quality of e-banking services islamic vs. commercial banks
TRANSCRIPT
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SERVICE QUALITY OF E-BANKING IN PAKISTAN:
A COMPARISON OF ISLAMIC AND COMMERCIAL BANKS
SUPERVISOR
Mr. Asad Ejaz Sheikh
MEMBERS
Umer Iqbal Siddiqi MS09MBA055
Syed Fazal Abbas MS09MBA065
HAILEY COLLEGE OF BANKNG & FINANCE
UNIVERSITY OF THE PUNJAB, LAHORE
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Sanctity is attributable to Thee alone,
we cherish no knowledge save for what Thou have bestowed upon us
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ACKNOWLEDGEMENTS
We would like to offer our humble gratitude to Allah Almighty to make us able to
complete this study. Afterwards, we thank our College authorities to polish us so well
that we were able to comprehend such a difficult task. Importantly we are grateful to
Madam Fouzia Naheed Khawaja to teach us the subject of “Research Methodology”
with utmost proficiency and to our Research Advisor Mr. Asad Ejaz Sheikh whose
guidance paved the way of success for us.
Umer Iqbal Siddiqi
Syed Fazal Abbas
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ABSTRACT
Using an already developed model for measuring the quality of online services, the
authors of this thesis have developed and later on modified a theoretical model
(instrument) for measuring the quality of online banking services in particular. Using
quantitative research method including the design and distribution of a questionnaire,
empirical data was collected on which statistical analysis has been performed. For the
measuring of service quality eight basic dimensions were extracted from the 22 items
which were Assurance/Trust, Site Aesthetics, Contact, Privacy, System Availability,
Fulfillment, Responsiveness and Efficiency. A questionnaire consisting of 20
questions was conducted to the sample of target population, selected through
convenient sampling method. The results were then analyzed using SPSS and
Microsoft Excel and the findings were recorded along with the analytical discussion
and managerial recommendations.
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TABLE OF CONTENTS
CHAPTER ONE INTRODUCTION ....................................................... ............................................. 1
1.1 PROBLEM STATEMENT ............................................................. ....................................................... 2
1.2 PURPOSE AND SIGNIFICANCE OF THE STUDY ............................................................ ....................... 2 1.3 LIMITATIONS ........................................................................................................... ....................... 2
1.4 DEFINITIONS ...................................................... ................................................................. ............ 2
1.4.1 E-banking Services ................................................................................................................ 2
1.4.2 E-service Quality ...................................................................... ............................................. 3
1.4.3 ServQual ......................................................................................................... ....................... 3
1.4.4 E-SQ Instrument .................................................................................................................... 3
DISPOSITION OF THESIS .............................................................................................................. .... 4
CHAPTER TWO LITERATURE REVIEW ................................................................ ....................... 5
2.1 IMPORTANCE OF SERVICE QUALITY IN BANKING ............................................................... ............ 9
2.2 WHAT IS SERVICE QUALITY? .............................................................. .......................................... 10 2.3 SERVICE QUALITY AND ITS DETERMINANTS ............................................................ ..................... 11
2.4 E-BANKING SERVICES ............................................................. ..................................................... 18
CHAPTER THREE RESEARCH METHODOLOGY ......................... ........................................... 20
3.1 R ESEARCH DESIGN ....................................................................................................................... 20
3.1.1 Population of the Study .............................................................. .......................................... 21
3.1.2 Element of the Study ............................................................................................................ 21
3.1.3 Sample of the Study ......................................................... ..................................................... 21
3.1.4 Sphere of the Study .............................................................................................................. 21
3.2 VARIABLES ........................................................ ................................................................. .......... 21
3.3 D
ATAC
OLLECTION....................................................................................................................... 22 3.4 DATA A NALYSIS ........................................................... ................................................................ 23
CHAPTER FOUR DATA ANALYSIS ............................................................... ................................ 24
4.1 EFFICIENCY .................................................................................................................................. 24
4.2 FULFILLMENT ............................................................... ................................................................ 26
4.3 SYSTEM AVAILABILITY ................................................................................................... ............. 28
4.4 PRIVACY ............................................................ ................................................................. .......... 29
4.5 ASSURANCE / TRUST .................................................................................................................... 31
4.6 SITE AESTHETICS .......................................................... ................................................................ 33
4.7 R ESPONSIVENESS .......................................................... ................................................................ 35
4.8 CONTACT ........................................................... ................................................................. .......... 37
CHAPTER FIVE CONCLUSION AND DISCUSSION ................................................................... 39
5.1 CONCLUSION ..................................................... ................................................................. .......... 39
5.2 DISCUSSIONS ..................................................... ................................................................. .......... 41
5.3 R ECOMMENDATIONS .................................................................................................................... 42
R EFERENCES ...................................................................................................................................... 44
APPENDICES ........................................................ ................................................................. .......... 46
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LIST OF TABLESTABLE 1: ELEMENTS OF SERVQUAL .............................................................. ................................ 15
TABLE 2: DIMENSIONS OF PERCEIVED SERVICE QUALITY ................................ ..................... 16
TABLE 3: CROSS-TABULATION OF EFFICIENCY AND CATEGORY OF THE BANK ............... 24
TABLE 4: CROSS-TABULATION OF FULFILLMENT AND CATEGORY OF THE BANK ........... 26
TABLE 5: CROSS-TABULATION OF SYSTEM AVAILABILITY AND CATEGORY OF THE
BANK ..................................................... ................................................................. ..................... 28
TABLE 6: CROSS-TABULATION OF PRIVACY AND CATEGORY OF THE BANK .................... 29
TABLE 7: CROSS-TABULATION OF ASSURANCE AND CATEGORY OF THE BANK .............. 31
TABLE 8: CROSS-TABULATION OF SITE AESTHETICS AND CATEGORY OF THE BANK ..... 33
TABLE 9: CROSS-TABULATION OF RESPONSIVENESS AND CATEGORY OF THE BANK .... 35
TABLE 10: CROSS-TABULATION OF CONTACT AND CATEGORY OF THE BANK ................. 37
LIST OF FIGURESFIGURE 1: GAP MODEL OF SERVICE QUALITY .......................................................................... .. 11
FIGURE 2: COMPONENT OF TRANSACTION SPECIFIC EVALUATION .................................... 14
FIGURE 3: GRAPHICAL REPRESENTATION OF TABLE 3 ............................................................ 25
FIGURE 4: GRAPHICAL INTERPRETATION OF TABLE 4 ............................................................. 27
FIGURE 5: GRAPHICAL INTERPRETATION OF TABLE 5 ............................................................. 28
FIGURE 6: GRAPHICAL INTERPRETATION OF TABLE 6 ............................................................. 30
FIGURE 7: GRAPHICAL INTERPRETATION OF TABLE 7 ............................................................. 32
FIGURE 8: GRAPHICAL INTERPRETATION OF TABLE 8 ............................................................. 34
FIGURE 9: GRAPHICAL INTERPRETATION OF TABLE 9 ............................................................. 36
FIGURE 10: GRAPHICAL REPRESENTATION OF TABLE 10 ........................................................ 38
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CHAPTER ONEINTRODUCTION
Globalization and deregulations have increased competition in the market
place, as now-a-days it has become much easier for companies to cross borders and
compete internationally. The increased competition, on its behalf, has made
organizations to constantly try to increase their productivity and decrease their costs.
One way for them to achieve that is by investing in information technology. The
recent development of IT has led to major changes in the way services are delivered
to the customers. Currently, customers are using more and more self-service options,
which are more convenient and fast. In addition, the advent and use of the Internet has
changed considerably the daily activities of most people, such as shopping and
banking. The popularity of banking services delivered over the Internet (online
banking services) is increasing in recent years.
E-services, including online banking services, are becoming an attractive
alternative to visiting service outlets or phoning call centers for increasing number of
customers. Some of the reasons for customers to prefer online services (as online
banking services) are: convenience, feeling more in control of the service process and
avoiding human contact and saving time. As far as online services are concerned, it is
quite easier for customers to evaluate and compare the benefits of competing services.
