Monitoring the Quality of Services in Electronic Banking

Jovovic, Radislav; Lekic, Elvis; Jovovic, Miroslav Article Monitoring the Quality of Services in Electronic Banking Journal of Central Banking Theory and Practice Provided in Cooperation with: Central Bank of Montenegro, Podgorica Suggested Citation: Jovovic, Radislav; Lekic, Elvis; Jovovic, Miroslav (2016) : Monitoring the Quality of Services in Electronic Banking, Journal of Central Banking Theory and Practice, ISSN 2336-9205, De Gruyter Open, Warsaw, Vol. 5, Iss. 3, pp. 99-119, https://doi.org/10.1515/jcbtp-2016-0022 This Version is available at: https://hdl.handle.net/10419/217604 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by-nc-nd/3.0/ 99 99 Monitoring the Quality of Services in Electronic Banking * Mediterranean University Podgorica e-mail: [email protected] ** Societe Generale Bank e.mail: [email protected] *** Central Bank of Montenegro e-mail: [email protected] Journal of Central Banking Theory and Practice, 2016, 3, pp. 99-119 Received: 10 June 2016; accepted: 10 July 2016 UDK: 336.71:004.738.5 DOI: 10.1515/jcbtp-2016-0022 Radislav Jovovic *, Elvis Lekic **, Miroslav Jovovic *** Monitoring the Quality of Services in Electronic Banking Abstract: Successful development of electronic banking is in direct correlation with the quality of services in electronic banking. Therefore, it is necessary that the banks are familiar with the attributes of electronic services on which clients assess the bank’s quality and client’s satisfaction with them, in order to be able to monitor, correct and improve the performance of electronic banking. We start from the hypothesis that there are already developed theoretical models for measuring the quality of e-banking services but they must be adjusted to the specific environment that is analysed in order to obtain reliable and quality information. The qualitative and quantitative research methods are applied in this paper in order to a get adjusted theoretical model (instrument) for measuring the quality of electronic banking services. As a result of the conducted analysis, the initial theoretical model has been modified, so that the final version of the model (instrument) for measuring quality of online banking allows obtaining reliable data, and information in the particular environment. And the results are: significant information about the quality of e-banking, modified theoretical model, information about the dimensions of quality of e-banking, customer satisfaction, and pathways and guidelines for the improvement of e-banking. The measuring of quality of electronic banking services in not one time activity but repeated one, as permanent monitoring strategy. This research is widely applicable even though it was conducted in the context of Montenegrin e-banking, since most of the banks in Montenegro are owned by well-known European banks, and it is expected that the obtained knowledge and information can be generalized. Keywords: electronic banking, electronic services, service quality, models, information technology JEL classification: G21, D80, L00, l86 100 Journal of Central Banking Theory and Practice 1. Introduction Electronic banking (e-banking) is a “use of technology that allows clients to electronically perform banking transactions without visiting a bank” (Sethi & Bhatia, p. 55). E-banking is providing not only essential services, such as checking account balances, transferring from the account and others, but it develops into various multi-services for its users. E-banking offers a unique service that can be distinguished from traditional offers in banks, including the provision of financial information services, online loan applications, investment products (e.g. buying bonds), and other financial products (e.g. buying life insurance or car insurance), as well as third-party services (e.g. online tax payment, online bill payment) and other similar products. From the client’s perspective, attractiveness of e-banking include: providing services anywhere and anytime, 24-hour availability, no queues, low cost service, speed of provided services, etc. Users are now able to choose their service provider if their demands are not met, given that through e-banking the costs of changing provider have been reduced. The real challenge for providers of banking services is a timely response to demands of these users, given that slow reaction brings risk of losing the existing customers. With these challenges, service quality plays a very important role. Clearly, providing quality services is a guarantee to meet the needs of users, as well as their retention. Simply said, services are activities, processes and performances. The most important specifics of services with the greatest degree of agreement among experts in this field are the following: • Intangibility of services, • Simultaneity (inseparability) of production and consumption of services, • Heterogeneity (variability) of services, • Perishability (impermanence) of services. The specificity of these services is that they could not be in physical possession. Due to their peculiarities, some authors suggest that, in addition to the classic characteristics of services which