THE IMPACT OF ELECTRONIC BANKING ON CUSTOMER SATISFACTION ...
Transcript of THE IMPACT OF ELECTRONIC BANKING ON CUSTOMER SATISFACTION ...
THE IMPACT OF ELECTRONIC BANKING ON CUSTOMER
SATISFACTION TOWARDS THE FINANCIAL INSTITUTIONS IN
UGANDA
CASE STUDY: CUSTOMERS OF CENTENARY BANK AND BACLAYS
BANK AT VICTORIA MALL, ENTEBBE
BY
KAYANJA NICHOLAS
213012018
13/U/6367/EVE
A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILMENT OF
THE REQUIREMENTS FOR THE DEGREE OF BACHELOR OF
SCIENCE IN BUSINESS STATISTICS AT MAKERERE UNIVERSITY
September 2019
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DEDICATION
The research project is dedicated to my family for their constant support and encouragement
throughout my studies.
I cannot forget my parents for their wisdom and inspiration which is the pillar in search of
knowledge.
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ACKNOWLEDGEMENT
I thank the Almighty God for his unconditional love and blessing upon reaching this stage of my
academic life.
My special acknowledgement goes to my supervisor Mr. Musoke for his sacrifice and guidance
towards the making of this dissertation a reality. May the Almighty God richly bless you.
I also thank my family for the motivation and financial support they give me continually.
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ABSTRACT
This study presents what impact electronic banking has on customers’ satisfaction in comparing
with traditional visits and mortar banking service. A case study of centenary and Barclays bank
the relationship it has with that of age consumption and education, its impact on branch visits,
the level of customer understanding about the banking and the opportunities and challenges of
the e- banking.
The study looked at the whether customers have adequate knowledge about electronic banking
services, their awareness about the charges, its availability and where to access it from. And also
determine their attitude towards the new technological advances provided by the financial
institutions in terms of trying to satisfy them .
The study used a cross-sectional research design where data was collected from 200 respondents
who were willing to participate using a structured questionnaire .data collected was analyzed
using SPSS
The study involved 55% of male and 45 % female who were all using internet banking at some
point .social demographic characteristics were found to significantly influence the usage of e
banking .it was found out the more education one acquired the more frequently they used
different internet banking options .the study reveled different impacts affecting the bank
customers using e banking services and products. Such impacts were accessibility, user friendly
and security.
They were different challenges associated with e banking such as network failure, limited
withdraw amount, no help in case of transaction failure and
The findings of this study revealed that employed people with high level of education engaged in
e banking more than others who were unemployed and the illiterate .it was recommended banks
should issue out information on the e banking services offered to the customers in order to
eradicate them more , encourage and attract more bank customers to using the different services
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TABLE OF CONTENTS
Contents page
DECLARATION ........................................................................................... Error! Bookmark not defined.
DEDICATION ............................................................................................................................................. iii
ACKNOWLEDGEMENT ........................................................................................................................... iv
APPROVAL ...................................................................................................... Error! Bookmark not defined.
ABSTRACT ..................................................................................................................................................... vi
TABLE OF CONTENTS ................................................................................................................................... vii
CHAPTER ONE ............................................................................................................................................... 1
1.1 Background study ......................................................................................................................... 1
1.2 Problem Statement ....................................................................................................................... 7
1.3 General objective .......................................................................................................................... 7
1.3.1 Specific objectives ................................................................................................................. 7
1.4 Research hypothesis ...................................................................................................................... 8
1.5 Scope of the study ........................................................................................................................ 8
1.6 Significance of the Study ............................................................................................................... 8
1.7 Conceptual Frame work ................................................................................................................ 9
2 CHAPTER TWO .................................................................................................................................... 10
2.1 Theoretical Review ..................................................................................................................... 10
2.1.1 Factors of Adopting e-Banking ............................................................................................ 10
2.2 E-Banking and Customer Satisfaction ......................................................................................... 12
2.2.1 Electronic Banking .............................................................................................................. 15
2.2.2 CUSTOMER SATISFACTION .................................................................................................. 15
2.3 Customer Satisfaction and its Consequences ............................................................................. 16
2.4 Models of Customer Satisfaction .............................................................................................. 17
2.4.2 The Kano Model .................................................................................................................. 18
2.4.3 Theory of Planned Behavior (TPB) .................................................................................... 19
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2.5 Empirical Studies ......................................................................................................................... 20
2.5.1 Research Gap of the Study .................................................................................................. 24
3 CHAPTER THREE .................................................................................................................................. 25
3.1 Methodology ............................................................................................................................... 25
3.2 Research design .......................................................................................................................... 25
3.3 Survey Population ....................................................................................................................... 25
3.4 Sampling Design .......................................................................................................................... 25
3.5 Sample size .................................................................................................................................. 26
3.6 Data Collection Methods ............................................................................................................ 26
3.7 Data Collection Tools .................................................................................................................. 26
3.7.1 Interviews Questions .......................................................................................................... 26
3.7.2 Questionnaires .................................................................................................................... 27
3.7.3 Documentary Review .......................................................................................................... 27
3.8 Reliability and Validity of Data .................................................................................................... 27
3.9 Data Analysis ............................................................................................................................... 27
3.10 Analytical Model ......................................................................................................................... 28
3.11 Ethical Consideration .................................................................................................................. 29
4 CHAPTER FOUR ................................................................................................................................... 30
4.1 PRSENTATION, INTERPRETATION AND DISCUSSION OF THE FINDINGS ................. 30
4.2 Introduction ................................................................................................................................ 30
4.3 Univariate analysis ...................................................................................................................... 30
4.4 Bivariate analysis ......................................................................................................................... 35
5 CHAPTER FIVE...................................................................................................................................... 40
5.1 Summary of the results ............................................................................................................... 40
5.2 CONCLUSIONS ......................................................................................................................... 41
5.2.1 RECOMMENDATIONS .................................................................................................... 42
5.3 Limitation of the Study and Suggested Areas for Further Studies .............................................. 44
5.3.1 Limitations ........................................................................................................................... 44
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5.3.2 Suggested Areas for Further Studies................................................................................... 44
References .................................................................................................................................................. 46
6 APPENDIX ............................................................................................................................................ 49
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LIST OF TABLES
Page
Table1. 1 showing ownership of centenary bank in percentage………………………………….2
Table4. 1. Demographic characteristics for the study ................................................................... 30
Table 4. 2 Spearman’s rank order correlation coefficients for determinants of customer
satisfaction using e banking services ............................................................................................ 36
Table4. 3 showing the adjusted R sqaured.................................................................................... 36
Table 4. 4 Summary of ONE WAY ANOVA results ................................................................... 37
Table 4. 5 coefficients of the regression equation ........................................................................ 38
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LIST OF FIGURES
Page
Figure1. 1 The relationship between independent variables and independent variables……………..…….8
Figure4. 1 A bar graph showing the marital status in percentages ............................................... 33
Figure4. 2A bar graph showing age brackets of e banking users ................................................. 34
Figure4. 3 A pie chart showing the level of education of e bank users ........................................ 35
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CHAPTER ONE
Introduction
Chapter one covers the background study, the problem statement, objectives of the study,
hypothesis, and scope of the study and research questions.
1.1 Background study
Internet banking refers to the banking of products and services offered by institutions on the
internet through their access services including personal computers and other intelligent devices
like the automated teller machines (ATMs), Point of Sale (POS), Mobile Banking, Real Time
Gross Settlement (RTGS) and many more. (Kulabako, Faridah ,2012).According to (Haruna
Chalan and Sivasu Bramarian,2007), Internet Banking is where a customer can access his or her
bank account via the internet using his or her bank account.
Recently banks have converted from the traditional use of banking halls to the branchless
positions of banking. The use of technology has increased the customer base through the use of
electronic banking which includes the use of AUTOMATED TELLER MACHINE (ATMs,
Point of Sale , Mobile Banking and many more which means customers can access their
balances, request for mini statements, make deposits and withdrawals minus reaching the branch
(Saleem and Rashid, 2011).
According to (Daniel Nsibambi, 2011), communication manager of one of the banks in Uganda
(Stanbic Bank) said “Internet Banking is convenient as it allows one to perform transactions 24/7
hours and seven days a week anytime including public holidays”.
Customer satisfaction is a measure of how products and services supplied by a company meet or
surpass customer expectation. Customer satisfaction is also defined as the percentage of total
customers whose reported experience will affirm its products or services exceeds the specified
satisfaction goals. Furthermore, customer satisfaction can be defined as the extent to which
customers are happy with the products and services provided by the business.(Julian 2016).
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In today’s busy world where people don’t have much time even for personal work online,
banking appears as the boost. Electronic banking was introduced in the early 80s and from the
time it was introduced many people have started availing its facilities since it’s easier to pay
bills, check account balances, mini statements minus reaching the bank but there still a quite
number of people still reaching the banking halls to process the services that can be accessed
online.Julian (2016).
