Gender and preferences for personal contact: key variables in the Internet Banking use by elderly people.

Gende and p e e ences o pe sonal con ac : key a iables in he In e ne Banking use by elde ly people. MARIA ANGELES RAMÓN-JERÓNIMO Depa men Business Adminis a ion and Ma ke ing Pablo de Ola ide Uni e si y, C a. de U e a, km. 1 41013, Se ille SPAIN [email p o ec ed] BEGOÑA PERAL-PERAL ANGEL FCO. VILLAREJO-RAMOS Depa men Business Managemen and Ma ke ing Uni e si y o Se ille A . Ramón y Cajal, 1, 41018 Se ille SPAIN [email p o ec ed], [email p o ec ed] Abs ac : - The analysis o he se ices o e ed by he In e ne Banking and he esponse o clien s o hese se ices cons i u e a powe ul ool o he success in his ma ke . In he case o elde s, he popula ion is he e ogeneous and he unde s anding o di e ences in esponses and beha iou s is he basis o any good s a egic de elopmen d i en o he pe sonaliza ion o he se ice. The p esen s udy aims o analyse he gende gap in he use o In e ne Baking and p e e ences o pe sonal con ac in he g ey ma ke as key a iables in he explana ion o he equency o use o en se ices egula ly o e ed by he In e ne banking. A sample o 415 indi iduals olde han 55 yea s has been analysed. Resul s show he exis ence o a gende gap in he equency o use, being women spo adic use s compa ed o men. In addi ion, we ound ou how he le el o au onomy in he p e e ence o pe sonal con ac dilu e gende di e ences o some se ices. Key-Wo ds: - elde ly, In e ne banking, gende gap, pe sonal con ac . 2 INTRODUCTION Elec onic banking is one o he mos success ul business- o-consume applica ions in elec onic comme ce [1]. In e ne banking (IB) is a channel ha allows consume s o pe o m a wide ange o inancial and non- inancial se ices h ough a bank's websi e [2]. IB has eme ged as one o he mos p o i able e-comme ce applica ions along he las decade [3, 4]. Mo eo e , IB cus ome s a e he mos in e es ing o banks [5], showing an inc eased sa is ac ion, mo e posi i e wo d-o -mou h communica ions and he lowes in en ion o change o o he inancial ins i u ions [6]. Howe e , al hough he g ow h om 2008 o 2012 is no iceable (31% o Eu ope and 60% o Spain) no e e yone uses IB: a 38% o he popula ion aged om 16 o 74 yea s in Eu ope and only a 32% in Spain. Bu age is no he single socio demog aphic a iable explaining di e ences in UE coun ies; i is also possible o cap u e hese di e ences in he use o IB ac oss gende s. (Figu e 1) [7]. Figu e1. Pe cen ages o IB use s in UE (27) and in Spain by gende (2005-2012). Se e al s udies ha e documen ed he a ac i eness in he inancial s a us o he g ey ma ke . Managing he g ey ma ke is one o he ho opics in elec onic banking oday. Re i emen can dec ease household income, howe e , he income pe membe o he household does no dec ease ha much since he child en has usually al eady mo ed away. Thus, ma u e consume s ha e signi ican pu chasing powe bu also a need o ca e ully managing hei asse s along hei li espan, making he 55-plus segmen ex emely luc a i e o he inancial se ice p o ide s. Ma u e consume s a e becoming amilia wi h echnology such as compu e s, In e ne and mobile phones. Ma ke e s oo o en s e eo ype olde consume s and igno e hem in hei ma ke ing ac ions [8]. Elde s p esen a high he e ogenei y [9, 10] in hei pu chase beha iou making necessa y o design s a egies cap u ing his he e ogenei y o co ec ly d i e ma ke ing ac ions o he g ey ma ke . Fo hese easons, his wo k ies o analyse i gende and p e e ences o pe sonal con ac wi h banks’ s a in luences IB use. Finding ou hese di e ences would allow banks o iden i y p one clien s o use IB and adap hei s a egies h ough he pe sonaliza ion o he se ice. INTERNET BANKING USE Some au ho s [11, 12, 13] show demog aphic a iables