CRITICAL SUCCESS FACTORS IN E-BANKING: AN INDIAN PERSPECTIVE

IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) CRITICAL SUCCESS FACTORS IN E-BANKING: AN INDIAN PERSPECTIVE Mrs. Megha Singh Institute of Management Studies & Research, Maharishi Dayanand University, Rohtak, Haryana Abstract Tap, click and swipe-these are the new sounds of money. Modern technology is fast replacing paper with computer files, bank tellers with automated teller machines (ATMs) and file cabinets with server racks , and banks too have come a long way from the old days of manually recording transactions in registers and tallying them up at the end of the day. Now, customer can do multiple things from the comforts of home or office with e-Banking - a one stop solution for all banking needs. This study aims to present the factors which are critical for the success of e-banking in India. The top three factors critical for success of e-banking included: cost and promotion; security and privacy; ease of use. Apart from these banks need to pay attention towards enhancing of its services and developing simpler websites with useful content. Keywords: e-banking, e-commerce, critical success factors, Indian banks. Introduction The business of banking is changing around the globe due to four main reasons- integration of global financial markets, development of technologies, and universalisation of banking operations and diversification on non- banking activities. The physical boundaries that kept banking service providers away from customers seem to be diluting. Even the customers today want freedom from these physical barriers. The hassle of visiting branches during their own working hours, place constraints, waiting in long queues are some of the daily problems which adds to the requirement a virtual mobile service- an easy accessible delivery channel. In the last decade, a major lifestyle trend that has emerged is increasing use of e-commerce applications (Pekka, Suvi, Tommi, 2008). Due to this trend, e-commerce adoption is increasing. Customers have started understanding the benefits of this trend lately. One of the majorly boosted applications of ecommerce is Internet banking (IB) or Online banking or Electronic banking (e-banking). These terms are used interchangeably. E banking is an umbrella term for the process by which a customer may perform banking transactions electronically without visiting a brick-and-mortar institution (Insely, AlAbed & Fleming, 2003). In the words of (Robert & paul, 2011) e banking is simple usage of banking International Research Journal of Management Science & Technology http://www.irjmst.com Page 38 IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) facilities or making banking transactions through internet using electronic devices. (Nsouli & Schaechter, 2002) Banks should not consider this channel as a technical issue but a vital contact point for customers. Customers are showing a favoring attitude towards e banking due to its convenience (Linchtenstein & Williamson, 2006), trust, security, privacy lesser costs ( Dixit & Datta, 2010; Michal & Tomasz, 2009; Wai, 2008; Shorabi, Yee & Nathan, 2012) and many other advantages. Despite of its advantages, people show reluctance towards it. The technologies of E banking are already very advanced, especially in the USA (Kolodinsky, Hogarth and Hilgert, 2004; Wan, Luk and Chow, 2005). However, E-banking, or virtual banking in general, cannot entirely replace other more traditional channels (Wan, Luk and Chow, 2005). In late 1999, bank customers using online banking were less than 1% (Hawkins, 2002). It is the challenge for the bank to increase the awareness and usefulness of the Ebanking, beside the traditional-based banking services. Even, many of the businesses that are piling onto the Internet may totally misunderstand what this medium is all about (Willcocks, Graeser and Lester, 1998). In the Information technology area significant importance has been placed on perceived usefulness as a significant contributor to attitudes and thus adoption of new technology (Fenech and OCass, 2001). In India, the scenario of e-banking is on the wave. Customers are performing several e-banking functions such as inter-account fund transfers, third party payments, opening deposit accounts, ordering cheque books and demand drafts, paying utility bills, applying for loans and credit cards online, getting account statements etc without are visiting a branch. According to Reserve Bank of India data, during 2011-12, the volume of online fund transfers through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement System (RTGS) grew by 71 % and 11.7% respectively. In a recent interview, Chanda Kochhar, MD & CEO of ICICI bank said that only 15 % of the transactions on an average take place through the branches. “The rest is happening outside”, she added. Hence, it is inevitable for the banks to skip the analysis of increasing significance of e-banking. This paper is aimed at learning all the critical success factors (CSFs) to a bank in its e-banking success. The study is based on Indian banks and customers, for there has been little literature on the same. Moreover with the increasing risk acceptance by consumers in regard to internetbased services (Linchtenstein & Williamson, 2006) and the growing importance of offering deep levels of consumer support for such services, the study gains gravity. Literature Review This section reviews the studies that have been carried so far in the e-banking context. The explosion of internet based electronic