Adopition of EB in vietnam

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIET NAM

International School of Business

Vo Ngoc Anh Thy

ADOPTION OF E-BANKING IN VIETNAM

MASTER OF BUSINESS (Honours)

Ho Chi Minh City – Year 2014

UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIET NAM

International School of Business

Vo Ngoc Anh Thy

ADOPTION OF E-BANKING IN VIETNAM

MASTER OF BUSINESS (Honours)

Supervisor: Dr Ngo Viet Liem

Ho Chi Minh City – Year 2014

Abstract

E-banking is one of the most powerful tools for making banking transactions This study examines the relationship between attributes of E-banking website (e.g perceived security, perceived privacy, perceived usefulness and perceived ease of use) and Trust in E-banking This study also examines the extent to which trust in E-banking influence perceived value and company image Data is collected via a survey of customers of Joint Stock Commercial Bank For Foreign Trade of Vietnam (Vietcombank) Bien Hoa Branch and Nhon Trach Branch, which are located in Dong Nai Province, Southeast Vietnam The findings of this study show that among the four attributes of E-banking, perceived privacy, perceived usefulness and perceived ease of use had a certain impact on trust in E-banking while perceived security did not have such impact This study also found the positive relationship not only between trust in E-banking and perceived value but also between perceived value and company image

Keywords: trust, E-banking, online banking, Internet banking

1.4 Scope of the research

1.5 Structure of the research

2.1 Attributes of E-banking Website

3.2 Measurement instruments and questionnaires construction

3.3 Sampling and data collection

3.4 Data analysis method

4.1 Descriptive analysis 4.2 Measurement validation 4.3 Hypothesis testing

 CHAPTER 5: DISCUSSION, IMPLICATION AND LIMITATION

LIST OF FIGURES

Figure 1: Proposed research model

Figure 2: Conceptual framework and data process

Figure 3: Model with t-value in hypothesis testing

Figure 4: Model with β and R square in hypothesis testing

LIST OF TABLES

Table 1: Trust in previous researches

Table 2: Measurements scale of Attributes of E-banking

Table 3: Measurements scale of Trust in E-banking

Table 4: Measurements scale of Perceived value

Table 5: Measurements scale of Company image

Table 6: Type of customers

Table 7: Typical services customers using

Table 8: Period of time customers started to use the service

Table 9: Frequency that customers using E-banking and communicating with bank officers Table 10: Percentage of customers based on age and gender

Table 11: Demographic characteristic of the sample

Table 12: Cronbach’s alpha for each construct

Table 13: Composite reliability for each construct

Table 14: Average variance extracted values for all constructs

Table 15: Outer loadings of manifest variables

Table 16: Construct-Level Measurement Statistics and Correlation Matrix

Table 17: Path coefficients of the constructs

CHAPTER 1

Introduction

1.1 Background of the research

Internet banking is the most recent delivery channel introduced to the financial service industry (Saythe, 1999) Kenneth et al (2010, p 27) state that “online banking, also commonly known as internet banking or e-banking, has experienced phenomenal growth in recent years” Along with the trend of using technology in commerce, during the past two decades, there has been a shift from using traditional banking services to using online banking services, so that, customers have more time and more convenience

in meeting their needs to use banking services According to Pew Research Center (2013),

61 percent of all Internet users have used online banking, compared to 58 percent and 18 percent in 2011 (Huffingtonpost, 2014) In another research from eMarketer, almost 73 million adult consumers within the United States engaged in online banking in 2006, and forecasts annual growth rates of between 6.5% and 9.5% through 2010 (eMarketer, 2007) However, many studies indicate that distrust in online banking is not reducing and remains of concern to customers (Johnson, 2007)

Customers use online banking because of perceived usefulness and perceived ease

of use These include not being waiting in line at the branch, not being messy and fed up with paper statements taking up space, and accessing to their account 24/7 Despite the

increasing number of customers using online banking, many of them have the fears of not being warranted about their security and privacy (Huffingtonpost 2014) Kersner (2005) states that 68% of banking customers who are not interested in E-banking cite privacy concerns as their main reason The above factors might influence the customers’ trust in E-banking

