The Role of E-Payment Tools and E-Banking in Customer Satisfaction Case Study: Pasargad Bank E-Payment Company

Abstract

Banks, as the main components of any countries' economic backbone, perpetually try to satisfy the needs and expectations of their customers to increase customer satisfaction, since in today's competitive world, gaining competitive advantage is a high priority for any organization. On the other hand, the emergence of information technology in the banking industry has provided speed, security, efficiency, and quality of services through electronic banking and electronic payment tools. Therefore, banks and credit firms are constantly trying to increase their quality of services to satisfy their customers and gain competitive advantage. Since customer satisfaction is a high priority as one of the goals of banks and credit firms, this study aims to investigate the role of e-payment tools and e-banking in customer satisfaction. This study is an applied research regarding goal and a correlation type descriptive-survey regarding methodology. The statistical population consists of 80 gold customers of Pasargad bank e-payment company and the sample size was determined 66.35 using Cochran's equation. Moreover, a questionnaire is used to collect the information.

Headnote

ABSTRACT

Background: banks, as the main components of any countries' economic backbone, perpetually try to satisfy the needs and expectations of their customers to increase customer satisfaction, since in today's competitive world, gaining competitive advantage is a high priority for any organization. On the other hand, the emergence of information technology in the banking industry has provided speed, security, efficiency, and quality of services through electronic banking and electronic payment tools. Therefore, banks and credit firms are constantly trying to increase their quality of services to satisfy their customers and gain competitive advantage.

Objective: since customer satisfaction is a high priority as one of the goals of banks and credit firms, this study aims to investigate the role of e-payment tools and e-banking in customer satisfaction.

Methodology: this study is an applied research regarding goal and a correlation type descriptive-survey regarding methodology. The statistical population consists of 80 gold customers of Pasargad bank e-payment company and the sample size was determined 66.35 using Cochran's equation. Moreover, a questionnaire s used to collect the information. This questionnaire was developed in two sections by the researcher. The validity of the questionnaire is confirmed by a group of experts, including professors and specialists of the field, and its trust is computed using Cronbach's alpha (α=90%). Furthermore, SPSS software and Pearson's correlation test were used to analyze the data. Results of the research indicate that there is a positive and significant relationship between e-payment tools and e-banking. Therefore, the results can help to identify effective factors of customer satisfaction and in turn providing competitive advantage for this and similar organizations.

Keywords - Electronic payment, electronic banking, customer satisfaction, speed, security, accountability.

Date of Submission: Aug 02, 2015 Date of Acceptance: Sep 02, 2015

(ProQuest: ... denotes formulae omitted.)

1. INTRODUCTION

The increasing development of information and communication technologies has brought many achievements for human society and greatly influenced peoplès lives and their behaviors and social events. One of the most important achievements that have increased the awareness of society is the facility of accessing a vast volume of diverse information [1]. Information technology has broken the intellectual and pragmatic boundaries in traditional societies and provided a suitable context for the growth of though, creativity, and making business dynamic. Without utilizing information technology, it has become impossible to optimize business affairs for all existing and long-term occupations and activities [2]. In the new era, time, speed, location, and distance find new meanings and with electronic communication, the world transforms into a small and close virtual community, which Mac Lohan calls a global village. In this village, economic and social activities are extensively fused with information and communication technology, in other words digitalized [3]. New economy is a concept ensued by the combination of the economy globalization and information technology application in economy and marketing domains. Electronic commerce and electronic banking are some instances of this phenomenon for the development of which there have been many efforts around the world [4]. Today, using new technologies and the extended global network, particularly the internet, internal and external networks witness digital economy, electronic commerce and business, and electronic banking [3]. We can say that one of the goals of any country is to reach a high level of e-commerce [5].