application in the recent years (Liao & Cheung, 2003) has created highly competitive market conditions for bank providers (Beckett, Hever & Howcraft, 2000). Nevertheless, it has also created opportunities for them. Most of the banks International Research Journal of Management Science & Technology http://www.irjmst.com Page 39 IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) are using Information Technology as a vital tool to stay aggressive against other competitors in the market . Banking technology helps increase customer satisfaction, customer loyalty, improvised growth and performance of banks (Tater, Tanwar & Murai, 2011).This clearly enhances the demand to get a better understanding of „what‟ factors (Critical success factors) an e- banking customer considers to be important. Critical success factor (CSF) refers to the aspect or component or an ingredient that is must for an organization to survive in the highly competitive environment and achieve its goal. It is this cause which is necessary for achieving the victory of a company or an organization. In the words of (Boylon & Zmud, 1984) as cited by Wikipedia, "Critical success factors are those few things that must go well to ensure success for a manager or an organization, and, therefore, they represent those managerial or enterprise area, that must be given special and continual attention to bring about high performance. CSFs include issues vital to an organization's current operating activities and to its future success." D. Ronald Daniel of McKinsey & Company gave the theory of “success factors” in 1961which was further polished as critical success factors by Rockart between 1979 and 1981. The explanation of Critical Success Factors by (Rockart, 1979) is used for this paper. Various CSFs pointed out by earlier researchers have been complied for the study. I. II. Customized products/ services A product or service customized in accordance with the expectation and preference of the customer is an important factor (Liao et al., 2008). Navigating from one website to another makes customers irate. The findings of a study by (Lichtenstein & Williamson, 2006) pointed out that convenience is the main motivator for customers to bank on internet. (Jayawardhena & Foley, 2000) suggested that with the changes brought by the internet, banks must continually invent new products and also make existing products suitable for online delivery. Perceived Risk & Trust As pointed by (Polatoglu and Ekin, 2001), consumer adoption of e banking services , as well as customer satisfaction, is affected by perceived risk. Uncertainty Gives birth to perceived risk. Many researchers like, (Black et al., 2001; Rotchanakitumnuai and Spence, 2003; Singh, 2004; Lee et al., 2005 and Gerrard et al., 2006) have found the negative relationship between the level of perceived risk and attitude towards ebanking. Trustworthiness is another vital variable towards customer risk perceptions & attitude on banking services (Sonja , Rita, 2008; Yeoh & Benjamin, 2011). A research work based on theory of planned behavior (Ajen, 1985) and diffusion of innovation theory (Rogers, 1985) revealed that attitudinal and perceived behavior control factors rather than social influence, play a vital role in influencing the intention to adopt internet banking(Tan & Teo, 2000). Also, customer trust if reflected by their confidence to bank‟s competency in providing reliable and secure e-banking. (Suan & Han, 2002) found trust International Research Journal of Management Science & Technology http://www.irjmst.com Page 40 IRJMST III. Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) as valuable factor using web based survey, while (Rexha et al., 2003) obtained same results in Singapore. Security & Privacy concerns The technology-related frauds in the banking sector are adding huge to the losses (Singh, 2013). A study by (Fitzergerald, 2004) concluded that security is one of the major concern area for which people do not adopt e-banking. It is highly essential to protect customers‟ data and provide safe transaction s preventing frauds (Enos, 2001; Turban et al., 2000; Regan & Macaluso, 2000). On surveying UK customers, (White & Nteli, 2004) found that they ranked security as most important attribute of internet banking service quality. In Saudi Arabia as well, „Security‟ is the biggest concern for customers when conducting financial transactions (Sohail & Shaikh, 2007). In another study by (Aladwani, 2001), potential customers ranked internet security and privacy as important future challenges banks are facing. While making a financial transaction online, personal & financial information can be intercepted and used of fraudulent purposes. Greater concerns are involved in online investing than traditional trading; users need to have a feeling of security which is still a major hindrance to e-commerce growth (Lee & Turban, 2002). In their study 200 adult consumers (age above 35) (Dixit & Datta, 2010) revealed that inspite of security and privacy concern, adult customers are willing to adopt online banking if the banks provides them necessary guidance. IV. Simpler websites Confusing web pages and complex steps discourages adult customers to use online banking (Mattila et al., 2003). Perceived difficulty in using computers combined with the lack of personal service in e-banking was found to be the main barriers of Internet banking adoption among mature customers (Mattila et al., 2003). Moreover, older people prefer websites involving knotty software and hyperlinks (Cleaver, 1999). The