See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/295491019

MEASURING CUSTOMER SATISFACTION OF E-BANKING IN BANGLADESH

Article · March 2015

CITATIONS READS

7 1,807

3 authors, including:

Ma Bashir
Universiti Putra Malaysia
14 PUBLICATIONS   61 CITATIONS   

SEE PROFILE

Some of the authors of this publication are also working on these related projects:

E-Banking of Bangladesh View project

International Association of HR Experts (IAHRE) View project

All content following this page was uploaded by Ma Bashir on 17 September 2016.

The user has requested enhancement of the downloaded file.

 104 Development Compilation, Vol. 11. Number 01. March 2015

dispelled the geographical bar among countries. Electronic banking is giving

ISSN 2072-3334 in popularity for a number of reasons, including convenience, cheaper,
Development Compilation multifunctional services, trendy and hassle free. The products and services
Volume 11. Number 01. March 2015 of e-banking now have shaken the decision of consumer while choosing a
bank. Because consumers become concerned about their e-banking facilities
for particulars banks rather than traditional branch based banking system.
MEASURING CUSTOMER SATISFACTION OF E-BANKING IN Banks began to look at banking as a means to replace some of their
BANGLADESH traditional bank functions for two reasons. Firstly, branches were very
Md. Idris Ali* expensive to set up and maintain due to the large overhead associated with
Md. Abdul Bashir** them. Secondly e-banking product/services like ATM and electronic fund
Mohammed Abul Basher*** transfer were a source of differentiation for banks that utilized them. Being in
a fiercely competitive industry, the ability of banks to differentiate themselves
Abstract: Due to incredible proliferation of information and
on the basis of price is limited. Technology has introduced new ways of
communication technology (ICT) the concept of banking has been
radically changed. Use of modern state of the art technology has also delivering banking services to the customer. Hence, it is imperative for banks
rapidly taken place in Bangladesh which reflects are e-banking to align their strategies in response to changing customer’s needs and
products and services. Such developed environment in banking and developments in technology.
the ever-increasing habits of the people to use mobile phone should
be conductive of internet, online, and mobile banking here. Emergence Electronic banking as a segment of electronic business, which, in turn,
of e-banking service is playing a fore front role for country’s economic encompasses all types of business performed through electronic networks.
development boosting customer satisfaction. This research work is an Electronic channels are used for both business-to-business and business-to-
attempt to find out the status of e-banking by measuring customer customer transaction, such as ordering goods, delivering software or paying
satisfaction and importance level on different dimension of e-products for such transactions. E-banking is considered to be a segment of e-business
like ATM, Credit Card, Internet/Online, Tele banking, and SMS to the extent that banks are involved in the conduct of business transactions
Banking. This research is a combination of exploratory and descriptive via electronic media, other non banking financial products and services, not
research as an effort was made to first gain some basic knowledge on to mention products and services from other sectors of business, maybe sold
e-banking through study of previous research on e-banking and
electronically as well.
general observation.
Keyword: E- Banking, ATM, M- Banking, Internet banking, Online In others words, e-banking is not a banking product, rather, it describes the
Banking. way of transactions conducted. Nowadays, in fact, banks are involved in e-
business in a variety of ways, including co-operation with internet service
Introduction providers, the issuing of e-money or the execution of payments. The
During the last two decades, technological and communicational ownership of fund transfer between financial institutions are recorded on
development enhances enormous change in the corporate world. Electronic computer systems connected of telephone lines. Customer identifications is
business is an umbrella terms for every sector, which has displace the brick- accessed by code, such as a password or personal identification number
and-mortar institution and paper based working system. Due to incredible instead of a signature on a check or other physical document.
proliferation of information and communication the concept of money has Two fundamental aspects of electronic banking are the nature of the delivery
been radically changed also. The term e-business now gives a new name in channel through which activities are performed, and the means to gain
banking industry, which is called E-Banking (Electronic Banking) which has access to those channels. Commonly delivery channels include “closed” and
“open” networks. “Closed networks” have no such membership
*
Assistant Professor, Department of Business Administration, BGMEA University of requirements. Currently, widely used access devices through which e-
Fashion & Technology, 105 SR Tower, Sector-7, Uttara, Dhaka-1230 banking products and services can be provided to customers include point of
**
Phd Fellow, Department of Management, University of Putra Malaysia. sale terminals, automatic teller machines, telephones, and PCs.
***
Senior Lecturer, Department of Knitwear Manufacturing Technology, BGMEA,
University of Fashion & Technology, 105 SR Tower, Sector-7, Uttara, Dhaka-
1230.
Measuring Customer Satisfaction of E-Banking in Bangladesh 105 106 Development Compilation, Vol. 11. Number 01. March 2015