The banking industry is one of the most important industries that employ e-payment as a means to financial transactions, which can allow fast and convenient monetary transactions [6]. Therefore, e-payment is one of the most important pillars of e-commerce without which ecommerce is not whole [5]. Thus, payment systems are very important for implementing effective monetary policies using the transactions of the money market and their influences on financial and economic activities of the whole country. In addition, the development of payment systems is a vital component in the process of payments with cards. E-payment service providers not only promote the usage of card acceptance services, but also perform many other tasks, including the acceptance commitment of the receiver, routing requests to grant permissions for transactions, and providing receipts, and they are considered as another group of information services [8]. Therefore, payment systems are considered the most important monetary infrastructures in the countries' economies, playing the role of a stream for the flow of liquid exchanges. Creating e-payment and settlement infrastructures allows transferring significant amounts between two or several financial institutes during a short amount of time. In other words, payment systems gain vital importance, especially when monetary exchanges are in order between two or several financial institutes. Therefore, the development of business and commercial deals rely on the efficient and effective performance of payment and settlements infrastructures [9]. For the last four decades since the emergence of e-payment, important technology evolutions, on the one hand, have extended the facilities of e-payment systems, and on the other hand, have created social procedures and businesses that make using these systems crucial [10]. Payment systems are the vital part of the economic and financial infrastructure of a country. Their proper performance in transferring money securely and timely is their most important effect on the overall performance of the economic system [11].

A strong banking industry is important in any country and can have a considerable effect on supporting economic growth through efficient financial services [12]. E-banking is a novel method that was first implemented by building ATMs about two decades ago and today, with the increasing growth of the internet, it covers a part of the activities in the world wide web [13].

The growth of e-banking in a country depends on many factors, including the success in accessing the internet, new online banking features, the growth of families' internet usage, and providing trustworthy services to customers [14]. E-banking allows banks to expand their market by receiving deposits and extending credit activities, as well as to provide new products and services or reinforce their competitive position in providing services. In addition, e-banking can reduce banks' operational costs [15]. In addition to providing banking services, e-banking seeks to develop and change with the purpose of satisfying its customers and makes policies to increase revenue through providing services for which it receives wages. Therefore, although e-banking tries to reduce banking costs, its main objective is to increase the bank's revenue through providing a diverse set of services [16]. Creating and developing e-banking requires appropriate economic social, and technical infrastructures. Some of these important infrastructures include appropriate communication and telecommunication networks, information exchange security, appropriate legal infrastructures, cultural readiness of society, and economic firms to accept and use e-banking services. Therefore, in order to develop and expand the usage of electronic financial services based on e-banking and e-commerce in the country, we should make a serious effort to satisfy the aforementioned requirements and create appropriate platforms to utilize the advances of using e-payment [17]. On the other hand, today, all organization aims to attract customers and increase their satisfaction [18]. Timothy (2012) believes that customer satisfaction increases the potential of a customer-oriented organization. Therefore, achieving competitive advantage by identifying customer needs intelligently and faster than the competition ensures retaining customers through providing better services and products [19]. This is particularly important for banks, which are constantly interacting with their customers; moreover, the competition between banks and other forms of attracting monetary sources is increasing and thus, creating competitive advantage seems essential for their survival [18]. Competition, sustainability, providing new services, the constant changes of customers' needs and requests have made banks to develop their strategies in a way that not only retains their current customers, but attract new ones by providing more desirable services [20]. Accordingly, a wide spectrum of financial services is provided by banks through the internet and banks have initiated an intense competition in being equipped with upto-date e-payment systems to provide their customers with better service and improve their satiation [6]. Therefore, since attracting monetary sources and achieving competitive advantage for banks and financial institutions are possible through customer satisfaction, this study aims to investigate the role of using e-payment and e-banking tools in increasing customer satisfaction.

2. RELATED WORKS

Electronic networks were first used in 1970s in the financial section. At the time, transferring money between financial institutions was only possible through remote communication networks and the capital was transferred electronically [8]. After creating fed wire by the Federal Reserve in 1970s in the United States, the first electronic network was created to transfer money between national banks. In 1980s and 1990s, national monetary networks in advanced and developing countries were rapidly developed and in 2002, with the initiation of continuous linked settlement (CLS) as the 24 hour international money transfer center for all credible international currencies, the world's important payments systems were connected electronically in a uniform platform [9]. In 1970, IBM introduced sales terminals, which were one of the most common payment tools using credit cards, debit cards, checks, and smart cards, electronic money transfer, and other electronic transactions used in face-to-face interactions. The main initial processing systems, which were supported by IBM, were non-intelligent terminals, connected to a main controller. This main processor was responsible for all the processing. Terminals only filled a page and they themselves lacked the ability for actual processing. In 1980s, ATM machines were operational as a type of electronic payment [8].