In addition, the switching costs are very low, that is why retaining the customer in the
Internet space is of vital importance. In order for service providers to retain their e-
customers, they should have better understanding of how customers’ perceive and
evaluate the quality of the electronically offered services. Customers have some
expectations and criteria when they judge whether the provided E-banking service is
satisfactory or not. This is what banks, which provide E-banking services should try
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to find out, so that they can improve their online services and gain competitive
advantage in the banking industry.
1.1 Problem Statement
Is there any significant difference in the quality of E-banking services offered
by Commercial and Islamic Banks of Pakistan?
1.2 Purpose and significance of the StudyThe purpose of this study is to provide insight into how customers perceive the
quality of e-banking services and to help the banks (Islamic as well as conventional
banks) to improve their e-banking services to the ultimate customers to keep pace
with the latest IT.
1.3 LimitationsOwing to the time and cost of our study, it is confined to the area of Lahore
only. Its sample includes all the conventional and Islamic banks’ customers who are
using E-Banking service of the banks due to convenience and flexibility. Sample will
collect data on the basis of convenient sample method.
1.4 DefinitionsA short description of the terms which are mostly used throughout the thesis is
being given for the clear understanding of the readers.
1.4.1 E-banking Services
Banking services delivered over the Internet. These include opening/closing of
account, domestic/foreign money transfer, standing orders, direct debit, debit card
application, loan application, credit card application, insurance investment, mutual
funds investment, foreign/domestic equity investment, deposit account opening, life
insurance contract, traffic insurance contract and etc (Centeno, 2003)
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1.4.2 E-service Quality
“Consumers’ overall evaluation and judgment of the excellence and quality of
e-service offerings in the virtual marketplace” (Santos, 2003 p.235)
1.4.3 ServQual
A 22-item instrument for measuring customers’ expectations and perceptions
from a service along five quality dimensions: tangibles, reliability, responsiveness,
assurance and empathy. (Parasuraman et al, 1991)
1.4.4 E-SQ Instrument
An instrument similar to the SERVQUAL scale, developed specifically for
measuring online services (e-services) quality. It includes two scales: the E-S-QUAL
scale consists of 4 dimensions with 22 attributes, including efficiency, fulfillment,
system availability and privacy and the E-RecS-QUAL scale which consists of 3
dimensions with 11 attributes, including responsiveness, compensation and contact
(Parasuraman et al, 2005)
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DISPOSITION OF THESIS
Introduction
Theoretical Framework
Methodology
Data Collection and
Analysis
Conclusion
Background
Problem Statement
Purpose &
Significance of the
study
Limitations &
Delimitations
Research Question
Definition
Importance of
Service Quality
What is Service
Quality
Service Quality and
its Determinants
E-banking Services
Research Design
Population of the
study
Element of the study
Sample of the study
Sphere of the study
Variables
Data Collection
Efficiency
Fulfillment
System Availability
Privacy
Assurance / Trust
Site Aesthetics
Responsiveness
Contact
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CHAPTER TWOLITERATURE REVIEW
Islamic finance has gripped the world with a strong fervor and passion.
Interest in this discipline has proliferated to almost 60 countries, going beyond the
Islamic world to the leading global financial centers. For quite some time, United
Kingdom has adopted an open door policy and provided a level playing field to
Islamic finance and now Singapore is following its lead. Every day, Islamic finance is
breaking new boundaries and new frontiers. Leading Islamic banks have fast spread
their network from home base to develop a regional and global reach. Some of the
Middle East banks are now entering into African and Central Asian markets and are
sizing up Australian financial market (Akhtar, 2007). Islamic banking system has
emerged as a competitive and a viable substitute for the conventional banking system
during the last three decades. It is especially true for Muslim world where presently
Islamic banking strides at two separate fronts. At one side, efforts are also underway
to cover the entire financial systems in accordance to Islamic laws (Shariah). At the
other side, separate Islamic banks are allowed to operate in parallel to conventional
interest based banks (Khizer, 2010).
The process of Islamization of the financial system of Pakistan is coincided
with the globally resurgence of Islamic banking in the late seventies. Pakistan was
among the three countries in the world that has been trying to implement Islamic
banking at national level. This process started with presidential order to the local
Council of Islamic Ideology (CII) on September 29, 1977. The council was asked to
prepare the blueprint of interest free economic system. The council included panelists
of bankers and economists who submitted their report in February 1980, highlighting
various ways and sufficient details for eliminating the interest from the financial
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system of Pakistan. This report was a landmark in the efforts for Islamizing the
banking system in Pakistan (Khizer, 2010).
The Constitution of 1956 requires an immediate elimination of Riba based
transactions according to Article 28. Similarly, the Council of Islamic Ideology was
established under the Constitution of 1962, to eliminate the interest from the economy
especially from banking sector. Interestingly the Constitution of Pakistan (1973) also
requires a prompt elimination of interest (Riba) from the economy as shown by the
article 2A, 31, 37, 38 (F) and 227 of the said constitution. The council consulted a
large number of bankers and economists to recommend some alternatives to replace
interest-based financial structure in the economy during 1980s. In 1991, Full Bench of
Supreme Court of Pakistan ordered the elimination of Riba from the economy until
June 30, 1992. (Ahmad, Malik, & Humayoun, Banking Developments in Pakistan: A
Journey from Conventional to Islamic Banking, 2010)
The Govt. of Pakistan has taken a number of initiatives during 1979-1992 to
introduce interest free products in the market especially in the banking sector. In
1979, National Investment Trust (NIT), Investment Corporation of Pakistan (ICP) and
House Building Finance Corporation (HBFC) started interest free transactions.
Similarly, during 1980 a number of actions were taken as Mudarbah companies were
established, Participatory Term Certificates (PTC) was launched and Zakat ordinance
was announced. In addition, nationalized banks were required to open interest-free
counters for their customers in 1981. However, Usher ordinance came into force in
1983 throughout the Pakistan. In the same year, financial services ordinance was
amended to introduce non-interest system. SBP was assigned the duty for transition of
interest based financial institutions into interest-free financial institution till 1985
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(Ahmad, Malik, & Humayoun, Banking Developments in Pakistan: A Journey from
Conventional to Islamic Banking, 2010).
The deregulation and liberalization during 1990s encouraged the local as well
as foreign investors to initiate their operation in Pakistan. This phenomenon resulted
in the competition amongst banks. Ahmad et al. (2010) gives reference of La Porta
that government ownership of banks could be discouraged due to slower financial
development, low productivity and slow economic progress. Economic growth is the
main transmission channel for development. Islam does not contradict growth; it
promotes sustainable development and growth (Hussain, 2006). The measures taken
for Islamization in Pakistan are traced back decades ago. The Eighth Amendment of
the 1973 Constitution, adopted by the National Assembly in 1985, also made room for
creation of the Federal Shariat Court (FSC). Practically measures taken included the
introduction of Zakat (June, 1980), and Usher (tithe) (March, 1983) and elimination
of interest from the operations of Specialized Financial Institutions (July, 1979 to
July, 1985) and the commercial banks (January, 1981 to July, 1985).
The inception of 21st century heightened the competition among banks
regarding service quality to have satisfied customers for better profitability. SBP plays
an active role to establish a sound Islamic banking system in Pakistan according to
principles of Shariah as mentioned in its mission statement that read “To promote and
develop Islamic Banking industry in line with best international practices, ensuring
Shariah Compliance and transparency”. In 2002, Islamic banks have started their
operations in Pakistan and experienced stiff competition from its peers as well as from
conventional banks. Islamic bank offers a wide range of products based on profit and
loss according to principles of Shariah. It develops the sense of collective welfare by
sharing the risk among different stakeholder. While the interest is the central tenet of
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the conventional banking and it maximizes the return even at the cost of other
stakeholders by transferring the burden of risk to other parties. Islamic banks are
primarily concerned to eliminate Riba from the economy by promotion of risk sharing
practices for economic prosperity.
Pakistani banking sector is continuously improving with diversified pattern of
ownership due to an active participation of foreign and local stakeholder. It resulted
into an increased competition among banks to attract a greater number of customers
by the provision of quality services for long-term benefits. Now there are six full-
fledged Islamic banks and 13 Conventional banks offering products and services
according to principles of Shariah in different parts of the country. They are
competing in a highly competitive environment for the provision of quality services
according to customers' expectations (Ahmad, Malik, & Humayoun, Banking
Developments in Pakistan: A Journey from Conventional to Islamic Banking, 2010).
