Trust of e-banking services: evidence from Greece · Greek client of a bank to use e-banking...

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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS

COPY RIGHT © 2014 Institute of Interdisciplinary Business Research 461

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Trust of e-banking services: evidence from Greece

Marina Efremidou, Athanassios Mihiotis* and Giannis T. Tsoulfas

Hellenic Open University, School of Social Sciences,

57-59 Bouboulinas St., 262 22, Patras, Greece,

ABSTRACT

This study explores the main factors that drive customers to use e-banking services. Several

factors affecting the customers’ willingness to use e-banking services were identified based on

the literature. A survey has been designed in order to record, measure and analyze the factors

contributing to the adoption of e-banking as an alternative way of banking in Greece. The

questionnaire was distributed to 150 Greek bank customers. The data collected from the survey

were analyzed and interpreted using various statistical techniques and six hypotheses were

statistically tested with a correlation analysis. The results showed that major factors affecting the

Greek client of a bank to use e-banking services is the safety of transactions and the satisfaction

of the user. Finally, it is supported that trust is a very important factor in e-banking and has a

significant impact on consumers’ decision about the use of e-banking services.

Keywords: Trust, E-banking, Internet, Services, Banking Sector, Greece.

1. Introduction

Banks have been constantly engaged in improving service strategies in order to satisfy the

requirements of different customers [5]. During the last two decades the banking industry has

adopted new service channels. Technological developments have enabled financial services

products to be sold and administered via remote distribution channels [3], [15]. In particular, the

functionality of the technological developments upon which the proliferation of e-commerce

activities is predicated is considered to be especially pertinent in the delivery of financial

services such as e-banking [11]. The emergence of new forms of banking presents a challenge to

* Corresponding author

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the predominance of bank branches as the main avenue of providing financial services. These

alternative ways of banking include automatic teller machines (ATMs), electronic fund transfers

at point of sale (EFTPOS), phone banking, mobile banking and internet banking [4], [28]. In

particular, e-banking has faced a major growth globally during the last decade and has

transformed the way customers conduct banking transactions, especially young people.

Generally speaking e-banking covers a wide spectrum of banking transactions which the

customer can perform electronically without the need to visit a brick-and-mortar branch [1].

According to this broad definition a lot of services and technologies may constitute what we

refer to as e-banking. For example the ATMs could be considered as the first technology utilized

by bank institutions as a predecessor of e-banking. Although some banks consider ATMs as one

of the channels of e-banking, some others do not consider them as such. The reason is that the

invention and deployment of ATMs have started some decades ago and therefore the network of

their ATMs is treated differently than that of their e-banking channels and services.

The emergence of e-banking provides a source of differentiation and competitive advantage,

which are of particular importance in the case of services [32]. According to [6], the adoption of

Internet banking is driven by internal and external forces. On the internal side, banks may adopt

Internet banking to reduce the costs of provision of financial services and to rationalize their

branch network in order to exploit economies of scale and scope. In terms of external drivers, the

adoption of Internet banking could either depend upon the need to remain competitive and

preserve the customer base, or upon the need to attract new customers. According to [9], the

power of customers has apparently been increased. This is based on the growth in the use of e-

banking, the high level of competition and last but not least the society’s emphasis on greater

customer empowerment. However, it is natural that some customers are reluctant to adopt e-

banking services. With respect to resistance to technology, technology users may be divided into

three groups: eager adopters, hesitant users and technology resisters. Eager adopters

enthusiastically accept new technologies, whereas the other two groups hesitate to adopt

something new and unfamiliar [34], [36]. The perceived risk is considered as an important factor,

which may sustain such attitudes. Therefore, it is important for the banks to identify the size of

“niche” that demands such services in order to determine whether e-banking solutions are used

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by the “niche” who demands it [39]). Trust has a great social and business potential being a

significant parameter in online transactions since it shapes attitudes, behavioral intentions and

actual behavior towards such transactions [7], [22]. Moreover, banks seek to be perceived as

trusted organizations [35]. In particular, trust may be categorized by initial trust and ongoing

trust, where the former plays a critical role in gaining new customers and the latter in keeping

existing customers and enlarging their life time value. According to [21], the main implications

of e-banking are:

Cost reduction - Cost reduction is generated from lower transaction costs and from lower

physical-distribution costs due to the fact that transaction processing is eased, thereby

reducing paperwork, human error, and subsequent customer disputes.

