Theoretical Significance of Online Banking on Customer ... · The banking industry has been rapidly developing the use of Internet banking as an efficient and viable tool to create

International Journal of Economics & Business ISSN: 2717-3151, Volume 5, Issue 2, page 90 - 101

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Zambrut.com. Publication date: August, 2019.

Arhin, S. 2019. Theoretical Significance of Online Banking on Customer Satisfaction (The

Perspectives of Bank Employees ................

90

Theoretical Significance of

Online Banking on Customer

Satisfaction (The Perspectives of Bank Employees and the Way Forward?)

Solomon Arhin

Dr. Solomon Arhin

School of Business, Christ Apostolic University College, Kumasi

P.O. BOX 15113, Kumasi, Ghana

1. INTRODUCTION

1.1 Background of the Study

The banking industry has been rapidly developing the use of Internet banking as an efficient and

viable tool to create customer value. With the rapid development of computer technology as a

commercial too, Internet banking can be used to attract more employees to perform banking

transactions in related banks. However, the main problem of Internet banking faced by the providers is

that a large number of the banks’ employees are not willing to use the Internet banking services

Abstract: Banking through internet has emerged as a strategic resource for achieving

higher efficiency, control of operations and reduction of cost by replacing paper based

and labour intensive methods with automated processes thus leading to higher

productivity and profitability. The purpose of this empirical research was to examine the

impact of online banking on customer satisfaction. Electronic banking is aimed at

promoting customer satisfaction and decongesting of banking halls. Despite the

introduction of those facilities, the banks have not fully taken advantage of such facilities.

This has led to overcrowding in the banking halls and the resultant customer

dissatisfaction. These arguments have necessitated the need to examine the effects of

online banking on customer satisfaction. The targeted population was the employees

Banks in Adum areas of Kumasi. A sample size of 100 employees was taken from the

population. The researcher used a cross sectional survey to capture the respondents

responses through simple random sampling. Mixed method of data collection was

adopted. The findings indicate that majority of respondents(78%) believe that there were

satisfied with the internet banking services whilst 22% were dissatisfied internet banking

services provided to them by their banks. The research recommends that banks should

intensify awareness and creation of content on internet banking to its employees and the

public in general.

Keywords: Internet Banking, customer satisfaction, crowded banking halls, content.

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offered. Customer satisfaction is an important factor to help banks to sustain competitive advantages.

Takyi and Poku (2015) in a related study emphasized that internet banking involves the use of

technology to communicate instructions to and receive information from a financial institution where

an account is held. Global internet access exceeded 1094 million people (internet World stats 2009),

offering new markets for internet-based services such as internet banking. According to Berger (2003),

banking through internet has emerged as a strategic resource for achieving higher efficiency, control of

operations and reduction of cost by replacing paper based and labour intensive methods with automated

processes thus leading to higher productivity and profitability. However, to date researchers have

produced little evidence regarding these potential changes. Nonetheless, recent empirical studies

indicate that Internet banking is not having an independent effect on banking profitability, although

these findings may change as the use of the Internet becomes more widespread. All banks in Ghana are

now using ICT to penetrate the ‘unbanked’ sectors in the economy. Akoh (2011), Posit that electronic

Banking products have turned out to be the nucleus or central issue of various technologies in banks all

over the globe.

1.2 Statement of the Problem

Fox (2006) state that service delivery channel is seen as powerful because it can retain web-base

employees who continue using banking services from any location. Continuing instances of the internet

banking security violations and report degrades employees trust in the bank and in online banking in

general .Serving employees faster is imperative and an ultimate choice of the management of a bank to

its employees. However despite this campaign, the banking hall is always full with employees. Despite

the introduction of those facilities, the banks have not fully taken advantage of such facilities, though

they have also reduced the human resource strength. This has led to overcrowding in most of the

Ghanaian banking halls and the resultant customer dissatisfaction.

1.3 Research Objectives The general aim of the study is to explore the provision of online banking services and its impact

towards customer satisfaction using banks in Adum as focal study area. The Specific Objectives of the

Study are :

a. To identify online banking services provided by banks in Adum-Ghana.

b. To examine the challenges associated with online banking in Adum Banks

c. To assess the impact of online banking on customer satisfaction at Adum Banks

1.4 Research Questions To achieve the objective of the study, the following questions would be answered:

a. What are the services provided online by banks in Adum to its employees?

b. What challenges are associated with online banking at Adum banks?

c. How does online banking impacts customer satisfaction?

