(Luận văn) factors affecting customers choice of banks to deposit

t to UNIVERSITY OF ECONOMICS HO CHI MINH CITY ng hi International School of Business ep w n lo ad PHẠM THỊ MINH HẰNG ju y th yi pl n ua al n va FACTORS AFFECTING CUSTOMERS’ CHOICE fu ll OF BANKS TO DEPOSIT oi m at nh z z k jm ht vb ID 22120010 om an Lu SUPERVISOR: DINH THAI HOANG, Ph.D l.c gm MASTER OF BUSINESS (Honours) n va ey t re Ho Chi Minh City – Year 2014 th t to ACKNOWLEDGEMENT ng hi I would not have been able to complete my thesis without the advice, assistance, ep understanding and encouragement of my supervisors, my family and my friends I would w like to gratefully and sincerely acknowledge their assistance and support n lo ad First of all, the most important person I would like to thank is my supervisor, Dr Dinh y th Thai Hoang Thanks to his valuable advice and generous guidance throughout the process ju of completing this thesis yi pl Secondly, I would like to express my gratefulness to Dr Nguyen Dinh Tho and Dr al n va Research Design problem n ua Nguyen Thi Mai Trang for their kindness in supporting me to deal with issues in ll fu Also, I would like to send my kindest gratefulness to my family, my mom, my dad and at nh thesis oi m my sister in supporting me, encouraging me throughout the hard time of completing my z Furthermore, I would like to thank all of the staff at International School of Business – z k jm lot of administrative support, assistance and understanding ht vb University of Economics Ho Chi Minh City who are always enthusiastic and give me a gm Finally, I would like to give my gratefulness to all my classmates who have been sharing om course I would not complete my thesis without their support l.c with me all their knowledge and experience as well as joys and hardship during MBA an Lu In brief, it has been a long journey and I have grown in so many ways I would like to say “thank you” again for the involvement of everyone who has helped me to complete this n va thesis ey t re th t to ABSTRACT ng hi The priority task of not only bankers but also the economists in Vietnam is to attract more ep surplus capital into the bank channel to provide for the whole economy Accomplishing w this task can help pushing enterprises into investing more, and expending business more, n lo which attributes into boosting the whole national economy, especially in the context ad when interest rate of deposit is less attractive Based on the literature reviewed in the y th bank selection criteria, this study empirically investigates the main factors influencing ju yi customers’ choice of banks to deposit in Vietnam pl ua al A quantitative method via questionnaire survey was used to obtain the views of n approximately 250 customers who are having or used to have deposit in banks in Ho Chi va Minh City regarding their decision whether to choose this bank to deposit or not Logistic n ll fu Regression analysis was used to test the proposed hypothese to investigate the oi m relationship between customer’s choice and the influencing factors derived nh at According to the findings of this research, Comfortable and Financial benefits make a z positive impact on Customers’ choice of banks to deposit The results of this research are z ht vb important for bankers in managerial implications to enhance and improve their jm competitiveness, in other words, to allure and retain more deposit, which will ultimately k result in more profitability to Banks and boosting more capital to the Economy om l.c gm Keywords: Deposit, Customers’ choice, Bank selection criteria an Lu n va ey t re th t to ng Table of Content hi ep CHAPTER INTRODUCTION Research Background 1.2 Research Problem and Research Objective 1.1 w n lo 1.2.1 Research problem ad ju y th 1.2.2 Research objective Scope of Research 1.4 Significance of Research 1.5 Research Structure yi 1.3 pl n ua al va CHAPTER LITERATURE REVIEW Review on Customer