Consumers concern about the positive benefits of E-banking adoption These benefits include the cost reductions by shifting services online, the extra value that consumers receive from online customization, and the improved image that banks obtained from good values they provide for their customers (Johnson, 2007) Citibank.com reports that their E-banking customers consume a large number of the bank’s products and are the bank get more than 40% profitable than their offline transactions (Schneider, 2004)

1.2 Research problem

Not only in developed economies but also in developing ones such as Vietnam, online services has been the newly-targeting industry through decades Much as the customers’ demand, E-commerce has not satisfied them yet, because of distrust, E-banking is one of the problems In this context, it is worthy of note that understanding the effects of E-banking attributes on trust in E-banking can help to carry out which factor influences trust in E-banking the most, and which one pushes the least Moreover, keep

on examining the relationship between trust in E-banking, perceived value and company image can assist the banking leaders in the way they operate their business, therefore strengthen their business system and provide their customers with the best services, especially in E-banking

1.3 Research questions

The purpose of this study is to develop and empirically validate a theoretical framework that investigates the interrelationships between attributes of E-banking website, trust in E-banking, perceived value, and company image Specifically, this study attempts to answer the following research questions

1 To what extent, do attributes of e-banking website (e.g security, privacy, usefulness, and ease of use) influence trust in e-banking?

2 To what extent does trust in e-banking enhance perceived value?

3 To what extent does perceived value affect company image?

1.4 Scope of the research

This study uses the data conducted from a survey in Vietcombank Bien Hoa and Vietcombank Nhon Trach, which are located in Dong Nai Province, Southeast of Vietnam The questionnaires are designed to the customers of these banks (especially those who already used Vietcombank E-banking), estimated that 200 customers would conduct this survey The study applied by multimethod approach to data collection, via e-mail, phone and directly right after their transaction

1.5 Structure of the research

The remaining of the thesis is organized as followed

Chapter 1 presents the background, research problem, research questions, and research objectives of the study It also briefly discusses the scope and the method of data collection

Chapter 2 reviews the literature upon which a theoretical framework is developed in Chapter 2 Drawing on prior research related to the adoption of E-banking, this chapter crafts the research model and hypotheses

In Chapter 3, a research plan is designed with measurement instruments It also presents the development of the questionnaire, pilot survey and final survey This chapter discusses about data collection and data analysis methods to test the research hypotheses

Chapter 4 reports findings from the analsyis of collected data, followed by Chapter 5 with discussion on theoretical contributions and implications Finally, this study makes suggestions for further research on the topic area References and appendixes are included

in the end of thesis

CHAPTER 2

Literature Review and Theoretical Framework

This chapter provides a theoretical background about attributes of banking, trust in banking, perceived value and company image Drawing on prior research related to the adoption of E-banking, this chapter crafts the research model and hypotheses

E-2.1 Attributes of E-banking Website

Past studies has classified online banking attributes into four factors, including perceived security, perceived privacy, perceived usefulness and perceived ease of use Kenneth et al (2010) propose that these four attributes of online banking influence the customer’s intention to use E-banking Service quality research has overwhelmingly focused on customer expectations (Esssam et al., 2006) These attributes help consumers

to build trust in the online environment, especially online banking

One of the most significant obstacles to the process of adopting E-banking is security (Saythe 1999) Even though customers are aware of E-banking security risks, they still have a weak understanding of E-banking security Security relates to the fact that the web site guarantees the safety of their customers’ information, both financial and personal According to Carlost et al (2006), security also refers to aspects such as integrity, authentification, encryption, and non- recognition, defined as follow: integrity refers to the impossibility of the transmitted or stored data being modified by third parties

without permission; confidentiality involves the data being seen by authorized individuals; authentication enables a certain operation to be carried out only after identification, or if there are guarantees of the identity of the party one is dealing with; non-recognition refers to procedures that prevent an individual or organization from denying that they had carried out a certain operation Lacking of security blocks the growth in the number of online banking users (Carlos et al 2006) If E-banking security is improved, users will conduct their financial transactions at home, office, or in public places, via the Internet E-banking absolutely will not be used unless it is considered as safe and secured (Saythe 1999) As such, high level of perceived security is expected to enhance trust in E-banking