Bank image - Since customers are more likely to place their trust in proven innovators, it

is important to build a reputation for innovation.

Innovator’s advantage - It is important for the banks to develop competitive advantages

and build barriers to competitors.

Queue minimization - The percentage of customers that visit bank branches is expected

to fall while the number of alternative delivery channels will increase.

Increase sales - The Internet can increase sales through market expansion, brand

switching, and relationship building.

Customers’ alienation - The Internet is believed to change the way firms interact with

their customers and thus the way they initiate, develop and terminate relationships with

them.

Improve customer service and satisfaction - Reducing the relatively expensive branch

network and increasing availability and accessibility of more self-service distribution

channels may improve customer satisfaction and the institution’s bottom line.

Decrease in the number of employees - Within the supply chain of the industry,

institutions are faced with the challenge of achieving the right balance between staffing

levels and skills, investment in technology and branch networks.

Foreign competition - The penetration of the market by foreign competitors that have

developed and refined more modern service delivery systems.

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Increase non-bank competition - Developments in technology have effectively reduced

barriers to entry and allowed new players to enter the banks’ traditional markets and

compete effectively in the provision of money transfer and other basic bank products.

Price competition - The Internet increases the power of the consumer, compared to

traditional channels of distribution, as price comparison across suppliers can be

performed quickly and easily.

Service differentiation - Innovations in financial services products are easily copied and

as a result it is difficult for organizations to maintain a competitive advantage through

product differentiation. Products on the Internet are expected to be more innovative, but

the lifespan of this advantage will be short.

Market transparency - The Internet makes it easier for the consumers to search and

compare the offerings of competing firms.

Increase risk - Information technology developments affect the overall risk profile of

banks.

Since the mid-1990s, Greek banks have been trying to strengthen their position in the market and

improve their efficiency, particularly driven by changes in the European banking sector and

investment opportunities in Southeastern Europe. However, the banking sector in Greece is

facing unprecedented pressures, both in terms of liquidity and profitability, stemming from the

fiscal and macroeconomic deterioration in Greece and the multiple downgrades of Greece’s

sovereign rating [29]. Nevertheless, the banking industry is a highly competitive and customer-

oriented. Customer retention and attraction is a core element of the banks’ strategies and

customer service is one of the factors, which may allow a bank to differentiate from its

competitors [38]. Greek banks are trying to find new or enhance existent distribution channels

and methods of providing their services in order to maintain and increase their share in the

market. An appealing method of doing that is through the Internet because it can offer banking

services at lower prices to more potential clients and many transactions can be carried out from

anywhere in the world at any time of day or night. This means that by using Internet technology,

financial institutions can establish a direct link to customers and improve their market shares

while increasing their profits, avoiding the high costs of opening new branches. In any case, the

technological developments in the banking industry have significant implications for banks’

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marketing efforts and the identification of customer segments is critical in identifying market

opportunities [26].

The aim of this paper is to study and evaluate the current status and prospective evolution

opportunities of e-banking services offered by Greek banks. In particular, the growth in e-

banking services is explored along with the ways with which financial institutions in Greece can

take advantage of Internet technology in order to offer successful and cost-effective-banking

solutions. Moreover, this paper addresses the key issues of concern for the Greek banks

regarding their strategic positioning and the products/services they offer or could offer through

the Internet. Finally, the analysis will record, measure and analyze the factors contributing to the

adoption of e-banking as a new way of banking. For the purposes of the paper a survey was used,

which was addressed to active users of e-banking services in order to understand the behavior of

Greek customers in relation to modern banking solutions.