choice of banks 2.2 Hypothesis development n 2.1 ll fu m oi 2.2.1 Security nh at 2.2.2 Financial benefits z z 2.2.3 Service quality vb jm ht 2.2.4 Convenience k 2.2.5 Bank image 10 gm 2.2.6 Demography 11 l.c Research Model 12 om 2.3 an Lu CHAPTER RESEARCH METHODOLOGY 13 Sample Size 16 3.4 Measurement Scale 17 3.5 Data Analysis Method 19 3.5.1 Reliability measure 20 i th 3.3 ey Research process 13 t re 3.2 n Data Sources 13 va 3.1 t to 3.5.2 Validity measure by EFA (Exploratory Factor Analysis) 20 ng hi 3.5.3 Logistic regression analysis 21 ep CHAPTER DATA ANALYSIS AND RESULTS 23 Descriptive stastistics survey results 23 w 4.1 n lo 4.1.2 Preparation data 23 ad 4.1.3 Characteristics of the sample population 26 y th Reliability of measurement instruments 27 4.3 Validity of measurement instruments 30 ju 4.2 yi pl ua al 4.3.1 Suitability of data 32 n 4.3.2 Factor extraction 32 va n 4.3.3 Factor rotation 33 ll fu Logistic Regression analysis 39 oi m 4.4 4.4.1 Introduction 39 nh at 4.4.2 Computing variables 40 z z 4.4.3 Assumption for Logistic Regression 40 ht vb jm 4.4.4 Testing hypotheses 40 k 4.4.5 Controlling variables 44 gm Conclusion 45 l.c 4.5 om CHAPTER CONCLUSIONS AND IMPLICATIONS 47 Research Overview 47 5.2 Research Findings 47 5.3 Managerial Implications 49 5.4 Research Limitations and Directions for Future Research 49 an Lu 5.1 ey th ii t re APPENDIX EFA RESULT OF VARIABLES…………………………………….65 n APPENDIX QUESTIONNAIRE 60 va APPENDIX OPEN QUESTIONS FOR DRAFT SURVEY 59 t to List of Figures ng hi Figure 2.1 Conceptual framework………………………………………………… .12 ep Figure 3.1 Research process………………………………………………….…… …15 w n Figure 4.1 Re-constructed Conceptual framework…………………………………… 39 lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th iii t to List of Tables ng hi Table 3.1 Main factors affecting customers’ choice of banks to deposit………………17 ep Table 4.1 Coded factors……………………………………………………………… 24 w Table 4.2 Sample summary……………………………………………….……… ….26 n lo Table 4.3 Cronbach’s Alpha test results………………………………………….…….28 ad ju y th Table 4.4 KMO and Bartlett’s test…………………………………… …………….…32 yi Table 4.5 EFA Rotated Factor Matrix………………………………………………….33 pl al n ua Table 4.6 Re-run EFA KMO and Bartlett’s Test……………………………….………35 n va Table 4.7 Re-run EFA Rotated Factor Matrix………………………… …… ………35 fu ll Table 4.8 Re-run Cronbach’s Alpha test result………………… ……………………37 oi m Table 4.9 Classification……………………………………………………… …… 41 at nh Table 4.10 Variables not in the Equation……………………………………….…… 41 z z jm ht vb Table 4.11 Omnibus Test of Model Coefficients……………………………… …….41 Table 4.12 Model Summary………………………………………………………… 42 k gm Table 4.13 Variables in the Equation…………………………………………….……43 l.c om Table 4.14 Control Variables in the Equation…………………………………… … 44 an Lu n va ey t re th iv t to CHAPTER INTRODUCTION ng hi 1.1 Research Background ep In the modern time, the important role of bank deposits in economy is undeniable since w without bank deposits businesses would not be able to access funds from individual n lo ad (Ritter, Silber & Udell; 2008) Banks are a channel to collect savings from surplus sectors y th in the form of deposits and bump this money into the economy in the form of loans If the ju people not interact and deal with banks, a great portion of the economic capital would yi pl remain idle (Rosly, 2005) In the present context of Vietnam, while gold, stock market, or ua al real estate investments are not likely suited for amateur investors (Vietnam News, 2014), n bank deposit is still popular and favourable, regardless of the considerably low interest va rates by the end of February, which was supposed to discourage deposits (The State Bank n ll fu of Viet Nam, 2014) On February 2014, according to the municipal Statistic Office oi m (2014), in Ho Chi Minh City, total capital mobilization reached VND1.16 trillion at nh (US$55.18 million), constituting a 15.1 per cent year-on-year