Centenary bank is one of the banks promoting electronic banking among its customers in
Uganda. The bank launched internet banking in 2007 and it has since been growing
tremendously .the customers can use this service to access latest balance financial statements
account details, download statements and obtain a recent history statement on all their accounts
(John Ddumba 2017)
Centenary bank was founded in 1983 as a credit trust, centenary rural development trust
(CRDT). In 1985 centenary rural development trust began to provide financial services to
the public. Centenary bank became fully licensed commercial bank in 1993, after receiving
a banking license from the central bank of Uganda. On 26-03-2007 centenary rural development
rebranded and trimmed its name to just centenary bank. Centenary bank is now Uganda’s largest
indigenous bank with over 37 branches.(www.centenary bank.co.ug). as of April 2010 centenary
bank was 5th largest commercial bank in Uganda with an asset of base of US 306.7million
representing approximately 7.4% of the all banks assets in the country (John Ddumba 2017)
Centenary bank has got five different partners that ensure its operations are up to notch and keep
it a competitive business amongst all the banks and these partners include; Roman catholic
dioceses of Uganda, Uganda roman catholic secretariat, Stitching Hivos Triodos Fonds ,
Solidarité Internationale pour le Développement et l'Investissement, a French investment bank
and Ugandan individuals
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Table 1. 1 showing ownership of centenary bank in percentage
Rank name of the owner percentage of
ownership
1 Roman catholic dioceses of Uganda 39.5
2 Uganda roman catholic secretariat 31.3
3 Stitching Hivos Triodos Fonds 18.3
4 Solidarité Internationale pour le Développement et
l'Investissement, a French investment bank
11.6
5 Ugandan individual 0.3
TOTAL 100
Source https://en.wikipedia.org/wiki/Centenary_Bank
In the 1960s Barclays Uganda DCO became the first in Africa to be locally incorporated as
Barclays Bank of Uganda. The government acquired 49% of the new company while DCO
retained a 51% holding, with A G Woodcock as the first chairman and general manager of the
bank. At the same time Barclays acquired the Ugandan business of a subsidiary of the French
bank SFOM, the Commercial Bank of Africa. Barclays had nine branches and 33 other outlets
and was actively engaged in the financing of agricultural exports of coffee and sugar. By 1970
the business was significantly impacted by political instability and civil wars. Highway robberies
began to affect cash movements between the branches and it worsened during 1979 following the
overthrow of President Idi Amin, branches were looted and employees attacked whilst London
lost contact with Uganda altogether. This lead to the formation of team colleagues who
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volunteered to restore order to the branches. Mr. Yekowasi K. Oteba - now deceased - managed
the bank during that period. (Ssepuya Mikaili 2008)
Barclays Uganda was the first bank in East Africa to computerize its accounting, using NCR
9300 machines, and the first in Uganda to have same-day accounting and clearing for all
branches. This was achieved in 1987 .The remote Jinja branch was linked to the computer centre
in Kampala. In 2010 during the Period of consolidation leading to branch and premises
rationalization, Barclays Uganda launched the Premier customer's service centre, and an Internet
banking service which included personal and commercial banking options. By 2013 the bank had
launched the platinum debit card for its Premier account holders giving them access to online
purchases beyond normal debit card services and also the bank launched the usage of Master
Card and also launched the World Miles program on the platinum debit card. (Mian Nazim,2018)
Barclays Bank of Uganda Limited received an innovation award at the Corporate Entrepreneur
awards in New York for our innovative approach in extending financial services to Villages
savings groups in Uganda in 2014. They continued with the annual Business club and customer
loyalty programmes, and launched the Women’s Network Forum for Barclay’s female
colleagues. Opened a new branch at Acacia mall and set up intelligent ATMs (iATMs) in Naalya
and Acacia malls. They also launched free credit life insurance, free retrenchment cover, life
insurance cover and funeral cover. (Mian Nazim,2018)
The bank re-launched Prestige banking launched Risk management products, direct debits, USD
debit card, mobile bulk payments, the mobile banking app, cash send, SMS alerts and the
Uganda shillings credit card. they also set up a 24 hour call centre. In 2016 The bank refurbished
the Ntinda branch, set up 29 iATMs, launched cardless deposits on the intelligent ATMs,
launched paperless banking, eStatements, Pamoja Bonus savings account, Ready to work,
Business debit card and business daily interest account. (Swithin Munyantwali 2018)
1.1.1.1 Owner ship of Barclays bank
In 1969, the bank's stock was 51 percent held by Barclays and 49 percent held by the
government of Uganda. By 2001, the bank had become a wholly owned subsidiary of Barclays
Since March 2016, the bank has been wholly owned by the Barclays Africa Group With the re-
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branding of Barclays Africa Group, in 2018, Barclays Uganda is a 100 percent subsidiary of
Absa Group Limited (Mian Nazim 2018)
Electronic banking services available in both centenary and Barclay’s bank
i. Point of sale (POS) of agent banking
When the parliament of the Republic of Uganda passed the financial institution amendment act
of 2016 which made provision for agent banking governed by agent banking regulations 2017
enabled financial institutions to enter into the digital financing space to drive the financial
inclusion and increase access to financial services to arrange of the under- served and un banked
population segments. Through a shared platform brought by the agent banking company POS
System, it has made it easier for the customers to access their accounts from relatively different
locations at any point avoiding the hectic movement from one bank to another hence saving time.
The POS system has almost all the services a bank can offer. Customers can check balances,
make deposits on accounts, pay bills and can even open up new accounts making it flexible for
the customers and profitable for banks since it’s easy to get an agent than opening up a new
branch as noted by Mr. Richard Yego in (2017) the Director of Agent Banking Company.
ii. AUTOMATED TELLER MACHINE (ATM)
This is an electronic terminal that lets you bank almost any time for customers to withdraw cash,
make deposits or transfer funds between accounts they generally need an ATM Card with a
personal PIN. ATMs have had a positive response since their introduction more than 30 years
ago. ATM technology has gradually become the electronic face of the banks. They are 24 hour
around clock electronic cashiers which provide access into customers’ accounts by use of the
ATM cards in the ATM machines which are situated at different locations all over the country.
(Sseppuya, Mikaili 21 May 2008)
According to (Wake Field 2010), ATMs have been extended to rural areas of the country making
it easy for customers to access their money and they have also made them visa electronic cards
implying that one can access his or her funds from a different bank in which he or she has no
account.
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iii. MOBILE BANKING
Mobile Banking is a 24 / 7 banking service that allows customers to access their accounts
through the use of mobile applications that can be down loaded from any play store isos store.
With this kind of application, the customer can access his or her account balance, mini statement,
pay bills and transfer money from his account to his mobile money account or the other way
round.Ssonko, Kiganda (14 December 2008)
This is more convenient to customers since it’s at his or her fingertip. Some of the different
platforms of customer use are Cente Mobile for Centenary Bank, DTB app for Diamond Trust
Bank and many more.
iv. NSSF PAYMENT
The banks on behalf of the National Social Security Fund accept payments from organizations
that have registered to remit their employees’ social contribution. The cash for the contribution is
credited directly to the NSSF collection and there is no need for customers to the NSFF
premises. Kulabako, Faridah (29 February 2012).
v. TELEPHONE BANKING
Africa has experienced an incredible boom in mobile usage over the past decade. Today, Uganda
has more than 10 million mobile users and the number is growing rapidly every day. In respect to
this research, telephone banking technology means availability, accessibility and the use of
telephone to engage in deposits, withdrawals and account balance inquiry by the user in the
industry. Martin Luther Oketch (18 July 2019).
vi. Fees and Charges
Service quality attributes in the e- banking industry is important since human internet interaction
is the main service delivery and communication channel offering high quality services to
customers’ needs at lower costs is the potential competitive advantage of e-banking. Kulabako,
Faridah (29 February 2012).
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1.2 Problem Statement
The introduction of electronic banking into the banking sector is to bring customers’ satisfaction
thereby enhancing the banks’ profitability levels. But this has resulted into more burdens on the
financial institutions in trying to attract a large number of clients and enhancing the perception of
these clients and empowering loyalty.
Daniel and Mols (2010) described that compared to ordinary banking system; electronic banking
is providing the best customer satisfaction of customer needs. The old age is generally the shy of
use of the ATM because of the perceived risk of failure of complexity, security and lack of
personalized services.
Former Bank of Uganda Deputy Governor David Opio Okello (2009) said “one can access his
bank account and carry out a number of transactions even when she / he are out of the country.
Online banking is more convenient because you can transact business anytime of your
convenience”.
But with increased methodologies of transacting without reaching the banking hall has come
with a lot of more consequences like the increase of cybercrime, machine break down (ATMs),
poor internet connection and lack of enough information on the available online products.Julian
(2016).Therefore, identifying the impact internet banking has on customer satisfaction is still an
open subject and this prompts the researcher to carry out the study and ascertain the level of
satisfaction customers derive from internet banking
1.3 General objective
To access and examine the impact of electronic banking on customers’ satisfaction in Uganda’s
banking industry
1.3.1 Specific objectives
i. To find out whether customers have adequate knowledge about electronic banking
services.
ii. To find customers attitude towards electronic banking security
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iii. To describe the age, gender, marital status, occupation and the education status of the
banking users in the city.
iv. To assess the level of customer understanding of the e- banking and find out if it has
reduced the cycle time for the customers.
v. To suggest the necessary actions that should be considered by commercial banks in order
to increase the impact of e- banking on customer satisfaction.