It is reported that customers of Islamic bank have greater perception of service quality
as compared to customers of conventional bank in Pakistan (Ahmad, Kashif-ur-
Rehman, Saif, & Safwan, 2010).
Now bank customers are much concerned regarding the quality of services due
to increased awareness. They continue to deal with their current bank only if they feel
satisfied; otherwise they feel no hesitation to switch to other banks. Islamic banks
work within the limits prescribed by Shariah to stimulate business and trade activities.
It experienced an expansion in its network, size and structure due to beautiful
blending of commercial banks, micro finance institutions and Islamic banks in the
country
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2.1 Importance of Service Quality in Banking
In service industries, globally, the subject of service quality remains a critical
one as businesses strive to maintain a comparative advantage in the marketplace.
Since financial services, particularly banks compete in the marketplace with generally
undifferentiated products; service quality becomes a primary competitive weapon
(Hossain & Leo, 2009). The existence of two bank streams i.e. conventional banks
and Islamic banks poses some questions about service quality and customers'
satisfaction in Pakistan. The banking profit as well as its existence and growth count
on the service imparted whilst dealing with the customers. Moreover, banks that excel
in quality service can have a distinct marketing edge since improved levels of service
quality are related to higher revenues, increased cross-sell ratios and higher customer
retention and expanded market share. Moreover, the banks understand that customers
will be loyal if they can produce greater value than competitors (Hossain & Leo,
2009). Islamic banks have opened new avenues for acceptance of deposits on interest
free-basis and extend credit facilities excluding interest e.g. Qarz-e-Hasana etc.
Ahmad et al (2010) in their research paper gives reference of a number of authors
who emphasized the importance of quality in the banking sector. It was found that
relationships with bank personnel are important criteria for selection of bank.
Similarly, it is documented that Islamic banks have shown an excellent performance
and they should diversify their products/services to meet customers’ expectations.
However, there is a significant relationship between service quality and financial
performance. Therefore, it is concluded that superior delivery of services results into
superior profitability. Pakistani banking sector witnessed a major change due to key
role of private sector having about 80% of banking assets. Finally, bankers should
concentrate on service quality to have satisfied customers as it is evident that service
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quality has greater and strong positive impact on customer satisfaction in case of
Islamic banks as compared to conventional banks in Pakistan (Ahmad, Kashif-ur-
Rehman, Saif, & Safwan, 2010).
2.2 What is Service Quality?
Despite its popularity, the concept of service quality in the marketing literature
is still ambiguously and vaguely defined. Several measurement scales have been
proposed, but some of these take into account only the method of measurement and
ignore the idea that the same instrument may not be able to be automatically applied
in different industries or in different cultures (Korda & Snoj, 2010). When judging the
quality of the provided banking services, customers consider a lot of factors which
influence their judgment. For some customers the response and efficiency of the
service providers would be of greatest importance, for others the security and privacy
issues might be more important, and still for others what matters most may be the
website design and ease of use. In reality, customers have different expectations and
requirements. They deem different aspects of the service delivery process for essential
in order for them to be satisfied with the service (Kenova & Jonasson, 2006).
Service quality in simple words is the combination of tangible and intangible
things that satisfies the customers. Service expectations are the beliefs about service
delivery that function as standards or reference points against which performance is
judged. Customers compare their a priori expectations with actual service
performance to judge service quality. According to gap model of service quality,
service quality is regarded as high when service performance is perceived to be higher
than expectations of service. A fixed level of perceived performance, service quality
varies according to the level of service expectations that customers develop. In
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addition, individual customer’s expectations may vary from time to time (Donthu &
Yoo, 1998).
Source: Kenova & Jonasson (2006), “Quality Online Banking Services: Unpublished
Thesis of Jonkoping International Business School”, p. 8.
Given a premise that only customers judge quality, service quality can be also
defined as “a judgment about a service’s overall excellence or superiority”. As
Schneider and White (2004) noted, “service quality judgments were viewed as global
evaluation that were composites of consumers’ experiences with an organization
(global-level evaluation),” in this case, users’ perception is a tool to evaluate the rate
of service quality of the organization (Hossain & Leo, 2009).
2.3 Service Quality and its DeterminantsHigh quality of service leads to customer satisfaction and loyalty and greater
willingness to suggest and or recommend to someone else, reduction in customer
complaints, and improved customer retention rates to a great extent. In recent years,
academicians and practitioners have given more attention to this area as it assumed
that service quality is a critical measure of firm performance. However, service
quality is abstract and elusive and lacks objective measures (Hossain & Leo, 2009).
Therefore, in order to understand the concept of service quality, we will investigate its
determinants that form the customer perceptions.
Total Perceived
QualityExpected
Quality
Experienced
Quality
FIGURE : GAP MODEL OF SERVICE QUALITY
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There is not a consensus over the determinants of the service quality. It
should be kept into mind that the service quality is a multidimensional concept and it
means different to different people but some instrument have been developed to gauge
it. In the past SERVQUAL model had been used to assess the service quality but
many a researcher raised their concerns over the dimensions used in this model. It is
necessary to understand and review those critiques to expunge the ambiguities.
Opponents of this approach argue that measuring only customers’ perceptions is more
reliable. Some of the opponents are Cronin and Taylor, who developed the
SERVPERF instrument in 1992. This instrument is similar to the SERVQUAL
instrument, but it measures service quality only on the basis of customers’ perceptions
of a given service. Other opponents to the disconfirmation method are Dabholkar,
Shepherd and Thorpe (2000) who have found that measuring only the perception of
customers can better evaluate their intention and evaluation (Kenova & Jonasson,
2006).
The major criticism of the instrument SERVQUAL was done by Cronic &
Taylor (1992) and Teas (1993). They objected the specification of service quality as a
gap between the customers’ expectation and perception. C & T surveyed the
customers in four sectors using the questionnaire based upon SERVQUAL instrument
and some other questions independent of former instrument. Concluding their study C
& T (1992) concluded that is not necessary to measure customer expectations in
service quality rather measuring perceptions is sufficed. They also concluded that
service quality failed to affect purchase intentions (Parasuraman, Zeithaml, & Berry,
Reassessment of Expectations as a Comparison Standard in Measuring Service
Quality:Implications for Further Research, 1994).
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Parasuraman et al. (1994) focused on three issues, raised by C &T in their study,
to address their concerns.
Conceptual Issues
Methodology and analytical issues
Practical issues
The conceptual issue was germane to the perception-expectations gap
conceptualization of Service Quality. The critique contended that if any empirical
evidence espoused the relevance of the expectations-performance gap as the basis for
measuring service quality. Later on it was emphasized that SERVQUAL provides the
strong support for defining SQ as the discrepancy between customers’ expectations
and perceptions. Many studies support that expectations, performance, and
disconfirmation are key in the formulation of customer attitudes but the instrument of
SERVQUAL does take it into consideration. However, it is contended that this
instrument is designed merely to measure perceived SQ- an attitude level- at a given
point in time regardless of the process by which it is formed.
C&T’ conclusion that the 22 SERVQUAL items form a one-dimensional scale
is unwarranted. However, replications studies have shown significant correlations
among the five dimensions originally derived for SERVQUAL. Therefore, exploring
why and how the five device quality dimensions are interrelated is a fertile area for
additional research. Pursuing such a research avenue would be more appropriate for
advancing our understanding of SQ than hastily discarding the multidimensional
nature of the construct (Parasuraman, Zeithaml, & Berry, Reassessment of
Expectations as a Comparison Standard in Measuring Service Quality:Implications
for Further Research, 1994).
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The relationship of causality between SQ and CS is an important unresolved
issue that C&T’s article addresses empirically and Teas’ article conceptually though
the former concludes that SQ leads to CS, and not vice versa. Specifically, the view
held by many service quality researchers that CS leads to SQ is at odds with the
causal direction implied in models specified by CS researchers. These differences
could be owing to the global or overall attitude focus in most SQ research in contrast
to the transaction specific focus in most CS research.