Objectives of the study banking. Hence, Banks have found themselves of the forefront of technology
adoption for the past three decades. Increasing labor costs in the 1960s
The objectives of this study are as follows.
placed pressure on labor intensive industries like banking to look forward
a) To understand the e-banking products; automating some of their functions. Originally, banks offering an ATM service
b) To explore the extent of satisfaction of bank customers and relative achieved an advantage over their competitors (O’Hanlon et al., 1993). There
importance; was scant understanding of the customers’ needs or expectation of the role
c) To recommend some suggestions for perfect online banking in of ATMs large in bank’s retail delivery system was vague (Violano et al.,
Bangladesh. 1992). In the early market stage, ATM was a product based on a radical
technological innovation, and did not representation a report to a customer
Methodology of the Study need at that point in time. In the mid-1970s, features like cash balance
For the purpose of measuring the extent of satisfaction and importance inquiry, deposits and funds transfer permitted these customers to conduct
quantitative research, primary data were collected through a structured the majority of their routine transactions without visiting a bank branch
questionnaire which was administered personally to the bank customer. (O’Hanlon et al., 1993).
Convenient sampling technique has been used for choosing 100 According to the Gartners Group’s 1999 report, there has been rapid growth
respondents from different banks (HSBC, Standard Chartered Bank, BRAC in online PC banking in the USA; from just over 10 million in 1999 to the
Bank Ltd., Dutch Bangla Bank Ltd., Eastern Bank Ltd., and Dhaka Bank projected 35 million by the year 2003 with a rapid shift in internet access
Ltd.). Four demographic variables of the respondent were measured age, (Barto, 1999). Consumer growth in some European courtiers such as
gender, income and profession. The distribution illustrated that there was a Germany, Norway and Sweden has been similar (Bons, 1999; Slywotzky,
greater proportion of male (68%) and were between the 31 to 40 years age 2001). In an attempt to solidify and expand customer relationships and stay
group. Majority of respondents were service holders (59% )and their monthly ahead of the competitions, banks are turning to the next generation of
income amounting BDT 40000 maximum. The questionnaire was developed personalized online services-Internet banking portals and mobile banking
by using a 5 point Likert scale, whereas 1= High Satisfactory, 2= (Fonseca et al., 2001; Saatcioglu, 2001). Electronic customer relationship
Satisfactory, 3= Neutral, 4= less important, 5= unimportant to measure the management (E-CRM) will thus the next paradigm shift. It will be a matter of
importance of these factors. At the end of questionnaire, an open- ended fundamental change involving the re-engineering of process throughout the
question is attached to trace customer opinion. Questionnaire was pretested financial institution. It must not be a web solution or advisor solution or a call
several times to ensure text formatting. Several sources were used for center solution or a wireless solution. Enterprise wide E-CRM must be all of
enhancing the insights of this paper, such as articles published in different the above. Beyond the ability to deploy across a multiple channel the solution
journals, books, working papers and websites. must have consistency and collaboration across all channels.
Literature Review Rotchanakitumnuai & Speece, (2003) stated that though banks are very
A.S.M.S., Azad (2001) mentioned e-banking or Internet banking or online interested in Internet banking they are concerned with the risk connected
banking are analogous and defined as the conduct of banking services and with procedures for transactions over the Internet. Today, banks are already
business using electronic delivery channels such as ATM, Tele-banking and loosing enormous amounts through cheques and credit cards fraud. The
PC banking. security solutions of the future are therefore major concern for banks. If
customers distrust the security it may create multiple problems. Banks will
Joseph & Stone (2003) have said that the internet deals with a large number find it hard to launch Internet banking services if demand is low because of
of varied financial transactions like customer payments, securities security doubts. Though the banks themselves believe that the security
transactions applications for loans or insurance acquisitions. In recent years, levels for bank transactions over the Internet are sufficient, they also believe
internet banking usage has become one of the most important e-commerce that their customers distrust existing security solutions, primarily because
environment (Wang, Y. et al., 2003). Sohail and Shanmugham (2003) they are software based.
pointed out that a bank’s promotional efforts indeed facilities awareness of
Internet banking adoption and its benefits. Technology has introduced new Solomon (1997) claims that for client that for client interface and transport
ways of delivery banking to the customer, such as ATMs and Internet security is currently mainly ensured by the use of cryptographic instruments
and by the set up of private financial network. Also, private networks are
Measuring Customer Satisfaction of E-Banking in Bangladesh 107 108 Development Compilation, Vol. 11. Number 01. March 2015