1.4 Research hypothesis
The study tested the following hypothesis.
There is no relationship between customers’ satisfaction in e-banking than ordinary banking and
demographic characteristics
There is relationship between customers’ satisfaction in e-banking than ordinary banking and
demographic characteristics
There is no significant difference between branch visits after e-banking and before e-banking
There is significant difference between branch visits after e-banking and before e-banking
There is no relation between customers’ satisfaction in e-banking than ordinary banking with
customer knowledge about e-banking, availability and improvement of account control
movements
There is relation between customers’ satisfaction in e-banking than ordinary banking with
customer knowledge about e-banking, availability and improvement of account control
movements
1.5 Scope of the study
In assessing the impact of e- banking on customer satisfaction customers of the study was carried
out for two months from Victoria mall Entebbe and Centenary Bank and Barclays Bank were
chosen because they all have at least a transaction point at that place.
1.6 Significance of the Study
This study will help the researcher to apply the research methods & techniques taught in lecture
rooms and improve his research skills. And also this study will be useful for the financial
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institutions in Uganda to see the impacts of internet banking on customer satisfaction in
comparison with the old ordinary mortar and brick banking system.
The study is hoped to make banks understand the attitude of customers towards internet banking
and what actions to be taken in order to benefit from the opportunities and how to overcome the
challenges.
The findings in the research will be used as a benchmark to future researchers who are interested
in exploring the subject under study
1.7 Conceptual Frame work
This shows how independent variables affect the dependent variable
Figure1. 1 The relationship between independent variables and independent variables
Independent Variables moderate variable Dependent Variable
Source: author’s construction
Figure 1.1 indicates how the independent variable e-banking services is influenced by time
security, availability user-friendly, charges and responsiveness yield customer satisfaction which
is the dependent variable
E-Banking Services Traditional Banking
Transfer Time
Security
Availability
User Friendly
Responsiveness
Charges
Customer
Satisfaction
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2 CHAPTER TWO
2.1 Theoretical Review
On this chapter I will discuss different scholars who have dealt with the theory of e banking
especially the factors of adopting e-banking. There accessibility, convenience, privacy and
security.
2.1.1 Factors of Adopting e-Banking
It has been argued that for any service or technology to succeed it must be adopted by the users
and accepted. Therefore on the following paragraphs I will discuss the factors leading to
adopting of E-banking.
a. Accessibility
Accessibility is defined as the ability of users to access information and services from the web,
this depends on many factors. Which include: the content format; the user's hardware, software
and settings; internet connections; the environmental conditions and the user's abilities and
disabilities (Godwin-Jones 2001; Hackett and Parmanto, 2009). The term "web accessibility"
generally relates to the implementation of website content in such a way as to maximize the
ability of users with disabilities to access it. For example, providing a text equivalent for image
content of a web page, allows users with some visual disabilities access to the information via a
screen reader. The techniques and approaches that create more accessible web pages for people
with disabilities also address many other access issues such as download speed and
discoverability (Hackett et al, 2004; Hackett and Parmanto, 2009).
Jun et al., (1999) revealed reliable/prompt responses, attentiveness, and ease of use had
considerable impacts on both customers perceived overall service quality and satisfaction. It also
indicated that there is a significant positive relationship between overall service quality and
satisfaction. Yang and Jun (2002) redefined the traditional service quality dimensions in the
context of online services, and suggested an instrument consisting of seven online service
dimensions (reliability, access, ease of use, personalization, security, credibility, and
responsiveness). Joseph et al (1999) considered banking service quality with respect to
technology use, such as ATMs, telephone, and the internet and identified six dimensions. They
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were convenience/accuracy; feedback/complaint management; efficiency; queue management;
accessibility; and customization. Therefore, accessibility has positive effect on customer
satisfaction.
b. Convenience
E-banking provides higher degree of convenience that enables customers to access internet bank
at all times and places. Apart from that, the ease of access of computers is perceived as a
measure of relative advantage (Polatoglu and Ekin 2001). Garrard and Cunningham (2003)
revealed that there are some service quality determinants that are predominantly satisfiers and
others that are predominantly dissatisfies with the main sources of satisfaction being
attentiveness, responsiveness, care and friendliness. The main sources of dissatisfaction are
integrity, reliability, responsiveness, availability and functionality.
According to Ainscough and Luckett (1996), the provision of customer interactivity is an
important criterion that attracts users in the delivery of e-banking. Gerrard and Cunningham
(2003) also identify other factors of paramount importance in ensuring the success of e-banking,
i.e. the ability of an innovation to meet users' needs using different feature availability on the
web site. For instance, the provision of Interactive loan calculators, exchange rate converters,
and mortgage calculators on the web sites draw the attention of both users and non-users into the
bank's web site.
c. Privacy
Customers have doubts about the trust ability of the e-bank's privacy policies (Garrard and
Cunningham, 2003). Trust has striking influence on user's willingness to engage in online
exchanges of money and personal sensitive information (Friedman et al, 2000). Privacy is an
important dimension that may affect users' intention to adopt e-based transaction systems.
Encryption technology is the most common feature at all bank sites to secure information
privacy, supplemented by a combination of different unique identifiers, for instance, a password
and Warren, (2003). Thus, a combination of smart card and biometric recognition using
fingerprints offers a more secure and easier access control for computers than the password
method. Zeithaml et al., (2000) developed e-SERVQUAL for measuring eservice quality,
identifying 11 dimensions: access; ease of navigation; efficiency; flexibility; reliability;
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personalization; security/privacy; responsiveness; assurance/ trust; site aesthetics; and price
knowledge.
d. Security
Assurance about security relates to the extent to which the web site guarantees the safety of
customers` financial and personal information, an area which has witnessed a proliferation of
research interest (Kimery and McCord, 2002). Security can be assured by providing a privacy
statement and information about the security of the shopping mechanisms and by displaying the
logos of trusted third parties. For example, displaying trusted third party logo guarantees a
certain level of security protection and has been shown to significantly influence how consumers
regard the trustworthiness of e vendors (Jiang et al, 2008).
Internet banking is made possible by the creation of Web browsers. In this mode of online
banking, consumers do not have to purchase additional software (all they need is the browser),
store any data on their computer, backup any data, or wait for software upgrades or new versions
(Dong-Her et al, 2004). All transactions occur on a secure server of a bank via the internet. The
bank has all of the required data and software to execute the transactions. Customers go the
bank's Web site, log in, and then take advantage of the bank's internet services. Typical bank
services are account access and review, transfers of funds between accounts, bill payment, and
then a widening variety of new services and products. Security plays an important role in internet
banking and so there are several protocols for internet security of encrypted data packets
(Kolsaker and Payne, 2002).
2.2 E-Banking and Customer Satisfaction
Arunachalam and Sivasubramanian (2007) contents that Internet banking is where customer can
access his or her bank account via the Internet using PC or mobile phone and web-browser; and
Ongkasuwan and Tantichattanon (2002) defined Internet banking service as banking service that
allows customers to access and perform financial transactions on their bank accounts from their
computers with Internet connection. Kim et al. (2006) predicted that 87% of community banks
would offer Internet banking in 2003 to meet consumers’ needs, and asserted that, Internet
banking has advantages for banks to maintain competition, to save costs, to enhance mass
customization, marketing and communication activities, and to maintain and attract consumers.
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Katri (2003) stated that the Internet banks serve also as gateways offering identification and
authorization services to a number of third party service providers.
Rationale for ‘banks’ to provide Internet banking services, Ongkasuwan and Tantichattanon
(2002) indicate that internet banking helps banks in cost saving, increase customer base, enable
mass customization for e-Business services, extend marketing and communication channel,
search for new innovation services, and explore and development of non-core business.
However, customers’ ability to subscribe to the Internet-base banking services depend on several
factors such as user-friendly interface, level of Internet experience, types of services provided,
(for example e-mail, file transfer, news, online financial services, shopping and multimedia
services), attitude and perception, access and delivery time and experience with the Internet.
Gao and Owolabi (2008) contend that the currently relevant factors determining the adoption of
internet banking in Nigeria include the level of awareness or attention, the accessibility to
computers and the Internet, convenience, privacy, costs, and the availability of knowledge and
support concerning internet banking. The introduction of internet banking services is facilitated
by the bank’s reputation in terms of size, awareness and trust awareness of Service and its
benefits in form of the amount of information a customer has about Internet banking and its
benefit may have a critical impact on the adoption of Internet banking (Jaruwachirathanakul and
Fink, 2005; AlSomali et al., 2008).
On the other hand, Al-Somali et al. (2008) noted that low awareness of Internet banking is a
critical factor in causing customers not to adopt internet banking and Katri (2003) conquers that
most important factors discouraging the use of Internet banking are lack of Internet access and
not having a chance to try out Internet banking in a safe environment, thus not being in a position
to access account.
