Understanding Consumer Acceptance of Internet Banking-From Stayers and Switchers' Perspectives

Chiao Da Management R，由'lew Vol. 29 No. 2, 2009

pp.I-20

以銀行顧客的轉換行為探討消費者對

網路銀行的接受度

Understanding Consumer Acceptance oflnternet

Banking-From Stayers and Switchers' Perspectives

何淑烹 1 Shu-Hsun Ho

靜宜大學企業管理學系

Depa叫mentof Business Administration, Providence University 楊彩櫻 Tsai-Ying Yang

靜宜大學企業管理學系

Department of Business Administration, Providence University

摘要:本研究探討固定顧客與轉換顧客在忠誠度、涉入程度、信任及對新科 技的接受度的不同 。 為由對固定顧客與轉換顧客的瞭解，有助於銀行設計有 效的行銷策略吸引顧客。 網路發放問卷，由 684 份有效問卷的結果驗室萱假設: 固定顧客對自己的銀行具有高忠誠度及高度的信任，所以固定顧客再次被驗 證對公司而言是具有高度的價值 。 轉換顧客分為滿足的轉換顧客與不滿足的 轉換顧客 。 滿意的轉換顧客乃因為外界因素造成(如 ﹒ 搬家、公司指定 等) , 因此轉換銀行 ; 而不滿意的顧客則是對原本的銀行不滿意，因此主動尋找資 訊，轉換選擇其他銀行的服務 。 結果顯示:滿意的轉換顧客以利益為重，表 現出較低的忠誠度及信任~不滿意的顧客則表現顯著的高度涉入程度及忠 誠度。最後，不滿意的轉換顧客居於功能型取向;三類顧客中，不滿意的轉 換顧客對網絡銀行的接受度最高 。 關鍵字:忠誠度;涉入程度，信任 ; 轉換行為;網絡銀行

Abstract: This study investigates the differences in staye時， and switche眩， loyalty, involvement, and trust as well as their acceptance of new technology. This 1 Corresponding author: Department ofBusiness Administration, Providence Universi旬， Taichung

2 UnderSlanding Consumer Acceplance ollnternel Banking

- From Slayers and Swilchers' Perspectives research helps managers design effective strategies to attract customers by better understanding stayers and switche時， needs. An online survey was used with a

sample of 684 respondents. The results indicated that stayers proved to be high-value customers who have high levels of loyalty and trust. Satisfied

switchers behaved as a benefit-seeking group, demonstrating low levels of loyalty 個d trust, whereas dissatisfied switchers e划libited high levels of involvement and loyalty. Meanwhile, dissatisfied switchers, who t巴nded to be utilitarian oriented,

demonstrated the most willingness to accept Internet banking among the three

groups

Keywords: Loyalty; Involvement; Trust; Switching behavior; Internet banking

1. Introduction

The banking industry once enjoyed high level of customer share (Manrai

andM街rrai，

2007)

;

however, lower than ever costs to switch banks and tempting high-tech services at competitors have led to challenges in maintaining customer loyalty among banks. Despite long-term relationships with their financial service

provide時， customers are evaluating competing banking services. The war of Internet banking has begun

Internet b法 ing provides the benefits of convenience and cost-savings for both customers and banks. An10ng increasing online banking services, customers must decide whether to adopt the Internet banking services provided by their current b剖1k or change to a new bank for better services or more attractive incentives. As customers use Internet banking services, they become used to the transaction platforrns, which differ according to bank. These leaming ∞sts make it difficult for customers to switch to other bank services once th巴y have gotten

used to the financial service interfaces (Anderson and Gerbi月， 1988). Thus, it is critical for banks to attract the current customers to adopt their Internet banking

servlces

Much research has examined customer switching behaviors, which have a detrimental impact on a firrn 's market share and profit (Athanassopoul的，

2000

;