increase Of that, commercial banks accounted for 56.8 per cent of the total city's deposits, up 18.4 per cent z z year on year (Ho Chi Minh City Statistic Office, 2014) Consequently, raising capital via vb jm ht deposits in commercial banks plays an important role not only in spurring economic growth and salvaging dying businesses in the present regression time of the economy but k gm also creating profit for commercial banks themselves and depositors by interest rates l.c (Ritter, Silber & Udell; 2008) In line with that, alluring customers to deposit is the om requisite to any commercial banks, which needs to research for both theoretical and an Lu managerial purposes Multiple Linear Regression model to explore the factors affecting the customers’ choice of banks to deposit Moreover, in Vietnam, a few recent studies on customers’ decision to th deposits, credits, online banking… Plenty of these studies applied T-test, Probit or ey researched on bank selection criteria for a whole financial service aspect including t re researchers since few decades ago (Abduh, 2012) However, most of the studies n va The study of bank selection criteria has received attention from many bank marketing t to deposit in banks have only limited in one specific branch of bank In 2012, Hue ng conducted a research on factors affecting retail customers’ intention of depositing in hi ep BIDV Hue Branch In 2013, Ha, in her study in Vietnam obtained information about the factors determining the decision of retail customers in depositing in An Binh Bank Hue w n Branch This study tries to explore more specifically the factors affecting bank selection lo ad criteria to deposit in banks in a region of Vietnam applying Logistic Regression y th From the above reasons, the study sees the essentiality in doing the research on “Factors ju yi affecting customers’ choice of banks to deposit” This study has attempted to pl discover the important factors that influence retail consumers’ behavioral decision to al n va Vietnam n ua choose banks to deposit by investigating customers depositing in banks in a region of Research Problem and Research Objective ll fu 1.2 oi m 1.2.1 Research problem nh at According to State Bank of Vietnam (2014), recently, there is a quite severe credit z z shortage since credit growth has been fallen from 51.4% in 2007 to 10% in the Fall of vb jm ht 2014 Contrast to developed economies where capital source comes from both equity and fixed income markets, enterprises in Vietnam and other developing countries rely k gm substantially on bank credit for financial needs (VinaCapital, 2014) While domestic l.c enterprises have been hobbled by a lack of access to low cost credit or any credit at all, om the priority task of not only bankers but also the economists in Vietnam is to attract more an Lu surplus capital into the bank channel to provide for the whole economy Accomplishing this task can help pushing enterprises into investing more, and expending business more, va which attributes into boosting the whole national economy Besides, the fact that the n main factors influencing depositing customers’ choice of banks to have right strategies in th 2014) As to the bankers, the main problem raised is how to identify and measure the ey from 6% from October 29, 2014 makes deposits less attractive (State Bank of Vietnam, t re Government control ceiling interest deposits by cutting the dong deposit rate to 5.5% t to their business especially in the current context By solving that problem, banks could ng allure more deposits, providing more opportunities for enterprises to approach capital, hi ep helping the economy in struggling for regression w 1.2.2 Research objective n lo ad The objective of the present study is to identify and measure the main factors influencing y th customers’ choice of banks to deposit Consequently, the research questions of the thesis ju are raised as two