a ec ing IB use, al hough mos o he indings poin o a iables such as gende , age, income, le el o educa ion, occupa ion o amily size a ec ing IB use [14, 15, 9] o he ac o s could be help ul de ec ing exis ing segmen s ega ding IB use: geog aphical and psychological c i e ia [16, 17], a i udes, expec ed bene i s [18] o he pe cep ion o he secu i y and p i acy isks [19, 15]. In addi ion, he p ope y o inancial p oduc s and pe cep ions and a i udes owa ds ecei ed se ices and In e ne as a inancial dis ibu ion channel [13], banking ansac ions conduc ed by clien s [20] o he numbe 0 5 10 15 20 25 30 35 40 45 2005200620072008200920102011 EU (27) Males Spain Males EU (27) Females Spain Females 3 o banks used by cus ome , acqui ed bank p oduc s and he equency o use [21] a e c i e ia ha ha e been also analysed o explain IB use. Rega ding elde ly and echnology and al hough hey a e no a homogeneous segmen o banking ma ke , a s e eo yped p o ile o olde pe sons has been used [9]. Fo his eason, ou wo k aims o analyse he use o IB se ices in he elde ly segmen , analysing gende and he p e e ence o pe sonal con ac in banking. Fi s ly, conce ning gende and In e ne use, i has been sugges ed ha echnology adop ion di e s be ween males and emales. Men end o be mo e ask-o ien a ed [22], sys ems- o ien a ed [23] and mo e willing o ake isks han women [24]. Men’s decisions o use a compu e sys em could be conside ed mo e in luenced by he pe cei ed use ulness while women’s decisions would be in luenced by he ease o use o he sys em [25] and he e may be gende di e ences in he mo i a ion, du a ion and enjoymen as e- consume s [26]. Gi en ha emales ha e adi ionally exp essed mo e nega i e a i udes and g ea e le els o anxie y owa d compu e s han males [27], less sel -pe cei ed compe ence and a lowe ease o use wi h espec o he In e ne [28], i seems easonable o conside ha In e ne banking use may be depend on gende . The e o e, we expec ha olde women use In e ne banking less han men. Secondly, some people p e e echnology-enabled se ices be p o ided p ecisely because i elimina es he need o pe sonal con ac and in e ac ion wi h se ice pe sonnel and o he cus ome s and e en hey ind i enjoyable [29, 30]. O he s, howe e , p e e o deal o in e ac wi h people a he han machines, which a e o en hough o be impe sonal and incapable o p o iding a pe sonalized se ice [31, 32]. Fo his, i is easonable o expec ha cus ome s who desi e pe sonal in e ac ion wi h he bank may be eluc an o adop and use echnologically acili a ed means o se ice p o ision, simply o hei p e e ence owa d he pe sonal elemen and he oppo uni y o social in e ac ion [33, 34]. Desi e o pe sonal con ac does ha e nega i e impac on usage o in e ne banking [29], while “sel -su icien ” inancial cus ome s, p e e ing o make hei inancial decisions on hei own, wi hou need o ad ice om hei inancial en i ies, a e mo e likely o use he In e ne o banking ansac ions [35]. The e o e, we expec ha elde ly wi h high p e e ences o pe sonal con ac use IB less han sel -su icien ones. METHODOLOGY Da a we e collec ed h ough a su ey du ing he mon hs o No embe and Decembe 2012 using s uden s o e 55 yea s hold en olled in he “Expe ienced Class oom” ini ia i e in a Uni e si y in he Sou h o Eu ope. The numbe o alid su eys was 415 wi h a p opo ion o women o 62.5%. The a e age age was 63.6. Mos o hem had seconda y s udies 54.2%, and uni e si y s udies 36.1% and socioeconomic class was mos ly middle class 80.2%. We employed scales es ed in p e ious esea ch o measu e p e e ences o pe sonal con ac [29] and IB use [36]. These i ems we e ancho ed on a 7-poin Like scale (1 = s ongly disag ee; 7 = s ongly ag ee). The In e ne banking se ices’ concep was measu ed using an exis ing scale [33]: S1- Check he balance o my accoun s; S2- T ans e unds be ween accoun s; S3- Make paymen s (c edi ca d, elephony and elec ici y bills, o he paymen s); S4- T ans e unds om my accoun o o he pe son’s accoun ; S5- Ge in o ma ion on my in es men po olio (sha es, mu ual unds); S6- T ade sha es and check he s a us o my o de ; S7- Ge in o ma ion on di e en ypes o loans; S8- Ge an upda e on my exis ing inancing loan(s); S9- Apply o a inancial se ice; S10- Con ac my bank o answe a ques ion. Use equency o each se ice desc ibed was ancho ed by: no use, unde 5 imes a yea , be ween 6 and 11 imes a yea , once a mon h, se e al imes a mon h, se e al imes a week, once o mo e imes a day. To elimina e possible ambigui ies in he ques ionnai e, i was pilo ed using se en olde adul olun ee s. 4 To assess he cons uc s, we conduc ed a con i ma o y ac o analysis (CFA) using PLS wi h Sma PLS 2.0.M3 [37]. Based on he CFA esul s, we analyzed con e gen alidi y, disc iminan alidi y, and he eliabili y o all he mul iple-i em scales [38] (Table 1). Composi e ac o sco es we e calcula ed o pe o m u he analysis. Table 1. Reliabili y and Validi y Cons uc I ems Loadings Pe sonal con ac AVE: 0.761 Composi e eliabili y: 0.927 C onbach’s Alpha:0.896 I p e e o deal ace- o- ace wi h cus ome se ice people 0.869 I am mo e eassu ed by dealing ace- o- ace wi h cus ome se ice people 0.904 I like o communica e wi h people when se ices a e being p o ided 0.817 I eel like I’m mo e in con ol when dealing wi h cus ome se ice people han wi h au oma ed sys ems 0.897 Use AVE: 0.848 Composi e eliabili y: 0.943 C onbach’s Alpha: 0.911 I use he In e ne banking equen ly 0.915 I expend a lo o ime using In e ne banking 0.918 I am e y in ol ed wi h he In e ne banking 0.931 RESULTS The use o con ingency ables is he basic echnique o examining he dependence be ween wo ca ego ical a iables. We analyse i IB use, in gene al, and i he equency o use o online bank se ices a e independen om gende . In addi ion, we examine i he e a e di e ences in he p e e ences o dealing wi h bank s a conside ing gende . As i is shown in able 2, he wo-sided asymp o ic signi icance o he chi-squa e s a is ic was lowe han 0.01 o all he bank se ices analysed. Showing e idence o he exis ence o dependence be ween gende and IB use and gende and he equency o each bank se ices. Men ha e, on a e age, highe equency o use han women. Rega ding he p e e ences o con ac wi h bank s a , women ha e highe a e age alues han men (5.395 s. 4.752) (see Table 2). Table 2. Chi-squa e s a is ics, di e ences ac oss gende s Chi-Squa e (Asymp Sig.) Mean o equencies Men - Women S1- Check he balance o my accoun s 38.081 (.000) 4.56 - 3.38 S2- T ans e unds be ween accoun s 34.356 (.000) 3.12 - 2.22 S3- Make paymen s (c edi ca d, elephony and elec ici y bills, o he paymen s) 23.381 (.001) 2.78 - 2.01 S4- T ans e unds om my accoun o o he pe son’s accoun 29.460 (.000) 2.77 - 2.12 S5- Ge in o ma ion on my in es men po olio (sha es, mu ual unds) 24.866 (.000) 2.89 - 2.21 S6- T ade sha es and check he s a us o my o de 32.298 (.000) 2.27 - 1.65 5 S7- Ge in o ma ion on di e en ypes o loans 27.043 (.000) 2.3 - 1.66 S8- Ge an upda e on my exis ing inancing loan(s) 23.186 (.000) 1.74 - 1.37 S9- Apply o a inancial se ice 26.289 (.000) 1.83 - 1.45 S10- Con ac my bank o answe a ques ion 18.841(.004) 2.37 - 2.28 USE_MED 51.372 (.000) 3.376 - 2.488 PC_MED (Pe sonal Con ac ) 69.524 (.000) 4.752 - 5.395 Wi h espec o he symme ic measu es (phi, C ame ´s V and con ingency coe icien ), he s a is ics indica ed a s a is ically signi ican ela ionship and he alues o all h ee measu es eached alues om 0.243 o 0.417, showing s ong ela ionships among he cons uc s unde analysis. We analyse he dependence