer behavioral intentions in service environments,
Journal of Retailing, 76(2), 193-218.
Daniel, E. (1999), Provision of electronic banking in the UK and the Republic of
Ireland, International Journal of Bank Marketing, 17(2), 72 - 83.
De Ruyter, K., Wetzels, M. and Bloemer, J. (1998), On the relationship between perceived
service quality, service loyalty and switching costs, International Journal of Service
Industry Management, 9 (5), 436-53.
De Ruyter, K., Wetzels, M., Lemmink, J. and Mattson, J. (1997), The dynamics of the
service delivery process: a value-based approach, International Journal of Research
in Marketing, 4 (3), 231-43
Doan, P. (2013). E-banking, đường đua mới của ngân hàng Việt. Retrieved April 13, 2014,
from Vietnamnet Website:
http://vietnamnet.vn/vn/kinh-te/155200/e-banking--duong-dua-moi-cua-ngan-hang-vi
et.html
Dodds, W.B., Monroe, K.B. and Grewal, D. (1991), Effects of price, brand, and store
information on buyers product evaluations, Journal of Marketing Research, 28(3),
307- 319.
Gan, C., Cohen, D., Clemes, M., & Chong, E. (2006). A survey of customer retention in the
NewZealand banking industry, Banks and Bank Systems, 1 (4)
Gefen, D. (2002). Reflections on the dimensions of trust and trustworthiness among online
custumers. The database for Advances Information systems , 33 (3), 38-53.
Gonroos, C. (2001). the perceived quality concept: a mistake? Managing Service Quality ,
11 (3), 150-152.
Goodwin-Jones, B. (2001). Emerging technologies - accessibility and web design why does
56 it matter? Language Learning and Technology , 5, 16-28.
Gronroos, C. (1984). Service Management and Maketing. Lexington, MA.: Lexington
Books.
Hamadi, C. (2010), “The impact of quality of online banking on customer commitment”,
Communications of the IBIMA, 1-8.
Hanif, M., Hafeez, S., & Riaz, A. (2010). Factors affecting customer satisfaction.
International Research Journal of Finance and Economics , 60.
Herbig, P. & Milewicz, J. (1993). The relationship of reputation and credibility to brand
success, Journal of Consumer Marketing, 10 (3), 18-24.
Hill, N., Brierley, J., & MacDougall, R. (2003). How to measure customer satisfaction.
Gower Publishing.
Hinson, R., Mohammed, A., & & Mensah, R. (2006). Determinants of Ghanian bank service
quality in a universal banking dispensation. Banks and Bank systems , 1 (2), 69-81.
Homburg, C., Giering, A. (2001), Personal Characteristics as Moderators of the
Relationship between Customer Satisfaction and Loyalty, Psychology and Marketing,
18 (1), 43-66.
Jagdish, N., Parvatiar, A., & Shainesh, G. (2008). Customer relationship management:
Emerging Concepts, Tools & Appli. Marketing. Emory University: McGraw-Hill
Professional.
Jillian, C., & Geoffrey, N. (2001). Consumer perceived value: The development of a multiple
item scale. Journal of Retailing, 77, 203–220.
Kolsaker, A., & Payne, C. (2002). Engendering trust in e-commerce: A study of
gender-based concerns. Marketing Intelligence and Planning , 20 (4), 206-214.
Kordnaeij, A., Askaripoor, H., & Imani, M. &. (2013). The impact of E-banking service
quality dimensions on customers' satiisfaction and brand equity (Case study: Refah
Bank, Tehran). Business and management research , 2 (4) 200-216.
57 Kotler, P. and Gertner, D. (2002), “Country as brand, product, and beyond: A place
marketing and brand management perspective”, Brand Management, 9 (4-5), 249-61.
Kotler, P., Keller, K.L. (2006). Marketing management (12th Edition ed.). New Jersey:
Pearson Education Inc.
Kumbhar, V. (2011). Factors affecting the customer satisfaction in e-banking: Some
evidences form Indian banks. Management Research and Practice , 3 (4), 1-14.