ServQual is an instrument of customer’s perception of the quality of service.
Developed by Parasuraman and his colleagues this model determines the dimensions
or attributes of service for measuring it. Initially this instrument included 10 service
quality dimensions, which were later reduced to the following five: tangibles,
reliability, responsiveness, assurance and empathy (Kenova & Jonasson, 2006).
The following table describes the initial 10 elements of the ServQual
instrument.
Transaction
Satisfaction
Evaluation of
Service Qualit
Evaluation of
roduct Qualit
Evaluation of Price
FIGURE : COMPONENT OF TRANSACTION SPECIFIC EVALUATION
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TABLE : ELEMENTS OF SERVQUAL
Service Quality Dimension Definition
Reliability Involves consistency of performance and
dependability
Responsiveness Willingness or readiness of employees to
provide service
(timeliness of service, giving prompt
service)
Competence Possession of the required skills and
knowledge to perform
the service
Access Approachability and ease of contact
Courtesy Politeness, respect, consideration and
friendliness of contact
Personnel
Communication Keeping customers informed in language
they can
understand and listening to them
Credibility Trustworthiness, believability, honesty,
and having the
customers’ best interests at heart
Security Freedom from danger, risk and doubt
Understanding/Knowing
the customer
Making the effort to understand the
customer’s needs
Tangibles Physical evidence of the service
Source: Grönroos, “Service Management and Marketing: A customer Relationship
Management Approach”, 2000, p.75
The instrument is based on the idea of the disconfirmation model, in other
words on the comparison of customers’ expectations with their experiences from the
service.
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TABLE : DIMENSIONS OF PERCEIVED SERVICE QUALITY
(SERVQUAL INSTRUMENT REVISED)
Service Quality Dimension Definition
Tangibles The appeal of facilities, equipment,
material and employees
which the service firm uses to deliver its
services to the
customer
Reliability Consistency of performance and
dependability
Responsiveness Willingness or readiness of employees to
provide service
Assurance The knowledge and courtesy of
employees and their ability to
convey trust and confidence
Empathy The providing of caring, individualized
attention to
customers
Source: Grönroos, “Service Management and Marketing: A customer RelationshipManagement Approach”, 2000, p.75
Gronoros (2000) says that although this instrument has been widely used by
researchers, there are some controversies in its applicability across different service
industries. In some studies the five dimensions of the instrument (determinants) have
been found to be unstable across different types of services. Therefore, the
SERVQUAL tool should be applied very carefully and the set of determinants and
attributes used should be adapted to the specific situation.
The reasoning of the SERVQUAL instrument is based on the concept “Zone
of Tolerance”, suggested by Berry and his colleagues. This concept assumes that
customers do not have expectations for a service attribute on one given level, but
rather can accept a range in the real experience and still regard the service as
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satisfactory. The borders of the customer’s “Zone of tolerance” are formed by a
Desired Level – the level on which the customers believe the service should be, and
an Adequate Level – the minimum level of service that customers are willing to
accept. Customers consider the service performance which falls within the borders of
this “Zone of Tolerance” to be good.
According to the study conducted by Cowling and Newman in 1995
concerning the SERVQUAL scale, one bank found out that the highest disparity
between the expectations and perceptions of customers was found to exist for
reliability, responsiveness, and empathy, and the lowest for tangibles. Also,
concerning the banking industry, by using the critical incident technique, Johnston
(1995) examined the service quality perceptions of the customers. He found out 18
service quality attributes: access, aesthetics, attentiveness/helpfulness, availability,
care, cleanliness/tidiness, comfort, commitment, communication, competence,
courtesy, flexibility, friendliness, functionality, integrity, reliability, responsiveness
and security. Furthermore, an alternative measure of service quality in retail banking
that comprises 31 items with six underlying key dimensions was proposed by Bahia
and Nantel (2000). These six dimensions are: effectiveness and assurance, access,
price, tangibles, service portfolio and reliability. In addition, by using conjoint
experiments to measure the service quality of retail banks, Oppewal and Vriens
(2000) proposed the use of 28 attributes including four service quality dimensions to
evaluate service quality. These four dimensions are: accessibility, competence,
accuracy and friendliness, and tangibles. Of those four dimensions, the most
important in determining banking preference turned out to be the accuracy and
friendliness, followed by competence, tangibles and accessibility.
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2.4 E-Banking Services
E-Banking services are banking services delivered over the Internet. The
services provided by banks over the Internet that once entailed only checking of
accounts, have recently risen to include a full range of banking services. It is not rare
the case nowadays, when approximately all services accessible at the branch or by
phone can be accessed on the Internet as well. The development of technology allows
banks to offer not only “branch- based” services over the Internet, but also new Value
Added Services which are available only online such as electronic commerce, real-
time brokerage, financial information menus, e-mail alerts and third party services
(tax payment, portals or management of electricity bills). The increased use of online
banking services has many advantages for both customers and banks. For customers,
E-banking services allow them to have better overview of their banking business and
help them to manage their banking transactions more conveniently and fast.
Additionally, customers who use Internet banking prove to be involved in more
banking transactions, which is beneficial for the banks themselves. Moreover, through
the Internet, the bank productivity increases as well, as the distribution and production
of their services become more efficient. Customers’ motivation to use E-banking
services rises from a number of factors which include freedom of time and space,
speed, convenience, 24 hours a day availability and price incentives.
Among all the advantages the Internet offers to both banks and their customers
in terms of increased productivity and reduced costs, it also hides a lot of
disadvantages and challenges for the service providers especially the Islamic banks
who have low acceptability and less branches as compare to the conventional banks.
On the Internet, the comparison between different service offerings is much easier and
switching costs are lower, which makes it easier for customers to change service
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providers. This, on its behalf, posts a challenge for the banks to not only acquire new
customers, but retain their existing ones as well. To retain its customers, banks should
try to make them satisfied with their services and offerings and this can be achieved
through delivering high quality services. Delivering high quality online services
requires understanding of the online service quality dimensions considered crucial and
trying to improve the quality of the services provided over the Internet, so that a
competitive advantage is gained (Kenova & Jonasson, 2006)
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CHAPTER THREERESEARCH METHODOLOGY
The “Methodology” describes the different research methods and gives explanation of
those chosen methods for a study and the reason for the choice. Furthermore, this
chapter will describe the chosen sampling technique, the way the data for the study
chosen, and the statistical technique used to analyze the data.
3.1 Research Design
The design of the research is a path that leads the whole research work from
starting point to the end. It is like the blueprint of research work, which defines the
whole research process. It describes the type of research, variables and their
relationships, sphere of the research and its limitations etc.
The area of “online banking” in the sphere of Islamic banking is not new to
the researcher. There is a considerable volume of research work in the area, though
the literature of Islamic banking is under the development process yet. We chose
descriptive study keeping in view the research work already done in the field of
Islamic banking. Descriptive research is carried out in those areas where a lot of
research work has been done and basic understanding of the variables and their effects
has been established. Our research design is based on a pre-developed tool for the
testing of quality of service, commonly known as SERVQUAL. In describing the
effects and relationships of the variables involved this tool will serve as a scale.
An understanding of the variables and the scale has already been established
using secondary data collection through literature review in the previous chapter. The
data for the research purpose will be collected using questionnaire developed on the
basis of the literature review.
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3.1.1 Population of the Study
Population of the study refers to the entire group of people, events or things of
interest i.e. the whole universe of the area of study. In our research all bank customers
of Islamic as well as conventional banks who use internet banking services are our
population of the study.
3.1.2 Element of the Study
Element of the study means each individual unit of the population. In our
study it refers to each online banking user is our element of the study.
3.1.3 Sample of the Study
Sampling means selecting a few elements out of whole population for the
purpose of study as studying the whole population is impossible. Sample is selected
using some pre-determined method. Keeping in view the limitations applied to this
study, we chose convenient sampling. We selected only those respondents for the
purpose of our research who were easily available and willing to provide information.
We chose a sample of 100 respondents from different areas of Lahore city, mostly
from the down-town area. Out of total 100 respondents 50 uses Islamic online
banking services, and remaining 50 uses conventional online banking services.