following questions: yi pl - What are factors affecting customers’ choice of banks to deposit? ua al n - How these factors affect customers’ choice of banks to deposit? n Scope of Research va 1.3 ll fu oi m For limited conditions, the research is conducted in Ho Chi Minh City with the nh respondents who have deposits in banks with various careers The timeframe of research at intentionally lasts from the middle of June to the end of August in 2014 z z Significance of Research ht vb 1.4 k jm Depositing is the main channel to raise capital for the economy in Vietnam Besides, our gm economy is in the phase of regression due to the lacking of capital Findings of main l.c factors influencing customers’ choice of banks to deposit in order to improve capital om raising activities have the practical and essential value in the contemporary context Research Structure an Lu 1.5 chapter presents the research process, sampling size, measurement scale, main survey, and data analysis method The fourth chapter concentrates on preparation data, th and shows hypotheses, as well as the conceptual framework of the research The third ey research structures The second chapter covers literature review of the previous research t re research problems, research objectives, research questions, scope of research and n va The research is divided into five chapters The first chapter introduces about background, t to Metawa, S A., & Almossawi, M (1998) Banking behavior of Islamic bank customers: ng perspectives andimplications Intl J of Bank Marketing, 16(7), 299-313 hi ep Mikhail, K (2005) Determinant attributes of customer choice of banks, supplying w mortgage products Auckland University of Technology n lo ad Muhamad J et al (1998) Bank attributes an demographic factors in determining ju 3(2) y th customer choice in retail banking: an analytic hierarchy approach Aam journal, yi pl Nagelkerke N (1991) A note on a general definition of the coefficient of determination al n ua Biometrika, 78: 691-692 va Nye, R D (1979) What is B.F Skinner really saying? 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Australlia: Allen & Unwin vb jm ht Peduzzi, P., Concato, J., Kemper, E., Holford, T R., & Feinstein, A R (1996) A k simulation study of the number of events per variable in logistic regression analysis om l.c Reason, J (1990) Human Error Cambridge University Press gm Journal of Clinical Epidemiology, 49, 1373-1379 an Lu Reason, J (1990) The Contribution of Latent Human Failures to the Breakdown of Complex Systems Philosophical Transactions of the Royal Society of London 56 th Money, Banking and Financial Markets Prentice Hall (12 ed.) ey Ritter, Silber & Udell (2008) The Role of Money in the Macroeconomy: Principles of t re Ribeaux & Poppleton (1978) Psychology and Work London: Macmillan Education n va Series B, Biological Sciences, 327 (1241), 475–484 t to Rosly, S A (2005) Critical issues on Islamic banking and financial markets: Islamic ng economics, banking and finance, investments, Takaful and Financial Planning hi ep Kuala Lumpur: Dinamas Publishing w Russell, D W (2002) In search of underlying dimensions: The use (and abuse) of factor n lo analysis in Personality and Social Psychology Bulletin Personality and Social ad Psychology Bulletin, 28 (12), 1629–46 y th ju Şafakli, O V (2007) A research on the basic motivational factors in consumer bank yi pl selection: evidence from Northern Cyprus Banks and Banks System, (4), 93-100 al n ua Saunders, S G., Bendixen, M., & Abratt, R (2007) Banking patronage motives of the n va urban informal poor J of Serv Marketing, 21(1), 52-63 ll fu Schiffman & Kanuk (2007) Consumer Behavior (9th ed.) New Jersey: Prentice Hall m oi Sekaran, U (2000) Research Methods for Business: A skill building approach nh John Wiley & Sons, Inc, Chichester at z z Sharma, A & Mehta, V (2005) Service quality perceptions in financial services – A vb jm ht case study of