As the amount of products and services offered via E-banking grows rapidly, consumers often rely on the fact that their bank is more concerned about privacy issues and protect them (Tero et al., 2004) Privacy refers to the protection of personal information It is the consumer’s perception of the ability of the bank to protect personal information from unauthorized use or disclosure It is also an important dimension that may affect users' attitude towards E-banking In order to secure information privacy, all bank web sites have applied encryption technology to their E-banking, supplemented by a combination of different unique identifiers, for instance, a password, mother's name, a memorable date, or a few minutes of automatically logging users off the account Customers want to protect their personal information from hackers; on the other hand,

they want to use a completely reliable service If consumers find something risky for their ongoing transactions, they would not use the services anymore much as many past successful issues they have done Thus, perceived privacy could strongly affect their trust

in using E-banking

It is supposed that increased usability reduces the likelihood of error and creates a comfortable environment which would positively influence customer attitude towards the website (Kenneth et al., 2010) Prior research has found that there is a positive relationship between perceived usefulness and E-banking Davis et al (1989) defined perceived usefulness as the degree to which a person believes that using a particular system would enhance his or her job performance E-banking provides sufficient convenience that enables customers to access internet bank at all times and places, they could use E-banking more often and fast Customers will have a tendency to make E-banking transactions more frequently if they noticed that using E-banking could help them saving time doing banking services, receiving sufficient information and thus, increasing their productivity As a result, perceived usefulness could boost E-banking transaction frequency

Ease of use is measured by the degree to which consumers perceive the website is easy to read, understand, and operate (Kim and Niehm, 2009) The understandability and format of information, the way information is presented to consumers, are found to be essential factors of information quality Therefore, consumers, who regconize that content

(text, display, label, item…) on the website is easy to read and understand, and the format

of the website is easy to follow, may desire to make transaction more often It is why the author consider perceive ease of use as a key factor that enhance trust in E-banking

Hence, this study keeps on research the following hypothesis:

- H1: Perceived security has positive impacts on trust in E-banking

- H2: Perceived privacy has positive impacts on trust in E-banking

- H3:Perceived usefulness has positive impacts on trust in E-banking

- H4: Perceived ease of use has positive impacts on trust in E-banking

2.2 Trust in E-banking

The nature of online service delivery gives rise to a lack of trust in e-banking among customers In e-commerce, including e-banking, in order to build trust in customer, the customer must be made or proved that their transaction is safe, and their information absolutely would not be given to other people There is no direct physical contact between buyer and seller in online environment (Kenneth et al., 2010) The consumers and the suppliers are separated, they cannot observe each other, which is a very important thing to judge trustworthiness Johnson (2007) says that users’ intention to adopt E-banking arises from its conveniences, such as 24-hour access, no geographic limitations, speed of service, and transaction automation It means that the four attributes of E-banking website

create the perception that E-banking is trustworthy Thus, they are expected to enhance trust in E-banking

Some research have started to analyze the influence of trust for online marketing such as E-banking, because the lack of trust among online consumers is considered as the main explanation for the low rate of making E-banking transaction (Carlos et al 2006) Frankly, trust is considered to be one of the main reasons why consumers are still hesitate

to conduct their financial transactions online as high levels of perceived risk are associated with some products, such as financial services (Carlos et al 2006) At other side, when online transaction is done, meanwhile, e-banking provide services immediately, not like other e-commerce purchases, it means customers have more trust in doing e-banking transaction and as a consequence, they will use it more often

Prior research in this area has made significant progress toward understanding how trust web sites and online vendors is developed Johnson (2007) summarizes some of the important conceptual models proposed by researchers across the marketing and information systems literature in Figure 1 Previously examined antecedents of trust in electronic channels generally comprise four categories of factors This research stream regards trust in electronic channels as a function of characteristics of both the web site and the customer

- The first group centers on branding, including the effects of incumbent brand reputation or transferable brand equity and brand strength of the firm

- The second one includes privacy and security issues, such as institution-based assurances, independent expert advisors, trust seals, legal and regulatory mechanisms, privacy policy, and situational normality

- The third examines the role of consumer personal dispositions or propensity to trust

- Last, the fourth one looks at the role of a Web site’s performance aspects, such as navigation, order fulfillment, and Web site quality

STUDY ANTECEDENTS OF TRUST IN

ELECTRONIC CHANNEL

FOCAL TRUST CONSTRUCT CONSEQUENCES

Hoffman, Novak, &

Peralta (1999)

