A Survey of Critical Success Factors of Private Banks in Electronic Banking Services

One of the key problems in development of electronic banking services, is the lack of a comprehensive framework to recognize and evaluate the crucial factors of banking success in offering electronic services, which in this study it has been addressed directly. By exploratory factor analysis, the main variables of model are determined and a comprehensive model to identify the key elements of private banks successes in offering electronic services, have been discovered and delineated. This comprehensive model, falls the key elements in six main groups of technicalstructural factors, financial factors, culturalcognitive factors, managerial factors (macro and micro), legal lawful Factors and qualitative Security Factors of the System. On the other hand, in each group, the most important items in terms of correlation with the success of electronic banking services are determined. And at last, a comprehensive framework and constructive suggestions in order to solve the issue in electronic banking industry is presented. The model can be an appropriate and valid basis for conducting future researches in the mentioned field.


Introduction
In today's world, with daily growth of technological information; internet-based electronic systems and their connection to the main body of banking business is more evident than ever before, and nowadays e-banking and its unique services are non-removable in society.Concerning the importance of the last line and growing trend of new services in e-banking, the role of scientific and practical researches within this field are more essential than ever, because e-banking is considered as one of the key instruments in implementation, development and facilitating electronic business in all of the countries.So far in this field, authoritative studies have been conducted, such as research by Nikghadam (2013), Basias and Themistocleous, (2013), Sohrabi et al. (2013) and Cabanillas et al. (2013) which represents the growing importance of resolving the obstacles in electronic banking.The main question of this study is to identify and survey the key elements of Iranian private banking successes in offering e-banking services which in this study with an exploratory factor approach to this question, are truly identified and valued which results in a comprehensive outlook to key elements of the banks successes within this field.The main purposes of this study are to recognize and survey the key factors of the banks successes in the country within offering e-banking services and to estimate each effect of these factors on private banks of the country and also to evaluate integration and significant relation among these known factors.Electronic banking can be classified as a subcategory of e-commerce.Previous studies by Donohoe & Needham (2008), Riasi and Amiri Aghdaie (2013), Gurau, (2008), Riasi and Pourmiri (2015), Lai and Shafer (2005) revealed that implementing e-commerce strategies leads to improved business performance in banks and other firms.The use of electronic banking and providing diversity in the services provided to the customers enables the banks to generate more profit and to become more competitive in the business environment by improving their demand conditions (Amiri Aghdaie et al., 2013;Riasi, 2015).

The History of Electronic Banking
Inconceivable development of information and communication and its propagation to world`s monetary and banking market, not only has facilitated affairs for customers of the banks, but also it has transformed the usual banking methods.Attached technology of banks and their exchanges with customers, has been transformed with the advance of information and communication technology (ICT).Amadeh and Jafarpour according to the Ministry of Commerce ( 2005) divided these developments into four periods.In every period, new technology and electronic banking provides the possibility of increasing speed, quality, accuracy, cost, and the diversity of services.We continue by referring to some conducted researches within e-banking:

Identify the Key Success Factors in Electronic Banking Services
In order to determine the key success factors of banks in the provision of electronic services to society, all available studies and related research were gathered and reviewed and re-evaluated, and with identifying multiple factors from previous studies, exploratory variables related to the objective research are extracted and presented in Table 3.

Conceptual Model and Research Methodology
By using the standpoints of experts related to e-banking and also according to re-studying the research background, six group of the main factors namely as: technical-structural factors, financial factors, culturalcognitive factors, managerial factors (macro and micro), legal -lawful Factors and qualitative -Security Factors of the System, thus a conceptual model took form which is observable in table 2.

Figure 1. Conceptual model
This research, in terms of objective applies research and cross-sectional and in terms of performance, its approach is descriptive and exploratory.A questionnaire has been drawn up in the field of the key success factors in provision of electronic services and is designed in Likert 5 point scale survey The reliability of the questionnaire was determined 0.975 by using Cronbach's alpha, which is an appropriate amount and Content validity was also confirmed by supervisor and advisor and some experts in banking field.After collecting the questionnaires, a conceptual model was provided by using the exploratory factor analysis and with considering the research objectives.The current statistic communities are consisted of 150 individuals in whom there are every manager and deputy of Ghavamin bank across the country.In order to measure the sample volume, Morgan table is used which concerning to the number of statistic community members, 108 individuals were selected by employment of "available non-probability sampling" method as sample members.