The rest of the paper is structured as follows. The second section focuses on the development of

e-banking services in Greece. In the third section our survey is presented. In the fourth section

the results of the survey are presented and analyzed and the major findings are discussed. The

fifth section summarizes the conclusions.

2. Development of E-Banking Services in Greece

Until the mid-1980s, the Greek banking industry operated in an environment heavily controlled

and regulated by the Bank of Greece. The banking sector was characterized by low competition,

which was an inhibitor of adopting new technologies. Towards the end of the 1980s, the industry

moved towards a more deregulated system due to international developments and the need to

participate in the Single European Market and European Monetary Union (EMU). During the

1990s, the Greek banking industry was affected by the harmonization of national regulations

within the European Union (EU) and mainly by the enactment of the Second Banking Directive

89/646/EEC (incorporated into Greek law in 1992), which introduced the principle of single

license, i.e. when a single license is granted to a bank in its home Member State, then it is

allowed to set up branches and offer services throughout the EC. The deregulation of

international financial markets and the establishment of the EMU have led to significant changes

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in the Greek banking sector, such as the continuously decreasing market share of public banks

accompanied by the increasing share of private banks and waves of mergers and acquisitions

[30], [31]. For the provision of specific financial services (e.g. insurance, investment, leasing

etc.), the majority of Greek banks have created subsidiaries. For further insights in the Greek

banking industry we refer to [18], [25], [33].

The above new scenery in the Greek banking industry was accompanied by rapid technological

developments. Nowadays, Greek banks are trying to take advantage of these opportunities, such

as Internet technologies, in order to enhance their competitiveness and expand their market base.

Greek credit institutions are already comfortable in a culture that offers complete financial

services, such as deposits, loans, credit cards, insurance and investments under one roof. Bankers

have understood that traditional branches have high operating costs, while the adoption of

Internet technologies may lead to significant cost reductions. In addition, transaction fees are

being driven down and the use of the Euro in the EMU countries makes e-banking across

different countries even easier. This situation puts more pressure to Greek banks to establish or

to improve e-banking technologies faster and to gain a higher market share in neighboring

countries, mainly in the Balkan region.

However, Internet use in Greece is still not as high as in other Western European countries.

According to a recent Eurobarometer survey on cyber security [10], 44% of Greek citizens never

access the Internet, whereas the EU27 average is 29%. Furthermore, only 9% of Greek Internet

users perform online banking transactions, whereas the EU27 average is 48%. In addition, it is

noticeable that 26% of Greek Internet users buy goods or services online, with the EU27 average

being 53%. This indicates that although about one-quarter of Greek Internet users are familiar

with web-based transactions, only about one-tenth of Greek Internet users perform online

banking transactions.

Despite the low levels of adoption and use by bank customers, many banks authorized in Greece

offer e-banking services as an alternative distribution channel. E-banking first appeared in the

Greek market in 1997 and was adopted by major Greek banks after 1999 [21]. In Table 1 the

credit institutions authorized in Greece are listed, according to the data provided by Bank of

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Greece (July 2013) [2], which is responsible for the banking supervision in Greece. In this table

it is also depicted whether they have adopted e-banking. From the 27 credit institutions regulated

under the single license regime, 13 of them are cooperative banks (it is obvious from their

names) and 3 of them (in grey shading) are subsidiaries of foreign banks. In this category, the

most important players in the Greek banking industry offer online banking services. The banks

that do not so are small cooperative banks or specialized banks, which intend to cover specific

segments of the market.

<Table 1 about here>

It should be noted though that the e-services offered by Greek banks vary. Others offer integrated

e-banking solutions, whereas some others offer rather limited alternatives to their customers. The

evaluation of the level of servicing is beyond the scope of this paper.