Lack of control over Web merchants access to personal information

Trust in Web vendors

Urban, Sultan, &

Qualls (2000)

Virtual-advisor technology, provide unbiased

information, include competitive products, keep your promise, ensure consumer privacy, transferring recognized brand equity

Three stage process: trust

in the Internet and specific Web site, trust in

information displayed, and trust in delivery and fulfillment

Customer loyalty

McKnight & Chervany

(2002)

Disposition to trust, institution-based trust

Trusting beliefs (specific others)

Trusting intentions, trusting behaviors McKnight, Choudhury,

& Kacmar (2002)

Deputation, site quality, structural assurances of the Web, perceived risk

Trusting intentions:

willingness to depend on Web vendor trusting beliefs

in Web vendor

Intention to: follow vendor advice, share personal information, purchase Balasubramanian,

Konana, & Menon

(2003)

Operational competence, environmental security

Trustworthiness of online broker

reduces perceived risk,

usefulness, ease of use

Suh & Han (2003) Perceived control,

authentication, repudiation, privacy protection, data integrity

non-Trust in e-commerce Attitude towards

using, behavioral intention to use, actual use Bart, Shankar, Sultan,

& Urban (2005)

Privacy, security, brand strength, advice, absence of errors, community features, order fulfillment

Trust in a Web site Behavioral intent

Yousafzai, Pallister, &

Foxall (2005)

Institution-based trust:

security policies, privacy policies, legal & regulatory compliance, trust third party verification, guarantees situational, normality; testimonials Web site design & quality, brand identification

Trust in e-banking: ability belief, integrity belief, and benevolent, belief

(2004)

Privacy, disclosures, security disclosures, return policy, seal of approval

Cue-based trust (trust based on cues from initial Web site encounter)

Book-marking, willingness to provide personal information

Parasuraman and Grewal (2000) proposed four types of perceived value, (a) acquisition value implies the benefits of getting by acquiring a product or service, (b) transaction value refers to the pleasure from a good deal, (c) in-use value means utility experienced from the actual use of the product, and (d) redemption value involves other benefits at the moment of the transaction (for products) or termination (for services) Online banking is able to have great impact on all of these value components Information

or services provided by the web sites may directly or indirect impact value components (Grewal et al 2003) As so, it is reasonable to assume that trust in E-banking influences perceived value

- H5: Trust in E-banking is positively related to Perceived Value

2.4 Company Image

Long et al (2013) state that company image refers to the extent to which customers accumulate and develop the reputational knowledge of an organization or a company image is of most importance and is, to a great extent, dependent on how its customers are treated during interactions with the employees (Balmer and Stotvig, 1997; Nguyen and LeBlanc, 1998) Reputational knowledge can be represented by a firm in offering products/services with very high quality (Olavarrieta and Friedmann, 1999) Image is believed to function well to overcome complexities generated by distinct attributes of

service and when small problems occur from functional and technical aspects of quality (Long et al 2013)

The more satisfaction online banking services bring to customers, the more perceived values customers obtain When building value in customers, banks should be concerned with meeting the customers’ specific needs Bank’s ability to understand its customers’ needs and provide qualitative service in accordance with those needs can consequently boost its credibility and enhance its company image (Fatima, 2011) For the the present time, commercial banks that wish to build a better image consequently need to find out how to improve their customers’ perceived value Hence, the last hypothesis would argue as:

- H6: Perceived value positively influence company image

Figure 1 : Proposed research model

The proposed research model for this study is described in Figure 2, in which the six hypothesis are presented as follow: H1-H4 are shown for the influence of attributes of E-banking (perceived security, perceived privacy, perceived usefulness, perceived ease of use) on trust in E-banking; then, trust in E-banking enhances perceived value in H5; and last, H6 examines the effect of perceived value on company image

CHAPTER 3

Research methodology

The present thesis follows the research process recommended by Urbach et Frederik (2010) as shown in Figure 3 In Chapter 3, a research plan is designed with measurement instruments It also presents the development of the questionnaire, pilot survey and official survey This chapter discusses about data collection and data analysis to test the research hypotheses

Figure 2: Conceptual framework and data process (Urbach et al 2010)

