21 internet banking (hanh vi tieu dung)

Asian Research Journal of Business Management Issue (Vol 3)2016 Issn: 2321-9246 Research Article Asian Research Journal of Business Management Factors Affecting the Decision to use Internet Banking Services of Commercial Banks in Vietnam Tran Phi Hoang Industrial University of Ho Chi Minh City , Vietnam Received: May 2016; Revised: 17 May 2016; Accepted: 20 May 2016 Abstract: The results of this research were examined to specify and analyze factors affecting decision to use Internet Banking services of commercial banks in Vietnam The author combined both qualitative and quantitative methods, surveyed 604 customers in commercial banks in Vietnam and online forums Research model included 12 scales and 34 observed variables The results specified several factors affecting positively and negatively the decision to use Internet Banking services, such as: useful perception, attitude, subjectivity standard, behavioral control perception, benefit perception, ease-of-use perception, operational risks, social risks, time risks, financial risks, and security risks The results of this research would be an important foundation for banks to recommend solutions enhancing quality of Internet Banking services in the future Keywords: Decision theory, Internet banking, Online bank, behaviors Customer attitudes, Customer INTRODUCTION Internet banking service (IB) plays an important role in online banking service of commercial banks The greatest benefit of IB is convenience and cost reduction to minimum level, as well as the time processing banking transaction Online banking services help people conduct transaction conveniently and transfer money easily, pay bills, query account information, and purchase online, etc in a few minutes on the computer or online mobile devices Moreover, customers also receive increasing benefits such as great discount when purchasing online, booking hotel, travelling online, etc IB creates alternative transaction channel, reduce cost for both banks and customers, and enhance efficiency of revolving capital IB is encouraged to use, as it contributes significantly to create a non-cash economy Although Internet Banking is popular in many countries, it is still a confusing definition in Vietnam There are many reasons leading to this situation, such as fear of being stolen password, losing money when conducting online transaction, leaking personal information, incidents when conducting online transaction, lack of information about benefit of internet banking service, especially security technology and data safety Therefore, research on psychology and behavior of internet banking users becomes necessary and urgent to commercial banks in Vietnam 140 Asian Research Journal of Business Management Issue (Vol 3)2016 Issn: 2321-9246 Research Article LITERATURE REVIEW Many expertise researchers proved that using online service brings a lot of benefits to customers and is currently a trend of purchasing of consumers in the age of digital technology and social network Hasslinger et al mentioned that consumers realized that using online service like internet banking helps them save time, reduce efforts and enable to purchase, conduct transaction anytime They are not limited by the time and place when purchasing or conducting transaction [1] According to Burke, convenience, usefulness, benefits, and ease of use are factors encouraging people participating in online services [2,3] This author emphasized that consumers highly appreciate capability of accessing or connecting to online service suppliers at any time and they can any other activities while online shopping [1, 4] They can use the service even if they have no transportation and avoid crowded parking lot and bad weather If consumers learn that the innovative technology service is convenient, they will certainly decide to use and vice versa The results of the research also received agreement of many experts: James H Drew [5], Keaveney and Susan M [6], Adam and Ujwal Kayande [7], R Krishnan et al [8], Kurt Matzler [9], Podder and Braja [10], Ghezelayagh and Mojdeh [11], Baraghani and Sara Naimi [1] Most of these authors all identified that factors affecting decision to use services is usefulness perception, attitude, subjectivity standard, behavioral control perception, benefit perception, ease of use perception, operational risks, social risks, time risks, financial risks, and security risks Rahmath Safeena et al., Khalil Md Nor, J Michael Pearson stated that in banking, factors like “security risks” and “financial risks” are important elements in the model researching about decision accepting internet banking service [14, 6, 11] Therefore, it can be concluded that factors affecting decision to use IB services of commercial banks in Vietnam focus on the following elements: usefulness perception, attitude, subjectivity standard, behavioral control perception, benefit perception, ease of use perception, operational risks, social risks, time risks, financial risks, and security risks These factors are scales in official research