In Iran, before 1990, there was no serious effort to use cards. After that time, studies and investigations were performed, particularly regarding the adaptation of current banking laws and card usage in Tejarat bank; eventually, in 1991, this bank was able to issue the first bankcard in Iran, which was known as Tejarat bank check plan [3]. In fact, novel e-payment means were first introduced in 1992 and the Sepah bank ATM services, which provided the banking network customers with the first card instances capable of withdrawing money from the ATM [7]. Until 2001 in Iran, payments systems were exclusively based on paper (check) transactions in a room, as well as bank documents. This method is still a common way for active businesspersons. Since 2001 and the initiation of the comprehensive payment system plan in the country, the context was provided for adapting the country's payment system to the banking technology evolutions on an international level. Preparing this plan took three years to assess domestic considerations and take into account the international standards and necessities. Relevant projects were implemented since 2005, until late 2009, three central components were operational, and after planning, the other two components were also operational until late 2010 [9].

Madhoushi et al (2005) have evaluated the features of different e-payment systems from the view of Iranian users. Results of this research indicated that from the view of Iranian users, security and trust are the most important features and the ability to transform and track is the least important features of e-payment systems. The features specified by different users for e-payment systems are not only considered important in designing new systems, but also engender its acceptance among users [11].

In an article called "e-payments and the view of people towards them", Sherafat et al (2007) concluded that the most important and effective factors of e-payment methods are the subscribers' familiarity, culture, and tendency to use them [21].

In an article called" evaluating effective factors of selecting e-payment systems from the customers' view", Akbarian and Vakili (2011) showed that among payment systems, customers tend to select the method that are valuable, satisfactory and efficient both emotionally and considering technological, economic, and legally advantages [22].

In an article called "e-banking and its effect on effective factors of customer satisfaction", Nikghadam Hojati et al. (2011) showed that there is a significant relationship between using e-banking services and customer satisfaction [23].

In an article called investigating the quality of the provided services by e-banking internet portals in te country, Akhavan Saffar and Mohammadzadeh Moghadam (2012) evaluated the quality of the internet banking services from the view of customers. Results indicated that customers were satisfied with four indices, including trustworthiness, accessibility, privacy/security, accountability, and task performance and dissatisfied with the user-friendly index [24].

After evaluating the quality of electronic services on customers' satisfaction and return, results of Sanayeie et al ()2012) indicated that efficiency, privacy, and accountability are effective and accessibility, service completion, and contact had no effect on customer satisfaction; eventually, customer satisfaction affects customers in reusing the electronic services of Mellat bank [25].

After evaluating the electronic satisfaction of entrepreneurs with the performance of card reader devices (POS) in small and medium businesses (SMEs), Fotuhi Ardekani et al (2013) concluded that the security of using card readers has the most impact on electronic satisfaction of entrepreneurs. Moreover, trust has the most influence on electronic satisfaction of entrepreneurs [26].

In an article called "e-banking methods and customer satisfaction - a case study in Botswana, Mobarak (2007) showed that regarding customer needs, e-banking service providers failed to make customers aware of e-banking and using obsolete or not updated technologies. After evaluating hypotheses, it was specified that there is a relationship between age groups, occupation types, and some e-banking aspects. He concluded that in order to influence customers in Botswana, banks should get involved in all intricacies and details of e-banking to maximize their profit [27].

In an article called "the comparison of satisfaction with e - banking services among customers with and without an educational degree in Penang, Malaysia", Chavosh et al (2011) concluded that despite the difficulties, costs, and some security concerns among customers without an educational degree, as well as some security concerns among customers with an educational degree, both groups are satisfied with some e-payment services in Malaysia. In addition, from the view of the people with and without an educational degree, the most important concerns are respectively the security issues and difficulty to work with e-payment services [6].

In an article called "the effect of the online services quality on customer satisfaction in the banking section of Pakistan", Zafar et al. (2011) showed that identifying the dimensions of the services quality has a considerable effect on customer satisfaction in e-banking. Moreover, in order to increase customer satisfaction in the banking section, they emphasized on improving the quality of web services [28].

