1. shopping
2. resources
3. loyalty programs

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Factors affecting loyalty of Internet Bank customers (case study:
Keshavarzi(Agricultural) Internet Bank customers in Tehran)
Mona Rezai Koupai
Dr.Zahra Alipourdarvish
Dr. Soheila Sardar
ISLAMIC AZAD UNIVERSITY
North Tehran Branch
Abstract
The study is done aiming to investigate the factors affecting customer loyalty of
Agricultural Internet Banking. The research method used is descriptive and
type survey-correlation. The study population is those customers who have an
account in the bank and have used bank Internet services. Study model was
evaluated with a sample consisted of 384 customers using cluster sampling
method. Data necessary were collected from a questionnaire that its validity
was tested. The data was analyzed in LISREL software and by applying tests of
structural equation model and confirmatory factor analysis. In this study, the
impact of trust, perceived value and satisfaction on customer loyalty of Internet
Bank were examined. The findings show the impact of variables of perceived
value and trust on satisfaction and the impact of satisfaction and trust on the
loyalty of customers. Results also show that perceived value is not directly
impact on customer loyalty.
Keywords: customers' loyalty, internet banking, trust, satisfaction, perceived value.
Problem statement
Today, the marketing researches, as one of the most important tools to form the basics of management
decisions, is very important, so that in organizations familiar to modern marketing thinking, adopting many
critical decisions is related to performing of these studies. Marketing in its evolution stages is where the
marketers don’t only think of finding new customers. Today, the objective of marketing is demand management
through the development and maturation of the customer in loyalty to the organizations. Loyal customers are
valuable resources for organizations because it is easier to sell to an old customer than a new one. What is
important today is that customer satisfaction is no longer enough and companies should not be satisfied with
their customers' consent, they must ensure that their satisfied customers are also loyal? The fact that it is
necessary to consider the customer loyalty, both in theory and in practice, as the core of marketing is getting
clear more and more. Recognition of loyalty and its effective variables in recent years has been highly regarded
by managers and researchers. Due to the fact that in different cultures, loyalty is influenced by various factors,
so this study seeks to examine the factors affecting the loyalty in internet banking customer and help
organizations to increase revenue. So the main question in this research is that which factors are effective on
customer loyalty of Agricultural Internet banking in Tehran.
Importance and necessity of research
Customer loyalty is considered the key to business success. Loyal customers do more repurchase and raise the
market share. Above all loyal customers do not simply change their company affected by advertising of the
competitors. Increasing the customer loyalty, market share and profitability of the firm and basically possibility
to survive and compete with other banks are also increased. In Internet banking industry, providing more
services and benefits accrued on internet banking (lower cost, higher speed and accessibility, increased
profitability), online customer loyalty and maintaining Internet banking customers becomes more important.
Customers who are familiar with the brand are more likely to recommend it to their friends and relatives, these
are of vital importance in modern business environment due to the importance of customer loyalty for growth of
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organization, understanding of the concepts of loyalty are very important. The lack of such knowledge
may cause service institutions to choose wrong indicators to measure customer loyalty and as a result, they get
into trouble in planning loyalty programs and understanding the true behavior of customers. Given these results,
it seems the problem of online customer loyalty has a special place so the researches done in this area should
address the factors that lead to increase online loyalty and continuity to use the Internet banking by the
customers.
Introduction
Customers or clients are counted to be reasons for existence and continuation of life of every organization and,
therefore, it is essential to review various aspects of customer satisfaction.Many customers may seem to be
satisfied but they may switch to competitor companies for various reasons. Loyal customers constitute a major
factor for organizational successes and there are many attempts to create loyal customers. The customer loyalty
was defined as commitment of customers to deal with a particular organization or buy given goods
repeatedly.Customer loyalty plays essential role on the success of business owners and it is the primary source
of building successful business models. Aghaei et al. (2013) studied the relationship between service quality
and customer loyalty in one of Iranian banks using SERVQUAL scale and a researcher-made questionnaire and
examined service quality and customer loyalty, respectively. They reported a significant relationship between
different aspects of service quality and customer loyalty in this particular branch of bank. Esmaeili et al. (2013)
performed an investigation on the effects of loyalty on banking industry and reported that “satisfaction” was the
most influential component influencing customer loyalty formation with an 87% diagnose coefficient. Ghane et
al. ( 2011 ) studied the relationship among e-satisfaction, e-trust, e-service quality and eloyalty in a case study
of an Iranian e-banking and reported similar result. Asgarian (2013).performed an investigation on Iranian bank
service quality in private sector by applying SEVQUAL method. The study reported that with the development
of electronic commerce, internet banking could be considered as an alternative for developing, operating and
offering bank services. Mouakket and Al-hawari (2012) presented findings about the antecedents of e-loyalty
intention towards online reservation among 288 respondents in the United Arab Emirates. They examined the
role of e-service quality, hedonic and utilitarian values, satisfaction, and subjective norms in motivating loyalty
intention towards online reservation. They reported that e-service quality had a significant influence on hedonic
and utilitarian values, which, in turn, influenced on customer satisfaction.