There are several kinds of e-transactions offered by Greek banks. Customers may open accounts

and request products and services. They can ask for credit cards and apply for investments. They

can have access to bank databases to look up account balances and statements or transfer funds

between accounts and pay bills (electricity, water, fixed phone, mobile, insurance premiums,

etc.) and taxes. Some kinds of transactions (e.g. transfers within the same bank) are being

executed in real time while others (e.g. transfers to other than the customer’s bank or

remittances) occur late at night depending on the bank. Corporate customers can pay VAT and

social security contributions, personnel’s salaries, suppliers and cooperators fees, while setting

different levels of e-banking access and transactions execution for various users. Towards

improving the relationships with their clients, all banks provide e-mails and feedback forms, so

that they can make suggestions, complaints or general queries.

3. Survey

A survey has been designed in order to record, measure and analyze the factors contributing to

the adoption of e-banking as an alternative way of banking in Greece. The data collected from

the survey are an important source of information for understanding the behavior of Greek

customers in relation to modern banking. For this purpose several factors affecting the

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customers’ willingness to use e-banking services were identified as follows: usability (C1), ease

of use (C2), safety (C3), quality (C4), confidentiality (C5), satisfaction (C6) and trust (C7). The

selection of these factors was based on the literature [8], [13], [14], [16], [17], [19], [20], [24],

[27], [40].

The survey took place in December 2011 in the urban area of Thessaloniki, Greece, which is the

second largest city of the country. 150 questionnaires were distributed to active users of e-

banking services offered by credit institutions. People who took part in the survey had the legal

right to conduct banking transactions, being over 18 years old. Convenience sampling was used

to draw the sample for this survey, which is probably the most commonly used sampling method

in behavioral science research [12]. Convenience sampling is a non-probability sampling

technique where subjects are selected because of their convenient accessibility and proximity to

the researcher. This is an easy method for obtaining a sample, but the sample is probably biased.

The questionnaire consisted of 38 questions. At the beginning of the questionnaire there was an

introductory section about the purpose and objectives of the research. In the questionnaire the

following types of questions were used:

Questions of one choice (questions 1 and 7)

Multiple-choice questions (questions 2-6 and 8-9)

Questions using a five-point Likert Scale (questions 10-38)

The first part of the questionnaire contained demographic questions (1-5) designed to collect

demographic characteristics of respondents, such as gender, age, level of education, occupation

and income. The second part of the questionnaire (6-9) contained general questions regarding the

use of e-banking (the type of e-banking which is more familiar to users, the frequency of using e-

banking and whether respondents are well informed about e-banking). The questions included

the third part (10-38) were about the evaluation of the specific factors that influence a consumer

to use e-services. This part consisted of 7 separate sections as follows:

Questions 10-13 were about how the users’ perceived usability affects them to use e-

banking services.

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Questions 14-17 explored how the ease of use may increase the confidence level of

consumers.

Questions 18-21 were related to the safety factor in order to identify to what extent

respondents have a feeling of security during an online transaction and what do they think

about the online transactions’ security.

Through questions 22-26, respondents exposed their views on the quality offered by a

bank website and how this factor affects the willingness to use this site.

Questions 27-30 were related to the confidentiality and how respondents think that banks

deal with such issues.

Questions 31-34 were related to consumer satisfaction to e-banking transactions.

The degree to which users trust an online service is identified in questions 35-38.

The data collected from the survey were analyzed and interpreted using various statistical

techniques. Statistical analysis was carried out using SPSS (Statistical Package for Social

Sciences) version 19.0. Descriptive analysis techniques were employed in order to outline the

identity of the sample. The Cronbach alpha coefficient for each research variable was computed

to test for reliability. Moreover, the following hypotheses were statistically tested with a

correlation analysis.

H1: The factor “usability” positively influences the consumer to trust and use e-banking

services.

H2: The factor “ease of use” positively influences the consumer to trust and use e-

banking services.

H3: The factor “safety” positively influences the consumer to trust and use e-banking

services.

H4: The factor “quality” positively influences the consumer to trust and use e-banking

services.

H5: The factor “confidentiality” positively influences the consumer to trust and use e-

banking services.