Ch悶。 DaManagement Re叫ew Vol. 29 No. 2, 2009 3

Ch叫σavarty et al., 2004; M個rai and Manrai, 2007). Satisfied and 10yaJ customers might decide to switch to new services for such reasons as job-related relocation, ch個ge of residence, cost benefits, boredom, and curiosity. If customers' switching behaviors and switche時， disposition can be identified, ∞mpanies could prevent defections in the form of switching. Prior research

indicates 出 at customer loyalty, involvemer此， and trust are impo此ant to customer

retention (Gabbott and Hogg, 1999; Harris and Goode, 2004; Methlie and Nysve凹， 1999; Suh and Han, 2002)

Customers differ in their value to the bank; therefore, customer retention and loyalty-building efforts should not necessarily be targeted to all customers equaJly. Banks need to have a thorough understanding of their customer base Ganesh et al. (2000) argued that customers who have switched service providers because of dissatisfaction seem to differ significantly from other customer groups in their 5泌的faction and loyalty behaviors. Much research has examined customer acceptance of new products or technology systems (Liang and H uan皂， 1998; Suh and Han, 2002; 2003), but few have examined the perspectives of the switchers.

Therefo時， this study investigates the differences between stayers and switchers in loyalty, involvement, and trust as well as their acceptance of Intemet banking. The next section will introduce the conceptual background of this study The research model and hypotheses will be discussed in Section 3, while Sections 4 and 5 will provide the research design and survey results. The finaJ section will detail the impl ications and suggest fu仙re research

2. Research Background

Customer loyalty

Research has shown that the vaJue of existing customers is much higher than that of new customers (Athanassopoul的， 2000; Methlie and Nysveen, 1999);

consequently, marketers have devoted themselves to building customer 10yaJty and extending relationships with customers (Lin et al., 2003). Customers with demonstrated loyalty spread positive word-oιmouth information (Wan悍的elm and Bay帥， 2004) and boost profits by attracting potenti叫 customers (Ganesh et

4 Understanding Consumer Acceptance 01 Jmernet Banking - From Stayers and Swilcher品. 'Pe口pectives

a/., 2000). Thus, loyal customers are a bank's most valuable customers. These customers are also more willing to accept Internet banking than customers with

lower levels of loyalty (Ganesh et a/., 2000; Sood and Kathur悶， 2004). Loyalty is defined as

“

a deeply held commitment to frequently rebuy or repa甘onize the same

product or service" (Evanschitzky et a/., 2006; Oliv缸， 1999; Wangenheim and Bayòn, 2004). Customer loyalty can be further delineated according to two types affective loyalty and conative loyalty (Harris and Goode, 2004; Methlie and

Nysveen, 1999).

According to Harris and Goode (2004), affective loyalty reflec包 a customer's favorable attitude or liking based on satisfied usage; meanwhile,

conative loyalty develops according to a customer's behavioral intentions

characterized by a deeper level of commitment. For instanc唔， a customer who chooses a bank service because he/she likes the logo and has a good feeling about

the bank makes the decision based on personal favor, which can be categorized as affective loyalty. On the other hand, if the customer decides to initiate transactions

with the bank because of 的∞nvenience of location, costs saved, and/or worthiness of trust, then the customer has demonstrated conative loyalty by

concen甘ating on functional and practical considerations

Purchase invo/vement and ego involvement

Involvement is described as reflecting the extent of personal relev個 ce of

the decision to the individual in terms of basic go此， values, and self-concept

(Koziey and Anderson, 1989;. Mittal and Lee, 1989; Zaichows旬， 1985). Various

research has demonstrated the substantial influence of purchase involvement (Goldsmith and Emmert, 1991; Lewin and Donthu, 2005) and ego involvement (Ganesh et al., 2000; Sood and Kathuria, 2004) on customer loyalty.

