Key drivers of internet banking services use
| Pages | 672-695 |
| Date | 07 August 2009 |
| Published date | 07 August 2009 |
| DOI | https://doi.org/10.1108/14684520910985675 |
| Author | Joaquín Aldás‐Manzano,Carlos Lassala‐Navarré,Carla Ruiz‐Mafé,Silvia Sanz‐Blas |
| Subject Matter | Information & knowledge management,Library & information science |
Key drivers of internet banking
services use
Joaquı
´n Alda
´s-Manzano
Department of Marketing, Universitat de Vale
`ncia-Ivie, Vale
`ncia, Spain
Carlos Lassala-Navarre
´
Department of Business Finance, Universitat de Vale
`ncia, Vale
`ncia, Spain, and
Carla Ruiz-Mafe
´and Silvia Sanz-Blas
Department of Marketing, Universitat de Vale
`ncia, Vale
`ncia, Spain
Abstract
Purpose – The purpose of this paper is to analyse the determinants of internet banking use, paying
special attention to the role of product involvement, perceived risk and trust.
Design/methodology/approach – The impact of trust, perceived risks, product involvement and
TAM beliefs (ease of use and usefulness) on internet banking adoption is tested through structural
equation modelling techniques. The sample consists of 511 Spanish internet banking services users
and the data are collected through an internet survey. Risk is measured as a formative construct.
Findings – Data analysis shows that TAM beliefs and perceived risks (security, privacy,
performance and social) have a direct influence on e-banking adoption. Trust appears as a key
variable that reduces perceived risk. Involvement plays an important role in increasing perceived
ease of use.
Practical implications – This research provides banks with knowledge of what aspects to
highlight in their communications strategies to increase their internet banking services adoption rates.
The research findings show managers that web contents and design are key tools to increase internet
banking services adoption. Practical recommendations to increase web usefulness and trust, and
guidelines to reduce perceived risk dimensions are also provided.
Originality/value – Despite the importance of trust issues and riskperceptions for internet banking
adoption, only limited work has been done to identify trust and risk dimensions in an online banking
context. We have evaluated the impact of each risk dimension instead of treating risk as a whole.
Furthermore, risk has been measured as a formative construct because there is no reason to expectthat
risk dimensions in online financial services are correlated.
Keywords Trust, Risk management, User interfaces,Virtual banking
Paper type Research paper
Introduction
Internet technology is rapidly changing the way personal financial services are
designed and delivered. Online financial services offer consumers a set of
information-related benefits that favours adoption, including the opportunity for the
user to control bank accounts at any time and place, and access to personalised
information content for making investment and financing decisions and to easily
compare and contrast services (Howcroft et al., 2002). In this paper we define online
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1468-4527.htm
Joaquı
´n Alda
´s-Manzano acknowledges the financial support of the research project from the
Spanish Ministry of Education and Science - FEDER (SEJ2005-02776)
OIR
33,4
672
Refereed article received
31 July 2008
Approved for publication
20 December 2008
Online Information Review
Vol. 33 No. 4, 2009
pp. 672-695
qEmerald Group Publishing Limited
1468-4527
DOI 10.1108/14684520910985675
banking as “an internet portal, through which customers can use different kinds of
banking services ranging from bill payment to making investments” (Pikkarainen et al.,
2004, p. 224). The objective of banking portals is to create a working environment
where users can easily and quickly navigate to find the information they require for
performing financial transactions.
Much of the research into user acceptance of e-banking services has used an
extension of Davis’ (1989) technology acceptance model (TAM) to predict user
acceptance of technology as a valid conceptual framework (Eriksson et al., 2005;
Pikkarainen et al., 2004; Wang et al., 2003). Although the TAM has successfully
explained behavioural intentions, we believe that the original TAM should be
considered with more belief-related variables to properly explain the intention to use
online banking services. As pointed out by Moon and Kim (2001), the TAM’s
fundamental constructs do not reflect the specific influences of usage-context factors
that may alter users’ acceptance.
Previous research has found trust and risk perception issues to be crucial
determinants of internet banking adoption (Bradley and Stewart, 2002; Mukherjee and
Nath, 2003; Wang et al., 2003). Thus, in virtual environments it is fundamental to
increase consumer trust as the risk associated with possible losses from online banking
transactions is greater than in traditional environments. Moreover, the risk level
associated with certain dimensions might increase in specific contexts. Although
studies have showed perceived risk as an important factor in online banking adoption
(Gerrard and Cunningham, 2003; Hewer and Howcroft, 1999; Polatoglu and Etkin,
2001), only limited work has been done to identify risk dimensions in this context
(Littler and Melanthiou, 2006).
Product involvement has also been identified as a factor influencing internet
banking services use (Lockett and Littler, 1997) and as an important antecedent of
consumers’ beliefs about internet banking services (Eriksson et al., 2005; McKechnie
et al., 2006). Financial services require the consumers’ contribution of plenty of energy
and time to gain insight about the characteristics of the alternative financial products.
Consumers who are highly involved with the financial services category are more
likely to engage in higher levels of ongoing search for information online. Product
involvement appears to be an online information seeker booster. As Laaksonen (1994)
pointed out, the concept of consumer involvement may indeed hold important keys to
the development of meaningful and effective plans for financial services. Therefore,
this paper highlights the need for better understanding of consumer involvement in the
specific environment of online banking services.
The aim of the research reported here was to analyse the impact of TAM beliefs on
internet banking acceptance by incorporating personal consumer factors, including
their degree of perceived shopping risk, trust and financial services involvement.
Literature review and the research hypotheses
TAM beliefs – perceived ease of use and perceive d usefulness
The technology acceptance model (TAM) was developed by Davis (1989) and Davis
et al. (1989) to explain acceptance of information technology for different tasks and it
may be used to predict online banking adoption (Pikkarainen et al., 2004; McKechnie
et al., 2006; Wang et al., 2003). The TAM establishes that user adoption of a new
Key drivers of
internet banking
services use
673
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