Loiacono, E., Watson, R., & Goodhue, D. (2002). WebQUAL: A measure of website quality.
Proceedings of the AMA Winter Educators' Conference (pp. 432-8). Chicago, IL.:
American Maketing Association.
Maroofi F, Moradi Aliabadi B, Fakhri H and kolivand H. 2013. Effective Factors on CRM
Development, Asian Journal of Business Management 5(1): 52-59
Mojares, E. K. B. (2014). Customer Satisfaction and Loyalty Among Internet Banking
Users of Philippine National Bank in Batangas City, Asia Pacific Journal of
Multidisciplinary Research, 2(2), 41-48
Mokhtar, A.S., Abbas, K.A., Sapuan, S.M. &, Ahmad, M.M.H., (2005) Consumer's
acceptability estimation of cold preserved Malaysian freshwater patin. Am.J. Applied
Sci., 2: 985-988
Moore, G.C., and Benbasat, I. (1991) Development of an Instrument to Measure the
Perceptions of Adopting an Information Technology Innovation, Information Systems
Research, (pp 192-222).
Na, W. B., Marshall, R., & Keller, K. L. (1999). Measuring brand power: Validating a
model for optimizing brand equity, The Journal of Product and Brand Management,
8(3), 170–184.
Nunnally, J.C. (1978), Psychometric theory, vol.2, McGraw-Hill, New York.
Nunnally, J.C. and Berstein, I.H. (1994), Psychometric theory, McGraw-Hill, New York
Nguyen, T., & Singh, M. (2004). Impact of Internet banking on customer satisfaction and
58 loyalty: A conceptual model. The fourth International Conference on Electronic
Business, Beijing.
Oliver, R. (1981), Measurement and Evaluation of Satisfaction Process in Retail Settings,
Journal of Retailing, 57, 25-48
Oliver, R. L. (1997). Satisfaction: A Behavior Perspective on the Consumer, NY:
McGraw-Hill.
Parasuraman, A., Zeithaml, V., & Berry, L. (1985). A conceptual model of service quality
and its implications for future research. The Journal of marketing , 49 (4), 41-50.
Park, C. W., Jaworski, B. J., & MacInnis, D. J. (1986). Strategic Brand Concept-Image
Management, Journal of Marketing, 50, 135-145
Ranaweera, C., and Prabhu, J. (2003). The influence of satisfaction, trust and switching
barriers on customer retention in a continuous purchasing setting, International
Journal of Service Industry Management, 14 (4) , 374-395
Reynolds John, (2007), A Retrospective Data Examination Of Customer Loyalty In The E-
Banking Technology Services Industry: Strategies For New Successes, A Dissertation
Presented in Partial Fulfillment Of the Requirements for the Degree Doctor of
Philosophy, Capella University.
Roig, J.C.F., Garcia, J.S., Tena, M.A.M., and Monzonis, J.L. (2006), Customer perceived
value in banking services, International Journal of Bank Marketing, 24 (5), 266-283.
Saunders, M., Lewis, P, &Thornhill, A., (2009). Research Methods for business students.
5th Ed. Essex: Pearson Education Limited
Schefter, P., & Reichheld, F. (2000). E-loyalty. Harvard Business Review , 78 (4), 105-114.
Sheth, J.N., Newman, B.I. and Gross, B.L. (1991a), “Why we buy what we buy: a theory of
consumption values”, Journal of Business Research, 22, 159-70
Standifird, S.S., Weinstein, M. and Meyer, A.D. (1999), ‘Establishing Reputation on the
Warsaw Stock Exchange: International Brokers as Legitimating Agents’, Academy of
59 Management Proceedings, Chicago, IL.
Stapleton, D.C., (2006), A Review of Disability Data for the Institutional Population,
Rehabilitation Research and Training Center on Disability Demographics and
Statistics, Cornell University.
Sweeney, J.C. and Soutar, G. (2001), “Consumer perceived value: the development of
multiple item scale”, Journal of Retailing, 77 (2), 203-20.
Tuchila, R. (2000). Servicii bancare prin Internet. E-finance Romania, 3, (3), 23.