another solution to secure transactions. These networks can be used for concerned to an automated system of the bank by utilizing automated voice
corporate banking and retail banking. response (AVR) technology. The facility available included checking account
balance, a recent transactions, get current interest rates on checking,
Forms of e-Banking:
savings, money market, and Certificates of Deposit. Benefits from
The article highlights to measure the differences between customers Customer’s point of view: increased convenience, expanded access,
importance and satisfaction for multifunctional services of e-banking which significant time saving. Benefits from bank’s point of view the costs of
was not identified by the previous researchers. In addition, it has tried to delivering telephone based service are substantially lower than those of
identify the required concentration for the sectors where customers have branch based services.
high importance level. The reason is that the most of the previous research c) SMS Banking
was conducted based on e-banking practices, their opportunities, constraints
as well as customer satisfaction. SMS banking allows to do some banking enquiries on mobile phone.
Customers do not need to go your branch to do the following transaction:
Different forms of E- Banking
Balance enquiry, Transaction enquiry, Statement request, Payment of utility
bills.
Any Branch Banking
d) Internet Banking
Tele Banking Internet Banking is a term used for performing transactions, payments etc.
over the internet through a bank’s secure website. This can be very useful,
SMS Banking especially for banking outside bank hours (which tend to be very short) and
E- Banking banking from anywhere where internet access is available. In most cases a
Internet Banking web browser such as Internet Explorer or Netscape Navigator is utilized and
any normal Internet connection is suitable. No special software or hardware
Credit Card is usually needed.
e) Credit Card
Debit Card
Credit is a method of selling goods or services without the buyer having cash
in hand. A credit card is only an automatic way of offering credit to a
ATM
customer. The inventor of the first issued credit card was John Biggins of the
Flatbush National Bank of Brooklyn in New York. The most popular brand
POS names in credit cards are Master Card, Visa Card, American Express Card,
and Diners Club Credit Card.
a) Any Branch Banking f) Debit Card
Any branch banking is a service where an account is accessible from any Instead of getting credit for purchasing and receiving a monthly bill, like a
branch of a particular bank. In Bangladesh the term is widely popularized as credit card, a check/debit card deducts money from checking or savings
online banking. Most of the foreign and private banks operating business in account. Quicker than making a trip to the bank, safer than carrying cash and
Bangladesh have started providing this facility to its customers. easier than writing checks.
b) Tele Banking g) ATM
Tele Banking can be considered as a form of remote or virtual banking which An automatic teller machine or automated teller machine (ATM) is an
is essentially the delivery of branch financial services via telecommunication electronic device which allows a bank’s customers to make cash withdrawals
devices where the bank customers can perform retail banking transactions and check their account balances at any time without the need for a human
by dialing a touchtone telephone or mobile communication unit, which is teller. Many ATMs also allow people to deposit cash or cheques, transfer
money between their bank accounts or even buy postage stamps. These
Measuring Customer Satisfaction of E-Banking in Bangladesh 109 110 Development Compilation, Vol. 11. Number 01. March 2015

machines can now be found at most supermarkets, convenience stores and From table 1 we can ascertain that all of these dimensions importance level is
travel centers. higher than satisfaction level. Results show that both satisfaction and
importance levels have significant differences in third facet. On the other hand,
h) POS
lower significant difference exists in the dimension of quick services of ATM.
Point-of- sale transfers let one pay for purchases with a debit card, which Table 2: Credit Card, Visa Card, Debit Card
also may be a ATM card. The process is similar to using a credit card, with Dimensions Importance Satisfaction Difference tValue
some important exceptions. While the process is fast and easy, a debit card Mean Score Mean Score
purchase transfer money fairly quickly-from one’s bank account to the stores Accepted in wide range of 3.91 2.71 1.2 0.14
account. So it is important that one have funds in one account to cover the merchants: like hospitals
purchase. This means one need to keep accurate records of the dates and shopping malls, hotels etc.
amounts of one debit card purchases and ATM withdrawals in addition to any Global Exposure by using 3.75 2.46 1.29 3.35
these card
checks one writes. Reasonableness of service 4.14 2.67 1.47 3.04
i) Call center charges