H6: The factor “satisfaction” positively influences the consumer to trust and use e-

banking services.

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4. Results

The results concerning the first two parts of the survey are presented in Tables 2 and 3.



In order to analyze the collected data, Factor Analysis was performed on the items of the model

with the Principal Component Analysis as an extraction method and Varimax as Rotation

method with Kaiser Normalization. Furthermore, Bartlett’s Test of Sphericity and Kaiser-Meyer-

Olkin (KMO) Measure of Sampling Adequacy were performed to confirm the suitability of the

data for Factor Analysis. After that, when performing the Factor Analysis, in order to decide

what number of factors to retain, it is used the Kaiser’s criterion. Table 4 shows that the result of

the Bartlett’s Test of Sphericity is 0.000, which meets the criteria of value lower than 0.05 in

order for the Factor Analysis to be considered appropriate. Furthermore, the result of the KMO

Measure of Sampling Adequacy is 0.819, which exceeds the minimum value of 0.6 for good

factor analysis [37].


The Rotated Component Matrix shows the correlation between each variable (row) and the

different factors (column). Each variable should pertain to that factor with which it correlates

best. In case one variable has similar correlation values to more than one factor, this means that

this variable can pertain almost equally well to few factors which implies that the variable itself

is not very clearly defined and as such can be dismissed from the model. For convenience, the

Rotated Component Matrix presents correlations higher than 0.500.

Looking at the data presented in the Rotated Component Matrix (Table 5), it can be observed

that questions concerning the usability of e-banking services have values of 0.710, 0.579 and

0.613 respectively. Regarding the dimension of ease of use, there are 3 questions with values

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0.544, 0.500, 0.598 respectively. For the factor “safety” there are 4 questions with loadings

0.872, 0.866, 0.922 and 0.915. Moreover, for the dimension of quality of e-banking services

there are 4 questions with loadings 0.872, 0.831, 0.840 and 0.654. Furthermore, the factor of

confidentiality has 4 questions with values 0.702, 0.779, 0.746, 0.665; the factor of satisfaction

of the user has 3 questions with loadings 0.713, 0.791 and 0.622. Finally, the dimension of trust

has 4 questions with loadings 0.522, 0.557, 0.704 and 0.805.


In order to prove the internal reliability of the model used, Cronbach’s Alpha Test of Reliability

was performed. When performing this test, we have grouped the different items pertaining to the

different factors that influence a consumer to use e-services and performed the test on each

factor. Applying this test specifies whether the items pertaining to each factor are internally

consistent and whether they can be used to measure the same construct. Performing this test

results in a number between 0 and 1, whose interpretation determines the internal consistency of

the measured variables. [23] suggests that a value of alpha exceeding 0.70 is acceptable. The

results of the Cronbach’s Alpha Test are presented in Table 6 and show that for all factors the

internal consistency is at least acceptable.


Pearson correlation is used to examine the accuracy of the proposed hypotheses H1-H6 and

identify the relationship (if any) between the independent (C1-C6) and the dependent (C7)

factors.


According to the results presented in Table 7, the following statements may be inferred:

H1: The factor “usability” positively influences the consumer to trust and use e-banking services.

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The positive relationship between “trust” and “usability” is not supported, since the value of

Pearson correlation is 0.044 and the significance level is 0.590, which means that the factor

“usability” does not affect people to use and trust e-banking services.

H2: The factor “ease of use” positively influences the consumer to trust and use e-banking

services.

It is obvious that the factor “ease of use” does not affect positively people to trust the e-banking

services since the value of Pearson correlation is 0.041 and the significance level is 0.619.

H3: The factor “safety” positively influences the consumer to trust and use e-banking services.

There is a positive relationship between “trust” and “safety”, since the value of Pearson

correlation is 0.304 and the significance level is 0.000, which means that customers worry about

their safety during their e-banking transactions.

H4: The factor “quality” positively influences the consumer to trust and use e-banking services.