banking services Journal of Service Research, 4(2), k Skinner, B F (1938) The behavior of organisms An Experimental Analysis In: New gm York: Appleton-Century l.c om Solomon, M., Bamossy, et al (2006) Consumer Behaviour: A European Perspective an Lu (3rd ed.) Harlow: Prentice Hall Stafford, M.R (1994) How customers perceive service quality Journal of Retail va n Banking, 17( 2) th 57 ey (eds) Decision Making: an Integrated Approach London: Pitman t re Steward, J (1994) The psychology of decision making In: D Jennings and S Wattam t to Sudin, H & Norafifah, A (1992) Patronage Factors of Retail Customers towards Banks ng Bankers’ Journal of Malaysia, 44-49 hi ep Ta, H P., & Har, K Y (2000) A study of bank selection decisions in Singapore using w the analytical hierarchical process Intl J of Bank Marketing, 18(4), 170-180 n lo Tabachnick, B G., & Fidell, L S (1996) Using Multivariate Statistics (3rd ed.) New ad ju y th York: Harper Collins yi Tabachnick, B G., & Fidell, L S (2001) Using Multivariate Statistics Boston: Pearson pl Education ua al n Tabachnick, B G., & Fidell, L S (2007) Using Multivariate Statistics (5th ed.) Boston: n va Pearson Education fu ll Tumbull, P W & Gibbs, M L (1989) The selection of Banks and Banking services m oi among Corporate Customers in South Africa International Journal of Banking, nh 7(5), 36-39 at z z Vietnam News (2014) City deposits grow, credit heads south Vietnam News Retrieved vb http://vietnamnews.vn/economy/252741/city-deposits-grow-credit-heads- ht from k jm south.html l.c gm VinaCaptial (2014) VinaCapital Economic Report VinaCaptial, 1-2 an Lu Journal of Consumer Marketing, 7(2), 55-63 om Yalch, R., & Spangenberg, E (1990) Effects of store music on shopping behavior The Yavas, U., & Kaynak, E (1993) Key dimensions of the bank patronage decision Mgt va n Res News, 5(2), 22-24 58 th Theory and Practice, 15, 78-89 ey purchasing behavior during online marketing transation Journal of Marketing t re Zhang, X., Prybutok, V., & Strutton, D (2007) Modeling influences on impulse t to APPENDIX OPEN QUESTIONS FOR DRAFT SURVEY ng hi 1/ What are the key factors for you to choose to deposit in a bank? ep 2/ What makes you think that these factors are important? w 3/ What are determinants affecting this key factor in your choice of banks to deposit? n lo ad 4/ Why you choose theses factors but not the others? Explain ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th 59 t to APPENDIX QUESTIONNAIRE ng NHÂN TỐ ẢNH HƯỞNG ĐẾN QUYẾT ĐỊNH LỰA CHỌN NGÂN HÀNG GỬI TIỀN hi ep FACTORS AFFECTING DEPOSITORS IN BANKS ASSESSMENT w Tôi tên Phạm Thị Minh Hằng Hiện nghiên cứu đề tài “Nhân tố ảnh hưởng đến n lo định lựa chọn ngân hàng gửi tiền" Tôi mong nhận hỗ trợ Anh/Chị cách trả ad lời bảng câu hỏi khảo sát bên Các câu trả lời khách quan Anh/Chị có ý nghĩa y th ju giá trị lớn đề tài nghiên cứu yi pl Chân thành cám ơn Anh/Chị, al ua My name is Pham Thi Minh Hang I have selected the topic “Factors Affecting Depositors in n Banks Assessment” as my Capstone Project at the University of Economics It shall be my great va n honour if you could please take a moment to help me to complete the survey below Thank you ll fu for your participation m oi Hiện anh/chị có gửi tiền ngân hàng: (Nếu câu trả lời “Khơng”, Anh/chị vui nh at lịng ngừng Bảng khảo sát) z z Do you currently have any bank deposits accounts? (If the answer is “No”, please stop the  Khơng No k jm  Có Yes ht vb survey)  Trên năm an Lu Less than years om  Dưới năm l.c On average, the term of your bank deposit account is: gm Thời gian anh/chị bắt đầu gửi tiền ngân hàng: Over years n va ey t re th 60 t to I/ CÂU HỎI SAU ĐÂY LIÊN QUAN ĐẾN NGÂN HÀNG ANH/CHỊ ĐÃ CHỌN TRÊN: ng hi Hướng dẫn trả lời ep Instruction w n Hãy chọn ngân hàng mà anh chị gửi tiền Từ ngân hàng lo ad chọn trên, xin cho biết mức độ đồng ý anh/ chị tiêu chí cách y th chọn vào ô tương ứng theo quy ước từ thấp đến cao sau với Hoàn