Yoo, B., & Donthu, N. (2001). Developing a scale to measure the perceived quality of an
Internet shopping site (SITEQUAL). Quarterly Journal of Electronic Commerce , 2
(1), 31-46.
Woodruff, R. B., Cadotte, E. R., & Jenkins, R. L. (1983). Modeling consumer satisfaction
rocesses using experience-based norms. Journal of marketing research, 296-304.
Yoon, Eunsang, Hugh J. Guffey, and Valerie Kijewski (1993), The Effects of Information
and Company Reputation on Intentions to Buy a Business Service, Journal of
Business Research, 27, 215-228.
Zeithaml, V., Parasuraman, A., & Malhotra, A. (2000). A conceptual Framework for
Understanding e-service quality: Implications for future research and managerial
practice. Cambridge, MA: Marketing Science Institute.
60 APPENDIX A: Determinant Factors and Consequences of Customer Satisfaction in Vietnamese Internet Banking Sector
(QUESTIONNAIRES FOR DATA COLLECTION)
I am a graduate student of International Master of Business of Administration program, I-Shou University, Taiwan. My master thesis is about “Determinant Factors and Consequences of Customer Satisfaction in Vietnamese Internet Banking Sector”. Please take about 10 to 15 minutes to complete this questionnaire by ticking () your appropriate answer or giving your own opinions on the following questions. The collected information will only be used for academic purposes and will be strictly confidential. Thank you so much for your time and your cooperation. Best regard!
Supervisor: Dr. Heidi Chang
Student: Candy (Duong Phuong Linh)
Department of Master International Business Administration
I Shou University, Kaohsiung, Taiwan E-mail: [email protected]
Part A: Background (Please tick ( or ) the response which is true about you).
1. Age:
15 – 25 26 – 35 36 – 45
46 – 55 56 – 65 66 and over
2. Gender:
Male Female
3. Monthly Income:
Under 3,000,000 VND 3,000,001~7,000,000 VND
7,000,001~15,000,000 VND Over 15,000,001 VND
Next Page
61 4. Level of education:
Less than High School High School
College Graduate
5. Job:
Professionals Administrative/Managerial
Laborers/Farmers Government/State Enterprise
Students Retired/ Unemployed/Housewife
Entrepreneurs Commercial
Others (Please indicate): ...... Part B: Please read each item carefully and circle the appropriate number that indicates HOW MUCH YOU AGREE OR DISAGREE with each of the sections below: Strongly Strongly Please tick ( or ) the response which is Disagree Neutral Agree Disagree Agree closest about Internet Banking Sector, Vietnam 1 2 3 4 5
How satisfied you are with the Service Quality
1. Full information on product features and services offered
2. Internet banking is clear and easy to use
3. Website information is regularly updated
4. Internet banking is convenience and saves time
5. The confidentiality of customer’s data is ensured
6. Internet banking transactions are satisfactory worked in term of security and privacy protection
62 Strongly How satisfied you are with the Perceived Value Disagree Neutral Agree StronglyAgree Disagree 1 2 3 4 5 1. Internet banking gives me greater control over my finances 2. Transaction fees are reasonable 3. Internet banking service is good value of money
4. The use of Internet banking is relaxed
5. Internet banking is interesting to use
6. Using Internet banking for my banking services increase my productivity 7. Using Internet banking improves my performance of utilize banking service 8. Internet banking is compatible with my life and working style 9. Internet banking offers a convenient cross-linked transactions among banks Strongly Disagree Neutral Agree Strongly Rate your degree of Customer Satisfaction Disagree Agree 1 2 3 4 5
1. Internet banking makes it easy to find what I need 2. My expectation before using Internet banking is met with my experience 3. Basing on my experience, Internet banking application is quite pleasant
4. I am satisfied with Internet banking application
5. I am satisfied with the delivery of the overall service of Internet banking 6. I am satisfied with quality and fee of Internet banking service 7. I am satisfied with the first time installing and using Internet banking
63 8. I am able to make transactions anywhere at any time I want 9. Customer service of Internet banking system is quick and highly satisfied Assessment of customer satisfaction leads to Strongly Disagree Neutral Agree Strongly Brand Reputation Disagree Agree 1 2 3 4 5 1. Internet banking has a good image in customer’s mind 2. Internet banking has a good reputation compared to traditional banking services 3. Banking websites has a good reputation for offering wide range and high quality of banking services 4. Banking websites have a good reputation on secure customer’s confidential information 5. Internet banking has a good reputation on specialists’ ability to detect fraud and information theft Assessment of customer satisfaction leads to Strongly Disagree Neutral Agree Strongly Customer Loyalty Disagree Agree 1 2 3 4 5 1. I commit in frequent use of Internet banking service 2. I will use Internet banking service in the future 3. I will recommend friends and relatives using Internet banking service 4. I will recommend Internet banking services to someone who seeks my advice 5. I am eager to send feedback to improve future supplied services 6. It is difficult to change my beliefs about Internet banking
Thank you for filling the survey!