The ∞ncept of purchase involvement was first developed as related to

several demographic characteristics (Slama and Tashchian, 1985). It relates to the level of concern for or interest in the purchase process that is triggered by the need to consider a particular purchase (Gabbott and Ho銘， 1999; Ganesh et a/.,

2000). In previous sωdies， purchase involvement was surveyed and analyzed according to many factors, such as driving factors (e.g., company size, production

Chiao Da Mal1agement Reviertl 均1. 29 No. 2, 2009 5

type or technology, product development) and enabling factors (e.g., previous experiences, level oftraining, degree ofproactiveness) (Lewin and Donthu, 2005; Wynstra et a/., 2000). Meanwhile, Beatty et al. (1988) defined ego involvement as the

“

importance of the product to the individual and to the individual's self concept, values, and ego." ln other words, ego involvement refers to people being

involved wi出 an issue. Thus, a person is ego-involved when the productlservice

has a personal significance to 也e individual or when the person is strongly

committed to the productlservice.

Trust

Trust is acknowledged as a key determinant of both continued patronage and positive word of mouth. Prior research has shown that trust is a critical factor in stimulating purchase (Harris and Goode, 2004; Jarvenpaa et a/., 2000;

Sirdeshmukh et a/., 2002). According to Suh and Han (2003), trust is based on the beliefs held by the perceptions about previous interactions. Gefen (2000) defined trust as a person willing to make oneself vulnerable to actions taken by the 甘usted group based on the feeling of confidence and assurance. A person who is inclined to trust demonstrates a consistent tendency to be willing to depend on the trusted

∞mpany (Lin et al., 2003; Suh and Han, 2002). The customer's trust in a ba肢， therefore. is the confidence and belief in the bank

The issue oftrust in regards to Intemet banking is even more important than trust in the retail banks. Unlike traditional face-to-fa∞ services， Intemet banking

invokes customer uneasiness and SUsplClon because of v訂的 us high-tech

confrontations, such as the extensive technology use required as well as 血e distance and impersonal nature of the onl ine environment (Yousafzai el a/., 2003)

Trust denoted as an anxiety pacifier is important to banks for building customer

loyalty as well as customer acceptance of Intemet banking (Aydin and Öz缸，

2005)

3. Research Model and Hypothese

6 Underslanding Consumer Acceplance ol lnlernel Banking

- From Slayers and Swilchers' Perspeclives

Sood and Kathuria (2004) categorized banks' customers into two groups: (1)

customers who have had no switching behavior in the last two years (referred to

as “ stayers") and (2) those who have changed banks (refeπedω 的 “switchers")

Switchers are 郎的ler divided into dissatisfied switchers and satisfied switchers

Dissatisfied switchers are those customers who switch to new services because they were not happy with the productlservice offered by the previous company; satisfied switchers are confident and good with the services, but switch to another bank for reasons other than dissatisfactio

n,

such as job-related relocation, the previous bank closed, or ∞st benefi包 offered by competitors. Banks can easily

deterrnine into which category their customers fall. Once the preferences of these

three groups are identified, banks could design more effective marketing

strategles.

Customer loyalty

Switchers typically 甘Y to reduce the experien∞ of post-decision dissonance.

Satisfied switchers and stayers have less experien臼 comparing banks and making

switching d的ISlons. Because they are content with current 剝削ation， their

activities often remain unchanged (Ganesh et al., 2000; Wangenheim and Bay帥，

2004). On the other hand, according to Wangenheim and Bayön (2004),

dissatisfied switchers are forced to move to new services because of previous unsatisfactory experien∞s that satisfied switcher and stayers have not

en∞untered. After a thorough search process, dissatisfied switchers perceive their

chosen bank as better than others and, consequently, develop higher levels of

∞mmitrnent to the bank. Ganesh et al. (2000) concluded that dissatisfied

switchers have higher levels of loyalty compared to satisfied switchers and

stayers

In addition, satisfied switchers switch to the services because of extrinsic factors (e.g. ，∞upons， prices), which are more likely to e油ibit lower levels of

loyalty and repurchase intention (Ganesh et al., 2000). They also perceive the

switching ∞S臼 to be low. Therefore, compared with staye時， satisfied switchers

exhibit lower levels of loyalty (Wangenheim and Bay曲， 2004), satisfaction

Chiao Da Mal1agemenl Review Vol. 29 No. 2, 2009 7

This suggests that satisfied switchers are likely to show lower levels of loyalty than staye時， which leads to the following hypothesis

H1: The levels of customer loyaJty to 的e bank

,

ranked highest ω lowest， are dissatisfied switchers

,

stayers

,

and satisfied switchers.