1.5 Scope of the Study

The study would be centered at banks in Adum-Ghana within Kumasi Metropolis. Data was

gathered from the various departments/offices from the employees of Adum banks as well as

employees of the banks.

1.6 Significance of the Study

First, the study will be useful in practice for banks in order to see the impacts of e-banking on

employees’ satisfaction in comparison with the ordinary mortar and brick banking system. Second, it

helps in understanding what attitude employees’ have towards online banking and what actions should

the banks take in order to benefits from the opportunities and how to overcome the challenges. Third,

study can be used by other researcher as a reference who wants to study further in this or related areas

.The study is also of significance to the customer and the business world in general as it will help

policy makers to enact laws that will help the entire banking industry. The outcome of the study will


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provide evidence for banks to improve their service delivery and the performance of customer care

units which are geared towards the satisfaction and comfort of the customer.

2. LITERATURE REVIEW

2.1 Definition and the Concept of Online/Internet Banking

Internet banking is defined as the automated delivery of new and traditional banking products and

services directly to employees through electronic, interactive communication channels (Shahriari,

2014). Internet banking refers to systems that enable bank employees to get access to their accounts and

general information on bank products and services through the use of bank’s website, without the

intervention or inconvenience of sending letters, faxes, original signatures and telephone confirmations.

The development of e-banking in each country is dependent on the speed of internet access, the features

of new online banking, and the frequency of e-banking usage (Nupur, 2010). In the banking industry, e-

banking is formed when there is a combination between the information technology and the functions

of banks and financial institutions (Ahanger, 2011). In the banking industry, Internet banking is the

industry which uses computer technology to provide better services to employees and help in the

development of banking practices (Rahmath and Hema, 2010). Internet banking is particularly well-

practiced in the developed countries such as Korea, Spain, and Austria, where more than 75 percent of

all banks offer transactional services via the Internet ,but unfortunately, despite the importance attached

or attributed to online banking in a number of ways, there seems to be fewer studies about internet

banking especially in the Ghanaian context but generally online banking has become a necessary

survival weapon and is fundamentally changing the banking industry worldwide.

2.2 Theoretical models of internet/Online banking

According to Takyi and Poku, 2015 the three models of internet banking general applied are:

Informational: This is the basic level of internet banking. Typically, the bank has marketing information about the

bank's products and services on stand-alone server. The risk is relatively low, as informational systems

typically have no path between the server and the bank's internal network. This level of internet

banking can be provided by the bank or outsourced. While the risk to a bank is relatively low, the

server or the website may be vulnerable to alteration. Appropriate control therefore must be in place to

prevent unauthorized alterations to the bank's server or website.

Communicative:

This type of internet banking system allows some interaction between the bank's systems and the

customer. The interaction may be limited to electronic mail account inquiry application or static file

updates (name and address changes). Because, these servers may have a path to the banks internal

networks, the risk is higher with the configuration than with informational systems appropriate control

needs to be in place to prevent, monitor and alert management of any unauthorized attempt to access

the bank’s internal networks and computer systems. Virus control also becomes much more critical in

this type.

Transactional:

This level of internet banking allows employees to execute transaction. Since a path exists between the

server and the banks or outsourcer’s internal networks, it is the highest risk architecture and must have

strongest control. Customer transaction includes accessing account, paying bills, transferring funds etc.


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2.3 Conceptual framework

.

Fig 1. Conceptual framework

2.4 Challenges confronting Online Banking services in Banks

One of the main challenges facing internet banking is that of security of data and confidentiality,

both for the user and the bank. By virtue of the nature of banking, absolute confidence in the privacy

and security of data is the fundamental requirement and need to be demonstrated not only to the bank’s

own clients and internal auditors, but also to external auditors and regulators (Takyi and Poku, 2015).

Internet banking is the latest development that has added a new dimension to banking transactions by

making it more convenient and also contributes to the elimination of long wearisome queues in banking

halls. Nonetheless, there are some problems which do not encourage banking through the internet and

causes many employees to be physically present in the bank premises instead of taking advantage of

internet banking. Low broadband internet penetration, employees' preference for traditional branches,

fear of online threats/scams, lack of basic knowledge of computers and the high cost of internet

accessibility are some of the problems threatening the growth of internet banking in Ghana .