After analyzing e-banking and customer satisfaction in Nigeria, Akindele and Rotimi (2014) concluded that there is a significant relationship between e-banking and customer satisfaction. Moreover, although e-banking is full of insecurities, it is common among the people of Nigeria due to its convenience, flexibility, speed, efficiency, and accessibility of transactions [19].

3. THEORETICAL DEFINITIONS

3.1 Electronic Payment

E-payment systems, as a strategic information system, are considered one of the main components of economic development, particularly in developing countries, and they greatly help to reinforce the capabilities and provision of financial services [22]. A payment system is in fact a set of regulations that allows users to transfer money [11]. The payment system is a mechanism, which can transfer money from an account in a bank to an account in another bank and therefore, its role in economy is like veins that flow money to different economic firms [18]. E-payment is a form of financial exchange that is done between a buyer and a seller and electronic communication facilitates this financial exchange [29]. On the other hand, e-payment is defined as a payment service that uses information and communication technologies, including cryptography and remote communication networks [30]. Generally, e-payment is paying money for a commodity in e-commerce, i.e. paying money through electronic devices, particularly the internet. In performing an electronic payment, there are at least four roles: payer, receiver, the bank serving the customer or the financial institution issuing credit for the customer, and the bank serving the seller [31]. E-payment systems can be divided into three broad groups: traditional monetary transactions, digital money, and credit debt payment. These payments systems have many requirements, such as security, acceptance, convenience, cost, control, tracking capability, and encryption control [32].

3.2 Electronic Banking

E-banking, as an alternative provision channel, provides many opportunities for the growth and development of financial institutions [33]. E-banking means providing banking services and products through electronic channels [34]. In other words, e-banking provide financial services for its customers through the internet [35]. The most important electronic channels in e-banking are the internet, wireless communication networks, Automatic Teller Machines (ATMs), phone bank [36], cell phone, fax, and sales terminal and booth [1]. Internet bank is considered a virtual and 24-hour branch of a bank that allows customers to perform financial transactions free from time and location limits [24]. E-banking allows customers to perform different e-banking deals through the bank's website at any time and location and with higher speed and lower cost in comparison to the traditional method. E-banking can be defined as the opportunity that allows customers to access bank services without the need of physical presence in the bank and using secure mediums. E-banking includes systems that allows customers to use bank services at three levels, including information, communication, and transaction [37]. E-banking minimizes implementation costs of bank services like transportation costs, requirements, and personnel and at the same time, maximizes wages ensued by providing different high quality services, which maximizes banks' revenues.

3.3 Customer Satisfaction

Customer satisfaction and quality has long played an important role in the survival and success in today's competitive market [39]. Customer satisfaction has attracted the most attention in the marketing literature, since it has an important impact on customers' behaviors and purchase intentions [25]. Customer satisfaction is an emotional or cognitive reaction with a certain focus (expectation, product, consumption experience, etc.) at a certain time (after consumption, after selection, based on experience) [40]. In a credible categorization, regarding the expected quality, customer requests are formed in three levels or layers and the realization of each qualitative layer depends on the satisfaction of the previous one to increase persistent customer satisfaction. These layers include basic quality (the minimum value that prevents dissatisfaction), efficiency quality (performance necessities that ignoring them dissatisfies the customers), and motivational quality (features that ignoring them does not dissatisfy the customers, but realizing them by a manufacturer causes tangible customer satisfaction) [41].

3.4 Speed and Efficiency

Speed in e-payment tools means for new technologies to quickly integrate with current systems and methods to rapidly response to customers' needs and expectations. On the other hand, the e-payment system is efficient when it performs the best operation at each stage of the payment process. Therefore, it is necessary for users to be ensured of the efficiency of the system, since otherwise, they will not use it [8]. In fact, a system that has the necessary efficiency should have the capability to process small payment processes without suffering from costs and drawbacks [11]. Thus, speed and efficiency mean performing the transaction with a low time cost [31].

3.5 Security and Trust

Security simply means defending benefits [42]. Challenges that e-banking faces include privacy and information security concerns [43]. Naturally, users and commercial settings accept systems that have high trust, since providing services and procedures by commercial units depends on easy access and successful operations of the payment infrastructures [11]. Therefore, we can say that security and trust are important features in accepting e-banking and e-payment and lack of security is a great obstacle to accepting them [44]. Thus, we can say that security in payment systems means that the national and personal information are transformed to a form that its disclosure to other groups is prevented and trust means whether the system is adequately strong not to lost the transactions or the money in case of black outs, server failures, network faults or unprecedented input from the users [31].