3.1.4 Sphere of the Study
Sphere of the study describe the applicability of the research work. In our case
the applicability of the research is very limited as we chose only the area of Lahore
city keeping in view the time and cost limitations.
3.2 Variables
In our study of the previous literature about the topic eight variables are
identified which effect the consumers’ perception about the e-services quality. These
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variables are Efficiency, Fulfillment, System Availability, Privacy, Assurance/ Trust,
Site Aesthetics, Responsiveness and Contact.
Efficiency refers to the agility of online context and processing speed of the
transactions being carried out. Fulfillment refers to the accuracy of the transactions
and the information being disseminated to the customer. System Availability, as the
name suggest, refers the online availability of the system. Privacy refers to both the
security of online content as well as bank’s vigilance to ensure the security of
customers’ transaction. Assurance / Trust shows the level of confidence customers put
in the name of bank. This also indicates the brand image of the bank. Site aesthetics
refers to the attractiveness of the bank site to the customer and its logical designing.
Responsiveness delineates the bank’s response time to resolve the customer queries
and customers’ satisfaction with that. Contact refers to the ease of contact for the
customer to put any query or to seek for guidance while working online.
3.3 Data Collection
Data collection is paramount in the research work and quality of data ensures
the quality of research work. Data collection is carried out in two different stages.
Firstly data is collected for understanding of the topic of the research and building
research design. This data is mostly collected using already published research work
and other sources like Internet, library books, Govt. censures etc. Such data is called
Secondary Data. This constitute the second chapter of our study i.e. Literature
Review. We collected our secondary data mostly through online available journals
and articles through Internet.
Secondly, data is collected specifically for the topic of interest using tools like
questionnaires, surveys, interviews, group discussion etc. Such data collected
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typically by the researcher himself is called Primary Data. We developed a
questionnaire using the variables identified from the secondary data or literature
review, for the purpose of primary data collection. The questionnaires were personally
administered by the researchers to the respondents and have filled thereof.
3.4 Data Analysis
Data analysis is an important step in the research process. It involves not only
analyzing data for interpretation but also for possible errors of omission or
perceptional biases etc. The type of analysis to be carried out depends on the type of
data collected. In the case of quantitative data, which is the data collected in this
study, statistical tools are applied to quantify the data collected and interpreting
thereafter. With the advent of computer technology this analysis and interpretation
can be performed by special developed software called SPSS. We used SPSS
version14.0 and Microsoft Excel for the purpose of our data analysis.
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CHAPTER FOURDATA ANALYSIS
The data gathered through questionnaire will be analyzed using SPSS and
Microsoft Excel software. In order to make our analysis comprehensive and easy to
understand, the data interpretation will be assisted with bar-chart diagrams. This data
analysis comprises of the comparison of data collected against eight variable of
interest and two categories of banks.
4.1 Efficiency
The first variable of interest “Efficiency” comprises of five questions in the
questionnaire i.e. Q1, Q9, Q16, Q18 and Q19. The analysis of the independent
questions has been shown in the Appendix C. The overall mean of 5.23 shows that
more than 60% of total respondent lies in satisfied region of the scale. In order to
arrive at the conclusion regarding the difference of service quality in Islamic and
Commercial banks, we used cross-tabulation of Efficiency and category of the bank.
The results are as follows:
TABLE : CROSS-TABULATION OF EFFICIENCY AND CATEGORY OF THE BANK
Category of the Bank
C.Bs I.Bs Total
Efficiency Dissatisfied Count 1.00 0.00 1.00
% of Total 1.11 0.00 1.11 Neutral Count 2.00 7.00 9.00
% of Total 2.22 7.78 10.00
Mildly
Satisfied
Count 29.00 34.00 63.00
% of Total 32.22 37.78 70.00
Satisfied Count 16.00 1.00 17.00
% of Total 17.78 1.11 18.89
Total Count 48.00 42.00 90.00
% of Total 53.33 46.67 100.00
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FIGURE : GRAPHICAL REPRESENTATION OF TABLE 3
As efficiency envelops the simplicity, proper structure, and minimum
information input while using e-banking services, the above bars speak in favor of the
Islamic banks surpassing the mildly satisfied bar in comparison to the commercial
banks. The bar diagram says that no customer is dissatisfied with the completion
content of the website of the Islamic banks, whilst 1.11% are dissatisfied with speed
of the commercial banks. This may aptly be attributed to larger size of the banks and
large number of transaction that hinder the process of completion and access to the
services. Though Islamic banks are in the emerging phase in Pakistan yet the data
show efficient services provided by them. These results can be considered rewarding
for the banks as this feature is fairly important, because it helps to determine the
efficiency of the provided online banking services.
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Conclusively, although the speed of completing transactions through the
banks’ websites seems rather satisfactory for most of the respondents, the time it takes
for the overall online services to be delivered should still be improved.
4.2 FulfillmentThe second variable of interest “Fulfillment” represents four questions in the
questionnaire i.e. Q2, Q10, Q17 and Q20. The analysis of independent questions has
been shown in Appendix C. This variable has a mean of 5.11 along with median of
5.25 and standard deviation of 1.18, suggesting that at least more than 50% of total
respondents show satisfaction with this variable. The results are as follows:
TABLE : CROSS-TABULATION OF FULFILLMENT AND CATEGORY OF THE BANK
Category of the Bank
C.Bs I.Bs Total
Fulfillment Dissatisfied Count 1.00 0.00 1.00
% of Total 1.11 0.00 1.11
Mildly Dissatisfied Count 0.00 2.00 2.00
% of Total 0.00 2.22 2.22
Neutral Count 2.00 4.00 6.00
% of Total 2.22 4.44 6.67
Mildly Satisfied Count 21.00 25.00 46.00
% of Total 23.33 27.78 51.11
Satisfied Count 24.00 11.00 35.00
% of Total 26.67 12.22 38.89
Total Count 48.00 42.00 90.00
% of Total 53.33 46.67 100.00
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FIGURE : GRAPHICAL INTERPRETATION OF TABLE 4
Fulfillment describes the accuracy of the bank in delineating facts and figures
to the customers and fulfilling its commitments. It is clear from the graph that
customers of Commercial banks feel more satisfied than customers of Islamic bank
and with certain reason of course. As the Islamic banking reside on the Shariah
principal, hence they cannot fix the values of interest rates or the outcome of the
investments. On the contrary, Commercial banks work on the basis of discount rate
and KIBOR, thus predicting the outcome of the transaction with more certainty.
Moreover Commercial banks have stronger branch network and established brand
image than Islamic banks. This adds to the ease of servicing the customer in better
manner than counterparts.
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4.3 System AvailabilityThird variable of interest “System Availability” is derived from two questions
in the questionnaire i.e. Q3 and Q11. The results of the data shows an overall mean of
4.73 with median 5 and standard deviation of 1.33, suggesting that below 60% of the
total respondents show satisfaction with the variable. The results are as follows:
TABLE : CROSS-TABULATION OF SYSTEM AVAILABILITY AND CATEGORY OF THE
BANK
Category of the Bank
C.Bs I.Bs Total
System
Availability
Highly Dissatisfied Count 1.00 0.00 1.00
% of Total 1.11 0.00 1.11
Mildly Dissatisfied Count 1.00 7.00 8.00
% of Total 1.11 7.78 8.89
Neutral Count 11.00 4.00 15.00
% of Total 12.22 4.44 16.67
Mildly Satisfied Count 15.00 15.00 30.00
% of Total 16.67 16.67 33.33
Satisfied Count 18.00 16.00 34.00
% of Total 20.00 17.78 37.78
Highly Satisfied Count 2.00 0.00 2.00
% of Total 2.22 0.00 2.22
Total Count 48.00 42.00 90.00
% of Total 53.33 46.67 100.00
FIGURE : GRAPHICAL INTERPRETATION OF TABLE 5
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The system availability encapsulates the readiness of the website whenever
and wherever is needed. The result catches the satisfaction level for both the category
of banking in the tolerance level. About 30% of the commercial banks’ customers are
satisfied with this faced of the system availability, whilst the zone of tolerance against
the Islamic banks is found to be 28%. It is encouraging for the Islamic banks that their
highly dissatisfaction part of the “dissatisfaction zone” is free of any bar. So they have
an active opportunity to maintain it while touching their high satisfaction zone though
seems negligible in the bar-chart mentioned.