64 APPENDIX B: Những yếu tố quyết định và kết quả của sự hài
lòng khách hàng khi sử dụng Internet Banking tại Việt Nam (CÂU HỎI ĐIỀU TRA DÙNG CHO THU THẬP DỮ LIỆU)
Xin chào bạn! Tôi là Đường Phương Linh. Hiện đang là sinh viên năm cuối khoa Quản trị Kinh Doanh Quốc Tế tại Cao Hùng, Đài Loan. Bảng câu hỏi điều tra này được thiết kế để thu thập dữ liệu về các nhân tố quyết định và kết quả của sự hài lòng của khách hàng khi sử dụng dịch vụ Internet banking tại Việt Nam. Rất mong sự tham gia của bạn để tôi có thể hoàn thành tốt Luận văn tốt nghiệp Thạc sỹ này! Giáo viên hướng dẫn: Dr. Heidi Chang Sinh viên: Candy (Duong Phuong Linh) Khoa: Thạc sỹ Quản Trị Kinh Doanh Quốc Tế Đại học Nghĩa Thủ, Cao Hùng, Đài Loan E-mail: [email protected]
Phần A: Thông tin cá nhân (Các anh chị vui lòng chọn hoặc cho câu trả lời đúng). 1. Độ tuổi: 15 – 25 26 – 35 36 – 45 46 – 55 56 – 65 Trên 66 2. Giới tính: Nam Nữ 3. Thu nhập bình quân hàng tháng: Dưới 3,000,000 VN 3,000,001~7,000,000 VND 7,000,001~15,000,000 VND Trên 15,000,001 VND 4. Trình độ văn hóa: Chưa tốt nghiệp cấp 3 Cấp ba Cao đẳng Đại học 5. Nghề nghiệp: Chuyên viên Hành chính/ Quản lý Nhà nông Công chức nhà nước Sinh viên Nghỉ hưu/ Thất nghiệp/ Nội trợ Chủ doanh nghiệp Thương mại Ngành nghề khác (Vui lòng chỉ rõ)………………………………………… ……….