This center is a streamlined customer interface and offers a range of banking Significant at 5% level
services through its call center agents. Customers will not get improved The satisfaction and importance scores are arranged in table 2 on credit
service delivery at a reduced cost and in an exciting manner. Service offered card, visa card, and debit card where there are only three facets. Consumers
at call center are: Account related services ( Balance inquiry, Transaction have lower satisfaction about the service charges of using these cards. In
inquiry, Duplicate Statement, ATM/Debit card hot listing, Loan Outstanding), addition significant difference have also found here. Banks have to look after
Product Information( Debit accounts, Personal Loans, Savings/Current about the acceptance of using these cards locally and globally.
Account, Debit Card, Rates/Tariff inquiry, Exchange Rate, Lending rates,
Deposit rates, Tariffs), and others services. Table 3: Internet Banking, Online Banking
Dimensions Importance Satisfaction Difference tValue
Findings & Analysis Mean Score Mean Score
Trust and security level of 4.23 2.80 1.43 2.24
Here we have taken five attributes of e-banking which have different transaction
dimensions to consider for measuring customer’s perception and importance Efficiency and correctness of 4.20 2.74 1.46 .915
level. financial transaction report
Efficiency and quality of multi 3.78 2.78 1.00 3.56
Table 1: ATM, Q-cash reporting
User friendly of system 3.56 3.74 0.22 .008
Dimensions Importance Satisfaction Difference tValue Up to date technology is used 4.67 2.56 2.11 5.78
Mean Score Mean Score
Quality of electronic fund 4.35 2.89 1.66 .09
Number of ATM booth 4.40 2.58 1.86 5.91 transaction services
Service skills of trained human 4.56 2.97 1.59 .006
Security of ATM booth for 4.39 3.24 1.15 1.10 resources
withdrawing money Adequate physical resources 3.67 3.56 0.11 1.26
(Computer hardware and
Multifunctional service like: 4.07 1.96 2.11 2.16 software)
cash withdrawal, Payment of
Flexibility of use internet in our 4.35 4.15 0.20 1.74
utility bills, balance enquiry,
country
transaction statements
Cost of internet surfing 3.78 3.56 .22 4.67
Quick service 4.32 3.47 0.85 9.64 Internet speed 4.35 2.45 1.90 0.89
Handle English 3.79 3.26 0.53 0.007
Significant at 5% level Convenient and easier 4.28 3.56 0.72 2.34
operation
Significant at 5% level
Measuring Customer Satisfaction of E-Banking in Bangladesh 111 112 Development Compilation, Vol. 11. Number 01. March 2015