The commercial banks owing to their larger size of transaction and period of
longevity have higher satisfaction level that comparatively not a big one. So they need
an expeditious and ad-hoc strategy to improve their satisfaction zone and to nip their
dissatisfaction zone also.
4.4 PrivacyFourth variable of interest “Privacy” comprises of two questions in
questionnaires i.e. Q4 and Q12. The result of independent questions has been shown
in appendix C. The overall result shows mean of 5.29, median of 5.50 and standard
deviation of 3.34, suggesting that more than 60% of the total respondents have shown
satisfaction with this variable. The results are as follows:
TABLE : CROSS-TABULATION OF PRIVACY AND CATEGORY OF THE BANK
Category of the Bank
C.Bs I.Bs Total
Privacy Highly Dissatisfied Count 1.00 0.00 1.00
% of Total 1.11 0.00 1.11
Mildly Dissatisfied Count 2.00 2.00 4.00
% of Total 2.22 2.22 4.44
Neutral Count 4.00 4.00 8.00
% of Total 4.44 4.44 8.89Mildly Satisfied Count 16.00 10.00 26.00
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% of Total 17.78 11.11 28.89
Satisfied Count 17.00 15.00 32.00
% of Total 18.89 16.67 35.56
Highly Satisfied Count 8.00 11.00 19.00
% of Total 8.89 12.22 21.11
Total Count 48.00 42.00 90.00
% of Total 53.33 46.67 100.00
FIGURE : GRAPHICAL INTERPRETATION OF TABLE 6
Privacy embraces the inter se confidence of the bank and its customers
respecting the bank transactions and safety of information that the customer is
exposed to while using e-banking services. The commercial banks emulate in their
satisfaction level regarding the security of personal information of their customers.
This result can aptly be attributed the larger customer base and users of the
commercial banking. It is idyllic for the Islamic banks that their highly satisfaction
level excels the commercial banks performance. The overall zone of tolerance for the
commercial banks and Islamic banks are 25% and 18% respectively. The overall
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dissatisfaction level for the Islamic banks is waving nil while for the commercial
banks hoisting at 1.11%.
4.5 Assurance / TrustFifth variable of interest “Assurance / Trust” also relies on two questions of
the questionnaires i.e. Q5 and Q13. The results show a mean of 5.19, median 5.0 and
standard deviation of 1.27 which shows a high level of satisfaction by the
respondents. The results are:
TABLE : CROSS-TABULATION OF ASSURANCE AND CATEGORY OF THE BANK
Category of the Bank
C.Bs I.Bs Total
Assurance /
Trust
Highly Dissatisfied Count 1.00 0.00 1.00
% of Total 1.11 0.00 1.11
Neutral Count 11.00 3.00 14.00
% of Total 12.22 3.33 15.56
Mildly Satisfied Count 14.00 16.00 30.00
% of Total 15.56 17.78 33.33
Satisfied Count 13.00 19.00 32.00
% of Total 14.44 21.11 35.56
Highly Satisfied Count 9.00 4.00 13.00
% of Total 10.00 4.44 14.44
Total Count 48.00 42.00 90.00
% of Total 53.33 46.67 100.00
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FIGURE : GRAPHICAL INTERPRETATION OF TABLE 7
The data shows that customers of the Islamic banks are more prone towards
the assurance and trust on their bank. The chart witnesses that Islamic banks though
emerging are giving good confidence level. This might be owing to the Riba free
banking services or their Shariah compliance services offered to their customer. Zone
of Tolerance for the commercial banks 27% and for the Islamic banks stands at
21%.These extremely high numbers show that in general banks are rather successful
in gaining the assurance and trust of their customers and building good name and
reputation.
Again it is evident that the Islamic banks have nil dissatisfy customers against
the commercial banks. When asked whether the customer has the confidence over the
banks’ services, the customer of the Islamic banks were more satisfied showing the
percentage of 34 while the same was about 23% for commercial banks. Similarly
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highly satisfied customer of the Islamic banks surpassed with 17% on the same
question against 16% of commercial banks. In comparison, customers of the Islamic
bank seemed to be most satisfied with aspects of the service such as: well-known
name and reputation of the bank.
4.6 Site Aesthetics
Site aesthetics has only one question Q6 in the questionnaire. It has a mean of
4.8 median 5.0 and standard deviation of 1.29 which means there is considerable high
dissatisfaction for this variable though overall trend shows satisfaction among the
respondents. The results are:
TABLE : CROSS-TABULATION OF SITE AESTHETICS AND CATEGORY OF THE BANK
Category of the Bank Total
C.Bs I.Bs
Site
Aesthetics
Dissatisfied Count 0.00 4.00 4.00
% of Total 0.00 4.44 4.44
Mildly Dissatisfied Count 10.00 3.00 13.00
% of Total 11.11 3.33 14.44
Neutral Count 6.00 9.00 15.00
% of Total 6.67 10.00 16.67
Mildly Satisfied Count 18.00 12.00 30.00
% of Total 20.00 13.33 33.33
Satisfied Count 11.00 10.00 21.00
% of Total 12.22 11.11 23.33
Highly Satisfied Count 3.00 4.00 7.00
% of Total 3.33 4.44 7.78
Total Count 48.00 42.00 90.00
% of Total 53.33 46.67 100.00
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FIGURE : GRAPHICAL INTERPRETATION OF TABLE 8
“Site Aesthetics” signifies the web-characteristic of the banks. On the basis of
count, the site aesthetics of the commercial banks are more soothing and pleasant as
compared to the Islamic banks. The zone of tolerance for the commercial banks
calculated to be 37% against 26% of the Islamic banks. The satisfaction zone of both
the categories is same while the dissatisfaction zone of the 4.44% of Islamic banks
stands against 0.00% of the commercial banks. This signals that the Islamic banks
should make their site aesthetically attractive towards their customers to promote and
excel in the field of e-banking services thus enhancing their profitability through
virtual banking.
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4.7 Responsiveness
Responsiveness is dependent of two questions of the questionnaires i.e. Q 7
and Q14. The results show mean of 4.48, median 5.0 and standard deviation of 1.51,
suggesting that more than 60% of the respondents are satisfied with the variable. The
results are:
TABLE : CROSS-TABULATION OF RESPONSIVENESS AND CATEGORY OF THE BANK
Category of the Bank
C.Bs I.Bs Total
Responsiveness Dissatisfied Count 2.00 0.00 2.00
% of Total 2.22 0.00 2.22
Mildly Dissatisfied Count 3.00 9.00 12.00
% of Total 3.33 10.00 13.33
Neutral Count 10.00 7.00 17.00
% of Total 11.11 7.78 18.89
Mildly Satisfied Count 17.00 17.00 34.00
% of Total 18.89 18.89 37.78
Satisfied Count 12.00 9.00 21.00
% of Total 13.33 10.00 23.33
Highly Satisfied Count 4.00 0.00 4.00
% of Total 4.44 0.00 4.44
Total Count 48.00 42.00 90.00
% of Total 53.33 46.67 100.00
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FIGURE : GRAPHICAL INTERPRETATION OF TABLE 9
The responsiveness counts the susceptibility of the bank to respond to their
customer and warding off their grievance. The time span of response and entertaining
them determines the satisfaction of the customer. The overall zone of tolerance for the
Islamic banks is greater with 36% against 33% of the commercial bank. As the
commercial banking has matured in globally, that’s why they seem to have
predilection and proclivity to attain their customer base through offering of web-based
services. The customer whose expectations are exceeded in terms of responsiveness
worked out to be 4.44% respecting the commercial banks while for the Islamic it
stands zero percent. The Islamic bank should espouse their energy and prudence to get
the pie of market speeding their response to the customer grievances.
Conclusively, the Islamic banks in addition to the Shariah compliance services is need
to nap and establish their internal control regarding the entrainment of the customers’
grievances increasing their pace of confidence over the banks ‘services.