separate them from physically tangible products, financial services should introduce additional three specificities, to position them in relation to the (physical) products, but also to other services, such as: • Responsibility to the clients (creditors) • Duration of the service consumption, and • Contingency of service Financial services are complex, but fiduciary responsibility is related to the providers (financial services i.e. financial institutions) who provide financial advice 101 101 Monitoring the Quality of Services in Electronic Banking and manage the money of their clients. This imposes a special responsibility to the financial institutions to explain in detail all the positive and negative aspects of the services they provide to their customers. Duration of spending and the specificity of financial services are often a longterm, so managing the relations becomes very important. Intangibility is considered the most important feature of services, and all other qualities derive from it. At the banks, as financial organizations, the indicators of quality could be humanistic and mechanical. Humanistic indicators relate to the behaviour of employees towards customers, and mechanical includes relation between the cost and quality of services. Banking services fall into the categories of services where the intangibility is very strong. Transience, i.e. impermanence of services, as the last feature of banking services, arises from the fact that it cannot be stored, preserved, saved or returned. Impermanence is not a problem if the demand for banking products and services is permanent (steady). If demand fluctuates, service companies face problems. A bank needs to develop its operations in a manner to provide good service at the moment when there is a need for this service. Failure to satisfy users’ needs, for example due to a malfunctioning ATM, inevitably leads to dissatisfaction of clients. 2. Quality of e-banking In summary, the quality of service perceived by a user is based on a comparison of expectations (e.g. what the user can expect from company’s offer) and performance (e.g. what are the user’s experience and perception in relation to the service provided). In other words, the quality of service can be defined as the gap or difference between the expected and the services provided. Parasuraman et.al (1988) – nije navedeno u references concluded that the quality of services is „a total evaluation of a company that is a result of comparison between the company’s performance and the user’s expectations about how the companies in given industry should do business.” Clearly, online services (e-services) are services provided via the Internet, which makes it different from traditional services. In other words, providing online services depends on the information that service providers initially collect from the user, and then analyse. In this way, they can offer services that are in demand, as well as personalized services. Thanks to the rapid development of information technology, online services have already contributed to some changes in habits and people`s everyday lives, especially in communication between companies and customers. The main advantage of online services is not only the fact that 102 Journal of Central Banking Theory and Practice their role is crucial for successful e-business, from the perspective of service providers, but also that providing high quality services enables interaction in terms of information flow (Yang, and Fang, 2004). Comprehension of the online service concept should help better understanding of the quality of online services. According to Santos (2003), the quality of e-ser- vices is an overall assessment of the service provided on the virtual market from the perspective of the user. In their study, Zeithaml, Parasuraman, & Malhotra (2000) defined the quality of e-service as a degree to which a website can promote the whole process of online trade, including efficient and effective shopping of products and services. The competitive advantage is one of the major advantages that quality online service can provide through e-commerce. To sum up, the quality of e-services has enormous potential that can be used in realizing the business strategy and improving the efficiency and profitability (Cronin, 2003). Also, the quality of online services has a significant role in the era of information technology. With the increasing popularity of online banking services grows the need to develop scale for assessing e-service quality. Moreover, numerous researches were conducted to define the scale for assessing the e-service quality in order to improve e-business. Those scales for assessing e-service quality can be divided into two categories, based on priorities and tendencies of the very research: website design quality and electronic retailing service quality. 