According to Gan et al. (2006), the previous studies have identified that user input factors are a
function of control, enjoyment and intention to use. Control could be described as the amount of
effort and involvement required by consumers in electronic banking. Enjoyment is the perceived
playfulness and intrinsic value that consumers experience from the utilization of electronic
banking and this would also influence the level of satisfaction; as Gan et al., (2006) indicate that
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when consumers are aware of the availability of electronic banking, they will use adopt, though
some may not.
Lichtenstein and Williamson (2006) noted that several Musiime and Ramadhan converging
reference domains and theories suggest numerous potential influences on consumer adoption of
internet banking including theories of consumer behavior in mass media choice and use,
gratification theories, innovation diffusion, technology acceptance, online consumer behavior,
online service adoption, service switching costs and the adoption of internet banking. Davis
(2003) proposed that customers’ intentions to use internet banking can be affected by customers’
attitudes toward using internet banking. When customers have positive attitudes, they are more
likely to adopt internet banking and vice versa (Lichtenstein and Williamson, 2006).
Eriksson et al. (2005) found that customers’ attitude are significant factor affecting customer
behaviors in accepting or rejecting technology. It was found that the relationship between
attitude towards using and usage was significant. Customers' attitudes are a significant factor
affecting customer behaviors in accepting or rejecting technology (Davis et al., 1989).
According to Saha and Zhao (2005), customer satisfaction is defined as a collection of outcome
of perception, evaluation and psychological reactions to the consumption experience with a
product/service. In other words, Saha and Zhao further defined customer satisfaction as a result
of a cognitive and affective evaluation where some comparison standard is compared to the
actually perceived performance. If the performance perceived is less than expected, customers
will be dissatisfied. On the other hand, if the perceived performance exceeds expectations,
customer will be satisfied. Boateng and Molla (2006) contend that operational constraints related
to customer location, the need to maintain customer satisfaction and the capabilities of the Bank's
main software are influential factors in motivating the decision to enter electronic banking
services and consequently influencing the usage experience and thus affecting the level of
satisfaction.
Raman et al. (2008) said that service as an intangible good appeal differently to each customer
and certain extent of service should be achieved in order to satisfy the customer and that the
resulting commitment, loyalty and retention are critical indicators of customer satisfaction.
15
Customer commitment; Power and Associates (2009) note that on average, highly committed
customers use more products or services, give more referrals and are much less likely to switch
to another bank, compared with customers who have lower commitment levels. Indeed, this view
is supported by Casaló et al. (2008) who contends that higher levels of website usability might
lead to higher levels of consumer's affective commitment to the website as well a direct, positive
and significant relationship between.
2.2.1 Electronic Banking
This is where a customer can access his or her bank account via the internet using his or her
personal computer, mobile phone or transfer money system using the Point of Sale (POS),
mobile money wallets from one account to another without physically handling cash.
However, Mr. Daniel Nsibambi (2011) defined electronic banking as a 24-hour access to cash
through ATMs with just a Personal Identification Number (PIN).
While the former Bank of Uganda Governor David Opio Okello(2006) said one could access his
account and carry out a number of transactions even when she / he is out of the country and also
through RTGs, TTS one could transfer big sums of money in and out of the country.
Jamal, (2004), defines electronic banking as the delivery of banks' information and services by
banks to customers via different delivery platforms that can be used with different terminal
devices such as a personal computer and a mobile phone with browser or desktop software,
telephone or digital television. Pikkarainen et al. (2004) define internet banking as an "internet
portal, through which customers can use different kinds of banking services ranging from bill
payment to making investments". With the exception of cash withdrawals, internet banking gives
customers access to almost any type of banking transaction at the click of a mouse (De Young,
2001).
2.2.2 CUSTOMER SATISFACTION
2.2.2.1 Introduction
Business starts and closes with customers and hence customers must be treated as kings of the
market business enhancements, profit image etc of the organization depends on customers hence
16
it’s important for all organizations to meet customers’ expectations and identify that they are
satisfied.
Definition
Customer Satisfaction is the customer’s overall feeling of content in a business interaction
(Elaine, 2005). Customers’ satisfaction is defined as a measure of how products and services
supplied by an organization meet or surpass customers’ satisfaction. According to (Berry, 2000)
“Customer Satisfaction is defined by use of 10 dimensions of satisfaction which include quality,
value, timeless, efficiency, ease of access of the environment, inter departmental, team work,
frontline services behavior commitment to customers and innovation”.
Satisfaction may develop quickly or it may be cultivated over a period. It’s the overall pleasant
experience after the consuming of the product or services and therefore customers’ satisfaction is
the state of mind that customers have about the company when their expectations have been met
or exceeded over the life time of the product or a service.
2.3 Customer Satisfaction and its Consequences
Satisfaction has been considered as one of the most important theoretical as well as practical
issues for most marketers and customer researchers (Jamal, 2004). Satisfaction reflects a post-
purchase evaluation of product quality given pre-purchase expectations (Kotler, 1991). On one
hand, within literature on services marketing, satisfaction has traditionally been defined as a
cognitive-based phenomenon (Westbrook, 1987). Cognition has been studied mainly in terms of
the expectations/ disconfirmation paradigm; also known as the confirmation/ disconfirmation
paradigm, which states that expectations originate from the customer's beliefs about the level of
performance that a product/service would provide (Oliver, 1980).
Many marketing scholars (Tse and Wilton, 1988 Anderson and Sullivan, 1993; Patterson et al,
1997), indicate that customer satisfaction is related to the size and direction of disconfirmation,
which is defined as the difference between the post purchase and post-usage evaluation of the
performance of the product/service and the expectations held prior to the purchase (Sharma and
Ojha, 2004). On the other hand, other studies (Dube-Rioux, 1990; Homburg et al, 2006) have
recognized that the affect experienced during the acquisition and consumption of the product or
service can also have a significant influence on satisfaction judgments (Homburg et al, 2006).
17
Customer satisfaction is an ambiguous and abstract concept and the actual manifestation of the
state of satisfaction will vary from person to person and product/service to product/service
(André, et al, 2000). The state of satisfaction depends on a number of both psychological and
physical variables which correlate with satisfaction behaviors such as return and recommend
rate. The level of satisfaction can also vary depending on other options the customer may have
and other products against which the customer can compare the organization's products.
Organizations of all types and sizes have come to realize that their main focus must be to satisfy
their customers (Heskett et al., 1994).
This applies to industrial firms, retail and wholesale businesses, government bodies, service
companies, nonprofit organizations and every subgroup within an organization. There is a
substantial body of empirical literature that establishes the benefits of customer satisfaction for
firms (Heskett et al., 1994). Organizations are increasingly interested in retaining existing
customers while targeting noncustomers; measuring customer satisfaction provides an indication
of how successful the organization is at providing products and/or services to the marketplace.
2.4 Models of Customer Satisfaction
2.4.1.1 SERVQUAL Model (Service Quality Gap Model)
SERVQUAL is a multi-item scale developed to assess customer perceptions of service quality in
service and retail businesses (Parasuraman, et al., 1988). The approach starts from the
assumption that the level of service quality experienced by customers is determined by the gap
between their expectations of the service and their perceptions of what they actually receive from
a specific service provider (Parasuraman, et al., 1988). Parasuraman, Zeithaml, and Berry (1985)
developed the "Gap Model" of perceived service quality. This model has five gaps:
Gap 1. Consumer expectation - Management perception gap Gap 2. Management perception -
Service quality specification gap Gap 3. Service quality specifications - Service delivery gap Gap
4. Service delivery - External communication gap Gap 5. Expected service - Experienced service
Gap One--Positioning Between customer's expectation and management's perceptions of those
expectations i.e. not knowing what customers expect The SERVQUAL model proposes five
dimensions upon which customers evaluate service quality. These are:
18
Tangibles – the appearance of the physical facilities and materials related to the service
Reliability – the ability to perform the service accurately and dependably
Responsiveness – the willingness to help customers and provide prompt service
Assurance – the competence of the system and its security, credibility and courtesy
Empathy – the ease of access, approachability and effort taken to understand customers’
requirements
The use of perceived as opposed to actual service received makes the SERVQUAL measure an
attitude measure that is related to, but not the same as, satisfaction (Parasuraman, et al., 1988). It
is arguably that if the service offered to customers’ constituents and meets the five dimensions of
the service quality model, the customer perception towards the services offered will be positive.
SERVQUAL can measure attitude of the customers towards services. Various studies have
developed alternatives concepts for service quality, some state that services quality should
include three dimensions, like technical quality, functional quality and corporate quality
(Gronroos, 1982).
Others propose that services quality may be evaluated on the functional dimension, described by
five components: tangibility, responsibility, assurance, and empathy (Parsuraman, et al., 1985,
1988). Service quality is determined by the differences between customer’s expectations of the
services and their perceptions of the service experiences (Parasuraman, et al., 1982)
2.4.2 The Kano Model
The Kano model is a theory of product development and customer satisfaction developed in the
1980s by Professor Noriaki Kano that classifies customer preferences into five categories:
Attractive, One-Dimensional, Must-Be, Indifferent, Reverse. The Kano model offers some
insight into the product attributes which are perceived to be important to customers. Kano also
produced a methodology for mapping consumer responses to questionnaires onto his model. The
Kano model offers some insight into the product attributes which are perceived to be important
to customers. The purpose of the tool is to support product specification and discussion through
better development team understanding.