Purchase involvement

Customers are likely to experience changes in levels of purchase involvement when the relevant environment changes, such as a service switching. Stayers encounter no experience of purchase involvement similar to that of switchers (Ganesh et al., 2000). Therefore, a di仔erence in purchase involvement exists only between satisfied switchers 缸ld dissatisfied switchers

Dissatisfied switchers have experiences with negative outcomes from prior banks; such bad feelings are easily retrieved 企om memory (Wangenheim and Bayòn, 2004). Because ofthe unpleasant memory, dissatisfied switchers are likely to take more product survey time to avoid future unsatisfactory experiences and therefore show greater levels of purchase involvement than satisfied switchers. Thus

H]: Compared with sa的ified switchers， 曲:sati，胡ed switchers αhibit higher levels ofpurch的einvolvement

Ego involvement

Stayers who only interact with one bank are more likely to experience higher degrees offamiliarity and might even develop a favorable attitude toward a specific service provider. These customers have stronger relationships with the bank than switchers. Thus, stayers' ego involvement is at higher levels than satisfied and dissatisfied switchers (Ganesh et al., 2000; Sood and Kathuria 2004)

Dissatisfied switchers, due to their previous negative experienc的， have a

reduced level of ego involvement (Ganesh et al., 2000; Gendolla and Richt釘，

2005). The previous negative experiences have a negative impact on customer satisfaction and seriously neutralize the importance of the productlservice to the customer. Dissatisfied switchers demonstrate tremendous decre泌的 in the levels of ego involvement. According to Ganesh et al. (2000), unsatisfactory services

8 Underslanding Consumer Acceplance ojlnlernel Banking

- From Slayers and Swilchers' Perspeclives

would jeopardize customer ego involvement with the service provider. Thus:

H3: The levels of ego involvement

,

ranked from highest ω lowest， are stayers

,

satisfied switchers, and dissa向βedswitchers. Trust

Stayers are happy with their current situation. The relationship between

stayers and the company is like children who stick to and depend on their paren包

They are satisfied with company's services and never consider leaving. Therefore, 甘ust is not an issue for stayers

Dissatisfied switchers develop higher levels of purchase involvement in an effort to prevent bad experiences. They actively search 伽ough information to find a satisfactory, suitable, and trustworthy bank. Once dissatisfied switchers

decide on a banJιthey more easily develop trust in the bank than satisfied switchers, who spend less time researching banks before making purchase decisions (Lewin and Dont仙， 2005). Based on this information, it can be induced

that dissatisfied switchers have higher levels of trust than satisfied switche時，

which leads to the following hypothesis:

H.: The levels oftrust

,

rankedfrom highest ω lowest， are stayers

,

dissati明éd. switchers, and sa話也fiedswitchers.

Acceptance of Internet banking

Customers are reluctant to utilize Internet banking services because they know little about such services and are not accustomed to new technology. With higher levels of purchase involvement, dissatisfied switchers develop self-e伍 cacy， which enables them to overcome the obstacles associated with self-service

technology (Davis, 1989). As such, dissatisfied switchers may be more willing to use Intemet banking because of their knowledge of it. Suh and Han (2002)

demonstrated that a customer's trust positively impacts the acceptance of Intemet banking. With high trust in the bank, stayers are more likely willing to 甘y 1nternet banking. Meanwhi峙， satisfied switchers are expected to have the lowest levels of

accep個nce of Intemet banking because their 甘ust and loyalty levels are lowest

Chiao Da Managemenl Review 均，. 29 No. 2, 2009 9

H5: The acceptance of lnternet banking

,

ranked from llighest ω lowest， is dissatisfied switchers

,

stayers

,

and satisfied switcllers.