According to Fenuga, (2010). the changing financial landscape has brought with it new

challenges for bank management and regulatory and supervisory authorities. The major ones stem from

increased cross-border transactions resulting from drastically lower transaction costs and the greater

ease of banking activities, and from the reliance on technology to provide banking services with the

necessary security. The primary challenge for banks is to provide consistent service to employees

irrespective of the kind of channel they use. The more a bank relies on electronic delivery channels, the

greater the potential for reputation risks. There are some serious implications of international online-

banking. It is a common argument that low transaction costs potentially make it much easier to conduct

Internet banking service (Adams and

Martz, 2002).

Opening a bank account.

printing bank statement

Transferring funds

paying bills

recurring bill payments

loan application

fund management,

Other products

(1) Current account;

(2) Insurance-based services;

(3) Credit-based services

(4) Investment-based services

Benefits of Electronic Banking (main)

Enhanced customer access and awareness

Speedy or faster process

Improved risk management

Reducing paper work and human error.

Other Benefits

Customer Satisfaction Stronger customer

Relationship management

Prediction of customer attitude.

After sales service

Customer loyalty

Improves quality

Auxiliary Benefits

Bring sustainable competitive

advantage opportunity to reduce transaction costs Expand the customer base and increase

cross-selling (Anton, 2014).


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cross-border banking electronically. For many banks, cross-border operations offer an opportunity to

reap economies of scale. But cross-border finance also needs a higher degree of cross-border

supervision. Such cooperation may need to extend to similar supervisory rules and disclosure

requirements (for efficiency and to avoid regulatory arbitrage) and some harmonizing of legal,

accounting and taxation arrangements (Timothy, 2012). Low level of financial literacy of the public,

level of readiness and capacity of financial institutions to provide service, infrastructure, insufficient

cash flow in rural areas, limited potential agents, and presence of a few branches in rural areas are some

of the challenges facing the country. Birutu, (2012), posit that legal and related issues, technical

challenges and widening the scope of mobile banking service are also critical.

Liao and Cheung (2002) found that individual expectations regarding accuracy, security,

transaction speed, user friendliness, user involvement and convenience are the most important

attributes in the perceived usefulness of Internet-based banking. Employees fear that someone will have

unlimited access to their personal financial information. Lack of specific laws to govern Internet

banking is another important concern for both the bankers and the employees. This relates to issues

such as unfair and deceptive trade practice by the supplier and unauthorized access by hackers. It is

argued that it is not clear whether electronic documents and records are acceptable as sufficient

evidence of transactions. They also pointed out that the jurisdiction of the courts and dispute resolution

procedures in the case of using the Internet for commercial purposes are important concerns.

2.5 Online Banking and its Impact on Customer Satisfaction

Most of users who implement internet banking including youths, educated people, students and

business traders have not been actively using internet banking services and that there is a significant

relation between demographic variables and internet banking in a way that internet banking is

safeguarding their accounts and information and has led to attraction of customer satisfaction and has

also reduced the times of physical presence at banks. Usually the quality of web pages (website) had no

significant effect on comprehension of total user satisfaction and their trust and loyalty towards internet

banking but also, the positive effect of a high quality website on the quality of comprehended services

and trust and ultimately satisfaction of employees is felt. Banks can provide the contexts for customer

satisfaction and improve the quality of their provided internet banking services through paying

attention to their employees' needs and demands. They also concluded that employees are extremely

sensitive towards employees' performance agility and a higher quality in services is companied by

customer satisfaction and increased efficiency.

Researchers have verified that provision of quality service to employees make them to stay with

an organization, catch the attention of new ones, augment corporate image and assures endurance and

profitability of an organization. (Negi, 2009; Ladhari, 2009).Customer pleasure is the contributor of

absolute gains of a quality revolution, which is majorly contingent on customer’s cognizance of overall

service quality (Husnain and Akhtar, 2015). This is the reason why it is very crucial to recognize how

consumers perceive service quality and how it will affect their satisfaction level, through which banks

can identify the gaps in service quality delivery to take essential curative actions to improve upon their

activities. Internet has changed the dimensions of competition in the retail banking sector. It has also

provided opportunities for emerging countries to build up their financial intermediation infrastructure.