2. Theoretical background and research model
In addition to measurement issues, development of an understanding of the conceptual relationships
Perceived
value
Customer
loyalty
Customer
satisfaction
Trust
Fig. 1. The research model
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2.1. Customer loyalty
Attracting new customers is an expensive process and it actually turns profitable in later stages of customer’s
relationship with the firm. This relationship could be less costly only when a customer becomes loyal to the
firm. There are different approaches to loyalty and one of them is called stochastic approach. In this approach,
loyalty is a behavior and whenever a person buys a particular brand regularly, he/she is considered to be loyal to
that brand (Kuehn, 1992). This approach cannot differentiate between spurious loyalty and true loyalty. The
other approach considers loyalty as an attitude. According to Assael (1992) loyalty is customer’s favorable
attitude towards a brand which results in occurrence of repurchasing behavior. According to Zeithaml et al.
(1996) loyal customers are interested in having good relationship with the organization and they normally
behave differently. Loyal customers have more emphasis on social and emotional values and studies have
revealed that creating and delivering superior customer value could contribute to an organization’s efforts in
building strong emotional relationships with its customers (Butz & Goodstein, 1996). Thus, loyalty in such
customers can be improved by providing superiority in specific aspects of customer value.
2.2. Customer satisfaction
Customer satisfaction has been one of the most common measurement metric of customer perceived concepts
used by businesses (Gupta & Zeithaml, 2007) because it is considered as a generic metric and can be used for
different industries. Although there is not a precise definition for this construct, it is easily understood by
mangers and customers. According to Kotler (1997) customer satisfaction is defined as the difference between
the level of perceived performance and customer’s expectations. Thus, customer satisfaction is not only the
outcome of the perceived performance of the product, but also it reflects customer’s expectations and a
comparison between these two elements will determine customer satisfaction. In other words, when the
customer expectations do not match with his/her perceptions, customer dissatisfaction appears. Fornell (1992)
performed an empirical study on Swedish customers and revealed that although customer satisfaction and
quality play important roles for most organizations but there are industries such as banks, insurance, mail order
and automobiles where customer satisfaction is more important since it creates more loyalty. Ioanna (2002)
reported that product differentiation in a competitive environment like the banking industry is almost
impossible since banks often offer similar services. For instance, there is usually little difference in the prices
charged for similar financial products. Thus, banks try to differentiate themselves from their competitors mostly
by improving the quality of delivered services. In them banking sector service quality is one of most
fundamental factors impacting satisfaction level. However, Reidenbach (1995) stated that customer value is a
more viable factor than customer satisfaction since it considers the cost of products in addition to other
important factors. Customer value is a dynamic construct and must be controlled whereas customer satisfaction
is customer’s response to the values obtained from purchased products. Therefore, banks or insurance
companies must understand how customers define the value so that they could create value added services.
There are some evidences that indicate there is a positive relationship between the customer value and
satisfaction (Anderson & Mittal, 2000, Yang & Peterson, 2004) Thus, our first hypothesis was:
H1. Customer satisfaction has a positive effect on customer loyalty.
2.3. Perceived value
Recently, ‘‘both managers and marketing scientists have begun focusing on the hitherto ignored role of
customer value as a key strategic variable to help explain repeat purchase behavior, brand loyalty and
relationship commitment’’ [Patterson. Spreng,1997]. Perceived value is often assumed to involve a consumer’s
assessment of the ratio of perceived benefits to perceived costs [Zeithaml,1988]. Bolton and Drew [Bolton.