Tlle relationship between loyalty and acceptance of lnternet banking

Customers' perceptions of face-to- face interaction with 由e bank service

people have always been considered one of the most important determinants for

customer loyalty (Román, 2003). Flavián et al. (2005) stated that greater consumer satisfaction would lead to greater degree of loyalty and higher intention

to use 1 ntemet services. It is expected 由at higher levels ofloyalty would increase the willingness to use Intemet banking. Therefore, the hypothesis is proposed. H6: Customer loyalty 11的 positive injluence on the acceptance of lnternet

banking

The relationship between involvement and acceptance of lnternet banking

When customers have high levels of involvement, they know which bank is

worth trusting. As high involvement with the bank enhances customers' trust,

customers are likely to be more willing to 的 innovative Intemet banking services

In other words, customers with high levels of involvement are more likely to

accept Intemet banking than 出ose Wl出 low levels of involvement. Therefore

H 7: Involvement positively inl1uences the acceptance of Internet banking.

The relationsllip b的Jeen trust and acceptance of lnternet banking

A causal relationship exists between trust and behavioral intention (Aydin

and Özer, 2005; Sul> and H徊， 2002; Yousafzai et al. 2003). Customers with

higher levels of trust are more likely to buy services. Trust is also a m句。r factor inl1uencing the acceptance of Intemet banking. Suh and Han (2002) found that

customer trust has a positive impact on customers' acceptance ofIntemet b街1king，

leading to the following hypothesis:

H 8: Trust positively in.βUences the acceptance of lnternet banking.

10 UnderSlanding Consumer Acceplance ollnlerne/ Banking 一FromSloyers and Switchers' Perspectives

Figure 1

The Model of Customer Acceptance to Use Internet Banking

Affective Loyalty Conative Loy剖ty Purch品e Involvement Ego Involvement Loyalty lnvolvement Acceptance Trust

4. Research Methodology

Questionnaire design and survey

The initial survey items were developed based on the findings from related literature. The questionnaire is composed of five sections. The first section seeks to identi

fY

responden臼 as stayers, satisfied switchers, or dissatisfied switchers

Respondents answered two questions: (1) Is their current bank their first bank or have they switched from a previous bank to their current bank in the past two years? and (2) lf they have switched, what were the reasons for switching? Respondents could indicate the following reasons for switching: (1)

dissatisfaction with previous bank (巳皂， service failu泊， bru甘(5 0宜ered incorrect

inforrnati凹， or bank had irrational rules); (2) reasons other than dissatisfaction

Chiao Da Managemenl Review Vol. 29 No. 2, 2009 11

closed, or competit凹's promotion activities). The instrument's survey items were

derived from the existing literature and modified slightly to fit the context of

Intemet banking (Evanschitzky el 仗， 2006; Flavián el al., 2005; Ganesh el al.,

2000; Harris and Goode, 2004; Keaveney, 1995; Sood and Kathur悶， 2004; Suh

and Han, 2002)

Measllrements

In this study, customers were c1assified as stayers, satisfied switche時， or

dissatisfied switchers based on the duration of time 出at they had been customers at their current bank. Those who had been customers for less than two years were

grouped as switchers, while those who had been using the same bank for more

th個 two years were termed as stayers (Athanassopoul肘， 2000; Ganesh el al.

2000; Sood and Kathuri

a,

2004). Some customers use the services (e.g., had

accounts and 甘ansactions) with more than one bank; the survey requested that 由e

respondents answer the questionnaire with respect to their primary bank

The data were collected via an online survey. The questionnaire was post叫，

for a fee, on a survey website that secures the quality of the data. No missing data

were recorded because participants could not submit responses with mlssmg

values. Respondents were asked to indicate their perceptions of their bank for

each item using a seven-point Likert scale ranging 企om s甘ongly disagree to

s甘ongly agree. To increase the response rate, five participants randomly selected

by the ∞mputer won a NT$I,OOO gift certificate each. In total, 852 unique

surveys were ∞lIected over a period of3 weeks.