It is clear that high quality of services and systems does not influence customers in trusting e-

banking services. The value of Pearson correlation in this case is 0.070 and its significance level

is 0.392.

H5: The factor “confidentiality” positively influences the consumer to trust and use e-banking

services.

There is a positive relationship between “trust” and “confidentiality”, since the value of Pearson

correlation is 0.228 and the significance level is 0.005, which means that “confidentiality” is a

crucial factor for consumers to accept and use e-banking transactions.

H6: The factor “satisfaction” positively influences the consumer to trust and use e-banking

services.

It is proved that user satisfaction influences people to trust e-banking since the value of Pearson

correlation is 0.356 and its significance level is 0.000. Thus, when customers feel satisfied with

e-banking services, they are more willing to trust the same method of doing their transactions in

the future.

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To investigate whether the variables under consideration affect trust t-statistics values are tested.

When t is greater than or equal to 1.96 (significance level a = 0.05) in absolute value, then we

conclude that the independent variables under consideration affect (positively or negatively) the

dependent variable. At tables of regressions follow below, the value of R² is presented. When R²

is close to the unit the greater part of the variance of the dependent variable is explained by the

regression, i.e. the better the adjustment of the line of least squares to the observations in the

sample. R² shows the rate of interpretative capacity of dependent variables. The independent

variables explain every time a percentage of the variance of the dependent variable.

The method used is a linear regression model and includes 6 factors of e-banking as independent

variables (usability, ease of use, security, quality, confidentiality and satisfaction) and the trust as

a dependent variable. In Table 8 the analysis of the model summary is presented, which is

fulfilled in four phases. Moreover, the model presented in Tables 8-9 explains the change in

overall trust by 16.3%.



From the Table of coefficients (Table 10) below it is clear that by t-tests the independent

variables (Unstandardized) and dependent ones (Standardized) are significant (p <.001). The last

model is statistically significant (sig = 0.000 p <.001) confirming that the test is significant at 1%

of confidence level. In the final model the independent variables used are satisfaction, ease of

use and safety.


More specifically, the factors which affect more consumer trust in using e-banking services are

satisfaction (B = 0.359, t = 4.627 and sig. = 0.000) and safety (B = 0.223, t = 2.795 and sig. =

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0.000). It should be noted that the ease of use (B = 0.021, t = 0.271 and sig. = 0.787) does not

affect consumers’ trust in e-banking services.

5. Discussion

E-banking is a modern alternative distribution channel, which is the result of developments in

information technology and the continuous needs for better quality in services. Through e-

banking, banks are able to offer an extensive range of services and help customers execute and

monitor their transactions cost-effectively. From all indications, it is safe to say that most

financial institutions in Greece have realized the important role of e-banking, despite the fact that

Greek customers do not seem familiar yet with this development.

For the purposes of this paper, a questionnaire was designed and distributed to 150 e-banking

users in order to investigate the factors that affect the trust of users. Convenience sampling was

used to draw the sample for this survey. Thus, the results cannot be generalized but they can

reveal some tendencies in Greece. It should also be noted that there are some additional

limitations. For example, the Likert scale can easily lead to possible distraction of the respondent

and as a consequence the results might have been falsified. Furthermore, the size of the sample

was arbitrary selected. Due to the fact that the survey took place in the area of Thessaloniki the

sample could have a greater dispersion and highlight the differences between people of big cities

compared to provincial ones.

The majority of respondents have been conducting transactions via the Internet from 1 to 5 years,

are well informed about e-banking, prefer Internet (PC) banking and use e-banking at least once

a month. Furthermore, several factors affecting the customers’ willingness to use e-banking

services were identified based on the literature and evaluated, i.e. usability, ease of use, safety,

quality, confidentiality, satisfaction and trust. Pearson correlation was used to examine the

accuracy of the proposed hypotheses H1-H6 and identify the relationship (if any) between the

independent (usability, ease of use, safety, quality, confidentiality and satisfaction) and the

dependent (trust) factors. It turned out that there is a positive relationship between “trust” and

“safety”; “confidentiality”; and “satisfaction”. In order to further examine the actual influence of

each independent factor on the factor trust, regression analysis was performed. This analysis

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showed that factors which affect Greek consumers’ trust are the ease of use, the satisfaction of

the user and the safety of transactions. According to the survey, the statistical analysis showed

that the factors, usability, quality of services and confidentiality are factors that Greek customers

consider as not significant for e-banking services.