Table 3 illustrates the other two products of e-banking i.e. online and Recommendations
internet. In case of confidentially and reliability customer importance is higher
To provide the best e-banking services in Bangladesh, both the bankers and
rather than their satisfaction. On the other hand, employees expertise plays
government should pay an attention to the following functions.
an important role to build up trust in customers’ mind and the significant
difference is also moderately high there. It is necessary to make convenient 1. Technological development is essential for making e-banking product
and easier operation of e-banking services for the all classes in society. and services familiar to customers. With the proliferation of e-commerce,
Table 4: Tele-Banking customers can buy their products online. So a legal framework for
Importance Satisfaction
payment is badly needed.
Dimensions Difference tValue
Mean Score Mean Score 2. Government should increase its investment in these sectors and develop
Telecommunication 4.67 3.86 0.80 0.006
the technology based institutions for providing proper services to the
infrastructure nations.
Hassle free operation 4.56 2.97 1.59 1.87 3. Banks should give concentration to its promotional activities to attract
system customers to involve e-banking services rather than conventional
Timeliness 4.56 3.87 0.78 2.96 branch-based banking.
4. All Banks in Bangladesh should required ATM booths all over the
Significant at 5% level country and should start to deposit money by ATM. Only a few number
For building the customer relationship management, tele-banking play a vital of banks ATM booth is giving this service.
role. In acceleration of telecom companies, the preference of tele-banking 5. Customers should authenticate themselves to digital certificate which is
increasing day by day. That is why in table 4, significant differences are obtained from certificate authority.
lower in telecommunication infrastructure and timeliness. However it has not 6. Every transaction should have some desirable properties like:
been measured a hassle free operation system by the customers. So authenticity, confidentiality, unforgivable, integrity and not reusable.
employees have to identify customers need and deliver proper solution. 7. From the survey it identified that initial cost of online banking is high for
customers, so it should make convenient for them.
Table 5: SMS Banking 8. Banks should give concentration to build local market for local software
Dimensions Importance Satisfaction Difference tValue developer.
Mean Score Mean Score 9. In this information age, it needs to apply telecom services range from
Goodwill of bank matters for 3.45 2.45 1.00 0.026 narrow band voice services o broadband services.
using this service
10. The role of government to provide legal framework for electronic
SMS rate of mobile 4.15 3.96 .19 0.02 commerce. The domestic & international trade should be allowed to
Telecommunication’s network 4.12 2.73 1.39 0.008 expand their horizon; and basic rights such as privacy, intellectual
Growing importance of 3.08 4.56 1.48 1.78 property, prevention of fund and customer protection can be taken care
strategic alliance of telecom of.
company and banks
11. Electronic banking can play a pivotal role for the restructuring of our
Technological setup 4.13 2.45 1.68 1.09
thorny banking sector.
Significant at 5% level Conclusion
One of the pillars to enhance relationship marketing with customers is SMS The rapid advancement of technology and the current world order demands
banking. In table 5 researchers have taken five facets for measuring
perception level of SMS banking services. From customer view point fit for the survival struggle. Banks wishing to stay in the business effectively
satisfaction level is higher than importance in dimensions on growing uses online banking system. Banks must realize that they have no right to
importance of strategic alliance of telecom company and banks. However rule the transaction process aspects, with strict protection our socio-political
technological backup is poor for using this service. Beside this, rate of SMS sector. It has been already found that local banks (NCBs & PCBs) are not
now in hand of customers which observe by lower significant differences. doing well as compared to the banks of foreign origin. More foreign banks
will come with new technology. It is revealed that only handful of branches of
Measuring Customer Satisfaction of E-Banking in Bangladesh 113 114 Development Compilation, Vol. 11. Number 01. March 2015