3.6 Information and Accountability

The nature of responding and accountability is being committed to answering questions and requests [45]. The tendency of organizations to be accountable means to help customers and provide services as promised [41].

Information is also one of the most basic levels of internet banking. The bank introduces the services related information and its bank operations through public or private networks [16]. Informing and providing necessary trainings to customers can be investigated from different angles. However, what seems most essential is learning and training e-banking and e-payment services. The advantages of appropriate information and providing training to customers not only reduce costs, but it can also have social, economic, and cultural impacts, like reducing the cost of publishing bills, health, and control [18].

4. THE CONCEPTUAL MODEL

Fig 1 presents the conceptual model of this research:

5. METHODOLOGY

This study is an applied research regarding objective and a descriptive-survey regarding methodology. Moreover, since, this study is a correlation research, since it aims to evaluate the relationship between variables. The population consist of the customers of Pasargad bank epayment (receivers of e-payment tools and owners of Shetab cards that use these tools), as well as the customers of Pasargad bank.

The statistical population of this research consists of 80 gold customers (customers who have mostly used epayment and e-banking tools) from which a statistical sample with size 66.35 was selected using Cochran's equation (Equation 1) with 5% error level.

... Equation (1) Cochran's equation

Moreover, a questionnaire was used as the data collection tool. Accordingly, the corresponding questionnaire was developed in 2 sections by the researcher and the guidance of the experts of the field. The first section includes general questions about age, gender, education, job section, and monthly salary and the second section included specialized questions regarding e-payment and ebanking tools and customer satisfaction. Totally, 31 questions were provided to the sample to respond. The questionnairès information is summarized in Table 1.

Likert's 5 point scale was used to quantitatively score the specialized questions, as Table 2.

In order to evaluate its validity, the questionnaire was provided to a group of experts, including professors and specialists of the field; it was evaluate regarding content and comprehensibility and necessary alterations were made. Therefore, the questionnaire is adequately valid. The reliability of the questionnaire was also computed 90% using Cronbach's alpha (Equation 2) and SPSS software, as Table 3, which indicated the reliability of the questionnaire.

... Equation (2) Cronbach's alpha equation

Since this research is a correlation study, the correlation coefficient was used to analyze the data. Therefore, in order to determine which correlation coefficient can be used for analysis, the normality of the distribution should first be evaluated; if the distribution is normal, a parametric test is used, for instance, Pearson's correlation coefficient and if it is not normal, a non-parametric test is used, for instance Spearman's correlation coefficient. Therefore, Kolmogorov-Smirnov test in SPSS software was used to determine the distribution normality. Results of this test are presented in Table 4.

As we can see, the distribution is normal; it means that parametric tests, the Pearson correlation coefficient are used for data analysis.

6. RESEARCH RESULTS

The demographic findings of this research are presented in the following sections.

6.1 The Frequency of the Statistical Population Data

The mean, mode, median, and sum of the statistical population are presented in Table 6.

6.2 Research Hypotheses

- General hypothesis: there is a significant relationship between using e-payment tools and customer satisfaction of the bank.

- The first specific hypothesis: there is a significant relationship between the speed and efficiency of e-payment tools and customer satisfaction.

- The second specific hypothesis: there is a significant relationship between security and trust of e-payment tools and customer satisfaction.

- The third specific hypothesis: there is a significant relationship between accountability and information of e-payment tools and customer satisfaction.

6.2.1 Hypotheses Tests

6.2.1.1 General Hypothesis

The relationship between using e-payment tools and customer satisfaction.

H0 : There is no significant relationship between using e-payment tools and customer satisfaction.

H : There is a significant relationship between using e-payment tools and customer satisfaction.

According to Table 7, the correlation between using e-payment tools and customer satisfaction is 0.769. Considering the significance level (sig=0.000), we can conclude that there is a significant relationship between using e-payment tools and customer satisfaction. Therefore, the null hypothesis is rejected.

6.2.1.2 The First Specific Hypothesis

The relationship between the speed and efficiency of e-payment tools and customer satisfaction.

H0 : There is no significant relationship between the speed and efficiency of e-payment tools and customer satisfaction.