Investing in internet banking is a gradual process..”

The recent growth in technology and innovation has fast-tracked the desire of employees of

banks for exceptional services to meet the current trend of technological advancement. Contemporary

studies on e-banking acknowledges that factors that drive customer satisfaction are security/trust,

design, availability, convenience and reliability with availability, convenience and reliability being the

most influential factors of internet banking on customer satisfaction.

2.6 Measuring Satisfaction

From the perspective of Kanojia and Yadav (2012), satisfaction implies happiness, relief,

achieving aims, no hassle and happiness with outcomes. This observation implies that the customer

often has an expectation below which he will not be satisfied. As a result, Mosahab et al. (2010)

maintained that employees’ expectations are often beyond their perception of bank performance.


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Sometimes customer satisfaction level on the perception is demonstrated by behavioral loyalty. Nimako

et al. (2013) conceptualize satisfaction to have different components. They identify elements such as

customer service, web design, assurance, preferential treatment and information provision. Amoah-

Mensah (2010) did comparative study of customer satisfaction in the banking industry of Ghana and

Spain and pointed out that reliability, convenience and empathy are the determinants of overall

satisfaction in Ghana while only reliability explains satisfaction in Spain. The study again revealed that

employees in both countries were dissatisfied with the services and products of the banks. Wandaogu

and Jalulah (2011) show that within Ghana Commercial Bank, satisfaction is highest for feeling of

relief of employees to transact on the internet banking portal and accuracy of online transaction process

of the bank. Almost as high as 90% of employees were found to be dissatisfied with the services

received from their banks.

3. METHODOLOGY

This chapter is composed of the various research tools that were used to conduct the study and

the mode within which the study was carried out. Thus, it depicts the mechanisms and approach used in

achieving the research outcomes.

3.1 Research design.

The study was carried out based on descriptive and explanatory method of undertaking research.

A survey mechanism was chosen to help elicit the required data to be processed into information.

Under the survey, a cross sectional survey was chosen to carry out the processes. This study used

descriptive survey which is appropriate in making description on characteristics of subject, attitudes,

perceptions and opinions of issues of concern to a study. This research uses both qualitative and

quantitative approaches. The quantitative aspect of the study dealt with closed ended questions from the

questionnaires which were numeric whilst qualitative aspect dealt with the interviews, reports and

responses on the open-ended questions in a non-numerical manner.

3.2 Population

The targeted population was the employees of Adum Branch at Adum branches. The population

comprised of all employees of all the departments within the organization that have account with their

respective banks that use online accounts to conduct banking businesses.

3.3 Sample Size

A sample size of hundred (100) employees was taken from the population. This selection was

done to represent every department selected to get a fair view of issues understudy. The reason for the

selection of the employees is that most of the employees are computer literates which will make it

easier to answer the questionnaire. Thus, the researcher randomly selected the respondents based on

their departments to ensure that every department was represented. The number of individuals selected

from each department was based on the size sample size selected for the study.

3.4 Sampling Technique

The researcher used a cross sectional survey to capture the respondents from the categories of

employees at Adum branches. This was facilitated by the use of a simple random sampling procedure

to choose the respondents. The idea was to ensure a fair chosen of the each category of employees

without concentrating on only some few sectors of the organization or large number of employees who

are not used to internet banking. This method ensured that every member had a possibility of being

selected.

3.5 Data Sources

The data gathered was based on two categories namely primary and secondary data sources. The

primary data consisted of the data gathered from the survey through the questionnaires administration

and interviews. This category of data served the basis for the analysis. Moreover, the secondary data

depicts the various materials that the study used .These include magazines, newspapers, journals,


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articles, reports and internet searches. These helped in building the foundation of the study and served

as reference materials for the study in executing the task.

3.6 Data collection tools

For the purpose of this study, a structured questionnaire was administered to the respondents. The

structured questionnaire was prepared to enhance strict confidentiality of the respondents by avoiding

the possibility of exposing the individual’s identity that has the tendency of causing any future troubles

to these respondents. In addition to this, a structured interview was conducted to facilitate the data

gathering processes.