Drew,1991] suggested that perceived value is a ‘‘richer measure of customers’ overall evaluation of a service
than perceived service quality.’’ According to Parasuraman and Grewal [Parasuraman. Grewal ,2000],
perceived value is a function of a ‘get’ component (the benefits a buyer derives from a seller’s offering) and a
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‘give’ component (the buyer’s monetary and non-monetary costs of acquiring the offering). Our study was
primarily focused on information, system, and
product/service quality as the ‘get’ component, and on money spent as the ‘give’ component. Prior studies
explicitly modeled perceived performance or quality as a direct antecedent of value, which, in turn, directly
drove repurchase intention. Also, cumulative insights from prior studies supported the general notion that
perceived value contributed to customer loyalty [Dodds, K.B. Monroe,1991]. Anderson and Srinivasan
suggested that when the perceived value was low, customers would be more inclined to switch to competing
businesses in order to increase perceived value, thus contributing to a decline in loyalty. Thus, the next
hypothesis was:
H2. Perceived value has a positive effect on customer loyalty.
Literature relating to service management has argued that customer satisfaction is the result of a customer’s
perception of value received [Hallowel,1996]. Perceived value is considered a construct that captures any
benefit-sacrifice discrepancy in the same way that disconfirmation does for variations between expectations and
perceived performance. However, satisfaction is primarily an affective evaluative response.
H3. Perceived value has a positive effect on customer satisfaction
2.4 trust
Both university and economy equally describe trust as a central factor helping boost of electronic commerce.
Rousseau et al. (1998) described trust as “a mental state including tendency to accept of damage based on
positive expectations of opponent tendencies and behavior”. Trust can decrease unreliability caused by other
people, objects and therefore, it is essential for commerce. It also has an impact on customers' fear of risk and
unreliability. In electronic commerce where there is only source of information for overcoming website
unreliability, trust in website maintains the highest importance because it is one of the most effective ways for
decreasing customers' unreliability. Especially, trust in online environment is important because of variety and
complication of online transactions and unreliability and unpredictable behaviors. Therefore, the consumers
should be sure about seller not abusing and actions like unfair pricing, breach of privacy and security and
presenting wrong information (Weisberg et al., 2011). The concept of trust has been examined in various fields
during years. Researchers in various fields agree on the relative importance of trust in doing human jobs but it
seems that there was a wide lack of agreement on an appropriate description. Trust has been described in
different forms, including: tendency to vulnerability in opponent activities (Mayer et al., 1995), the likelihood
that a person connects to cooperating behavior by opponents (Hwang &Burgers, 1997), a person’s believes in
the other person that the opponent will behave predictable (Luhmann, 1979). Many people believe that trust is
in agreement with the perception of risk. In a wider concept, trust is a psychological phrase, which includes
tendency to accept damage based on positive expectations of objectives or other's behavior (Midha, 2012).
According to Melao (1964), trust is a key member in appearing and keeping social trade relationships. Bradach
and Eccles (1989) considered trust as a control mechanism, which facilitates trade relations with the
characteristics like uncertainty, vulnerability and dependency. Customers normally look for decreasing
unreliability and online trades' complications by using mental shortcuts. Trust is one of these effective mental
shortcuts, which can act as a mechanism to decrease human behavior complications under some special
circumstances that people have to cope with unreliability. Since the key of successful economic trades is to
avoid opportunistic behaviors, online customers generally avoid online sellers in which they do not trust or
known as bad (Fang et al., 2011). Ratnasingham (1999) suggested trust technology term and defined aspects of
security services like secret mechanisms, identification confirm mechanism, and access to control mechanisms,
which leads to increase of technology trust in an empowerment process for supporting privacy, accuracy,
correctness, authorized trustee, answering electronic trade transactions (Granber-Krauter & Faullant, 2008).
Therefore, important precursors for continuity of trade relationships are customers' beliefs and tendencies
associated with trust in seller's website. Thus, we formed the hypothesis
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H4. Trust has a positive effect on customer loyalty.
H5. Trust has a positive effect on customer satisfaction
Research hypotheses
H1. Customer satisfaction has a positive effect on customer loyalty
H2. Perceived value has a positive effect on customer loyalty.
H3. Perceived value has a positive effect on customer satisfaction.
H4. Trust has a positive effect on customer loyalty.