model Attitude toward internet banking services is defined as attitude, emotion of an individual on using internet for banking transaction activities Attitude to a service is a positive or negative emotion of an individual about performing a target behavior Theory of attitude supposed that, if attitude of a person is positive to a product or service, he will be likely to buy or use that product or service Attitude is considered to grow over time through the process of studying which is affected by the reference team, past experience and individual personality Benefit perception is based on reasons with high level of certainty There are two types of benefits, which can be categorized as direct and indirect benefit Direct usefulness involves immediate benefits, which are tangible as customers will benefit from using internet banking Customers will benefit in a greater range of financial benefits, faster speed of transaction and increasing the transcendance of information [1] Usefulness perception is defined as “the extent that an individual believes that using a particular service system wil enhance the result of his performance” [9] 141 Asian Research Journal of Business Management Issue (Vol 3)2016 Issn: 2321-9246 Research Article Ease-of-use perception: Awareness of ease of use is defined as the extend that an individual believes that using a particular service system does not require much effort Subjective Standard is standards, thinking, perception system and subjective thinking and logic of an individual or collective, in many cases, and specific space scope Behavioral Control Perception is a set of ideologies, thoughts and subjective perception of consumers concerning about the use of its resources on finance, facilities, individual capacity, exchange experience to satisfy personal needs and wants Operational risks related to the damage incurred due to the defficiency or malfunction of the website Clients are usually afraid that the incidents from the server or internet disconnection may occur while the transaction is being conducted and these situations may lead to unexpected damage Littler and Melanthiou revealed that the malfunction of websites having internet banking service may reduce the willingness of clients using internet banking service Meanwhile, Featherman and Pavlou believed that the website incident and disabled connection happening with high frequency may create inhibition from internet banking service users Financial risks mentioned about the ability of losing money because of transaction errors or using false bank account Clients are afraid of losing money while conducting transaction or transfering money online Consumers usually suffered in requesting compensation when transaction occurred If internet banking transaction is lack of guarantee, it may create insecurity to users Social risks may be considered as a threat of losing images, prestige owing to purchasing or using service products Whereby, the ability of using internet banking service may lead to disagreement of friends, family, and colleagues, thenceforth affecting opinion of clients about accepting internet banking service Everyone may have goodwill or not to the service, thence influence on others’ opinions in accepting internet banking service or not Time risks is a waste of time and incurring inconvenience due to the lateness of accepting payment or difficulties on navigation such as searching for appropriate link or service Two leading reasons of dissatisfaction of online service are considered to be time risks, including: websites with cluttered and confusing layout, and slow loading wesites The amount of time waiting for the websites to be loaded or how to operate internet banking websites also count Security risks is an incurring incident or loss caused by cheating or hacker affecting the safety of internet banking system “Security risks” is a significant obstacle for accepting internet banking service The greatest chalenge to online banking field to dominate clients’ trust is security and safety problem 142 Asian Research Journal of Business Management Issue (Vol 3)2016 Issn: 2321-9246 Research Article RESEARCH MODEL Benefit Perception H1 Useful Perception H14 H13 H5 Ease-Of-Use Perception H8A Decision Attitude H6 H8B Risk Perception H3 H10A Operational Risks Subjectivity Standard H10B Social Risks H4 H11 Behavioral Control Perception Time Risks H9A Financial Risks H9B H12A Security Risks H12B Fig 1: Research model 143 Asian Research Journal of Business Management Issue (Vol 3)2016 Issn: 2321-9246 Research Article RESEARCH HYPOTHESES H1: “Usefulness perception” affects positively decision to use internet banking services H2: “Attitude” affects positively decision to use internet banking services H3: “Subjectivity standard” affects positively decision to use internet banking services H4: “Behavioral control perception” affects positively decision to use internet banking services H5: “Usefulness perception” affects positively decision to use internet banking services H6: “Ease-of-use perception” affects positively decision to use