the HSBC, Standard Chartered bank, Eastern Bank Ltd, BRAC Bank Ltd, 14 Byrne, B. (1998), Structural Equation Modeling with LISREL, PRELIS and
Dutch-Bangla Bank Ltd, Prime Bank Limited, Islami Bank Bangladesh SIMPLIS, London.
Limited and Dhaka Bank Ltd earns more profit, than that of a government 15 Caruana, A. (2002), “Service loyalty – the effects of service quality and the
mediating role of customer satisfaction”, European Journal of Marketing, Vol. 36
owned banks. Bankers & its stockholders should decide to invest more in
No. 7/8, pp. 811-28.
modern software, network infrastructure and human resources development
16 Churchill, G. (1987), Marketing Research, 4th ed., Fort Worth, TX.
in order to participate in upcoming global challenges. 17 Cox, J. and Dale, B.G. (2001), “Service quality and e-commerce: an exploratory
analysis”, Managing Service Quality, Vol. 11 No. 2, pp. 121-31.
18 Cronin, J. and Taylor, S. (1992), “Measuring service quality: a re-examination and
Notes & References: extension”, Journal of Marketing, Vol. 56, pp. 55-69.
1 A.S.M.S., Azad (2001), “E-commerce as an Emerging Issue: Relevant Risks and 19 Csikszentmihalyi, M. (1988), “The flow experience and its significance for human
Security Measures”, The Cost & management, ICMAB. psychology”, in Csikszentmihalyi, M. and Csikszentmihalyi, I. (Eds), Optimal
2 Afuah, A. and Tucci, C. (2001), Internet Business Models and Strategies, Boston, Experience: Psychological Studies of Flow in Consciousness, Cambridge
MA. University Press, Cambridge, pp. 15-35.
3 Akaike, H. (1974), “A new look at the statistical model identification”, IEEE 20 Dabholkar, P.A. (1996), “Consumer evaluations of new technology-based self-
Transactions on Automatic Control, Vol. 19, pp. 716-23. service options: an investigation of alternative models of service
4 Anderson, C.F. and Lehmann, D.R. (1994), “Customer satisfaction market share quality”,International Journal of Research in Marketing, Vol. 13 No. 1, pp. 29-52.
and profitability: findings from Sweden”, Journal of Marketing, Vol. 58 No. 3, pp. 21 Fornell, C. and Larcker, D. (1981), “Evaluating structural equation models with
53-66. unobservable variables and measurement error”,Journal of Marketing Research,
5 Bagozzi, R. and Baumgartner, H. (1994), “The evaluation of structural equation Vol. 18 No. 1, pp. 39-50.
models and hypothesis testing”, in Bagozzi, R. (Ed.), Principles of Marketing 22 Furst, K., Lang, W.W. and Nolle, D.E. (2002), “Internet banking”, Journal of
Research, Cambridge, pp. 386-422. Financial Services Research, Vol. 22 No. 1/2, pp. 95-117.
6 Barto, G.L., (1999), “e-banking 1999: New model of Banking Emerges”, Gartner 23 Gerbing, D. and Anderson, J. (1988), “An updated paradigm for scale
Group. development incorporating unidimensionality and its assessment”,Journal of
7 Bauer, H.H. and Hammerschmidt, M. (2002), “Financial portals in the internet”, Marketing Research, Vol. 25, pp. 186-92.
Proceedings of the WSEAS Conference on E-Commerce, Athens. 24 Gounaris, S. and Dimitriadis, S. (2003), “Assessing service quality on the web:
8 Baumgartner, H. and Homburg, Ch. (1996), “Applications of structural equation evidence from business-to-consumer portals”, Journal of Services Marketing, Vol.
modeling in marketing and consumer research: a review”, International Journal of 17 No. 5, pp. 529-48.
Research in Marketing, Vol. 13 No. 2, pp. 139-61. 25 Gro¨nroos, C. (1990), “Relationship approach to marketing in service contexts”,
9 Bergen, M., Dutta, S. and Shugan, S.M. (1996), “Branded variants: a retail Journal of Business Research, Vol. 20 No. 1, pp. 3-11.
perspective”, Journal of Marketing Research, Vol. 33, pp. 9-19. 26 Gro¨nroos, C., Heinonen, F., Isoniemi, K. and Lindholm, M. (2000), “The NetOffer
10 Berry, L.L. (1987), “Big ideas in services marketing”, The Journal of Services model: a case example from the virtual marketspace”, Management Decision, Vol.
Marketing, Vol. 1 No. 1, pp. 5-9. 38 No. 4, pp. 243-52.
11 Blanchard, A. and Horan, T. (1998), “Virtual communities and social capital”, 27 Hoffman, D.L. and Novak, T.P. (1996), “Marketing in hypermedia computer-
Social Science Computer Review, Vol. 16 No. 3, pp. 293-307. mediated environments”, Journal of Marketing, Vol. 60, pp. 50-68.
12 Brandt, D.R. (1988), “How service marketers can identify value-enhancing service 28 Hughes, T. (2003), “Marketing challenges in e-banking: standalone or
elements”, The Journal of Services Marketing, Vol. 2 No. 3, pp. 35-41. integrated?”, Journal of Marketing Management, Vol. 19, pp. 1067-85.
13 Broderick, A.J. and Vachirapornpuk, S. (2002), “Service quality in internet 29 Joseph, M., & Stone, G., (2003), An empirical evaluation of US bank customer
banking: the importance of customer role”, Marketing Intelligence & Planning, Vol. perceptions of the impact of technology on service delivery in the banking
20 No. 6, pp. 327-35. sector. Journal of Retail and Distribution Management, 31, 190 – 202.
View publication stats

Measuring Customer Satisfaction of E-Banking in Bangladesh 115 116 Development Compilation, Vol. 11. Number 01. March 2015