19
Quality Function Deployment (QFD) makes use of the Kano model in terms of the structuring of
the Comprehensive QFD matrices. Mixing Kano types in QFD
Matrices can lead to distortions in the customer weighting of product characteristics. For
instance, mixing must-Be product characteristics such as cost, reliability, workmanship, safety,
and technologies used in the product in the initial House of Quality will usually result in
completely filled rows and columns with high correlation values. Other Comprehensive QFD
techniques using additional matrices are used to avoid such issues. Kano's model provides the
insights into the dynamics of customer preferences to understand these methodology dynamics.
2.4.3 Theory of Planned Behavior (TPB)
Theory of planned behavior (TPB) has been successfully used to predict users' acceptance of IT
(Amjad and Wood 2009). The theory of planned behavior is a theory about the link between
attitudes and behavior. The concept was proposed by Icek Ajzen to improve on the predictive
power of the theory of reasoned action by including perceived behavioral control (Koger and
winter 2010). It is one of the most predictive persuasion theories. It has been applied to studies of
the relations among beliefs, attitudes, behavioral intentions and behaviors in various fields such
as advertising, public relations, advertising campaigns and healthcare. The theory states that
attitude toward behavior, subjective norms, and perceived behavioral control, together shape an
individual's behavioral intentions and behaviors (Sniehotta, 2009).
The Theory of Planned Behavior (TPB) helps to understand how the behavior of people can
change. The TPB is a theory which predicts deliberate behavior, because behavior can be
deliberative and planned. TPB is the successor of the similar Theory of Reasoned Action of
Ajzen and Fishbein (Koger and Winter 2010). The succession was the result of the discovery that
behavior appeared not to be 100% voluntary and under control, which resulted in the addition of
perceived behavioral control. With this addition the theory was called the Theory of Planned
Behavior. According to TPB, human action is guided by three kinds of considerations.
Toward the behavior, subjective norm, and perception of behavioral control lead to the formation
of a behavioral intention. As a general rule, the more favorable the attitude and subjective norm
and the greater the perceived control, the stronger should be the person’s intention to perform the
20
behavior in question. Recently Stern, (2005) investigated Residual Effects of Past on Later
Behavior. He came to the conclusion that this factor indeed exists.
(i) Behavioral Beliefs (beliefs about the likely consequences of the behavior)
(ii) Normative Beliefs (beliefs about the normative expectations of others)
(iii) Control Beliefs (beliefs about the presence of factors that may facilitate or impede
performance of the behavior).
Ajzen's three considerations are crucial in circumstances / projects / programs when changing
behavior of people. In their respective aggregates, behavioral beliefs produce a favorable or
unfavorable attitude toward the behavior, normative beliefs result in perceived social pressure or
subjective norm, and control beliefs give rise to perceived behavioral control (Koger and Winter
2010). In combination, attitude cannot be described to habituation as many people think. A
review of existing evidence suggests that the residual impact of past behavior is attenuated when
measures of intention and behavior are compatible and vanishes when intentions are strong and
well formed, expectations are realistic, and specific plans for intention implementation have been
developed.
2.5 Empirical Studies
The following is empirical study on different studies concerning the e-banking worldwide, in
Africa and in Uganda
Masukujjaman, (2010) conducted a study on quality of Categorized Service and Customer
Satisfaction in Banking Industry. The main objectives of the study were to evaluate the customer
satisfaction of the service quality and to assess whether bank services provided by the institutions
are satisfactory to Bangladeshi customers especially in term of service categories like general
banking, credit banking and foreign exchange banking services. The study also examined
empirically the determinants of service quality in Bangladesh. A questionnaire for such purpose
was designed and different statistical methods were applied to analyze the collected data. From
the study it was found that the overall service quality in private commercial bank in Bangladesh
is moderate, where service quality in general banking services was better than the credit banking
services and foreign exchange services though its quality was not too bad.
21
In addition, top ranked banks had high service quality in all categories of services and the lower
raked banks were struggling seriously with credit and foreign exchange services. It was
recommended that banks especially the lower ranked banks should give more emphasis on both
the credit and foreign exchange banking services. With all the potential of the study, the study
failed to incorporate the concept of e-banking and customer’s satisfaction. However, the study
was done in Bangladeshi. This study will be done in UGANDA, specifically to assess e-banking
and customer’s satisfaction.
Shamsuddoha and Alamgir (2010) conducted a study on Loyalty and Satisfaction Construct in
Retail Banking in India. This study investigates customer satisfaction as the most important
factor behind loyalty in retail banking. Various study showed that satisfaction plays an important
role to establish loyal customer base. Their study points out that satisfaction and loyalty
relationship was critical for retail banks. Understanding the factors behind loyalty as well as the
antecedents of customer satisfaction was an important issue for academic research as well as for
marketing in financial services. The major aim of this study was to identify satisfaction as the
major factor behind customer loyalty in retail banking.
The research has been carried out through secondary research and primary research. Survey
methods were used for primary research. Personal contact approach through questionnaire had
been introduced to conduct the survey. The findings reveal that satisfaction and loyalty were
related to each other. Moreover, satisfaction has a positive and direct impact on loyalty in
banking. The study was loyalty based. The study was good, but failed to study the effects of e-
banking on customer’s satisfaction. This study wants to fill a gap. Jaspal and Gagandeep (2011)
conducted a study on determinants of Customer Satisfaction. The study examines customer
satisfaction had been a common practice among banking and finance researchers over the years.
The main reason for continued interest in this area of research was the ever changing banking
business environment across the world. The objective of the present paper was to investigate the
determinants of customer satisfaction of Indian (Universal) banks. Data was collected from a
sample of 180 respondents using convenience sampling technique.
Factor analysis results revealed that responsiveness, tangibles, services innovation, reliability and
accessibility, assurance, pricing and other facilities, problem solving capability and convenient
working hours are the main determinants of customer satisfaction. With all the potential of the
22
study, the study failed to incorporate the concept of e-banking and customers’ satisfaction.
However, the study was done in Pakistan. This study will be done in UGNDA, specifically to
assess e-banking and customer’s satisfaction in UGANDAN retail banks, the case of BARCLYS
and CENTENARY BANK.
Pikkarainen et al., (2004) in India define internet banking as an "internet portal, through which
customers can use different kinds of banking services ranging from bill payment to making
investments". With the exception of cash withdrawals, internet banking gives customers access
to almost any type of banking transaction at the click of a mouse (De Young, 2001). Indeed the
use of the internet as a new alternative channel for the distribution of financial services has
become a competitive necessity instead of just a way to achieve competitive advantage with the
advent of globalization and fiercer competition (Flavián et al, 2004; Gann and Clemes, 2006).
Deemas (2002) studied the satisfaction levels of a sample of customers of the Sharjah Co-
operative Society (SCS). The primary part asked the respondents to provide universal
background information (e.g., gender, age category, nationality and so on). The next part listed
the 21 attributes and asked respondents to specify their satisfactions with each attribute using a
5-point Likert-type scale. The outcomes indicate that UAE nationals and Arabs are the most
predominant in their contributions to overall satisfaction whereas non-Arabs are the lowest.
Jiaqin, Mike and Katja (2007) conducted a study on new issues and challenges facing e-banking
in rural areas in Kenya. The study described an empirical study of investigation trend and
development of the application of e-banking (banking though internet) in rural areas and its
economic impact on local financial institutions. The data were collected through a web-based
questionnaire survey. The research objective was to investigate how those smaller and
community banks located in rural areas have attempted to catch up with their counterparts in
larger cities in terms of the application of e-banking, focusing on emerging issues and
challenges.
The results indicated that one of the challenges was unavailability of internet services and know
how. Dr. Jiaqin Yang, George College and State University, USA says that while the application
of e-banking has advanced significantly during recent years, especially in the developed nations,
in comparison, the development of e-banking application has lagged way behind in many
23
developing nations, especially in rural areas. Isaac Awuondo-MD Commercial bank of Africa
says that according to some analysts, customers still value personalized and responsive services
from their bankers. While the problem of computer illiteracy amongst the majority of the
population, it is still significantly high.
Wise and Ali (2009) argued that many banks in Tanzania want to invest in ATMs to reduce
branch cost since customers prefer to use them instead of a branch to transact business. The
financial impact of ATMs is a marginal increase in fee income substantially offset by the cost of
significant increases in the number of customer transactions. The value proposition however, is
a significant increase in the intangible item "customer satisfaction". The increase translates into
improved customer loyalty that in result in higher customer retention and growing organization
value. Internet banking is a lower-cost delivery channel and a way to increase sales. Internet
banking services has become one of the most important factors in the business economy today.