among p e e ence o pe sonal con ac and he equency o use o online banking se ices, bo h o dinal a iables. As esul o he Gamma analysis, he dependence be ween p e e ence o pe sonal con ac and he equency o use o online banking se ices is shown being he pa ame e s s a is ically signi ican bu nega i e indica ing ha he g ea e is he p e e ence o deal wi h bank s a , he lowe equency o online banking and IB use a e (Table 3). Table 3. Symme ic measu es Gamma (Asymp Sig.) Kendall´s Tau c (Asymp Sig.) S1- Check he balance o my accoun s -.261 (.000) -.222 (.000) S2- T ans e unds be ween accoun s -.368 (.000) -.269 (.000) S3- Make paymen s (c edi ca d, elephony and elec ici y bills, o he paymen s) -.287 (.000) -.179 (.000) S4- T ans e unds om my accoun o o he pe son’s accoun -.358 (.000) -.245 (.000) S5- Ge in o ma ion on my in es men po olio (sha es, mu ual unds) -.234 (.000) -.149 (.000) S6- T ade sha es and check he s a us o my o de -.285 (.000) -.146 (.000) S7- Ge in o ma ion on di e en ypes o loans -.227 (.000) -.125 (.000) S8- Ge an upda e on my exis ing inancing loan(s) -.292 (.000) -.117 (.000) S9- Apply o a inancial se ice -.285 (.000) -.127 (.000) S10- Con ac my bank o answe a ques ion -.166 (.001) -.113 (.001) USE_MED -.410 (.000) -.321 (.000) O he ques ion analysed is he possible exis ence o dependence be ween he p e e ences o pe sonalized a en ion and gende o he esponden and he a iables o IB use and equency o use o se ices online. Fo his eason, we use he a iable pe sonal con ac o di ide he sample in o wo pa s: hose who p e e o be sel -su icien o au onomous (pe sonal con ac alues 1 o 4) and hose who p e e o deal di ec ly wi h he s a o he bank ( alues 5 o 7). The chi- squa e es was pe o med sepa a ely o bo h g oups. Resul s indica e ha o six o he online bank se ices gende and equency o use a e ela ed, independen ly om i he pe son p e e s o no o deal wi h s a bank. Howe e , o ou o he se ices: SERV5- Ge in o ma ion on my in es men po olio; SERV8- Ge an upda e on my exis ing inancing loan(s); SERV9- Apply o a inancial se ice and SERV10- Con ac my bank o answe a ques ion), elde s who en olding he g oup o sel -su icien in hei inancial decisions, p esen ed no di e ences among men and women. In addi ion, di e ences in he 6 equency o use o online banking se ices depending on gende o elde s p e e ing o deal wi h bank employees we e s a is ical signi ican . DISCUSSION, LIMITATIONS AND FURTHER RESEARCH The In e ne banking o e s ad an ages o elde s, 24 hou s access, e sa ili y, independence and he possibili y o o e come he physical ba ie s o he age in he access o se ices. Howe e , he g ey ma ke p esen s a lack o adap a ion and s ill emains in he call o a pe sonal a en ion. The In e ne banking has changed he ype o ela ionship be ween clien s and banks. T adi ionally, his ela ionship was based on he physical p esence o bo h, clien and s a . Today, in con as , i is possible o manage accoun s and all o he se ices online ha ing he oppo uni y o compa e di e en p o ide s quickly and easily. In his ma ke , banks need o be e unde s and he new ype o ela ionship ha he use o In e ne gene a es and how o ope a e. The u u e o he In e ne bank is in he ype o se ices o e ed and in he way hey in e ac wi h clien s sa is ying hei needs. In his line, i seems easonable o conside ha he success could be in he pe sonaliza ion o se ices o a ac i e segmen s. The elde ly cons i u e a g owing segmen oday and p esen s di e en cha ac e is ics om he es o he popula ion (mo e ee ime, g ea e eedom in hei economic and inancial decisions, and less use o In e ne and o he ICTs). Howe e , hey do no cons i u e a homogeneous segmen [39]. In ac , he p esen wo k shows he exis ing gende gap desc ibed in he eal