30 Mahajan, V., Srinivasan, R. and Wind, J. (2002), “The dot.com retail failures of 46 Shankar, V., Smith, A.K. and Rangaswamy, A. (2003), “Customer satisfaction and
2000: were there any winners?”, Journal of the Academy of Marketing Science, loyalty in online and offline environments”, International Journal of Research in
Vol. 30, pp. 474-86. Marketing, Vol. 20 No. 2, pp. 153-75.
31 Meuter, M.L., Ostrom, A.L., Roundtree, R.I. and Bitner, M.J. (2000), “Self-service 47 Singh, S., Chhawal, S., S., Yahyabhoy, T., M., & Heng, Y., C., (2000), “Dynamic of
technologies: understanding customer satisfaction with technology-based service innovation in e- banking”, Retrieved on February 15, 2007, from school of
encounters”, Journal of Marketing, Vol. 64, pp. 50-64. computing, National University of Singapore in the website
32 Mohammad M. Islam, (2005) “Proposed ICT infrastructure for E- banking in http://csrc.asc.uk.asp/aspecis/200220136.
Bangladesh : A Conceptual Framework”, paper presented at the International 48 Slywotzky,A.J., (2001), “Reviving the Engine of Online finance” MIT Sloan
conference on Marketing, organized by the Rapport Bangladesh Ltd. Management Review, Cambridge.
33 Novak, T.P., Hoffman, D.L. and Yung, Y-F. (2000), “Measuring the customer 49 Sohail,M.S., & Shanmugham, B.E-b., (2003), “E-banking and customer
experience in online environments”, Marketing Science, Vol. 19 No. 1, pp. 22-42. preferences in Malaysia: an empirical investigation”, Information Sciences,
34 Nunnally, J. (1978), Psychometric Theory, 2nd ed., New York, NY. 150,207-17.
35 O’ Halon J Rocha, (1993),” Electronic Banking for Retail Customers”, Banking 50 Solomon, E. H., (1997), “Virtual money : United States of America”, Oxford
Technology Ltd. University press.
36 Oliver, R.L. (1997), Satisfaction: A Behavioral Perspective on the Consumer, New 51 Srinivasan, S.S., Anderson, R. and Ponnavolu, K. (2002), “Customer loyalty in e-
York, NY. commerce”, Journal of Retailing, Vol. 78, pp. 41-50.
37 Olsen, L.L. and Johnson, M.D. (2003), “Service equity, satisfaction, and loyalty: 52 Strieter, J., Gupta, A.K., Raj, S.P. and Wilemon, D. (1999), “Product management
from transaction-specific to cumulative evaluations”, Journal of Service Research, and the marketing of financial services”, International Journal of Bank Marketing,
Vol. 5 No. 3, pp. 184-95. Vol. 17 No. 7, pp. 342-54.
38 Parasuraman, A. and Grewal, D. (2000), “The impact of technology on the quality- 53 Szymanski, D.M. and Hise, R.T. (2000), “E-satisfaction: an initial examination”,
value-loyalty chain: a research agenda”,Journal of the Academy of Marketing Journal of Retailing, Vol. 76 No. 3, pp. 309-22.
Science, Vol. 28, pp. 168-74. 54 Violano, M., and Van Collie, S., (1992), “Retail Banking Technology: Strategic and
39 Parasuraman, A., Zeithaml, V. and Berry, L.L. (1988), “SERVQUAL: a multiple- Resources that seize the competitive advantage”, John Wiley and Sons Inc. pp.
item scale formeasuring consumer perceptions of service quality”,Journal of 38-65.
Retailing, Vol. 64, pp. 12-40.
40 Payne, A. and Holt, S. (2001), “Diagnosing customer value”, British Journal of
Management, Vol. 12, pp. 159-82.
41 Reibstein, D.J. (2002), “What attracts customers to online stores, and what keeps
them coming back?”, Journal of the Academy of Marketing Science, Vol. 30, pp.
465-73.
42 Reichheld, F.F. and Sasser, W.E. (1990), “Zero defections: quality comes to
services”, Harvard Business Review, Vol. 68 No. 5, pp. 2-8.
43 Reichheld, F.F. and Schefter, P. (2000), “E-loyalty – your secret weapon on the
web”, Harvard Business Review, Vol. 78 No. 4, pp. 105-13.
44 Rotchanakitumnuai, S., and Speece, M., (2003), "Barriers to Internet banking
adoption: a qualitative study among corporate customers in Thailand", Emerald
21.
45 Santos, J. (2003), “E-service quality: a model of virtual service quality
dimensions”, Managing Service Quality, Vol. 13 No. 3, pp. 233-46.