2.1. Theoretical model The theoretical model applied is ES-QUAL/E-Rec S-QUAL, developed by Parasuraman, Zeithaml & Malhotra (2005), modified for measuring the quality of online banking services. ES-QUAL / E-Rec S-QUAL involves the interaction between the user interface and website, but also the process of trade and services after the interaction. It is believed that the ES-QUAL/E Rec-S-QUAL is model comprehensive measurement of quality assessment of online services that includes prior experience (which can be understood as an estimation of the website quality), during (the purchasing process) and after the transaction process (service after finishing the sale). Selection of theoretical basis is not made just for the popularity of its application, but also for the results of involvement in the whole process before, during and after completing the transaction process. In other words, the focus is on the posttransaction services, which actually confirm successful or unsuccessful completion of the transaction, provide security to the customer, and create reputation of the service provider. 103 103 Monitoring the Quality of Services in Electronic Banking The model established in this paper was revised by the ES-QUAL/E-Rec S-QUAL instrument. Quality dimensions of e-banking services consist of: efficiency, privacy, readiness to provide answers/contact, as well as dimensions of security, empathy, and website design. Some of them: effectiveness, privacy, responsiveness (willingness to provide answers/ contact) have been taken from the theoretical model ES-QUAL/E-Rec S-QUAL, which serves as the basis, while the rest of dimensions have been taken from other similar models in accordance with the needs of e-banking services in Montenegro. Efficiency: Parasuraman et.al (2005) defined it as “the ease and speed of accessing and using the website”, including the page loading speed, quick finding what is in the user’s interest, etc. As a result, there are 6 items for this dimension in the survey for data collecting. In fact, the definition of efficiency includes “ease of navigation” and “approach” which have been mentioned in the first phase of the development of E-SERVQUAL instrument. Privacy/Trust: This dimension is defined as the degree to which the site is safe and protects information about the user. Finally, there are three items on this dimension. Willingness to provide answers/contact: This dimension combines responsiveness and contact. It actually means “effective solving problems and successful comeback through the website, as well as the availability via phone or online representatives”. There are four questions in the survey for data collection, related to this dimension. Safety: According to Parasuraman, Zeithaml, & Malhotra (2000), this dimension is defined as “confidence that the user feels while working on the website, its reputation, and clear and credible information provided through the website.” This dimension covers five questions in the survey for data collection. Web site design: This concept is very similar to the aesthetic dimension of the website that have been mentioned in the first phase of developing the E-SER- QUAL instrument (2000). The website aesthetics is defined as “the look of the site” Parasuraman et al (2000). According to Ho & Lin (2010) website design referred to the design of website, such as content updating coinciding with dimensions of a lot of previous studies (Aladwani, and Palvia, 2002; Yang, and Fang, 2004), but not limited to technical development, visual design etc. Wolfinbarger & Gilly (2001) have said that access to information plays an important role in online shopping. However, this system helps users to more time savings, if the information is available and accessible. In general, web design can facilitate the 104 Journal of Central Banking Theory and Practice application of information technology, and access to online banking services. This dimension includes four items in the survey for data collection. Empathy: This dimension is defined as “providing attention, individualised attention to customers” (Parasuraman, Valerie, Zeithaml & Berry, 1985). To make it easily understandable, this actually means that providers put themselves in the position of consumers. According to the real needs of consumes, the products and services are manufactured and offered. At the same time, based on Parasuraman et.al (2000), customization is defined as “how much and how easy the website can be adjusted to individual users, their purchase history, and ways of their purchases.” As such, the dimension of customization has typical characteristic of empathy. This dimension is defined through four questions in the survey for data collecting. Compensation/preferential treatment: According to Parasuraman et.al (2005), this dimension is defined as “the degree to which the website reimburse customers for the problem that has occurred.” This dimension is linked to the dimension of “price knowledge”, which is explored in the first phase of E-SERVQUAL development by Zeithaml et al. (2000). Originally, these dimensions have been used for measuring the quality of online shopping services when problems occur. Ratings of respondents are classified through two questions in the survey for data collection. 