Amaoko (2012) in his research on the impact of ICT on banking operations in Ghana, ICT has
contributed positively to the provision of banking services and growth of the Ghanaian banking
services and growth of the Ghanaian banking industry. Internet banking and e-banking is not yet
developed in Ghana. The study recommended that banks should develop user friendly systems
and applications for general population Government and banks should play a key in enhancing
ICT infrastructure, put in place incentives like tax reduction, and make PC available and
affordable for every Ghanaian. Financial institutions should offer programs to reassure
customer’s safety with regards to ICT through sensitization, workshops and support the skills be
a central monitoring unit permanently mannered by personnel to the operations of all the bank’s
ATM’s so that shortage of funds, occasional shut downs, seizure of electronic cards etc are
handled with dispatch. Lastly the banking institutions should also come out with more electronic
products and services to reduce the turnaround time of customers, such products will give them
the opportunity to sit at the comfort of their homes, workplaces and transact business with the
banks.
Sonja (2010) did research on the effects of computerization on saving and credit cooperatives in
Uganda and found out that technology is likely to increase the efficiency outreach and
sustainability of financial institutions.
24
Bank of Uganda says that E-banking is revolution by charging the way poor people are spending
what they earn by providing them with secure banking. It is also profitable for the companies,
known as microfinance institutions, which run the banking systems. The most popular vehicle
through which customers can utilize banking services electronically is via mobile phone. The
technology allows customers to check and manage their accounts, pay utility bills such as gas
and electricity and transfer money between accounts either their own or someone else all on their
phone.
2.5.1 Research Gap of the Study
Despite the growing interest and importance of Internet banking in many financial institutions in
Uganda and the implementation of such innovations in some banks like Barclays bank , there has
remained low adoption rates among clients and its usage has not brought significant outputs in
the way clients become happy with the services offered, and indeed literature Indicates that
despite such growing interest, no significant studies that have focused on e-banking and more so,
customer satisfaction (Baraghani, 2007, Duggirala, Rajendran and Anantharaman 2008).
With technology implementation, a new phenomenon in Uganda’s banking sector and many
customers have not yet embraced it. This study will be conducted to investigate customer
satisfaction on E-banking in Ugandans banks the case of Barclays and Centenary bank
25
3 CHAPTER THREE
3.1 Methodology
Chapter three outlines the methodology used in the study. It presents the research design,
sampling procedures and collection method, limitation and data analysis procedures for the
interpretation of the results.
3.2 Research design
A research design is a plan or a strategy used to get the expected study results (Kothari, 2004). A
research design includes an outline of what the investigator will do in formulating or hypothesis
or a research question and their operational implications to the final analysis of data (Polit and
Beck, 2006). Research design is categorized into different types depending on the nature of the
study which includes the case study design survey and the experimental design.
A quantitative research was selected for this study because it was a formal objective systematic
process in which numerical data is utilized to obtain information (Burns and Grove, 2005). One
of the characteristics of quantitative research made it suitable for the study was that the
researcher used the structured interview instrument to collect the data on each participant.
However, the study made use of the qualitative approaches in the data analysis as well.
3.3 Survey Population
Population is a group of people / individuals who have one or more characteristics in common
(Kothari, 2000). The population in the study involved customers accessing banking services at
Victoria Mall, Entebbe since it has a bank and three ATM Machines plus a foreign exchange that
offers banking services through agency banking platform.
3.4 Sampling Design
A convenient sampling procedure was employed to access the bank customers.
Continence sampling involves drawing samples that were both easily accessible and willing to
participate in the study.
26
3.5 Sample size
A sample of 200 customers was selected through a convenience sampling technique (random
sampling). The sample was drawn from customers accessing the banking services either by the
tradition system of visiting the bank or by using the ATM machines and only customers above
18 years both male and female were considered.
3.6 Data Collection Methods
This study employed both secondary as well as primary data. Primary data was gathered by
means of questionnaires and semi structured interview questions
Semi structured interviews was conducted for customers accessing or using the banking services
around Victoria mall Entebbe.
Secondary data was obtained from document review. Also, the use of Internet was of great help
in obtaining some information. However, documentary analysis was used to collect data for the
study. A number of other sources were received including past research papers, published
reports, and journals, textbook, and internationals reports. This helped to see what others say
about the subject matter, what are their findings and recommendations.
A number of interview questions were used to collect data through oral or verbal communication
between researcher and respondents. These questions include structured and unstructured
questions. This instrument is quite flexible, adaptable and can be applied to many people and
information can be obtained in detail.
3.7 Data Collection Tools
3.7.1 Interviews Questions
Interview is a method of collecting information through oral or verbal communication between
the researcher and the respondents. Interviews were facilitated by interview research question
instruments. Interview method was chose because it is quite flexible, adaptable and can be
applied to many people and information can be obtained in detail and well explained. Data which
was collected from interviews was regarded as primary data for the study.
27
3.7.2 Questionnaires
A questionnaire is a research instrument and consists of a group of questions designated to elicit
information from an informant to a respondent. Questionnaires are inexpensive way of gathering
data from large number of respondents and are only feasible way to reach a number of reviewers
large enough to allow a statistically analysis of the results. A well-designed questionnaire can
gather information well from the organization and as well as specific information on specific
matter studied.
3.7.3 Documentary Review
Documentary review is a process of reading various extracts found in offices or places dealing
with or associated with the issue related to what the researcher is investigating (Botha 1989).
Documentary review schedule was designated in order to ensure that all important documents are
available for the exercise. Documentary analysis was taken as secondary data for the study.
3.8 Reliability and Validity of Data
Validation was done so as to ensure if instruments to be used in collecting data enabled to collect
the information needed. The validation was done by collecting list fisting and opinions from the
supervisor. The questionnaires which are drafted were piloted in metropolitan forex bureau.
Therefore the collected data was trustworthy because respondent involved was either from those
who directly working in respective departments of online banking , who supervises the
operations and customers who uses the services. Not only that, but also the OUT Supervisors
was involved to the field critique and corrects the tools to be used in the field.
3.9 Data Analysis
The study used both descriptive and inferential statistics in analyzing the data. Analysis was
done with the help of Statistical Package for Social Scientists (SPSS).
First, data collected was cleaned, sorted and collated. Then, data was entered into the computer,
after which analysis was done. Descriptive statistics such as mean score, frequencies and
percentages for each variable was calculated and tabulated using frequency distribution tables, or
pie charts and bar charts. In order to test the relationship between the variables the inferential
tests including the Pearson Product-. Moment Correlation Coefficient and regression analysis
was used.
28
3.10 Analytical Model
The regression model that was evaluated was represented as follows:
Yi = α0 + β2ATMi + β3 POSi + β4MIEi + ęt.....................................................equation (1)
Where:
Yi is customer satisfaction
ATMS is the number of visits to ATMS systems
POS is the number of point of sale terminals usage
MIE is the usage levels of Mobile banking, Internet banking and Electronic funds transfer.
α0 = Estimated value of Y when all the other variables are zero
β = Correlated volatility of estimated value of Y
ęt = Error term
The multivariate regression model was used to find the value of α0 and βi which explains the
relationship between the independent variables and dependent variable.
The reliability of the estimate of the individual beta was tested by p-value in the ANOVA table.
The data from the ANOVA table was tested the acceptability of the model from a statistical
perspective.
Adjusted R2 was used to measure the proportion of variance in the dependent variable that was
explained by the independent variables to a maximum of 1. The F test was used to test the
significance of R, which is the same as testing the significance of R2 and testing the significance
of the regression model as a whole while the T-test was used to test the significance of the
individual betas. .
29
3.11 Ethical Consideration
This study was conducted in a good manner while considering personal values. A researcher
only deals with the subject matter whereas it observed and keeps all issues outside the study at
the field. The responsibility of ensuring that a respondent is respected was the order of the day
and thus personal matters were avoided to the great extent.
30
4 CHAPTER FOUR
4.1 PRSENTATION, INTERPRETATION AND DISCUSSION OF THE FINDINGS
4.2 Introduction
This chapter presents a detailed discussion of the study and interpretation of the findings in line
with the specific objectives which is to analyze the impacts of electronic banking on customer’s
satisfaction in Uganda’s banking industry. The section presents the description of the
respondent’s profile. It also presents the factors contributing to the satisfaction of the customers
towards the usage of electronic banking services in Uganda, the effects of e-banking
functionality on the satisfaction outcomes, benefits and challenges of using e-banking services to
bank customers in Uganda.
4.3 Univariate analysis
Demographic factors
This part of the analysis basically details the background characteristics of the respondents
Table4. 1. Demographic characteristics for the study
Frequency percentage
Gender
Male 110 55
Female 90 45
Marital status
Single 106 53
Married 80 40
Widowed 13 6.5
Divorced 1 0.5
Continuation for table 4.1 DEMOGRAPHIC CHARACTERISTICS FOR THE STUDY
31
frequency Percentage
Period with the bank
< 1year 50 25
1-5 years 74 37
6-10 years 45 22.5
10> years 31 15.5
Bank visits (monthly)
1 time 61 30.5
2-5 times 106 53
>5 times 33 16.5
Level of satisfaction
Disagree 4 2.0
Agree 82 41
Strongly agree 114 57
Security
Disagree 6 3.0
Agree 85 42.5
Strongly agree 109 54.5
Source primary data 2019
Continuation of table 4.1 DEMOGRAPHIC CHARACTERISTICS OF THE STUDY
32
Frequency Percentage
Expectations
Strongly disagree 11 5.5
Disagree 21 10
Agree 140 70
Strongly agree 28 14
Awareness
Strongly disagree 14 7.0
Disagree 78 39
Agree 100 50
Strongly agree 0 0
Continue with bank
Strongly agree 118 59
Agree 82 41
Source primary data 2019
Table 4.1 indicates the biggest percentage was that of males (55%) and 45% was female.
