Key Drivers Affecting Customer Intention to Purchase Financial Services Online
Keywords: online-banking, purchase intention, usefulness, easy to use, trust, security and confidentiality, transitional economy (Lithuania)
AbstractNumerous studies have analyzed customer intention to purchase financial services. Literature analysis suggests that various drivers can have an influence on retail bank customer intentions to purchase financial services online. This study investigated key drivers that affect customer intentions to purchase financial services online in a transitional economy. A survey data were collected from 185 adult visitors of several popular websites in Lithuania. Hypotheses were tested using correlation and regression analyses. The findings suggest that “usefulness”, “easy to use”, “security”, “trust” and “confidentiality” are key drivers that influence customer intention to purchase financial services and therefore are important in Internet banking. The research demonstrates how these five drivers affect customer intention to purchase financial services online in transition economy, and reveals relationships among the drivers. The results that were obtained supported all five hypotheses. “Usefulness” and “easy to use” emerged as the main reasons for using financial services online. “Security”, “trust” and “confidentiality” drivers also appear to be important factors affecting customer intentions to purchase financial services by the Internet. This study is of interest to bank managers, as they can apply the key drivers offered in this study to evaluate a usage of financial services and to increase customer intention to purchase financial services online. This study is limited to one transitional economy under investigation and further research needs to be extended to other economies. Researchers might also evaluate other e-banking drivers.