H1: There is a significant relationship between the speed and efficiency of e-payment tools and customer satisfaction.

According to Table 8, the correlation between the speed and efficiency of e-payment tools and customer satisfaction is 0.782. Considering the significance level (sig=0.000), we can conclude that there is a significant relationship between the speed and efficiency of epayment tools and customer satisfaction. Therefore, the null hypothesis is rejected.

6.2.1.3 The Second Specific Hypothesis

The relationship between the security and trust of epayment tools and customer satisfaction.

H0 : There is no significant relationship between the security and trust of e-payment tools and customer satisfaction.

H1: There is a significant relationship between the security and trust of e-payment tools and customer satisfaction.

According to Table 9, the correlation between the security and trust of e-payment tools and customer satisfaction is 0.789. Considering the significance level (sig=0.000), we can conclude that there is a significant relationship between the security and trust of e-payment tools and customer satisfaction. Therefore, the null hypothesis is rejected.

6.2.1.4 The Third Specific Hypothesis

The relationship between the accountability and information of e-payment tools and customer satisfaction.

H0 : There is no significant relationship between the accountability and information of e-payment tools and customer satisfaction.

H1 : There is a significant relationship between the accountability and information of e-payment tools and customer satisfaction.

According to Table 10, the correlation between the accountability and information of e-payment tools and customer satisfaction is 0.854. Considering the significance level (sig=0.000), we can conclude that there is a significant relationship between the accountability and information of e-payment tools and customer satisfaction. Therefore, the null hypothesis is rejected.

7. CONCLUSION

Based on the results of testing the hypotheses:

For the general hypothesis, according to Pearson's correlation test, we can conclude that there is a positive and significant relationship between using e-payment tools and customer satisfaction.

For the first specific hypothesis, according to Pearson's correlation test, we can conclude that there is a positive and significant relationship between the speed and efficiency of e-payment tools and customer satisfaction.

For the second specific hypothesis, according to Pearson's correlation test, we can conclude that there is a positive and significant relationship between the security and trust of e-payment tools and customer satisfaction.

For the third specific hypothesis, according to Pearson's correlation test, we can conclude that there is a positive and significant relationship between the accountability and information of e-payment tools and customer satisfaction.

According to these results, we can conclude that there is positive and significant relationship between customer satisfaction and the application, speed, efficiency, security, trust, accountability, and information of e-payment tools. Results of this research are in line with the research of Nikghadam et al. (2011), Akhavan Saffar and Mohammadzadeh (2012), Sanayeie et al (2012), and Akindele and Rotimi (2014).

Results of the research by Mahoushi et al (2005) are in line with those of this study, since security and trust were the features mentioned in that study that engender customer satisfaction. Moreover, since the result of the research by Sherafat et al. (2007) indicate that the familiarity and tendency of subscribers in effective in using e-payment methods. Therefore, we can conclude that the results of the aforementioned study are in line with those of this research. Results of Fotuhi Ardekani et al. (2013) also showed that security in using card reader devices has the highest impact on customer satisfaction. Therefore, we can say that regarding the second hypothesis, the results of this research are in line with those of the aforementioned study. Zafar et al. (2011) also showed that identifying the dimensions of services quality is positive and effective in increasing customer satisfaction. Therefore, we can conclude that, since speed and efficiency, security and trust, accountability, and information are some dimensions of the services quality, the results of their research are in line with those of this study.

In order to increase the customer satisfaction level regarding e-payment and e-banking tools and motivating them to utilize these tools, the following recommendations are presented:

- Improving the telecommunication infrastructures of the company to increase the speed of the lines and eventually enhance the speed and efficiency of the tools.

- Using information security management systems to increase the information security.

- Increasing users' trust in case on contradictions and account deficits.

- Holding periodic training sessions to introduce the facilities of e-payment and e-banking tools.

- Granting advantages for e-banking users.

- Increasing the facilities of e-banking that obviate the customers' need to be present in the branch and lead to competitive advantage for the bank.

- Increasing the specialty and knowledge of employees directly interacting with customers and supporting e-payment tools to increase accountability.

Taking advantage of these recommendations can be effective in attracting new customers and gaining customers' trust, which will in turn lead to competitive advantage for the bank.

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