It also indicates that most of the e banking service users are singles followed by the married then
widowed and lastly divorced with their percentages as 53%, 40%, 6.5%and 0.5% respectively.
33
Figure4. 1 A bar graph showing the marital status in percentages
Source primary data 2019
Figure 4.1 shows the marital status of e-bank users represented on a bar graph in percentages
with the singles having a high percentage 53%, followed by the married ones with a percentage
of 40%, then widows with a percentage of 6.5% and lastly divorced with a percentage of 0.5%.
The period customers have been using their respective bank and e-services indicated more
customers were in between 1-5 years with a percentage of 37% followed by 25% who had used
the bank service less than a year then 22.5% of the customers had been using it between 6-10
years and lastly 15.5 percent had been with the bank for more than ten years as represented in
Taable4.1
Table 4.1 furthermore shows the period customers have been using their respective bank and it
indicated more customers were in between 1-5 years with a percentage of 37% followed by 25%
who had used the bank service less than a year then 22.5% of the customers had been using it
between 6-10 years and lastly 15.5 percent had been with the bank for more than ten years
34
Figure4. 2A bar graph showing age brackets of e banking users
Source primary data 2019
The graph shows that 37.5% of the e-banking users were in between 26-30years followed by 18-
25 years with a percentage of 24.5% then 31-40 years with a percentage of 20.5%and lastly
17.5% were above 40years of age.
Table 4.1 illustrates the number of time the customers visit the bank in a month even when they
are using internet banking and its shows more customers visit the banking hall at least 2-5 times
in a month (53%) followed by once in a month (30.5%) and then the least is 5 times a month
with a percentage of 16.5%.
Table 4.1 stipulates more customers are satisfied with internet banking (57%) with the few
customers disagreeing at 4% and also indicated 14% of the customers strongly agreed that the
bank met their expectations and 70% agreed with expectations though a total of 15% disagreed
that the bank did not meet their expectations.
Table 4.1 furthermore indicates 97 % of the customers agreed that the security of internet
banking is good and safe where as only 3% disagreed. The study indicated that only 4% of the
customers strongly agreed to be aware of bank charges and 50% agreed while more than 39%
disagreed to be aware of the charges and the level of confidence to presume with the irrespective
bank was 100%
35
Figure4. 3 A pie chart showing the level of education of e bank users
Source primary dara 2019
The pie chart indicates that 1.5% never went to school, 3.5% were primary drop outs
27.5%stopped in secondary and still 27.5% are diploma and certificate holder’s .while the
biggest percentage of internet users was that of university degree holders
4.4 Bivariate analysis
Under this section the simultaneous analysis of two variables is determined using pairwise
correlations. (That is between the dependent variables of customer satisfaction). This is
introduced to determine whether there exists an association and strength of the association or
whether there is a difference between the variables and the significance of the these difference.
36
Table 4. 2 Spearman’s rank order correlation coefficients for determinants of customer
satisfaction using e banking services
INDEX
/INDICATORS
ATM usage Pos usage Internet
usage
Telephone
usage
Customer
satisfaction
ATM usage 1.0000
POS usage 0.0765* 1.0000
INTERNET usage 0.0828* 0.3780* 1.0000
Telephone usage 0.1234* 0.0152 -0.0446 1.0000
Customer
satisfaction
-0.0013 0.3343* 0.2812* 0.0398 1.0000
*P value of <0.05
Source primary data 2019
Table 4.2 presents pairwise correlations between the dependent variables of customer
satisfaction. As can be seen from table three each of the coefficients for the pair of determinants
is positive and statistically significant (P < 0.05 ),with the expectation of the coefficients of (a)
ATM usage and customer satisfaction and (b) telephone usage and internet usage . With respect
to correlations between determinants and consequences, POS usage and internet usage are
positively and significantly associated with overall job satisfaction, and internet banking, ATM
usage and POS usage were positively and significantly associated with internet banking usage
Table4. 3 showing the adjusted R squared
Model Summary
Model R R Square
Adjusted R
Square Std. Error of the Estimate
1 .828a .686 .679 .152
a. Predictors: (Constant), ATM usage level, mobile banking usage, POS usage , telephone
usage , internet usage level
Source primary data 2019
37
The adjusted R2 was used to establish the predictive power of the study model and it was found
to be 0.679 implying that 67.9% of the variations in customer satisfaction are explained by
internet banking, mobile banking, ATMs, telephone banking and point of sale system, leaving
32.1% unexplained. The study findings in the table above indicate that all the independent
variables are jointly positively correlated with customer satisfaction.
Table 4. 4 Summary of ONE WAY ANOVA results
Source primary data 2019
The probability (P) value of 0.000 shown in table 5 indicates that the regression relationship was
highly significant in predicting how internet banking, mobile banking, ATMs, telephone banking
and point of sale system affected customer satisfaction. The F calculated at 5% level of
significance was 97.282 since F calculated is greater than the F critical (value = 2.14), this shows
that the overall model was significant.
ANOVAa
Model
Sum of
Squares Df Mean Square F Sig.
1
Regression 9.197 5 2.299 97.282 .000b
Residual 4.207 178 .024
Total 13.404 182
a. Dependent Variable: LEVEL OF SATISFACTION
b. Predictors: (Constant), ATM usage level, mobile banking usage, POS usage , telephone usage
, internet usage level.
38
Table 4. 5 regression equation coefficients and significance of independent variables
Source primary data 2019
The results indicate that all other factors (internet banking, mobile banking, ATMs and point of
sale system) being constant at zero, the level of customer satisfaction will be 2.578.
Furthermore, the results indicate that taking all other independent variables at zero, a unit
increase in internet banking would lead to a 0.426 increase in customer satisfaction and a unit
increase in mobile banking would lead to a 0.782 increase in the customer satisfaction.
Further, the findings shows that a unit increase in automated teller machines would lead to a
0.612 increase in customer satisfaction while a unit increase in point of sale system would lead to
a 0.486 increase in the customer satisfaction and lastly a unit increase in telephone usage leads to
a 0.325 increase in customer satisfaction. In terms of magnitude, the findings indicated that
mobile banking have the highest effect on customer satisfaction followed by automated teller
machines, then point of sale system then internet banking and lastly telephone banking which
Coefficientsa
Model
Unstandardized
Coefficients
Standardized
Coefficients
T Sig. B Std. Error Beta
1 (Constant) 2.578 .078 3.498 .0005
POS usage 0.486 .033 .381 3.115 .0021
mobile banking usage 0.782 .031 .514 4.627 .0017
telephone usage .325 .127 .149 2.556 .0001
internet usage level 0.426 .042 .361 3.179 .0017
ATM usage level 0.612 .037 .426 4.896 .0000
a. Dependent Variable: LEVEL OF SATISFACTION
39
had the least effect on customer satisfaction. All the variables were significant as their P-values
were less than 0.05.
40
5 CHAPTER FIVE
SUMMARY CONCLUSION AND INTERPRETATION
5.1 Summary of the results
This study examined the effect of e-banking on the customer satisfaction in Uganda. Mobile
banking, internet banking, point of sale and ATMs form the biggest component of e-banking in
Uganda. To determine the associations between the variables under study, a multiple linear
regression model was put to use. The independent variables that were studied (ATM cards,
mobile banking, point of sale and internet banking) explained a substantial influence of 67.9% of
customer satisfaction among commercial banks in Uganda a as represented by R2 (0.679).
Consequently, this implies that 67.9% of the customers satisfaction from e-banking in Uganda is
contributed by the independent variables examined in this research while other factors and
arbitrary variations not studied in this research contribute a mere 32.1%.
The results indicated that taking all other independent variables at zero, a unit increase in internet
banking would lead to a 0.426 increase in customer satisfaction and a unit increase in mobile
banking would lead to a 0.782 increase in the customer satisfaction.
And also unit increase in automated teller machines would lead to a 0.612 increase in customer
satisfaction while a unit increase in point of sale system would lead to a 0.486 increase in the
customer satisfaction and lastly a unit increase in telephone usage leads to a 0.325 increase in
customer satisfaction.
In terms of magnitude, the findings indicated that mobile banking have the highest effect on
customer satisfaction followed by automated teller machines, then point of sale system then
internet banking and lastly telephone banking which had the least effect on customer satisfaction.
All the variables were significant as their P-values were less than 0.05.