functions involving simple and clear navigation function are appreciated. Result based analysis of data relating to nearly 200 respondents , in Mauritius, (Padachi, Rojid & Seetanah, 2008) indicated that the most significant factor influencing adoption of internet banking was ease of use. V. Cost factor Bank charges and the internet costs have been major hindrances among customers in adoption of internet banking. (Wong, 2005) developed a theoretical model linking customer satisfaction and switching costs to customer retention. The model has two main features. First, it examines the main direct effects of customer satisfaction and switching costs on customer retention. Second, the model examines the moderating role of switching costs on the relationship between customer satisfaction and customer retention. The empirical research was based on data collected by an Internet survey of adopters of Internet banking service in Hong Kong. Results from statistical analyses International Research Journal of Management Science & Technology http://www.irjmst.com Page 41 IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) showed that both customer satisfaction and switching costs have strong positive direct effects on customer retention. These analyses also confirm the moderating role of switching costs on the relationship between customer satisfaction and customer retention. To win the loyalty of the customers, service has to be cheaper than the alternatives (Cronin, 1998). Transaction costs economics theory suggests people will choose the cheaper method between electronic banking and traditional services to transact (Huang, 2002) (Simpson, 2002). Nevertheless, to encourage this new phenomenon banks are offering lower fees and better rates on deposits and loans while using e-banking (Michal & Tomasz, 2009). VI. Content of Websites Rich content on websites always prove useful while attracting the increasing number of website visitors (Stamoulis, 2000). Banks‟ website has lot of information about its corporate profile, products, payments, special services, new offers, categorical pages etc. Banks have to make sure that the content displayed does not create a negative impact on the visitor. It has to valuable, organized, easily accessible and to the point. The 24- hr interaction facility provided by most of the bank websites has also supported the success of e-banking (Franco & Klein, 1999). Infact, the data that is collected through the interaction can be very helpful in analyzing the customers‟ preferences, requirements as well as expectations. This in turn would be a big support for the marketing teams. VII. Organizational flexibility Undoubtedly, „understanding the customer‟ remains the major success factor in ebanking (Shah & Siddiqui, 2006). But the internal factors to an organization do create a high impact on the customers. A research work by (Vafaie, 2009) at Iran studied the effect of organizational factors by dividing them in three categories- strategic factors, operational factors and tactical factors. He found that organizational flexibility, systems integration, systematic change management and support from top management be considered by organizations for e-banking success. Banks have to engage themselves in substantial adjustments with respect to their organization. The target of e-commerce strategy should be the integration of channels of e-banking with other service delivery channels in order to reap maximum benefits (Shah & Siddiqui, 2006). Lack of top management support was found to be an inhibiting factor in the adoption of electronic commerce applications by the banks in the Arab Gulf region (Khalfan , AlRAfae, AlHajery, 2006). After surveying 145 respondents in China, the factors of leadership, strategy and organisation management were pointed as success factors in e-banking (Huang & Li, 2008) International Research Journal of Management Science & Technology http://www.irjmst.com Page 42 Vol 5 Issue 9 [Year 2014] IRJMST VIII. ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) Other Factors (La Rose et al., 2001) studied the effect of habit strength in an individual decision to use internet. People who are addicted/ habitual in using the internet find it comfortable in adopting internet. At times previous experience or imitation factors also act as great influencers (Limayen & Hut, 2003). Another work by (Shi & Zanton, 2010) examined irrational imitation factors underlying adoption of internet banking. It tested 173 internet users and found that outcome-based and frequency based imitations are significant determinants of Internet banking adoption. Methodology The Questionnaire and the Variables As per the objectives of the study and content available through literature, a structured questionnaire was prepared. It had two sections: demographic information of the respondent and e-banking success factors. The first section collected the demographic information of the respondents mainly age, gender, educational qualification, profession, etc. This information seeks to explain the homogeneity of the respondents while deciding critical success factors of e-banking. In the second section of the questionnaire, respondents were asked to rate the relative importance of the 28 factors which contribute to the success of e-banking. They were measured on a five point Likert-type scale of importance ranging from 1 (not important at all) to 5 (very important). The list was based on previous similar studies (Thwaites & Vere, 1995; Almossawi, 2001; Gerrard & Cunningham, 2001). Sample