internet banking services H7: “Ease-of-use perception” affects positively decision to use internet banking services H8A: “Operational risks” affects negatively decision to use internet banking services H8B: “Operational risks” affects negatively decision to use internet banking services H9A: “Financial risks” affects negatively decision to use internet banking services H9B: “Financial risks” affects negatively decision to use internet banking services H10A: “Social risks” affects negatively decision to use internet banking services H10B: “Social risks” affects negatively decision to use internet banking services H11: “Time risks” affects negatively decision to use internet banking services H12A: “Security risks” affects negatively decision to use internet banking services H12B: “Security risks” affects negatively decision to use internet banking services H13: “Benefit perception” affects positively decision to use internet banking services H14: “Benefit perception” affects positively decision to use internet banking services RESEARCH METHODOLOGY The researchers concentrated on methods of researching: qualitative method and quantitative method, specifically the process experienced three following stages: Stage 1: Based on the theory, and the results of related scientific researches, the authors used qualitative research method to discuss in group, consulted leading experts to select variables and group of observed variables Stage 2: According to the group of factors affecting decision to use internet banking service, the authors designed a questionnaire to collect opinions of 604 online customers The research model involved 12 scales, 34 observed variables In this study, sampling and random method were used According to Hair et al., the formula for calculating sample size is In which m is the scale and Pj is the number of observed variables of the scale The proportion of the sample compared to analysis variable (k) is 5/1 or 10/1 Thus, the number of samples is larger than "total observed variables" of scale times "5" and less than "total observed variables" 144 Asian Research Journal of Business Management Issue (Vol 3)2016 Issn: 2321-9246 Research Article of the scale times "10" However, according to Lee Nguyen, depending on the object of study and research goals, increasing sample size will increase the reliability of data The researchers use a 5-point Likert scale, the Distance value = (Maximum - Minimum) / n = (5 -1) / = 0.8: Completely disagree; disagree; No opinion / Normal; Agree; Totally agree Survey results are analyzed by using SPSS 20.0 treatment and Cronbach's alpha coefficient to test the reliability of the scale Stage 3: After testing the reliability by Cronbach's alpha coefficient, the authors conducted exploratory factor analysis (EFA) to reduce and summarize the data of the scale, confirming factor analysis (CFA), research hypotheses testing using structural equation model (SEM), model testing by running AMOS, model analysis by Bootstrap testing the standard values From the above results, the authors examined the impact of research factors to the decision to use internet banking services RESEARCH RESULTS Exploratory Factor Analysis (EFA): Results of exploratory factor analysis for 11 factors affecting Decision to use of internet banking are as follows: Factor loadings of all variables were greater than 0.5, thus, no variables were ruled out Total variance=63.19% (>50%), thus, 11 factors extracted can explain 63.19% variance of the variables measured Kaiyer-MeyerOlkin (KMO)=0.856 (>0.5) and Barlett’s Test of Sphericity were statistical significance (Sig = 0.00050%), KMO=0734 (>0.5), Sig=0.000, Bartlett's test ( 0.3 Subjectivity standard 0.870 > 0.3 Behavioral control perception 0.817 > 0.3 Use decision 0.876 > 0.3 Benefit perception 0.724 > 0.3 Operational risks 0.848 > 0.3 Financial risks 0.706 > 0.3 Social risks 0.775 > 0.3 Time risks 0.737 > 0.3 Security risks 0.876 > 0.3 Scales The scales are reliablie due to the reliability of the model with Cronbach's alpha coefficients greater than 0.6 and the Corrected Item-Total Correlation all greater than 0.3 P values were less than 0.05, thus, correlation coefficient for each pair of scales was different from at the 95% confidence level Therefore, this scale of values achieved distinction Results of confirmed factor analysis showed that measurement model and scales are appropariate and satisfactory 146 Asian Research Journal of Business Management Issue (Vol 3)2016 Issn: 2321-9246 Research Article Hypotheses testing using Structural Equation Modeling (SEM) Benefit Perception Useful Perception 0.22 0.25* 0.35* 0.27*** 0.63** -0,18*** Ease-of-use Perception Attitude 0.35** Decision -0.12* Operational Risks 0.14* -0.03 Subjectivity Standard Social Risks -0.15* Time Risks Behavioral Control -0.22* Financial Risks -0.28* -0.29** Security Risks -0.39* (Source: The researcher’s collecting data and SPSS) Results of hypotheses testing with structural equation modeling showed data compatible with the research model: Chi-Square/df (Cmin/DF)=2.885 (0.9); RMSEA=0.072 (