Key factors that affect consumer satisfaction in online banking in the lebanese banking sector

Abstract

Purpose – With the digitalization of services, banks seek to implement online banking in order to shift from traditional banking and provide customers with the needed services without customers having to physically be present in bank branches. This shift would enable banks to have a wider reach, and would contribute to the efficiency of the banking process. The purpose of this study is to identify the factors that impact consumer satisfaction with online banking services, focusing on service quality, web design, and privacy and security. Design/methodology/approach – This study explores the factors that contribute to consumer satisfaction in online banking platforms, through conducting a quantitative study that collects data through a questionnaire regarding different factors of the online banking platforms. The factors explored in this study are the service quality, the web design, and the privacy and security. As a questionnaire was sent to Lebanese consumers, a sample of 236 respondents was obtained. Findings – The statistical analysis of the data reveals that service quality, web design, and privacy and security have a significant and positive impact on consumer satisfaction with the online banking platforms in Lebanon. Research limitations/implications – One of the constraints faced in the research relates to the time constraint for its completion, as the sample size could have been larger otherwise. Adding to that, the study was conducted amidst the Lebanese economic crisis and the Covid-19 pandemic, which could influence the results Practical implications – As the study explores the factors that affect consumer satisfaction with online banking platforms, it allows Lebanese banks to identify these factors, and improve their online banking services accordingly. This enables Lebanese banks to become more competitive in the Lebanese banking sector. Originality/value – The originality of this study is that it explores a specific case study in the banking sector in Lebanon, which was considered one of the most developed sectors in the country. Since there are few researches that study the online banking service of the banking sector, this study provides an insight over the factors that would contribute to the improvement of this service achieving higher consumer satisfaction. Practical implications – As the study explores the factors that affect consumer satisfaction with online banking platforms, it allows Lebanese banks to identify these factors, and improve their online banking services accordingly. This enables Lebanese banks to become more competitive in the Lebanese banking sector.