3.7 Validity and Reliability

To ensure the validation of the results gathered through the administration of questionnaires,

consistent procedure was followed. However, since the process were consistent with each other, the

study at the end of the analysis was able to answer what it was intended to be achieved, hence making

the data reliable.

3.8 Ethical considerations :

Ethical issues are very important in today’s research. Respondents expressed concern about the

confidentially of the responses to the questionnaire but they were assured of non-disclosure of their

personal and other demographic information and answers provided for the questionnaire would be

treated with the confidentiality it deserves and used only for the purpose of this research .

4. RESULTS AND DISCUSSIONS

4.1 Introduction

The gathered data that was made possible through the use of the questionnaires and the

interviews was coded and analyzed with the help of SPSS version 22. The purpose of data analysis is to

make the gathered data a more presentable and meaningful in a way that, it can be easily

communicated. The data was arranged and carefully coded to ensure that there would be reliability and

consistency. The Descriptive and inferential statistics was used in the process to discuss the results and

to go beyond the face value of the data and infer possibilities that the data might show.

4.2 Motivating factors for using Internet banking

Source: Field survey, 2017

It was found from charts 4.2 that majority of respondents alluded that they are motivated to use

internet banking services due to easy access to banking (32%). Most users of internet banking embark


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on such activities purely on easy accessibility of banking services especially from afar. Employees due

to their busy schedules and distance prefer to use internet banking services to undertake their

transactions. This spares them the time to join long queues at the bank and the frustrations associated

with sometimes. Through internet banking, employees are able to deal with their clients and perform

various transactions deemed fit so far as there is adequate funds available in their accounts. This

finding supports assertions that the introduction of internet banking has facilitated easy banking

services to employees in various banks due to easy access to internet.

The second most dominant factor has to do with efficiency and effectiveness (17%). Some

respondents held the view they adopted internet banking on the premise of achieving high efficiency

and effectiveness in banking activities. It was emphasized that the use of internet banking has an

embedded quality of ensuring that transactions are executed fast, accurately, timely and easily. As

stated by Berger (2003), the use of internet banking has been major strategic tool adopted by banks for

achieving greater efficiency. For instance, payments can be made to clients of employees within

shortest possible time through funds transfer system. Moreover, the use of internet banking was found

to be influenced largely by the desire of banks to reduce paper work and human error (14%). The

manual system of conducting business at the banking hall has the possibility of attracting high volumes

of paper work which mostly become voluminous and difficult to handle. The use of internet banking

curtails or minimizes the existence of papers .This tends to reduce the bank’s expenditure on

stationeries. Berger (2003) added again that the use of internet banking helps in replacing paper-based

and labour intensive methods with automated processes.

It was established that one of the reasons employees adopt internet banking was convenience

(13%). Out of convenience, employees of banks are not burdened with the desire to carry huge sums of

money around them to perform certain transactions. This reduces the likelihood of people falling victim

to armed robbers and negligence on the part of employees themselves in losing their money. The use of

internet banking enhance privacy and convenience for its users. Other reasons enumerated by

respondents have to do with profitability and quality of service and lower fees.

4.3 Internet banking services provided by Adum Banks


Findings from the survey indicates that the use of ATM card was the most widely used form of

internet banking by most respondents (26%). Through ATM cards, employees are able to redraw funds

any time without fear of banks closing for a day’s work. The system generates printout for employees

to know their balances after the redrawal. Secondly, funds transfer was another key service of internet


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banking which most respondents embark on (22%). Employees use internet banking to transfer funds

from their accounts to other peoples’ and in some cases to perform several transactions like payment of

school fees, settling debts and other forms of activities.

Some respondents (17%) also alluded that users of internet banking use them to pay bills of all kinds

that permits online payments. It was found that through internet banking loan applications were done

by employees of Adum Branch (13%) and other forms of investment such as payment of bills.

4.3 Challenges associated with internet banking


From the responses, it was known that majority of the respondents were in support of the

assertion that security of data was a major concern to respondents (38%). Users of internet banking are

usually burdened with data security. Some employees of banks out of fear of data insecurity usually do

not want to patronize internet banking services. Employees feel that their personal data account details

can be compromised through internet banking and in their quest to achieve maximum confidentiality

will do everything possible to avoid internet banking. This confirms findings by Takyi and Poku (2015)

who reiterated data insecurity was a problem towards internet banking.