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Table 1: Adoption of e-banking from credit institutions authorized in Greece

Credit Institutions authorized in Greece (JULY 2013)E-banking

(Greek web sites)

NATIONAL BANK OF GREECE x

ALPHA BANK x

GENERAL BANK OF GREECE x

ATTICA ΒΑΝΚ x

PIRAEUS BANK x

EUROBANK - ERGASIAS x

INVESTMENT BANK OF GREECE -

MILLENΝIUM BANK x

NEW PROTON BANK x

PROBANK x

PANELLINIA BANK x

AEGEAN BALTIC BANK -

CREDICOM CONSUMER FINANCE x

NEW TT HELLENIC POSTBANK x

COOPERATIVE BANK OF EPIRUS x

PANCRETAN COOPERATIVE BANK x

COOPERATIVE BANK OF CHANIA x

COOPERATIVE BANK OF DODECANESE x

COOPERATIVE BANK OF EVROS -

COOPERATIVE BANK OF THESSALY x

COOPERATIVE BANK OF KARDITSA -

COOPERATIVE BANK OF EVIA x

COOPERATIVE BANK OF PELOPONNESE x

COOPERATIVE BANK OF PIERIA - OLIMPIC CREDIT -

COOPERATIVE BANK OF DRAMA -

COOPERATIVE BANK OF WESTERN MACEDONIA -

COOPERATIVE BANK OF SERRES -

27 19

HSBC BANK x

THE ROYAL BANK OF SCOTLAND -

UNICREDIT BANK -

F.C.E. BANK -

GMAC BANK -

BNP PARIBAS SECURITIES SERVICES -

FGA BANK -

CITIBANK x

UNION DE CREDITOS INMOBILIARIOS -

VOLKSWAGEN BANK -

BMW AUSTRIA BANK -

MERCEDES-BENZ BANK POLSKA -

DEUTSCHE BANK -

SAXO BANK x

14 3

BANK OF AMERICA -

BANK SADERAT IRAN -KEDR CLOSE JOINT STOCK COMPANY COMMERCIAL

BANK-

T.C. ZIRAAT BANKASI -

4 0

A. Credit Institutions incorporated in Greece

TOTALS

TOTALS

TOTALS

B. Branches of Banks incorporated in other European Union countries

C. Branches of Banks incorporated in third countries

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Table 2: Demographic characteristics of respondents

>3000

28.00% 53.33% 10.00% 8.67%

Net monthly

income (€)

[0, 1000] (1000, 2000] (2000, 3000]

Housekeeper Unemployed

56.00% 16.67% 15.33% 1.33% 10.67%Employment

Private Employee Civil Servant Independent contractor

Postgraduate

0.67% 29.33% 54.67% 15.33%Education

Gymnasium Lyceum Undergraduate

>50

27.33% 44.67% 20.67% 7.33%Age

[18, 30] (30, 40] (40, 50]

SexMale Female

59.33% 40.67%

Table 3: Responses in general questions regarding the use of e-banking

16.00%

Well informed about e-

banking

Yes No

66.67% 33.33%

Years using e-banking(0, 1] (1, 5] >5

28.67%

Preferred type of e-bankingPhone banking Mobile banking Internet (PC) banking

4.67% 3.33% 92.00%

55.33%

Once a year

16.00% 30.67% 40.67% 12.67%

Frequency of use of e-

banking

Once a day Once a week Once a month

Table 4: KMO and Bartlett’s Test of Sphericity

KMO Measure of Sampling Adequacy 0.819

Bartlett's Test of

Sphericity

Approx. Chi-Square 2707.523

Df 300

Sig. 0.000

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Table 5: Rotated Component Matrix