5. Results

To guard against duplication and ensure data quali旬， the respondents' IP

addresses and email addresses were identified; questionnaires coming from the

same IP address or email account were deleted, leaving 684 valid samples out of

852 respondents. Of the 684 valid responses, 57.5% were male and 42.5% were

female, 78.8% were 20 to 29 years old, 92% had earned at least a college degr伐，

12 UnderSlonding Consumer Acceplance ol lnternet Banking

- From Slayers and Switchers' PersJ河clives

stayers, 262 (38.3%) were satisfied switche悶， and the remaining 85 (12.4%) were

dissatisfied switchers. The propo口ion of the three groups was similar to the results

of Chiu et al. 's (2005) sample profil皂， in which stayers ∞mposed the m句。rity，

followed by satisfied switchers and finaJly dissatisfied switchers. In addition,

according to the 2007 officiaJ Intemet use survey, males make up 50.3% of

Intemet users, while femaJes make up 49.7%. The m句。rity of Intemet users are 21 to 35 years old and have a college degree or graduate degree (TWNIC, 2007) Compared with this s缸nple profile, the current study's outcome is reliable and representative ofthe population.

Reliability and validity analysis 01 measurements

Cronbach's aJpha (且)， as a reliability analysis, was applied to test intemal conforrnity wi由 respect to 血e multi-dimensional at甘 ibutes. According to

Churchill (J 979), the index needs ωbe greater than 0.7 to be reliable. As the data

indicate, items associated with any particular attribute were reliably related to

each other. The Cronbach's a values with least value 0.75 were of a high degree

of reliability for aJl factors, respectively.

Survey items were 飢alyzed using the confirrnatory factor analysis (CFA) to

ensure the goodness of fit of the ∞ns甘ucts proposed in the hypotheses. AIl items

exceeded 0.7, meeting the minimum criticaJ value for significant factor loading

(Bagozzi and Yi, 1988; Fomell and Larck缸， 1981). Strong factor loadings mean

observed variables represented the latent variables well. The score of composite reliability ranged from 0.71 to 0.97, indicating the evidence of reliability

的'potheses testing

ANOVA anaJysis highlighted significant differences among the three

groups in aJl factors (affective loyalty: F = 13.999, p < 0.001; conative loyaJty: F

= 14.378, p < 0.001; purchase involvement: F = 11.572, p < 0.01; ego

involvement: F= 12.248,p < 0.001; trust: F= 20.092,p < 0.001; acceptance: F= 8.288, p < 0.001). Furthermore, the Scheffé multiple comparison tests revealed

significant differences in each factor among the three groups (see Table 1).

H

,

predicted that the r徊在 of customer loyalty to the bank, from highest to lowes

t,

is dissatisfied switchers, stayers, and satisfied switchers. However, in

Chiao Da Management Review Vol. 29 No. 2, 2009 13

affective loyalty and conative loyalty，出e Scheffé tests (see Table 1) indicated that dissatisfied switchers and stayers have no significant differences (affective loy剖ty: p = 0.439; conative loyalty: p = 0.088). In addition, both stayers (affective loyalty: M = 4.79; conative loyalty: M = 5.30) and dissatisfied switchers (affective loyalty:

M = 4.76; conative loyalty: M = 5.03) demonstrated higher levels of affective loyalty and conative loyalty than satisfied switchers (affective loyalty: M = 4.40; conative loyalty: M = 4.90). Thus, H