3.1 Research design:

In this study, qualitative research methods were applied to find out the model,

constructs, suitable measurement variables Then, the questionnaire was built based on

past researches and we run the trial test for checking the efficiency and the meaning of the

translated questions because of the Vietnamese respondents

Second, quantitative survey was used for data collection The purpose is to find the relationship between attributes of E-banking and trust in E-banking, and test the effect of trust in E-banking on perceived value and perceived value on company image

3.2 Measurement instruments and questionnaires construction

All measures except company image used a 7-point scale with endpoints of very strongly disagree (1) and very strongly agree (7)

3.2.1 Attributes of E-banking website comprises 5 dimensions which are measured

by 22 items adapted from Kenneth et al (2010), Kim and Niehm (2009), Tero

et al (2004), as follow :

 Security refers to aspects such as integrity, authentification, encryption, and non-

recognition, defined as follow: integrity refers to the impossibility of the transmitted or stored data being modified by third parties without permission; confidentiality involves the data being seen by authorized individuals; authentication enables a certain operation to be carried out only after identification, or if there are guarantees of the identity of the party one is dealing with; non-recognition refers to procedures that prevent an individual or organization from denying that they had carried out a certain operation (Carlost et al., 2006) It is measured by 5 items

 Privacy refers to the protection of personal information or we can define privacy

as the consumer’s perception of the ability of the bank to protect personal information from unauthorized use or disclosure (Tero et al 2004) This study measured privacy by 4 items

 Davis et al (1989) defined perceived usefulness as the degree to which a person

believes that using a particular system would enhance his or her job performance Perceived usefulness is measured by 6 items

 Perceived ease of use is measured by the degree to which consumers perceive the

website is easy to read, understand, and operate (Kim and Niehm, 2009) Perceived ease of use consists of 7 items

Table 2: Measurements scale of Attributes of E-banking

received from me

PS3 My bank uses security controls for the confidentiality of transactions PS4 My bank implements security measures to protect its online customer’s

PP1 I trust in the ability of e-banking to protect my privacy

PP2 My main bank’s web site never sells my personal information in their

computer databases to other companies

PP3 My main bank’s web site will not use my personal information for any

purpose unless I authorize it to do so

PP4 I am convinced that my main bank’s web site respects the privacy of

PU1 The content of my main bank’s web site is useful to me

PU2 My main bank’s web site is useful in carrying out transactions

PU3 Using e-banking enhances my effectiveness of utilizing banking

services

PU4 Using e-banking enables me to utilize banking services more quickly PU5 Using e-banking for my banking services increases my productivity PU6 I have generally received enough information on E-banking

PU7 Overall, e-banking is useful for me

se PEU2 The display pages within the website are easy to read

PEU3 The text on the website is easy to read PEU4 The website labels are easy to understand PEU5 Learning to operate the website is easy for me PEU6 It would be easy for me to become skillful at using the website PEU7 I find the website easy to use

3.2.2 Trust in E-banking is measured by 6 items developed by Kenneth et al

(2010), Kim and Niehm (2009) In e-commerce, including e-banking, in order to build trust in customer, the customer must be made or proved that their transaction is safe, and their information absolutely would not be given

to other people There is no direct physical contact between buyer and seller

in online environment (Kenneth et al., 2010)

Table 3: Measurements scale of Trust in E-banking

3.2.3 Perceived value: According to Parasuraman and Grewal (2002), perceived

value includes both “get” component (i.e., the benefits buyers acquire from seller's offering, such as products or services) and “give” component (i.e., the costs the buyers pay for acquiring the offering, including monetary and

non-monetary costs) Perceived value is measured by 4 items

TE4 I trust the website to keep my personal information safe

TE5 I trust the website to administrators will not misuse my personal

information

Table 4: Measurements scale of Perceived value

3.2.4 Company image: Long et al (2013) state that company image refers to the

extent to which customers accumulate and develop the reputational knowledge of an organization or a company image is of most importance and

is, to a great extent, dependent on how its customers are treated during interactions with the employees (Balmer and Stotvig, 1997; Nguyen and LeBlanc, 1998) It is measured by 5 items, scale from (1) poor to (5)

excellent

Thinking about Bank X’s reputation, as a customer, how would you rate this bank

on the following statements Please circle a number for each statement that best reflects your views (where 1 = poor and 5 = excellent)