and Data Collection The sample of the study was selected from the general banking customers of Rohtak city, Haryana. A non-probability convenience sampling method was chosen taking a sample of 285 customers, given the exploratory nature of the study. The filling of questionnaires was carried April – May 2014. Approximately 20 minutes were given to fill the responses From the 285 questionnaires distributed, 262 were returned, out of which 246 were deemed usable (valid and completed), yielding giving an excellent response rate of 86.31 percent. Such a response rate was considered sufficient for statistical reliability and generalisability (Tabachnick and Fidell, 2001). The high response rate was attributed to self administered approach undertaken during collection of data. Results Demographics of Respondents International Research Journal of Management Science & Technology http://www.irjmst.com Page 43 IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) The demographics of students depicted a majority of males (70%) compared to females (30%). A major share of respondents (52%) varied from 25+ to 35 years, followed by 35+ to 50 years (18%), 15+ to 25 years (17%) and above 50 years (13%). Out of these, 62 % of the respondents were graduates and remaining 38% postgraduates. Only 34% of them uses e-banking for their banking purposes. Factor Formation The analyses were conducted using a data reduction statistical technique of „Factor analysis‟. IBM SPSS 22.0 statistical software for windows was used to analyze the data. The following process was followed:  Computation of correlation matrices to conduct factor analysis.  Kaiser-Meyer-Olkin (KMO) Measure of Sampling Adequacy and Bartlett‟s Test of Sphericity.  Principal component analysis was employed for data extraction. When more than two factors were extracted, Varimax rotation was carried in 16 iterations to get a clear picture of the Eigen values. Research Results To test the sampling adequacy, KMO test was conducted which equaled 0.675 (Table 1) and Bartlett‟s Test of Sphericity gives the significance level of less than 0.001 (Table 1) supporting the validity for Factor analysis for the data set in the study. Table 1: KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. 0.675 Bartlett's Test of Approx. Chi-Square 4854.491 Sphericity df 378 Sig. 0.000 The factor analysis extraction suggested that one factor accounts for 71.305% of variance of relationship between variables. Loading on the factor determines its relationship with other factors. All the loadings in the present research data are positive (Table 2). Table 2 : Communalities Initial Option available to tailor the features of a product according to customer requirements 1.000 Extraction .737 International Research Journal of Management Science & Technology http://www.irjmst.com Page 44 IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) Faster responsive customer service (better than usual) 1.000 .774 Bank regularly invents new online products 1.000 .571 Bank makes existing products suitable for online delivery 1.000 .811 Greater control and flexibility to manage the bank accounts 1.000 .733 More and useful services are available with e-banking 1.000 .741 Information and links on the website are trustworthy 1.000 .752 Bank has a good reputation 1.000 .755 Regular efforts made to fit e-banking into customer perception of risk 1.000 .608 Bank personnel assist user in trusting e-banking 1.000 .673 Bank provide customer with reassurance and regular updated information 1.000 .713 Bank delivers confidential information safely to the customer 1.000 .698 Customers login ID and password are unique and authorized 1.000 .691 Bank safely maintains the private information of the customer without any kind of leakage 1.000 .727 Appropriate security checks are installed for fraud protection 1.000 .804 Bank provides user friendly web sites 1.000 .671 Navigation from one website to another should be avoided 1.000 .748 Shortcut links provided for the information mostly browsed like generating statements. 1.000 .692 Reasonable bank charges for using e-banking 1.000 .820 Doing transaction online should be cheaper than branch banking 1.000 .857 24 X 365 availability of services on website 1.000 .706 Attractive website with least unnecessary content 1.000 .666 Interactive customer care mode is available to instantly solve 1.000 .703 International Research Journal of Management Science & Technology http://www.irjmst.com Page 45 IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) queries Bank has an e-banking culture within the organization 1.000 .610 Bank staff is well trained with e-banking issues 1.000 .680 Bank has ready hand strategy for all types of possible problems 1.000 .616 Customer is knowledgeable and skilled about usage techniques on internet 1.000 .616 Extensive promotion and advertisements about e-banking helps in creating awareness 1.000 .794 Extraction Method: Principal Component Analysis. The analysis yielded a seven principal component solution, which together explains more than half of the variance observed in the variables (71.305 percent). The Eigen values of these seven factors are 7.323, 4.456, 2.022, 1.843, 1.638, 1.420 and 1.263 respectively (Annexure -1). The percentage of variation explained by factor one to seven is 26.152 %, 15.914%, 7.222 %, 6.581%, 5.851%, 5.073% and 4.511 % respectively. Table -3 depicts the sorted rotated factor loadings of the items. As clear from the table, the major six factors are: 1. 2. 3. 4. 5. 6. 