dependence among he In e ne Banking use and gende . Speci ically all he In e ne Banking se ices analysed p esen ed signi ican di e ences among gende s, being used in a highe ex en by men han women. An explana ion o hese di e ences could a ise om he p e e ence o women o pe sonal con ac . In he sample analysed woman p esen ed highe mean alues o his p e e ence and, as i is shown in ou esul s, p e e ence o pe sonal con ac seems o be nega i ely ela ed o he use o In e ne Banking se ices. Women p e e a pe sonal con ac in he IB showing a p e e ence o pe sonal sou ces o in o ma ion and lowe isks. A deepe analysis, di e en ia ing be ween au onomous and dependen clien s -who p esen low and high le els o pe sonal con ac p e e ences espec i ely- show how au onomous ge in o ma ion, in e ac and apply o a se ice independen ly om gende . Main aining he gende di e ences obse ed in he comple e sample o he es o he se ices. How o pe sonalize se ices o elde s? Rega ding he esul s p esen ed in his pape , a i s idea comes om he gende gap, i seems app op ia e di e en ia e he o e among gende s. Females p e e highe le els o secu i y and pe sonal con ac , hen companies in e es ed in his segmen mus p epa e hei Web o he in e ac ion o hem. Webs cons i u e he only communica ion channel in his case and designs mus i he p esence o au onomous and dependen elde people. Au onomous mus eel a simila expe ience o he pe sonal con ac and he secu i y and assis ance p o ided by he absence o s a mus be compensa ed by design, unc ionali y, a ailable in o ma ion and ease o use. Women show his need o a en ion in a highe ex en . Banks mus analyse all he cu en da a hey ha e abou ela ionships wi h elde s om di e en gende s o pe sonalize he o e o hem changing he se ice om he concep o segmen a ion o pe sonaliza ion. Th ough he pe sonaliza ion based in da a analysis, banks can ein o ce he in e ac ion wi h clien s in manne s no achie ed by he pe sonal con ac because se ices can be o e ed in a cheape , as e and be e manne . Banks ying o a ac he a en ion o elde s owa d he In e ne banking mus conside o d i e hei o e speci ically o hem, ai hem as people mo e han a segmen and pe sonalize he se ice h ough he In e ne . This wo k mus be conside ed as a i s s ep in he unde s anding o he g ey In e ne banking. Fu he esea ch could pe secu e mo e ambi ious objec i es o compensa e he limi a ions o his esea ch. Fi s , he di icul y o collec da a om elde s d o e us o hose membe s o he popula ion ha we e a ou disposal, being ou sample collec ed wi hou conside a p obabilis ic app oach. Al hough he sample is di e se and he p opo ion o socio demog aphics p esen in he popula ion is consis en wi h he dis ibu ion o he sample used, con enience sample mus be unde s ood as a i s app oach calling o a deepe analysis o his g oup. Secondly, he concep s analysed in his pape a e only a na ow ision o he complex phenomena o In e ne 7 banking o elde s. Many o he a iables could be help ul in he unde s anding o he g ey ma ke beha iou s, o ins ance psychological a iables as hose appea ing in TAM2 [40] o TAM3 [41] o concep s such as sel -con idence, ole ance o isk and so on. 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D., A heo e ical ex ension o he echnology accep ance model: ou longi udinal ield s udies. Managemen Science, Vol. 46, 2000, pp. 186–220. [41] Venka esh, V., & Bala, H., Technology accep ance model 3 and a esea ch Agenda on In e en ions. Decision Sciences, Vol. 39(2), 2008, pp. 273–315. Acknowledgemen s The ini ia i e Andalusia P ojec s o Excellence has inanced his esea ch h ough he p ojec P09-SEJ-4568. We wan also o hanks he collabo a ion o Rosa Mª A ila and he Class oom Expe ience a he Uni e si y o Se ille in he da a collec ion.