Table 5: Measurements scale of Company image

PV1 What I get from Bank X is worth the costs

PV2 All things considered (price, time, and effort), bank X is a good buy in

the loan service banking PV3 Compared with other banks, bank X is good value for the money PV4 When I use bank X, I feel I am getting my money’s worth

CI1 Being involved with the community

CI2 Being well managed

CI3 Keeping you informed about what is happening with the bank

CI4 Being a good corporate citizen

CI5 Being successful

Questionnaire is structured into three parts:

o Part 1: General information of customers who have used E-banking

o Part 2: The main information includes questions with answer scale from 1 to 7, or from 1 to 5

o Part 3: the final part are demographics questions

After building the complete questionnaires with 3 main parts as above, it is continually delivered to 2 pilot groups, the first group is normal people including 5 users and non-users of E-banking, the second group is more-than-2-year users of E-banking The purpose is to find out unreasonable or confusing statements in the questionnaires Then, it is translated into Vietnamese because most of the correspondents are Vietnamese Again, the process of the 2 pilots group begins to smoothen the sentences and words in the Vietnamese questionnaires The adjusted version after fixing some problems is the main one

3.3 Sampling and data collection

To implement the empirical study, this study used the data conducted from a survey

of Vietcombank Bien Hoa Branch and Nhon Trach Branch, which are located in the Southeast of Vietnam Sampling frame is 2000 users of E-banking, after sampling method, estimated that 200 customers would conduct this survey

The study applied by multimethod approach to data collection, via e-mail, phone and face-to-face The respondents were divided into 2 groups, answering by e-mail or by direct communication

- The first group: Prior to distributing the questionnaires, about 100 telephone contacts were made to potential and regular customers to introduce about the survey carefully and request for participating If they are willing to answer, we will deliver the questionnaires via e-mail In order to conduct the more specifically, we will widen our range of customers by sending e-mail, through the customers mail list,

300 of email addresses had been sent The questionnaire was accompanied by a cover letter explaining the purpose of the study and inviting customers to participate After 2 weeks approaching by this method, 164 respondents sent back the email with the questionnaires attached, after filtering, 147 responses were usable

- The second group: to conduct 200 surveys, in this group, 53 surveys were remaining, because of lacking time and cost, in continuously 5 days, these 53 questionnaires are directly answered by interviewing the customers at the bank, where they come to fix their E-banking problems; and also at home or in the office This method also used phone approaching, but not delivering questionnaires through e-mail any more, the interviewer called the customers to ask for permission to conduct the survey, after being accepted, the interview would take place on the phone By doing this method, all 53 interviews were usable

3.4 Data analysis method

Psychometric properties of all measures (e.g reliability, convergent validity, discriminant validity) will be assessed Common method bias will also be examined using Harman’s test and marker variable techniques The proposed hypotheses will be tested using a structural equation modeling software (e.g SmartPLS)

CHAPTER 4

Analysis and results

Chapter 4 reports findings from the analysis of collected data

4.1 Descriptive analysis

As details in the figure 8 below, the sample with 200 respondents included 3 types

of customer: personal, corporate and both 88.5% of them were personal customer, just 5% of them were corporate and the minimum 6.5% were both personal and corporate customers

Frequency Percent T

h

e

Personal 177 88.5 Corporate 10 5.0 Both 13 6.5 Total 200 100.0

Table 6: Type of customers

The survey divided the typical services that customers using into 2 groups: payment and non-payment service Respondents answered with many options such as savings account, payment account, withdrawing money, card services… Based on the importance

of the payment through banking, the study could count them into 2 group as said above The result came out as follow 68% of them using Banking for payment purpose and the remaining for non-payment

Frequency Percent Payment 136 68.0 Non-payment 64 32.0 Total 200 100.0

Table 7: Typical services customers using

Another variable is period of time that customers started to use these services until now Though Vietcombank Bien Hoa was established 6 years ago but Vietcombank is one of the oldest banks in Vietnam, it means that many of the customers here had been using services of Vietcombank for a long time The survey result could be categorized as follow:

Frequency Percent Less than 5 years 62 31.0 From 5 years to 10 years 95 47.5 From 10 years to 15 years 35 17.5 More than 15 years 8 4.0 Total 200 100.0

Table 8: Period of time customers started to use the service

The chart in figure 11 underneath shows the frequency that customers using banking and communicating with bank officers