7. Cost and promotion Security & Privacy Ease of Use Enhanced Services Simpler Websites Useful content of websites Perceived Risk International Research Journal of Management Science & Technology http://www.irjmst.com Page 46 IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) Table 3: Rotated Component Matrix Factor 1 2 3 4 5 6 7 Label Variables Bank has a good reputation Bank personnel assist user in trusting e-banking Reasonable bank charges for using e-banking Cost And Doing transaction online should be cheaper than Promotion branch banking Extensive promotion and advertisements about ebanking helps in creating awareness Option available to tailor the features of a product according to customer requirements Faster responsive customer service (better than usual) Bank safely maintains the private information of the customer without any kind of leakage Security & Appropriate security checks are installed for fraud Privacy protection Shortcut links provided for the information mostly browsed like generating statements. Bank delivers confidential information safely to the customer More and useful services are available with e-banking Information and links on the website are trustworthy Navigation from one website to another should be Ease of Use avoided Bank has ready hand strategy for all types of possible problems Bank regularly invents new online products 24 X 365 availability of services on website Enhanced Interactive customer care mode is available to Services instantly solve queries Bank staff is well trained with e-banking issues Bank makes existing products suitable for online delivery Simpler Greater control and flexibility to manage the bank Websites accounts Bank provides user friendly web sites Attractive website with least unnecessary content Useful Content On Customer is knowledgeable and skilled about usage Websites techniques on internet Regular efforts made to fit e-banking into customer perception of risk Perceived Risk Customers login ID and password are unique and authorized Factor Loadings .814 .571 .847 .854 .716 .775 .733 .800 .687 .533 .781 .768 .777 .653 .458 .575 .562 .623 .542 .762 .694 .552 .764 .685 .706 .571 International Research Journal of Management Science & Technology http://www.irjmst.com Page 47 IRJMST Vol 5 Issue 9 [Year 2014] ISSN 2250 – 1959 (0nline) 2348 – 9367 (Print) Conclusion In today‟s ever advancing technological world, customers are attracted toward the latest technological equipments. The future banking customers i.e. present students rate the hi-tech services of mobile banking and e banking highly important. The customers‟ attitude towards service industry has changed. Their demanding approach towards banking services should be taken as a wakeup call for all those who are working in sleep mode. People don‟t have time to visit every place for their smallest needs. A businessman or serviceman would never cancel his meeting to merely go to bank for fund transfer. All a customer wants is an excellent e-banking service with reasonable cost. Even the undergraduate students place high importance of e-banking service (Singh, 2014) The study supports the fact customers are more concerned about the cost. They need a cheaper service with regular assistance from the bank personnel. No less importance has been played to the security issue. This comes second in line after cost and promotion factor. People are adapting more to the ebanking service. To win the them, all banks need to do is to make sure that the confidential information is delivered safely and privately to the customer and install appropriate security checks for fraud protection. Even though security and privacy feature are the norms of websites, banks need to equip themselves with a ready hand strategy to deal with all type of problems that may occur. Simultaneously, new online product is always as a big attraction. Well trained staff can assist the user with the new things and gain their trust. Simpler the better. A user friendly website with greater control and flexibility is next critical success factor. A knowledgeable customer who is informed about the internet is easy to convince. Hence, regular efforts should be made to fit e-banking in customers‟ perception. Hence, the banks should keep in mind the above discussed critical factors for success of e-banking. 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ANNEXURE Initial Eigenvalues Total Variance Explained Extraction Sums of Squared Loadings % of Cumulativ Variance e% Total 7.323 26.152 26.152 4.456 15.914 42.066 2.022 7.222 49.288 1.843 6.581 55.869 1.638 5.851 61.721 1.420 5.073 66.794 1.263 4.511 71.305 .987 3.527 74.831 .938 3.349 78.180 .725 2.588 80.769 .671 2.398 83.167 .600 2.144 85.311 .549 1.960 87.271 .507 1.810 89.080 .422 1.509 90.589 .403 1.441 92.030 .375 1.339 93.369 .323 1.152 94.521 .289 1.031 95.552 .259 .926 96.478 .220 .784 97.262 .180 .643 97.905 .150 .537 98.442 .126 .450 98.892 .098 .349 99.241 .084 .299 99.540 .067 .240 99.780 .062 .220 100.000 Extraction Method: Principal Component Analysis. Component 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Total 7.323 4.456 2.022 1.843 1.638 1.420 1.263 % of Variance 26.152 15.914 7.222 6.581 5.851 5.073 4.511 Cumulativ e% 26.152 42.066 49.288 55.869 61.721 66.794 71.305 Rotation Sums of Squared Loadings Total 3.937 3.814 3.289 2.813 2.301 2.161 1.651 International Research Journal of Management Science & Technology http://www.irjmst.com % of Variance 14.060 13.622 11.747 10.048 8.216 7.717 5.895 Cumulativ e% 14.060 27.681 39.428 49.476 57.693 65.409 71.305 Page 52