Research Findings
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In this section, all the factors are analyzed by using factor analysis.First, Based on the results of KMO test, which is equal to 0.898, research data are reducible to number of infrastructure factors.Also, result of Bartlett test is equal to 7049.909 which is significant in error which is smaller than 0.01, it shows that the correlation matrix between the items is not the unit and the identity matrix.This means that, on one hand there is a high correlation between items within each factor and the other hand there is no correlation between the items of one factor and items of other factors.As it can be seen in the graph factor analysis, six factors have eigenvalues greater than one.It means that total of 69 items related to the essential success factors of private banks in provision of electronic services are reducible to six factors.Furthermore, the rotated matrix of factors determines which item is related to the determined factors.

Discussions and Conclusions
This research aims to survey the key success factors of the country's private banks in proving the electronic banking services.It is obvious that degree of importance and effectiveness of efficient factors are different in success of private banks for providing electronic services.So, by using exploratory factor analysis, factor loadings (correlations between items and categories) of all items were also identified.Thus, in this section, the results of research for six factors are separately analyzed.The outcome of importance meter of technicalstructure factors by exploratory factor analysis suggests that, from standpoint of experts, the current Internet bandwidth factor in citizen`s disposal with a factor loading of 0.786 has the maximum factor loading in the entire technical -structure factors, and also, Information and communication technologies infrastructure factor is in second place with a factor loading of 0.752 and the Internet bandwidth and network quality in the bank in third place with a factor loading of 0.748.The importance meter results of cognitive and cultural factors by exploratory factor analysis suggest that from standpoint of experts, the effective knowledge with a factor loading of 0.786 has the maximum factor loading.After that, developing and promoting the use of IT and ICT at different levels of society (with a factor loading: 0.516), awareness development of citizens and stakeholders on benefits of electronic banking (with a factor loading: 0.513) and adaptation of existing technologies to meet customer needs (with a factor loading: 0.503) are placed in the following ranks.In factor of providing the costs of investment in infrastructure and telecommunications platforms with a factor loading of 0.552 has the maximum factor loading in the eyes of experts, and also desired credit for the costs of connecting to the web with a factor loading of 0.513, Allocation of costs for upgrading and development of satellite and computer in bank with a factor loading of 0.511 and appropriate and desired cost of provision of electronic banking services to customers with a factor loading of .467are ranked second, third and fourth.Among financial factors, the factor of controlling the perceived risk in the electronic banking system with a factor loading of 0.747 has the maximum factor loading and then tendency and support of the bank's senior managers to development of e-banking is in the second place with a factor loading of 0.695 and supporting of active organizations in the field of electronic banking services is in the third place with a factor of 0.659 loading.The analysis of juridical-legal elements illustrates that, from the viewpoint of experts, the existence of regulatory organizations with a factor loading of 0.570 has the maximum factor loading which is in the first place, and then, the regulatory reform and development of electronic banking is in the second place with a factor loading of 0.528 and transparency of citizen's rights and consumers is in the third place with a factor loading of 0.487.The importance meter results of administrative factors in both micro and macro, by exploratory factor analysis suggest that, from the viewpoint of experts, the factor of controlling the perceived risk in the electronic banking system with a factor loading of 0.747 has the maximum factor loading and then tendency and support of the bank's senior managers to development of e-banking is in the second place with a factor loading of 0.695, and supporting of active organizations in the field of electronic banking services is in the third place with a factor of 0.659 loading. .The importance meter results of quality and security of the system factors by exploratory factor analysis suggest that, from the viewpoint of experts, the factor of user-friendly systems and tools to provide electronic services with a factor loading of 0.747 has the maximum factor loading among all quality-security factors, which is in the first place, and then diversity and development range of electronic banking services is in the second place with a factor loading of 0.729, procedural stability of electronic banking services is in the third place with a factor loading of 0.711.Given these values are positive, it can be concluded that strengthening of every 6 factor can lead to the success of private banks in the provision of electronic services to customers.In this context and according to the results, evaluation and overall fitting of the proposed model by using structural equation techniques and AMOS software, assessing the current situation of Ghavamin Bank and other private banks with the aid of this model and identifying the present status are among the subjects that would be offered to the future researchers.

Table 1 .
Periods of Development and Evolution of Electronic Banking

Table 4 .
KMO and Bartlett test results of the Table adequacy model is given which consists of KMO index, Bartlett index value and the probability value of this index.Diagram 1. Eigenvalues of critical success factors

Table 5 .
Rotated matrix of all the essential success factors of private banks in providing electronic services