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A retrospective data examination of customer loyalty in the e-banking technology services industry Strategies for new successes
A RETROSPECTIVE DATA EXAMINATION OF CUSTOMER LOYALTY IN THE E-BANKING TECHNOLOGY SERVICES INDUSTRY: STRATEGIES FOR NEW SUCCESSES by John Reynolds RICHARD MURPHY, DBA., Faculty Mentor and Chair TONI B GREIF, Ph.D., Committee Member ROBERT A KRAMARCZUK, Ph.D., Committee Member Kurt Linberg, Ph.D., Dean, School of Business & Technology A Dissertation Presented in Partial Fulfillment Of the Requirements for the Degree Doctor of Philosophy Capella University November 2007 UMI Number: 3288714 Copyright 2007 by Reynolds, John All rights reserved UMI Microform 3288714 Copyright 2008 by ProQuest Information and Learning Company All rights reserved This microform edition is protected against unauthorized copying under Title 17, United States Code ProQuest Information and Learning Company 300 North Zeeb Road P.O Box 1346 Ann Arbor, MI 48106-1346 © John Reynolds, 2007 Abstract This study retrospectively examined 2006 e-banking technology services industry customer loyalty survey data results in order to improve marketing resource allocation for corporate e-banking products and services Primary customers were delineated by bank size (i.e., small, medium, and large) and single versus multi product purchases MANOVA and independent t test statistical measures were applied to 684 survey reports gathered in 2006 The results indicated that statistically significant and lower ratings of loyalty existed among the small and single product banks Quality ratings were differentiated between five subcategories (i.e., quality, trust, willingness to renew, willingness to recommend, and willingness to expand) Trust, willingness to recommend, and willingness to expand subcategories of quality were also rated significantly lower among the small and single product banks compared with medium and large multi product banks Additional quality categories of general quality and willingness to renew were not statistically significant between the various bank delineations These results provide the basis from which to complete additional research and begin the process of making changes in resource allocation related to optimizing e-banking customer centric business strategies Dedication This dissertation is dedicated to my family, who gave me the foundation to value learning and the knowledge that learning never stops To my wife and children who have given me support and understanding over the past seven years To my mother and father who have always been an inspiration iii Acknowledgments I would like to thank my committee for their support and guidance especially Dr Toni Greif, Dr Robert Kramarczuk, and my mentor Dr Richard Murphy iv Table of Contents Acknowledgments iv List of Tables viii List of Figures x CHAPTER INTRODUCTION Introduction to the Problem Background of the Study Statement of the Problem 12 Purpose of the Study 13 Rationale/Significance 14 Research Questions 15 Hypotheses 16 Definition of Terms 17 Assumptions and Limitations 18 Theoretical/Conceptual Framework 20 Organization of the Remainder of the Study 25 CHAPTER LITERATURE REVIEW 27 Introduction 27 Technology Advances and the New Economy 28 E-Business 35 Business Models and Theoretical Paradigms 47 v Organizational Structure and Leadership 55 Organizational Change and Trust 69 Customer Centric Business Strategy 82 Customer Loyalty 86 Summary 114 CHAPTER METHODOLOGY 116 Introduction to the Methodology 116 Research Design 117 Population/Sample 119 Instrumentation 120 Data Collection Procedures 121 Statistical Analysis Procedures 122 Confidentiality/Ethical Issues 123 CHAPTER DATA ANALYSIS 124 Introduction 124 Section One: Research Questions 125 Section Two: Hypothesis Testing 137 Summary 149 CHAPTER RESULTS, CONCLUSIONS, RECOMMENDATIONS 150 Results 150 Conclusions 157 Recommendations 162 vi REFERENCES 164 vii List of Tables Table Research Design by Variable and Hypothesis 117 Table Average Loyalty Index Ratings by Bank Size 126 Table Quality Dimension Ratings by Bank Size 129 Table Trust Dimension Ratings by Bank Size 129 Table Renew Dimension Ratings by Bank Size 130 Table Recommend Dimension Ratings by Bank Size 130 Table Expand Dimension Ratings by Bank Size 130 Table Average Loyalty Index Ratings by Number of Products 132 Table Quality Dimension Ratings by Number of Products 135 Table 10 Trust Dimension Ratings by Number of Products 135 Table 11 Renew Dimension Ratings by Number of Products 136 Table 12 Recommend Dimension Ratings by Number of Products 136 Table 13 Expand Dimension Ratings by Number of Products 136 Table 14 Small, Medium, Large Bank Loyalty Index Rating Differences 139 Table 15 Small, Medium, Large Bank Quality Dimension Rating Differences 140 Table 16 Small, Medium, Large Bank Trust Dimension Rating Differences 141 Table 17 Small, Medium, Large Bank Renew Dimension Rating Differences 142 Table 18 Small, Medium, Large Bank Recommend Dimension Rating Differences 143 Table 19 Small, Medium, Large Bank Expand Dimension Rating Differences 144 Table 20 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Marketers have been interested in using these moderating variables to develop effective marketing strategies to attract and retain the most valuable customers Furthermore, according to Berry, Parasuraman,