Component

C1 C2 C3 C4 C5 C6 C7

Q10 0.710

Q11 0.579

Q12 0.613

Q14 0.544

Q15 0.500

Q17 0.598

Q18 0.872

Q19 0.866

Q20 0.922

Q21 0.915

Q23 0.872

Q24 0.831

Q25 0.840

Q26 0.654

Q27 0.702

Q28 0.779

Q29 0.746

Q30 0.665

Q31 0.713

Q32 0.791

Q33 0.622

Q35 0.522

Q36 0.557

Q37 0.704

Q38 0.805

Notes: Rotation converged in 17 iterations.

Extraction Method: Principal Component Analysis.

Rotation Method: Varimax with Kaiser Normalization.

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Table 6: Gronbach’s Alpha Test of reliability

Factor

Cronbach’s

Alpha

Internal

Consistency

Usability 0.819 Good

Ease of use 0.827 Good

Safety 0.969 Excellent

Quality 0.763 Acceptable

Confidentiality 0.812 Good

Satisfaction 0.745 Acceptable

Trust 0.828 Good

Table 7: Pearson correlation

C1 C2 C3 C4 C5 C6

C7

Pearson Correlation 0.044 0.041 0.304 0.070 0.228 0.356

Sig. (2-tailed) 0.590 0.619 0.000 0.392 0.005 0.000

N 150 150 150 150 148 150

Table 8: Model Summary

Model R R2

Adjusted

R2

Std.

Error of

the

Estimate

Change Statistics

R2 Change F Change df1 df2

Sig. F

Change

1 0.360 0.130 0.124 1.90369 0.130 21.799 1 146 0.000

2 0.361 0.130 0.118 1.90976 0.000 0.073 1 145 0.787

3 0.418 0.175 0.158 1.86673 0.044 7.762 1 144 0.006

4 0.418 0.174 0.163 1.86076 0.000 0.074 1 144 0.787

Model 1: Predictors: (Constant), satisfaction

2: Predictors: (Constant), satisfaction, ease of use

3: Predictors: (Constant), satisfaction, ease of use, safety

4: Predictors: (Constant), satisfaction, safety

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Table 9: ANOVA

Model Sum of Squares Df Mean Square F Sig.

1

Regression 79.000 1 79.000 21.799 0.000

Residual 529.108 146 3.624

Total 608.108 147

2

Regression 79.267 2 39.633 10.867 0.000

Residual 528.841 145 3.647

Total 608.108 147

3

Regression 106.314 3 35.438 10.170 0.000

Residual 501.794 144 3.485

Total 608.108 147

4

Regression 106.058 2 53.029 15.316 0.000

Residual 502.050 145 3.462

Total 608.108 147

Model 1: Predictors: (Constant), satisfaction

2: Predictors: (Constant), satisfaction, ease of use

3: Predictors: (Constant), satisfaction, ease of use, safety

4: Predictors: (Constant), satisfaction, safety

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Table 10: Coefficients

Model

Unstandardized

Coefficients

Standardized

Coefficients

T Sig. B Std. Error Beta

1 (Constant) 8.316 0.981 8.478 0.000

Satisfaction 0.311 0.067 0.360 4.669 0.000

2

(Constant) 8.247 1.017 8.110 0.000

Satisfaction 0.310 0.067 0.359 4.627 0.000

Ease of use 0.012 0.045 0.021 0.270 0.787

3

(Constant) 7.319 1.048 6.982 0.000

Satisfaction 0.248 0.069 0.288 3.597 0.000

Ease of use 0.012 0.044 0.021 0.271 0.787

Safety 0.268 0.096 0.223 2.786 0.006

4

(Constant) 7.387 1.015 7.279 0.000

Satisfaction 0.249 0.069 0.289 3.632 0.000

Safety 0.268 0.096 0.223 2.795 0.000

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