3. Methodology The aim of the theoretical part is to obtain the necessary information and knowledge about e-banking, and to establish the corresponding multiple scale for measuring the quality of electronic services based on ES-QUAL E-Rec S-QUAL model and other related models. The empirical part tests the models through data collection and statistical analysis with a focus on the analysis of factors, in order to ultimately obtain an improved scale for measuring the quality of online banking in Montenegro. Hence, we have combined qualitative and quantitative research. Qualitative research has allowed deeper understanding of e-banking and its quality. “Empirical insight” has connected the theory with real life practice. Through quantitative research, the focus was on data collecting and processing, in order to ensure reliability and validity. (Amaratunga et al, 2002). 105 105 Monitoring the Quality of Services in Electronic Banking The five-point Likert scale was used to measure and assess the attribute quality of service in the survey that has been used in the study. It is most commonly used and considered to be the simplest. It consists of five different levels of attitudes. The usual form of a five-point scale includes the following: 1. «I strongly disagree», 2. «I agree», 3. «I am neutral», 4. «I agree to a large extent», 5 «I fully agree». Thus, each number can represent a different attitude level. Once we collected all the polls, we used the quantitative method to determine «to which extent» the customer sees and experiences the quality of e-banking services in Montenegro today. In addition, based on the collected data, it was necessary to perform statistical analysis, i.e. analysis of the factors. Also, thanks to the statistical data analysis, the results of measuring the quality of e-banking can be tested and further improved. Data collected for the purposes of this study have been analysed in SPSS software. According to the purpose defined in the empirical part of the study, to manage data obtained from the survey we used: descriptive statistics, correlation of the items with the total score (item-total), Cronbach’s alpha reliability test, a detailed analysis of the factors, using analysis of the principal components through method of extraction. 4. Data analysis Before the EFA (Factor Exploratory Analysis), KMO (Kaiser-Meyer- Olkin) test and Bartlett’s test have been conducted to ensure adequate factor analysis for this measurement. KMO index higher than 0.5 is a standard for performing factor analysis. P-value of Bartlett’s test is below 0.05. The adequacy of KMO test and adequacy of the sample is 0.932. Exploratory factor analysis is adequate for further measurement. (Table 1) Table 1: KMO and Bartlett’s Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .932 Bartlett's Test of Sphericity Approx. Chi-Square 3803.418 Df 406 Sig. .000 After the previous step, factor analysis with Principal Component Analysis, as a method of extraction, was performed in 135 cases. The analysis has provided results indicating that three factors could be drawn from all the data. According 106 Journal of Central Banking Theory and Practice to the Kaiser’s criterion, the number of factors is performed if the value is higher than 1. The Rotated Component Matrix (Table 2) shows the correlation between each variable (rows) and various factors (columns). Each variable should refer to the factor with best correlation. Variable Q23 was ejected from the model because it almost equally correlated two factors. Table 2: Rotated Component Matrix (a) Component 123 bo10 .805 wd18 .677 wd20 .674 po15 .668 po16 .667 wd19 .629 bp7 .628 po17 .599 bp9 .589 bp8 .579 po14 .575 po13 .560 na28 .535 . E4 ..786 E2 .761 E3 .715 E5 .694 E1 ..684 em23 .572 E6 ..524 wd21 .524 wd22 .519 na27 .746 po12 .685 em24 .674 bo11 .612 em25 .602 em26 ..596 na29 .592 113 113 Monitoring the Quality of Services in Electronic Banking Table 18: Percentage schedule of responses on a scale by question No. Questions Position Degrees of Likert scale 1% 2% 3% 4% 5% 110 9.6 40.7 22.2 17.0 14.4 218 11.1 44.4 20.0 14.8 9.6 320 11.9 47.4 22.2 10.4 8.1 415 14.2 41.0 23.1 11.9 9.7 516 8.1 48.1 17.0 17.8 8.1 619 13.3 44.4 21.5 11.1 9.6 7 7 15.6 37.0 27.4 14.1 5.9 817 6.7 47.4 20.7 17.0 8.1 9 9 5.2 47.4 21.5 12.6 13.3 10 810.4 42.2 17.8 20.0 8.9 11 14 18.5 37.0 31.9 9.2 3.4 12 13 11.9 41.5 18.3 21.5 5.9 13 28 8.1 44.4 23.7 18.5 5.2 14 414.1 47.4 15.6 16.3 6.7 15 211.1 52.6 11.9 16.3 8.1 16 314.1 43.0 14.8 23.7 4.4 17 58.1 47.4 12.6 20.7 11.1 18 18.9 56.3 13.3 14.8 6.7 20 68.1 48.9 16.3 17.0 8.9 21 21 12.6 44.5 21.5 19.3 5.2 22 22 8.1 46.7 23.0 17.8 4.4 23 27 8.4 47.9 21.0 18.5 4.2 24 12 9.6 43.0 34.1 8.9 3.7 25 24 14.8 40.0 25.9 15.6 3.7 26 11 8.9 47.4 22.2 12.6 8.9 27 25 11.1 43.7 30.4 8.9 5.9 28 26 11.1 44.4 22.2 6.3 5.9 29 29 11.1 47.4 23.0 11.1 7.4 5. Conclusion Today, banking is undergoing intensive transformation under the influence of information and communication technologies. Considering that high investments in the Internet infrastructure, customer satisfaction, and his/her binding is a crit- 114 Journal of Central Banking Theory and Practice ical success factor in e-banking, creating positive customer value on the Internet requires the establishment of long-term customer relationships (Bauer Hammerschmidt & Falk, 2005). One way to achieve customer satisfaction and their loyalty is to offer high quality services. This is the reason why banks should be trained to