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4.8 ContactThe last variable of interest is “Contact” which depends on two questions of
the questionnaires i.e. Q8 and Q15. The results indicate mean of 3.72, median 3.50
and standard deviation of 1.52, which suggest a high level of dissatisfaction of the
respondents with the variable. The results are:
TABLE : CROSS-TABULATION OF CONTACT AND CATEGORY OF THE BANK
Category of the Bank Total
C.Bs I.Bs
Contact Highly Dissatisfied Count 1.00 0.00 1.00
% of Total 1.11 0.00 1.11
Dissatisfied Count 4.00 2.00 6.00
% of Total 4.44 2.22 6.67
Mildly Dissatisfied Count 11.00 18.00 29.00
% of Total 12.22 20.00 32.22
Neutral Count 10.00 12.00 22.00
% of Total 11.11 13.33 24.44
Mildly Satisfied Count 15.00 8.00 23.00
% of Total 16.67 8.89 25.56
Satisfied Count 6.00 2.00 8.00
% of Total 6.67 2.22 8.89
Highly Satisfied Count 1.00 0.00 1.00
% of Total 1.11 0.00 1.11
Total Count 48.00 42.00 90.00
% of Total 53.33 46.67 100.00
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FIGURE : GRAPHICAL REPRESENTATION OF TABLE 10
The feature of contact is interlinked with the banks response to their
customers. The most of the commercial bank’ customers responded mild
dissatisfaction. But the overall Zone of Tolerance was satisfactory for both the
categories of the bank with 40% and 42% for the commercial and Islamic banks
respectively. When asked whether the bank is accessible by the customer through the
telephone, majority were neutral in this respect while the customers of the Islamic
banks are witnessed mildly satisfied with big number when compared with
commercial banks’ customers (Appendix D).
Regarding the online representative availability, the Islamic bank sketches a
long bar in the highly dissatisfaction section of the scale, presumably, owing to the
cost incurring and the small number of the e-banking transaction of the Islamic banks.
In comparison, the situation in the same aspect seems controlled amongst the
commercial bank as evident from the same Appendix.
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CHAPTER FIVECONCLUSION AND DISCUSSION
The final Chapter of the study Conclusion and Discussion entails a detailed overview
of the results and in the light of the independent commenting made in the previous
chapter a complete result of the study. This is also important as this chapter actually
depicts our learning and understanding of the topic. This conclusion and the
discussion might not be widely applicable pertaining to the limitations of the study
but it does add knowledge in the literature of Islamic Banking versus Commercial
Banking studies.
5.1 ConclusionTaking into consideration the huge investments banks make in Internet
infrastructure, customer satisfaction and retention are turning into the crucial factors
for success in online banking meaning that the generation of positive customer value
on the Internet requires the establishment of long-term customer relationships. Our
study instrument for measuring the quality of online banking services consists of one
scale with total of eight quality dimensions: Assurance/Trust, Site Aesthetics,
Contact, Privacy, System Availability, Fulfillment, Responsiveness and Efficiency.
According to the conducted study, these are the service quality dimensions that banks
should consider when evaluating the quality of their online banking services.
Furthermore, twenty items are used to describe these eight dimensions. Banks might
use the eighteen items described in this work to measure the quality of their online
services along the eight different dimensions of service quality assessed in the study.
Based on the performed evaluations mentioned above, the following
conclusions can be made. First of all, most customers of both the category of banks
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(Islamic and Conventional) have shown dissatisfaction or indifference with the
following aspects of the online banking services: prompt responses of the bank to
customers’ requests; design of the bank’s website; quickly solution of customers’
problems; the easiness to reach the bank by telephone and the easiness to find what
the customer needs on the website. Secondly, both the category of banks seem to
perform very well on the System Availability and Efficiency dimensions of the
offered online services as those dimensions rank highest on satisfaction of customers.
Finally, the aspects consistently ranking highest on dissatisfaction is Website
Characteristics i.e., Site Aesthetics which should be considered from banks’ managers
for immediate amendment. Islamic banks seem less concentrated and focused on this
aspect of the e-banking service quality.
Furthermore, what is interesting to be observed is that the aspects of the online
services on which banks rank higher in satisfaction of customers like System
Availability and Efficiency are not specific for the Internet context, but are typical for
the traditional settings as well. In comparison, the aspect of the E-banking services on
which banks rank higher in dissatisfaction like the Website Characteristics dimension
are more Internet specific. A reason for that might be that banks do not consider this
feature important for the quality of their E-services and have concentrated their efforts
on the other aspects of the online services. Nevertheless, because of the lack of human
interaction in the online space, it should not be forgotten that the website is the
“moment of truth” between customers and their banks as far as E-banking services are
concerned, and as such the website should be consistent with the total quality efforts
of the service provider, meaning that a high quality website is an important aspect of
the offered online banking services.
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5.2 Discussions
In our thesis we have arrived at many a finding bridging the questionnaire
developed to assess the quality of E-banking services. The research conducted shows
that banks especially the Islamic bank have huge potential to tape and broaden the
customer base and cementing its presence in the financial environment in the country.
Furthermore, it should be taken into consideration that this attempt has led to a lot of
findings which needs to be further tested and modified based on surveys conducted
with higher number of respondents from different age-groups and national contexts.
Interestingly Islamic banks competed with the quality of E-banking services of the
long established commercial banks, including some of which are predominately
Internet based like Standard Chartered Ltd. This suggests a huge potential for the
Islamic bank in the banking sector of Pakistan.
In addition, owing to the time and cost of our thesis, it has a poor
gerneralizabilty because it was targeted to a small number of respondents based in
Lahore city so that the findings could be more convenient and easy to catch.
Finally, it should be considered also that the developed instrument is used to
measure the satisfaction level of customers with different aspects of online banking
services, but did not show the relative importance of each of these aspects (it was
beyond our study) in relation to the others, which would be interesting to be measured
and included in further researches as well.
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5.3 RecommendationsAs stated in the previous part on Discussions, there is need for further research
and testing of the dimensions in order for better understanding of the quality
dimensions of E-banking services and their relative importance to be achieved.
The analysis of this work includes implications for Islamic banks’ managers as
far as the satisfaction level of their customers with different aspects of the online
banking services is concerned. Showing with which features of the online services the
customers are really satisfied and with which highly dissatisfied, can be used by
banks’ managers as a guideline for necessary actions leading to improvements of the
quality of the online services they offer. The Islamic banks can also use the e-banking
services excellence of the commercial bank as a benchmark to improvement.
First of all, based on the analysis, customers have shown highest level of
dissatisfaction or indifference with aspects of the online banking services such as:
prompt responses of the bank to customers’ requests by email or other means; design
of the bank’s website; quickly solution of customers’ problems; the easiness to reach
the bank by telephone and the easiness to find what the customer needs on the
website. In comparison, customers seemed to be most satisfied with aspects of the
service such as: well-known name and reputation of the bank; accuracy of online
transactions; feeling safe in transactions with the bank and the non-misuse of personal
information from the bank. What this means for practitioners is that they have been
quite successful in building well-known name and reputation probably through well
organized advertising campaigns; they are also quite successful in providing accurate
and quick service and building confidence in customers. Nevertheless, what deserve
their attention foremost are the aspects of the E-banking services where most
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customers have shown dissatisfaction, namely the Communication and Site Aesthetics
quality dimensions.
The conclusion is that managers of both the Islamic Banks as well as
commercial banks might undervalue their E-banking services and concentrate their
efforts on more traditional features of the services. This apprehension might be owing
to the ignorance of the customers to the E-banking services that require the education
and ease of use on the part of the customer. This implies lack of understanding of and
experience with the specific features and requirements of the online space. What is
advisable for managers in this case is to gain better understanding and pay more
attention to the Internet specific features of their E-services, because they are very
important part of the customer’s experience and consequently of customer satisfaction
with the E- services. Because of the lack of human interaction over the Internet,
banks’ managers should not forget that the website is the medium of interaction
between the bank and its customers as far as the E-banking services are concerned,
and as such it should represent the total quality efforts of the bank.
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References
Ahmad, A., Kashif-ur-Rehman, Saif, I., & Safwan, N. (2010). An empiricalinvestigation of Islamic banking in Pakistan based on perception of service quality.