,

was partially supported

Table 1

Comparisons of Stayers

,

Satisfied Switchers

,

and Dissatisfied Switchers Factors Affective Loyalty Conative Loyalty Purchase lnvolvement Ego lnvolvement Trust Acceptance Stayers S.S D.S 恥I SD 此1 SD M SD 4.79 0.8587 4.40 0.9746 4.76 0.8589 5.30 0.8841 4.90 0.9753 5.03 0.8775 n.a. n.a. 4.76 1.1105 5.20 0.9879 4.73 0.9399 4.39 1.0322 4.92 1.0266 4.90 0.8668 4.43 0.9748 4.81 0.9017 4.98 0.8663 4.71 0.9997 5.09 0.9797 S.: staye間， S.S: satisfied switchers, D.S: dissa組 sfied switchers

n.3.: oot available Fvalue 13.999'" 14.378'" 11.572'" 12.248'" 20.092'" 8.288'" Scheffé test' S. = D.S. > S.S S. = D.S. > S.S D.S >S.S D.S. = S. > S.S S. = D.S. > S.S D.S. = S. > S.S

• “=" indicates the groups have no signi日 cant di叮叮叩ce~ “>" means “ Slgtll日cantly 1缸-ger" P

.

< 0.05,p" < O.OI,p'" < 0.001

H2 was accepted. Dissatisfied switchers (M = 5.20) ranked higher 也m satisfied switchers (M = 4.76) in purchase involvement (p = 0.066). However, in testing H3, dissatisfied switchers and stayers showed no significant difference in ego involvement (p = 0.474), although stayers (M = 4.73) and dissatisfied switchers (M = 4.92) e油 ibited higher levels of ego involvement than satisfied

14 Understanding Consumer ACCeplanCe o/lnternet Banking

一From SIa.阻rsand Switchers' Perspeclives

Dissatisfied switchers and stayers demonstrated no significant differences in trust (p = 0.347) or ac∞ptance (p = 0.736). Meanwhile, stayers (仙st: M = 4.90;

acceptance: M = 4.98) and dissatisfied switchers (trust: M = 4 訓; accept個ce: M = 5.09) demonstrated higher levels oftrust and acceptance than satisfied switchers (trust: M = 4.43; acceptance: M = 4.71). Hence， 而 and H5 were partially supported

To investigate whether H6 through Hs were supported, the parameter

estimates (1) were 台eely estimated using LISREL 8.54. AII path coe宜icients were

significant. The results indicated that all hypothesized relationships were

significant. Loyalty demonstrated a significant effect on ac∞ptance (H6: 11 = 0.42,

p < 0.001). Therefo悶， H6 was supported. As predicted, involvement positively influenced acceptan∞ (H₇: 17= 0.16, P < 0.001). In other words, customers who have high levels of involvement are more willing to use Internet banking. Thus,

H7 was supported. Trust had a significant impact on acceptance (H_s 們 = 0.22,p < 0.001). When customers trust the bank, they are more willing to use Internet b剖lking， _{supporting Hs}

6. Conclusions

A solid understanding of stayers and switchers is required if companies

want to effectively target them with loy叫ty and retention programs. This research

examined stayers, satisfied switche時， and dissatisfied switchers based on their perspectives of loyalty, involvement, and trust. The results demonstrated that these three groups differ signi日cantly in loyalty, involveme帥， and trust as well as

in their acceptance oflnternet banking

Stayers indicated respectfully high loyalty, whereas satisfied switchers exhibited low levels of loyalty. Dissatisfied switchers, with their relatively high purchase involvement, had similar outpu的 as stayers in each factor and the same friendly attitudes regarding the ac∞ptance of 1nternet banking. Both groups are high in loyalty and 甘ust as well as their willingness to use Internet barlking

These results support Chiu et al. 可 (2005) study, which found that stayers appreciate both utilitarian and hedonic values, whereas dissatisfied switchers

Chiao /)a Managemenl Review Vol. 29 No. 2, 2009 15

emphasize util itarian value and satisfied switchers praise the hedonic value Ganesh et a/. (2000) also argued that satisfied switchers are less loyal to their

service providers compared with stayers and satisfied switchers. Compared to

satisfied switchers, dissatisfied switchers e沿1ibit lower levels of ego involvement,

which 如此her suppo此s Chiu et a/"s (2005) argument that dissatisfied switchers

emphasize utilitarian value and satisfied switchers praise hedonic value

Dissatisfied switchers proved to be valuable customers with high levels of loyalty

and purchase involvement, which conforms to Sood and Kathuria's (2004) study.