65 Phần B: Các anh chị vui lòng đọc kỹ và chọn câu trả lời đúng nhất về mức độ hài lòng hoặc không hài lòng với mỗi phần dưới đây:
Hoàn Không Hoàn toàn Bình Đồng đồng toàn I. Anh chị có thỏa mãn với chất lượng dịch vụ hay không thường ý ý đồng ý không? đồng ý 1 2 3 4 5
1. Cung cấp đầy đủ thông tin về tính năng sản phẩm và dịch vụ được cung cấp 2. Dịch vụ Internet banking rõ ràng và dễ sử dụng
3. Thông tin trên trang web được cập nhật thường xuyên và đầy đủ 4. Dịch vụ Internet banking rất thuận tiện và tiết kiệm thời gian
5. Thông tin của khách hàng được bảo mật
6. Dịch vụ Internet banking làm hài lòng khách hàng về bảo vệ an ninh mạng và sự riêng tư của khách Hoàn Hoàn toàn Không Bình Đồng toàn II. Anh chị có thỏa mãn với giá trị nhận thức Internet không đồng ý thường ý đồng ý banking đem lại cho anh chị? đồng ý 1 2 3 4 5
1. Dịch vụ Internet banking giúp tôi kiểm soát tốt hơn tài chính của mình
2. Phí giao dịch dịch vụ hợp lý
3. Dịch vụ Internet banking có giá trị cao
4. Sử dụng dịch vụ Internet banking rất thoải mái thuận tiện
5. Dịch vụ Internet banking rất thú vị khi sử dụng
6. Sử dụng dịch vụ Internet banking giúp tôi tăng hiệu quả công việc
66 7. Sử dụng dịch vụ Internet banking giúp tôi cải thiện và tận dụng triệt để các dịch vụ được cung cấp của ngân hàng
8. Dịch vụInternet banking thích hợp với cuộc sống và tác phong công viêc của tôi
9. Hệ thống Internet banking cung cấp tiện ích các giao dịch liên hệ thống các ngân hàng Hoàn Hoàn toàn Không Bình Đồng toàn III. Hãy đánh giá mức độ hài lòng của anh chị về dịch không đồng ý thường ý đồng ý vụ Internet Banking đồng ý 1 2 3 4 5
1. Dịch vụ Internet banking giúp tôi dễ dàng tìm thấy những gì tôi cần
2. Kinh nghiệm sử dụng dịch vụ Internet banking đáp ứng được kì vọng của tôi trước khi sử dụng dịch vụ
3. Dựa trên kinh nghiệm bản thân, các ứng dụng của dịch vụ Internet banking rất vừa ý tôi 4. Tôi rất thỏa mãn với các dịch vụ Internet banking 5. Tôi rất thỏa mãn với sự cung cấp đầy đủ dịch vụ của hệ thống Internet banking 6. Tôi rất thỏa mãn với chất lượng dịch vụ và phí giao dịch của hệ thống Internet Banking 7. Tôi rất thỏa mãn với lần đầu tiên cài đặt và sử dụng dịch vụ Internet banking
8. Tôi có thể giao dịch bất kỳ đâu tại bất kỳ thời điểm tôi mong muốn
9. Dịch vụ chăm sóc khách hàng của hệ thống Internet banking rất nhanh chóng và đáp ứng đúng nhu cầu của tôi
67 Hoàn Hoàn toàn Không Bình Đồng IV. Đánh giá sức ảnh hưởng của việc thỏa mãn khách toàn không đồng ý thường ý hàng đến uy tín thương hiệu đồng ý đồng ý 1 2 3 4 5 1. Dịch vụ Internet banking đã xây dựng được một hình ảnh tốt với nhận thức của khách
2. Dịch vụ Internet banking đã xây dựng được uy tín cao so với các dịch vụ truyền thống khác của ngân hang
3. Trang web của ngân hàng xây dựng được uy tín cao trong việc cung cấp đầy đủ các loại hình dịch vụ với chất lượng cao 4. Trang web của ngân hàng xây dựng được uy tín cao trong việc bảo vệ thông tin mật của khách hàng 5. Dịch vụ Internet banking xây dựng được uy tín cao về khả năng phát hiện và xử lý gian lận và đánh cắp thông tin của các chuyên gia Hoàn Hoàn toàn Bình V. Đánh giá sức ảnh hưởng của việc thỏa mãn khách Không Đồng toàn không thường hàng đến sự trung thành của khách hàng đồng ý ý đồng ý đồng ý 1 2 3 4 5 1. Tôi cam kết sẽ sử dụng thường xuyên các dịch vụ Internet banking 2. Tôi sẽ sử dụng các dịch vụ Internet banking trong tương lai 3. Tôi sẽ giới thiệu cho bạn bè và người thân các dịch vụ Internet banking 4. . Tôi sẽ giới thiệu các dịch vụ Internet banking cho bất kì ai cần lời khuyên của tôi 5. Tôi rất mong được đóng góp ý kiến nhằm cải thiện các dịch vụ được cung cấp trông tương lai 6. Thật khó để thay đổi niềm tin của tôi về dịch vụ Internet banking
Xin chân thành cảm ơn sự giúp đỡ của các anh chị!
68