African Journal of Business Management Vol. 4(6) , 1185-1193.
Ahmad, A., Malik, M. I., & Humayoun, A. A. (2010). Banking Developments in
Pakistan: A Journey from Conventional to Islamic Banking. European Journal of
Social Sciences – Volume 17, Number 1 , 12-17.
Akhtar, D. S. (2007, September 11). ISLAMIC BANKING: PAST, PRESENT AND
FUTURE OUTLOOK. Retrieved June 23, 2011, from State Bank of Pakistan Official
site: http://www.sbp.org.pk/about/speech/governors/dr.shamshad/2007/Islamic-
Banking-11-Sept-07.pdf
Centeno, C. (2003, June). Adoption of Internet Services in the Enlarged European
Union: Lessons from the Internet banking case. European Commission Joint Research
Centre, Report EUR 20822 EN .
Donthu, N., & Yoo, B. (1998). Cultural Influences on Service Quality Expectations.
Journal of Service Reasearch, Volume 1, No. 2 , 178-186.
Hossain, M., & Leo, S. (2009). Customer perception on service quality in retail
banking in Middle East: the case of Qatar. International Journal of Islamic and
Middle Eastern Finance and Management. Vol. 2 No. 4 , 338-350.
Hussain, I. (2006). Evolution of Islamic Banking. Journal of Islamic Banking &
Finance 23(3) , 73-79.
Kenova, V., & Jonasson, P. (2006, May). Quality Online Banking Services.
Unpublished Thesis of JÖNKÖPING INTERNATIONAL BUSINESS SCHOO L .
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Khizer. (2010, Feburary 27). Business: All Free Essays. Retrieved June 23, 2011,
from All Free Essays: http://www.allfreeessays.com/essays/Paksitan-Vs-Malaysia-
Islamic-Banking/103758.html
Korda, A. P., & Snoj, B. (2010). Development, Validity and Reliability of Perceived
Service Quality in Retail Banking and its Relationship With Perceived Value and
Customer Satisfaction. Managing Global Transitions Vol. 8(2) , 187-205.
Parasuraman, A., Berry, L. L., & Zeithaml, V. A. (1991). Refinement and
Reassessment of the SERVQUAL Scale. Journal of Retailing, Vol. 67, No. 4 , 420-
450.
Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1994). Reassessment of
Expectations as a Comparison Standard in Measuring Service Quality:Implications
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Parasuraman, A., Zeithaml, V. A., & Malhotra, A. (2005). E-S-Qual: A Multiple-Item
Scale for Assessing Electronic Service Quality. Journal of Service Research, Volume
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Managing Service Quality, Vol. 13, No. 3 , 233 - 246.
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APPENDICES
APPENDIX A1
Sample Questionnaire
Research Questionnaire
Based on your experiences as a consumer of online banking services, please provide
information on how you perceive the quality of the online banking services you use in
comparison to your expectations. Please circle the number of your choice from 1 to 7
where 1 means “highly dissatisfactory” and 7 means “highly satisfactory”.
If you do not use online banking services, please do not fill out the questionnaire!
1. I am able to get on the site quickly
1 2 3 4 5 6 7
2. When the bank promises to do something by a certain time, it does so
1 2 3 4 5 6 7
3. The site is always available for business
1 2 3 4 5 6 7
4. The bank does not misuse my personal information
1 2 3 4 5 6 7
5. I have confidence in the bank’s service
1 2 3 4 5 6 7
6. The website design is aesthetically attractive
1 2 3 4 5 6 7
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7. The bank gives prompt responses to my requests by e-mail or other means
1 2 3 4 5 6 7
8. The bank is easily accessible by telephone
1 2 3 4 5 6 7
9. It is easy to find what I need on the website
1 2 3 4 5 6 7
10. My online transactions with the bank are always accurate
1 2 3 4 5 6 7
11. This site launches and runs right away’
1 2 3 4 5 6 7
12. I feel safe in my transactions with the bank
1 2 3 4 5 6 7
13. The bank’s name is well-known and has good reputation
1 2 3 4 5 6 7
14. The bank quickly resolves problems I encounter with my online transactions
1 2 3 4 5 6 7
15. The site has customer service representatives available online
1 2 3 4 5 6 7
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16. It is quick to complete a transaction through the bank’s website
1 2 3 4 5 6 7
17. The service delivered through the bank’s website is quick
1 2 3 4 5 6 7
18. Using the bank’s website does not require a lot of effort
1 2 3 4 5 6 7
19. The organization and structure of online content is easy to follow
1 2 3 4 5 6 7
20. The bank’s site makes accurate promises about the services being delivered
1 2 3 4 5 6 7
Please provide the following information:
Name of your bank ……………………………………….
Gender: Male Female
Age:
Length of Internet banking use:
Less than 3 months
3-12 months
More than 12 months
Frequency of Internet Banking Transactions per month
Thank you for your valuable time!
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APPENDIX A2
Questionnaire Explained
1 2 3 4 5 6 7
The instrument is based on the idea of the disconfirmation model, in other words on
the comparison of customers’ expectations with their experiences from the service.
Usually, the eight dimensions of the instrument are described through the use of 20
attributes and “respondents are ask ed to state (on a seven- point scale from “Strongly
disagree” to “Strongly agree”) what they expected from the service and how they
perceived the service. Furthermore, the reasoning of the SERVQUAL instrument is
based on the concept “Zone of Tolerance meaning that customers do not have
expectations for a service attribute on one given level, but rather can accept a range in
the real experience and still regard the service as satisfactory. The borders of the
customer’s “Zone of tolerance” are formed by a desired level – the level on which the
customers believe the service should be, and an adequate level – the minimum level
of service that customers are willing to accept. Customers consider the service
performance which falls within the borders of this “Zone of Tolerance” to be good.
The different dimensions and the items that are included in the questionnaire can be
viewed in Appendix B and Appendix AI respectively.
The service quality
matches the expectations
Zone of Tolerance
The service quality is not
up to the expectations
The service quality
exceeds the expectations
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APPENDIX B
Descriptive Statistics of Empirical Data
Questi
ons Variable Mean Median S.D
Efficiency
Q1 I am able to get on the site quickly 5.23 5.00 1.32
Q9 It is easy to find what I need on the website 4.76 5.00 1.04
Q16It is quick to complete a transaction through the bank’s Website
4.79 5.00 1.03
Q18Using the bank’s website does not require a lot ofeffort
5.17 5.00 0.95
Q19The organization and structure of online contentis easy to follow
5.42 6.00 1.17
Fulfillment
Q2When the bank promises to do something by acertain time, it does so
4.88 5.00 1.35
Q10My online transactions with the bank are always
accurate5.16 5.00 1.10
Q17The service delivered through the bank’s websiteis quick
4.87 5.00 1.00
Q20The bank’s site makes accurate promises aboutthe services being delivered
5.52 6.00 1.26
System
Availability
Q3 The site is always available for business 4.83 5.00 1.36
Q11 This site launches and runs right away 4.62 5.00 1.30
Privacy Q4
The bank does not misuse my personalinformation
5.32 6.00 1.45
Q12 I feel safe in my transactions with the bank 5.26 5.00 1.23
Assurance
/Trust
Q5 I have confidence in the bank’s service 5.29 5.00 1.24
Q13The bank’s name is well-known and has goodreputation
5.09 5.00 1.30
Site
Aesthetics
Q6 The website design is aesthetically attractive 4.80 5.00 1.29
Responsive
ness
Q7The bank gives prompt responses to my requests by e-mail or other means
4.26 5.00 1.65
Q14The bank quickly resolves problems I encounterwith my online transactions
4.71 5.00 1.38
Contact Q8 The bank is easily accessible by telephone 4.33 4.00 1.43
Q15The site has customer service representatives
available online 3.11 3.00 1.62
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APPENDIX C
Frequency of Responses in Percentage
(Question vise)
Q1
Q2
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Q3
Q4
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Q5
Q6
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Q7
Q8
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Q9
Q10
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Q11
Q12
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Q13
Q14
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Q15
Q16
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Q17
Q18