Wangenheim and Bayòn (2004) suggest that switchers provide more positive

word-of-mouth inforrnation, thereby increasing the value of dissatisfied switchers

because of their high levels ofloyalty

Contributions and inψlications

This study examined the differences among three groups and investigated

the relationship of loyalty, involvement, and trust to the acceptance of Internet

banking. The faith如1 stayers once again proved their value to the bank by

showing their loyalty, affectiveness, and 甘ust. Meanwhile, the heartbroken

dissatisfied switchers had researched their options, settled on their b街祉， and

cherished their relationship with the current service provider. They showed almost the same high levels of loyalty and trust to their banks as stayers. This proves the

belief that a dissatisfied customer can be transforrned into loyal one when he/she

receives satisfactory responses. Finall弘 the happy, naïve satisfied switchers experienced no suffering, making it easier for them to switch; ∞nsequently， they

develop low levels of loyalty

This research c1early identifies the distinctive characteristics of each group Loyalty, involvement, and trust are proven to be useful when promoting Internet

banking. Based on the findin侈， several practical managerial implic泌的ns for

enhancing customer relationship and escalating the acceptance ofInternet banking

can be recommended

Three service strategies emerge based on the distinctive characteristics of

the three groups. The faithful stayers should be rewarded with loyalty programs.

16 Underslanding Consumer Acceplance ollnternel Banking

From Stayers and Switchers ' Per司;peCllves

to satis

fY

stayers' sense of importance and uniqueness from other groups. The heartbroken dissatisfied switchers need follow-ups after each service to ensure that they are satisfied wi出 the service provided. This group is most sensitive to the service quality and most willing to provide banks with valuable information and suggestions. The easily satisfied switchers serve as a benefit-seeking group showing straight low levels of all factors. 8anks should deliver incentive messages to satisfied switchers on a regular basis and increase their switching costs by developing one-on-one relationships.

Traditional retail banks must cope with Intemet technology to deliver better services with lower costs. 8ased on the results, stayers and dissatisfied switchers

demonstrate a higher willingness to use Intemet banking. With well-developed

relationshi阱， stayers and dissatisfied switchers already have the valuable 甘ust in

the bank. As banks incorporate Intemet banking services, they can target stayers and dissatisfied switchers first as it will be much easier to persuade them to use such services. 8anks simply have to help these two groups conquer the unfamiliarity and uneasiness of the operation procedures of the self-help services Meanwhile, satisfied switchers may be lured to use Intemet banking by offering promotions such as a lottery, coupon, and/or lower service charges.

In a nutshell, banks should provide loyalty programs to their most valuable customers: the stayers. In addition, service follow-ups can soothe dissatisfied switchers who have had bad experiences to build loyalty and trust. Finally, satisfied switchers- the group that demonstrates the most tendencies of switching to other services- should receive incentive messages from banks on a regular basis.

Limitations and further research issues

Stayers and dissatisfied switchers have already demonstrated their high levels of loyalty and trust; it is practical and useful to study how to soothe their anxiety when using innovative self-service technology. Customers' perception to the performance of the websites used ofIntemet banking should be considered. In that, we may better understand the reason of their reluctance to use the Intemet banking. Is it because of the fears of not-knowing or a reaction of the unsatisfied

Chiao Da Mallagement Review Vol. 29 No. 2,

2009

17

Internet banking services? Also, other than distinguishing customers into three

groups, researchers may analyze the characteristics of business customers,

overseas workers and the local customers to see which group is more suitable to

promote using Internet banking services. Finally, future researchers should test the arguments regarding the acceptance of new products/services other th飢 Internet

banking; results similar to the current study are expected in such research

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