measure and assess the quality of their online banking services. Without this information, banks simply cannot take corrective actions if customers are not satisfied with their services, which leads to the total failure of e-banking. The theoretical part of this paper defined and established the suitable multiple ebank service measurement scale based on E-SERVQUAL model and other related models. In the empirical pat of the paper, the model for measuring the quality of services of e-banking was created, taking into account specificity of e-banking in Montenegro. The model allows drawing conclusions on customer satisfaction with the quality of various e-banking dimensions. The Cronbach Alpha Reliability Test and the Component Analysis were used for data analysis and testing. The Cronbach Alpha Reliability Test showed the relative reliability of dimensions used in the model. Analysis of the major components has led to some changes in the initial theoretical model, based on previously conducted studies: the number of dimensions was reduced to three, including web design and reliability, efficiency, as well as communication and empathy. Thus, the final version of an instrument for measuring e-banking quality consists of a scale with three dimensions: web design and reliability, efficiency and communication, and empathy, with 28 questions. After modifying the theoretical model in order to obtain a better quality of instruments for determining e-banking quality, the authors performed a descriptive analysis. In addition, customer satisfaction with the different dimensions of quality relating to the modified theoretical model was assessed with a view to concluding which aspects of e-banking services should be improved and which must be monitored by the bank management. Given that research included a well-known European bank with branches in Montenegro, all information and knowledge gained in this survey could be applied to a variety of banks and countries. Research clearly indicates that users of e-banking are predominantly satisfied with the quality of online banking on a small scale. A significant number of users is completely dissatisfied (11%). Banks need to develop and promote all the dimensions to win customer satisfaction. The users of e-banking services must be pleased with the services of e-banking in a higher percentage, so in the coming period more and more users of traditional banking services could start using e-banking. Many users of electronic banking will inevitably imply the update of 115 115 Monitoring the Quality of Services in Electronic Banking the existing databases in commercial banks, by introducing more precise unambiguous data series, which will certainly lead to a higher customer satisfaction with e-banking services. The survey results indicate that there are underutilized promotional channels through which commercial banks could reach out to potential clients. 116 Journal of Central Banking Theory and Practice References 1. Aldwani, A. , Plavia P. 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Explanation Dimension 110 Employees in the customer service provide good service Web design and reliability Efficiency Communication and empathy 218 Questions relating to the interests and rights of users are visibly located on bank’s website 320 Information provided through this website are regularly updated (i.e. these information are topical) 415 Website protects credential of bank cards users 516 Website can react to problems and solve them immediately 619 Website map is very clear, content and images placed on the portal are comprehensible to the users 7 7 System is stable and reliable (no situation can terminate the transaction) 817 Website can provide adequate solutions to the problems (e.g. several solutions) 9 9 Reputation and image of e-banking are good 10 8 Customer service employees have professional knowledge and skills 11 14 User has confidence in e-banking services 12 13 Website offers several ways to protect the security (password, etc.) 13 28 E-banking has a reasonable commission for conducting transactions through this service 14 4 Use of e-banking bank is simple and easy 15 2User can quickly and easy get the necessary information from the website 16 3Website is loading quickly 17 5Navigation (moving) through the website is easy 18 1Website can quickly process the information and transactions 20 6 Information provided by the website are reliable and accurate 21 21 E-banking provides complete information on the characteristics of different products/services 22 22 Website provides various ways of logging (entry) on the portal of e-banking (such as name, account number, etc.) 23 27 Website contains a promotional video that shows how to use e-banking services 24 12 Transactions can be performed in a safe mode 25 24 Website offers a variety of electronic instructions, (i.e. search options) 26 11 Website can protect users' personal data without abuse 27 25 Website can offer customized services 28 26 E-banking is an authorized service for supporting and solving a large number of businesses 29 29 E-banking provides preferential transaction pricing 99 23 Information conveyed on this website are presented clearly