41
5.2 CONCLUSIONS
Based on the result of the descriptive analysis study it can be concluded that the majority of
current e-banking users are youth between the age of 18 up to 35, gender wise the males are the
dominant users, occupationally salaried and students are the majority users and business
men/women are not active participant in using the service, educational level diploma and above
diploma holders are the majority users and the study concludes that commercial bank customers
are satisfied with most of the e-banking services. From the findings, the study concludes that
internet banking flexibility, speed influence customer satisfaction to a great extent. In addition,
many customers use internet banking because it is easy to use and the services are personalized.
The study further concludes that usefulness and friendliness of internet banking has relatively
low effect on customer satisfaction.
The study also concludes that, convenience of mobile banking affects customer satisfaction to a
great extent. It was clear that understandability and reversal of transactions in mobile banking
had a moderate effect on customer satisfaction while use of a mobile phone account, efficiency
of mobile banking and availability of mobile banking has little effect on customer satisfaction.
On the effect of ATMs on customer satisfaction among commercial banks, the study concluded
that user friendly ATMs, ease of access of ATMs and privacy of ATMs affects customer
satisfaction to a great extent. In addition, using ATM cards in supermarket, convenience of bank
ATMS and affordability of ATM charges has moderate effect on customer satisfaction. Further,
the study concludes that, the use of ATM to deposit cash in bank account has little effect on
customer satisfaction.
In relation to point of sale system, the study concludes that, effectiveness of point of sale system
affects customer satisfaction to a great extent. Usefulness of point of sale system, reliability of
point of sale system and speed of point of sale system had moderate effect on customer
satisfaction while purchase of good from supermarket using point from customers account has
little effect on customer satisfaction.
42
Finally, the study infers that mobile banking has the highest effect on customer satisfaction
followed by automated teller machines, then point of sale system then internet banking and
telephone banking had the least effect on customer satisfaction.
5.2.1 RECOMMENDATIONS
The study established that internet banking affects customer satisfaction to a great extent. This
study therefore recommends that banking intuitions should enhance their internet banking to
make it flexible, fast and easy to use. Usefulness, friendliness and personalized internet banking
had relatively low effect on customer satisfaction. This study therefore recommends that the
management of commercial banks should justify investment in internet banking as far as
Usefulness, friendliness and personalized internet banking are concerned. The study also
recommends that, the government and its agencies should formulate policies that enhance
application of internet banking across all financial institutions in Uganda. This may include
legislations on how to curb cyber-crime.
This study also established that, understandability of mobile banking and reversal of transactions
in mobile banking has moderate effect on customer satisfaction while use of a mobile phone
account, efficiency of mobile banking and availability of mobile banking has little effect on
customer satisfaction. In this regard, the study recommends that, management of banking
institutions should enhance application of mobile banking to increase satisfaction of their
customers. Mobile service providers in conjunction with banks should develop more friendly and
easy to use and efficient applications for bank customers.
The study established that user friendly ATMs, ease of access of ATMs and privacy of ATMs
affects customer satisfaction to a great extent. Using ATM cards in supermarket, convenience of
bank ATMS and affordability of ATM charges have moderate effect on customer satisfaction
while use of ATM to deposit cash in bank account has little effect on customer satisfaction. This
study therefore recommends that banks should invest in ATMs that are easy to use; guarantees
privacy, affordable charges and once that allow customers to make deposits.
43
In relation to point of sale system, the study concludes that, effectiveness of point of sale system
affects customer satisfaction to a great extent. Usefulness of point of sale system, reliability of
point of sale system and speed of point of sale system had moderate effect on customer
satisfaction while purchase of good from supermarket using point from customers account has
little effect on customer satisfaction. This study therefore recommends that banking institutions
should work hand in hand with major retail outlets and other organizations that use point of sale
systems so as to ensure the cards issued to customers and point of sale systems are useful,
reliable and can work with speed
The banks should work much in increasing the number of users from all aspects that is from
gender, age, educational status, occupationally and should do great job in making- business men/
women to be the users of e-banking and also should keep all rounded personal profile of
customers to retrieve easily whenever needed and bankers should determine which customers
with which demographic characteristics are more sensitive to e-banking service satisfaction.
E-banking service should expand as much as possible in order to reduce the visits of bank hall
for customers and to get investment cost advantage than opening bank hall as the current rent
price per year for opening bank hall is much greater than buying an ATM machine. All
Customers should be awakened to know the existence of e-banking service charge; official
trainings should be organized by the banks for customers in order to increase customers’
awareness about e-banking rather than providing the card only.
The banks should exceed the promise of providing 24/7 rather than under delivering 24/7
availability that is the banks should ensure that at no time should service cease as a result of
network problem, power failure and other technical problems.
Banks should increase the effort to keep customers satisfaction above the current level and
should conduct survey to measure customers’ satisfaction empirically. The types of service
provided by e-banking should be increased for instance to accept the deposits and the banks
should exploit the opportunities in expanding e-banking by mitigating the challenges.
44
Finally more emphasis should be given by the banks on those aspects which have more impacts
in determine customers’ satisfaction in e-banking. Future researchers try to determine customers’
satisfaction of in e-banking if it depends on banks including other geographic areas, other
variables, include customers who do not use e-banking and banks which do not provide e-
banking service currently
5.3 Limitation of the Study and Suggested Areas for Further Studies
5.3.1 Limitations
While undertaking this research, there were some limitations and challenges encountered, this
included time challenge. Because of time limits the focus of this study was on addressing the
effects of e-banking on customer satisfaction in centenary and Barclays . Other study could be
done examining the same variables comparing the effects among multiple commercial banks in
Uganda.
Despite the fact that there are abundant studies that have been done addressing customer
satisfaction and e-banking but the focus of those studies were on the effects of online banking
and profitability of the banks (Njogu 2014), the effects of ICT on e-banking Amaoko, (2012) and
Ishengoma, (2011) analyzed the effects of mobile banking for financial inclusion in Uganda
Another problem was the lack of cooperation from the bank customers as many respondents have
a little knowledge about the e-banking services offered by the Uganda banking industries. Last
but not least, the study considered only Victoria mall customers of Entebbe city neglecting the
bank customers from rural areas and other locations
5.3.2 Areas for Further Studies
The study sought to determine the effects of electronic banking on customer satisfactions of both
centenary and Barclays bank. Because of financial limitations and time limits the focus of this
study was on addressing the effects of e-banking on customer satisfaction in Centenary and
Barclays Victoria mall. Other study could be done examining the same variables comparing the
effects among multiple commercial banks in Uganda.
45
This limited the generalization of the study findings, therefore other researchers should focus on
addressing the relationship between customer satisfactions and e-banking in the remaining banks
and try to understand their satisfaction level on the basis of proxy determinants as level of
satisfaction in a cardinal approach because the generated findings could highlights different
picture regarding the subject matter.
Moreover, currently transition period is going on due to the change of the system from the
manual to the electronic banking system. At least every year if the level of satisfaction is
measured then it will be better to identify whether any structural breakthrough happened among
customers of the banks in case of using the electronic banking in the country.
46
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49
6 APPENDIX
Research Questionnaire
Section A
PERSONAL INFORAMTION
1 GENDER
a. MALE
b. FEMALE
2 EDUCATION LEVEL
a. No school
b. Primary
c. Secondary
d. Diploma
e. University degree and above
3 MARITAL STATUS
a. Single
b. Married
c. Widow
d. Divorced
4 Age category
a. 18-25
b. 26-30
c. 31-40
d. ABOVE 40YEARS
50
5 Employment status
a. Unemployed
b. Self employed
c. Organization worker
Section B (about banking services)
6 Do you have a bank account?
a. yes
b. no
7 how long have been using the bank services?
a. < 1 year
b. 1-5 years
c. 5-10years
d. 10 years
e. > 10 years
8 do your banks offer e-banking services?
a. Yes
b. No
9 how often do you go to the banking hall
a. <1 in a month
b. 1-5 in a month
c. > 5 in a month
10 In you opinion do you think there is a connection between e-banking services and customer
satisfaction?
a. Yes
b. No
51
11 Which attribute of the bank do u value most?
a. Quality of the service
b. Location
c. Technology used trust
12 which factors do you consider when using the new techniques in banking
(can tick more than one)
a. Easy to use
b. Time factor
c. Cost effectiveness
d. Technology security
e. Availability
f. Accessibility
g.
13. How frequently do you use the following banking services per month?
Tick on the times
Nil 1-3times 3-5times over 5times
a. ATM
b. Internet banking
c. Telephone banking
d. Mobile banking
e. POS platform
52
Section c
Customer satisfaction
14 please indicate the level to which you agree or disagree with the following statements
regarding to customer satisfaction on a 4 Likert scale. (Strongly disagree) to 4 (strongly agree)
tick for the appropriate box once
Statement strongly disagree disagree agree strongly agree
Are you satisfied with
The services offered
by the bank?
Are u satisfied
information about e-
banking services?
Does the bank ensure
that the customers’
needs and
expectations are met?
Are the services easy
to use?
53
Are you able to access
online services any
time?
Are you satisfied with
the security of the
bank?
Are you aware of all
the bank charges?
Are you willing to
continue using e-
banking services?