tồn khơng đồng ý ju Khơng đồng ý Phân vân Đồng ý Hoàn toàn đồng ý yi pl Select ONE bank among the banks which you are currently having/used to have bank deposit al ua accounts For each of statement identified below, choose the number from to that best fits n your judgment of quality of the bank you select: (1) Extremely Disagree, (2) Disagree, (3) va n Neutral, (4) Agree, (5) Extremely Agree ll fu Hoàn toàn đồng ý oi m Hồn tồn khơng đồng ý 1 at nh Tiêu chí z Statements z vb n va Relationship with banks’ employees stimulates trust and confidence an Lu 3/ Ngân hàng có người quen làm nên tạo cảm giác an toàn om Positive word-of-mouth communication stimulates trust and confidence l.c gm 2/ Ngân hàng người thân quen giới thiệu nên tạo cảm giác an toàn k Banks with reputable brand names stimulates trust and confidence jm ht 1/ Thương hiệu ngân hàng tạo cảm giác an toàn th 61 ey Banks with high reputation of information security stimulates trust and confidence t re 4/ Ngân hàng bảo mật thông tin tốt tạo cảm giác an tồn t to 5/Ngân hàng có biểu lãi suất cạnh tranh ng hi Banks offer competitive deposit rates ep 6/ Ngân hàng có phương thức trả lãi phù hợp w n Banks offer flexible choices of loan installments lo ad 7/ Lãi suất ngân hàng công bố rõ ràng y th ju Banks offer high transparency in deposit/loan rates yi pl 8/ Ngân hàng có lãi suất cao với kỳ hạn ngắn ua al Banks offer high interest rates in short period n va n 9/ Các chi phí liên quan đến dịch vụ tiền gửi thấp so với ngân hàng khác fu ll Banks offer lower processing fees compared to their peers oi m at nh 10/ Các địa điểm giao dịch ngân hàng thuận tiện cho việc lại z Banks are located in busy and popular areas z vb Hồn tồn khơng đồng ý Hồn tồn đồng ý jm ht Tiêu chí k n va 12/ Ngân hàng có dịch vụ phục vụ tận nhà cần thiết an Lu Bank provides extended operating hours om 11/ Giờ làm việc Ngân hàng thuận tiện cho khách hàng l.c gm Statements Bank’s procedures are quick and simple 62 th 13/ Thủ tục giấy tờ đơn giản/ quy trình đơn giản, dễ dàng nhanh chóng ey t re Bank offers at-home service t to 14/ Ngân hàng có dịch vụ gửi tiền thơng qua ngân hàng điện tử tiện lợi hoạt động 24/24 ng hi Bank offers online banking services 24/7 ep 15/ Nhân viên niềm nở, thân thiện w n Bank’s employees are always hospitable lo ad 16/ Nhân viên phục vụ nhanh chóng, hiệu y th ju Bank’s employees provide prompt services yi pl 17/ Các thủ tục nhân viên hỗ trợ nhiệt tình (ví dụ: ghi bảng kê…) al n ua Depositing procedure is fully supported by Bank’s employees (e.g: filling in sheets…) n va 18/ Nhân viên hiểu rõ nhu cầu khách hàng đưa giải pháp tốt tư vấn fu Employees have good knowledge to render the services promised dependably and ll oi m accurately nh 19/ Ngân hàng có nhiều hình thức khuyến mãi, quà tặng hấp dẫn at z z Bank has attractive promotions and offers vb jm ht 20/ Trang thiết bị ngân hàng đại k Bank with modern physical facilities and equipment Brochures are demonstrated professionally and clearly n va The appearance of the banks creates comfortable atmosphere an Lu 22/ Không gian giao dịch tạo cho khách hàng cảm giác thoải mái om l.c gm 21/ Các mẫu, biểu trình bày rõ ràng, chuyên nghiệp t re ey 23/ Thiết kế nội/ngoại thất thu hút th Bank with attractive interior/exterior design Anh/chị có định tiếp tục lựa chọn ngân hàng đánh giá để gửi tiền không? 