H5. Trust has a positive effect on customer satisfaction
Variable
Perceived value
Trust
Customer
satisfaction
Customer
loyalty
Total
questionnaire
Relevant
questions
7-1
10-8
Number of
Questions
7
5
Cronbach's
alpha
0.91
0.76
15-11
3
0.89
19-16
4
0.84
19-1
19
0.95
Inferential statistics
The model coefficients is significant
The model is estimated coefficients, standard
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Summary of research results of hypotheses
Research hypotheses
H.1Customer satisfaction has a positive effect
on customer loyalty
H2. Perceived value has a positive effect on
customer loyalty.
H3. Perceived value has a positive effect on
customer satisfaction.
H4. Trust has a positive effect on customer
loyalty.
H5. Trust has a positive effect on customer
satisfaction.
Coefficient
of
correlation
R2
tvalue
Results
0.72
0.518
5.35
accepted
-0.03
0.0009
-0.25
rejection
0.73
0.532
10.83
accepted
0.18
0.0324
2.25
accepted
0.21
0.0441
3.52
accepted
According to the first hypothesis test results, it seems that satisfaction with the coefficient of determination of
0.518 has a significant positive impact on the loyalty among customers of Agricultural online
banking. Therefore it can be concluded that the more the internet banking customers are satisfied with the
internet banking system including the bank internet service the more they use it. Accordingly, banks should
emphasize the importance of consent in Internet customers more than before. Such results are also obtained in
studies by Kotlar and Clark in 1987 who examined the consent in internet banking. Given these findings, the
following recommendations are offered to Bank officials: 1. Promote the approach of market-orientation to
precisely identify the customer needs, and planning to meet the needs and their consent. 2. Analyse the
weaknesses in the provision of internet banking services and its continuous improvement in terms of security,
ease of use, speed and...
According to the second hypothesis test results, it seems that the perceived value had no impact on loyalty
among online customers of the Agricultural Bank. In this context, the following recommendations are provided
to the managers of the Bank: 1 - Due to the new nature of electronic services in developing countries and lack
of familiarity for customers to use all features of Internet bank, managers and authorities should address it
through free training 2 - Simple design of Internet bank page so that the customer with any level of education
can use it.
According to a third hypothesis test results, it seems that the perceived value with the coefficient of
determination of 0.532 had a significant positive impact on consent among customers of the Agricultural Bank
internet banking. Therefore, it can be concluded that the greater the perception of bank customers about the
value of using internet banking systems they use it more. Anthropological studies in different fields show that
the easier processes and mechanisms the new system used by public follow, the public tend to use it more
(Davis, 1989). Studies by Chintzy (2007) are only part of studies which emphasized the need to provide
appropriate conditions for further understanding of the value of Internet banking systems to encourage all
customers to use the service. In this context, the following recommendations are provided to the directors of
Bank: Due to the lower cost of electronic services, the authorities should establish virtual offices to perform all
operations required by customers and reduce costs of using Internet bank services to attract new customers and
keep their customers.
According to the fourth hypothesis test results, it appears that the trust with coefficient of determination 0.0324
had a significant positive effect on customer loyalty in internet banking of Agricultural Bank. Studies by Azar
and Aydin in 2005 prove this result. According to the findings, the following strategies are presented to the
directors and officers of the bank: 1. Establish a reliable and secure payment systems 2. Allows quick and easy
connection of customers with bank via telephone, email, and SMS 3. Through one of the several methods
(Online, Email, ...) sent a confirmation letter to the customer to ensure that the payment has been done
correctly.
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Given the fifth hypothesis test results, it appears that the trust with a coefficient of determination of 0.441 has a
significant positive impact on the consent of customers of Agricultural Internet banking. Thus, we can conclude
that the more Internet bank customers are confident in the internet banking system, they will use it more.
Studies by Yudo et al., (2003) has demonstrated this result and emphasized the need to provide online customer
trust to use Internet banking services. Based on these findings, the following recommendations are offered to
bank managers: 1. Website should inform well about the security, security policies, contacts information in
emergency conditions, technical descriptions and the functions of the electronic payment system 2. Customer
concerns about security issues should be easily found in frequently asked questions section or Help, the
customer must ensure the absence of hacker attacks on electronic payment systems. 3. Customer personal
information must not be provided to the third parties by providers of internet banking system services for other
purposes. 4. Creation of accountable reference for solving customer problems on holidays and non-business
hours.
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