It was stressed by some respondents that lack of basic knowledge of computers was another big

challenge to internet banking (19%). Most employees are not literate in computing and this prevents

them from patronizing internet banking services. The desire may be there but the skills to undertake

such practices put them at a disadvantage. This assertion is coupled with low financial literacy by most

employees of banks (14%). Lack of employees of banks literacy in computing has led to poor

patronage of internet banking. Moreover, high cost of internet accessibility also contributes to poor

patronage of internet banking (10%). The cost of using internet in Ghana is relatively high. A lot is

needed to subscribe to various internet bundle plans available to employees by telecommunication

companies. Aside the cost, the issue of reliability also becomes a problem in most times and one is

compelled to buy more than one internet broadband for easy switch in case of bad networks. This

situation has not improved the desire of people to use internet banking. Again, the high cost of internet

accessibility contributes to poor patronage of internet banking.


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Table 4.4: The impact of internet banking on customer satisfaction

Statement Mean SD

I am satisfied with internet services provided by

Adum Branch 3.61 .20

I am satisfied with Adum Branch’s internet banking

service quality 3.96 .23

The use of internet banking is reliable 3.84 .20

I prefer using internet services than going to branches

I am satisfied with services charges on internet

banking 2.85 .27

The ATM booths work orderly 3.94 .19

Helpline services of Adum Branch are efficient 3.76 .24

I enjoy accuracy in internet banking 3.58 .20

I feel secure while making transactions online 2.97 .19

The bank shows sincere interest in solving problems I

encounter through internet banking 3.82 .22


From Table 4.4, it was found that majority of respondents agreed that they were content with

quality of services rendered to them through Adum Branch internet banking (Mean=3.96, SD=.23).

Majority of respondents feel the products and services products offered by Adum Branch through

internet banking were of good quality and were therefore comfortable with it. This helps in building

trust and confidence in employees towards Adum Branch. Taleqani et al. (2013) indicated that

customer satisfaction can be improved and achieved satisfactory when quality of services provided by

banks improves. It was emphasized by some respondents that ATM booths within the Kumasi

Metropolis were mostly found to be working orderly (Mean=3.94, SD=.19).This situation helps

employees to make redrawals anytime they prefer without any difficulties. The existence of these

facilities enhances and builds efficiency in banking since it creates convenience and reliability to

employees. This makes performing of transactions very easy by employees. The use of internet banking

is reliable at Adum Branch. This assertion was agreed by majority of respondents and moreover it was

found that the bank shows sincere interest in solving problems employees encounter through internet

banking.

5. CONCLUSIONS AND RECOMMENDATIONS

5.1 Introduction

This section states the conclusions drawn from the findings as well as recommendations

enumerated from the findings to improve internet banking for future researchers.

5.2 Conclusions

The existence of internet banking by Adum Branch has been a major strategic tool by the bank to

improve accessibility to employees to perform transactions at their convenience. The use of internet

banking is found to create convenience, efficiency, accuracy and effectiveness in banking activities.

Internet banking saves time but despite this its patronage has not been impressive as expected. The poor

patronage has been attributed to lack of some employees knowledge on the use of computers, fear of

scams, high cost of internet accessibility and lack of adequate knowledge on financial literacy. Though

internet banking comes with enormous benefits, there is still a lot that needs to be done.


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5.3 Recommendations for future researchers

It is necessary for government to put in place conducive environment for banks to adopt internet

banking. Researchers must come out with models of internet banking and practical examples of

benefits to particular banks. This will build trust and ensure maximum satisfaction for employees. The

study was centered at Adum Branch within Kumasi Metropolis only so future studies can be extended

to the entire Ashanti Region. One key point that needs further research is how internet banking affects

profitability of banks in Ghana. Larger sampling size covering the entire banking industry in the capital

cities can provide more insight into the benefits provided by online banking to both the companies and

employees. The finding from the larger sampling size can be generally applied to the whole country as

well as most of the countries in the Continent that have common banking structures like Ghana.

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Theoretical Significance of Online Banking on Customer ... · The banking industry has been rapidly developing the use of Internet banking as an efficient and viable tool to create