63 t to Will you choose this bank to stay deposting or not? ng hi  Có  Khơng ep No Yes w n II/ THÔNG TIN CÁ NHÂN: lo ad PERSONAL INFORMATION ju y th Giới tính:  Nữ n ua al Female n va Male pl  Nam yi Gender ll fu Thu nhập: oi nh  Trên 10 triệu đồng at  Dưới 10 triệu đồng m Income z Over 10 million z Less than 10 million k jm ht vb om l.c gm an Lu n va ey t re th 64 t to APPENDIX EFA RESULT OF VARIABLES ng hi Table EFA Correlations ep w Pearson Correlation n Choice lo Choice security 381 456 505 454 332 000 000 000 000 000 254 254 254 254 254 254 381** 549** 555** 558** 505** 000 000 000 000 254 254 254 254 254 549** 661** 640** 543** 000 000 000 254 254 254 686** 597** 000 000 254 254 608** ** ad Sig (2-tailed) y th N ju yi Security Pearson Correlation Financial Convenience ** Service ** bank Image ** ** pl 254 n va Pearson Correlation 456** Sig (2-tailed) 000 000 N 254 254 Pearson Correlation 505** 555** 661** Sig (2-tailed) 000 000 000 N 254 254 254 254 Pearson Correlation 454** 558** 640** 686** Sig (2-tailed) 000 000 000 000 N 254 254 254 254 254 Pearson Correlation 332** 505** 543** 597** 608** Sig (2-tailed) 000 000 000 000 000 N 254 254 254 254 254 n Financial 000 ua N al Sig (2-tailed) ll fu oi m at nh Convenience 254 z k jm ht vb 000 254 om l.c gm an Lu bank image z Service n va ey t re 254 ** Correlation is significant at the 0.01 level (2-tailed) th 65 t to Table EFA Total Variance explained ng hi Initial Eigenvalues Rotation Sums of Squared Loadings ep Factor w % of Variance Cumulative % Total % of Variance Cumulative % 10.851 47.178 47.178 3.453 15.011 15.011 6.658 53.836 3.139 13.649 28.660 60.382 2.974 12.929 41.589 65.846 2.640 11.479 53.068 70.571 2.292 9.963 63.031 n Total lo ad 1.531 1.506 1.257 1.087 4.725 873 3.798 781 3.396 77.765 549 2.386 80.151 492 2.138 82.288 10 480 2.088 84.377 11 426 1.854 86.231 12 384 1.672 87.902 13 367 1.596 89.498 14 353 1.533 91.031 15 304 1.323 92.354 16 289 1.256 93.610 17 264 1.146 94.756 18 251 1.092 95.848 19 236 1.027 96.875 20 196 854 97.729 21 193 839 98.568 y th 6.546 ju yi 5.464 pl ua al n 74.369 n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th 66 t to ng hi 22 171 742 99.311 23 159 689 100.000 ep Extraction Method: Principal Axis Factoring w Table EFA Communalities n lo ad 637 ju 511 yi security2 y th security1 Initial 674 financial benefits4 602 financial benefits5 594 convenience1 639 convenience2 617 convenience3 484 convenience4 700 convenience5 594 service quality1 660 service quality2 753 service quality3 702 service quality4 676 service quality5 261 oi m financial benefits3 ll 694 fu financial benefits2 n 704 va financial benefits1 n 585 ua security4 al 580 pl security3 at nh z z k jm ht vb om l.c gm an Lu n va ey t re th 67 t to ng hi image1 614 image2 640 ep image3 669 616 w image4 n lo Extraction Method: Principal Axis ad Factoring y th ju Table Re-run Total Variance Explained yi Rotation Sums of Squared Loadings pl Initial Eigenvalues ua al Total % of Variance Cumulative % 9.760 48.800 48.800 1.490 7.449 56.249 1.466 7.329 63.577 1.246 6.229 69.806 964 4.821 74.627 633 3.166 77.794 546 2.728 80.522 464 2.321 82.843 445 2.226 85.068 10 401 2.006 87.074 11 370 1.851 88.925 12 346 1.731 90.656 13 298 1.490 92.146 14 276 1.378 93.524 15 258 1.291 94.815 16 255 1.273 96.088 Total % of Variance Cumulative % 4.882 24.410 24.410 2.813 14.063 38.473 13.377 51.850 10.788 62.639 n Factor n va ll fu m oi 2.675 nh 2.158 at z z k jm ht vb om l.c gm an Lu n va ey t re th 68 1.183 97.271 18 205 1.027 98.297 173 867 99.164 167 836 100.000 ng 237 ep t to 17 hi 19 w 20 n lo Extraction Method: Principal Axis Factoring ad yi security bank image comfortable Financial 381** 332** 526** 429** 000 000 000 000 254 254 254 254 505** 616** 516** 000 000 000 254 254 656** 513** pl Choice at ju y th Table Re-run EFA Correlations Pearson Correlation n Sig (2-tailed) ua al Choice va 254 Pearson Correlation 381** Sig (2-tailed) 000 N 254 254 Pearson Correlation 332** 505** Sig (2-tailed) 000 000 N 254 254 Pearson Correlation 526 616 656 Sig (2-tailed) 000 000 000 N 254 254 254 Pearson Correlation 429 516 513 652 Sig (2-tailed) 000 000 000 000 N 254 254 254 254 n N ll fu oi m Security nh 254 z 000 om 000 254 ** n va an Lu 254 ** ** 652 l.c ** 254 gm ** 254 k 254 ** 000 jm ** ht Financial ** vb Comfortable z bank image ey t re 254 th ** Correlation is significant at the 0.01 level (2-tailed) 69 t to Figure Re-run EFA Scree Plot ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th 70