The development and measurement of a customer satisfaction index (e CSI) in electronic banking an application to the central vietnam region (2)

International Journal of Strategic Decision Sciences
Volume 8 • Issue 3 • July-September 2017

The Development and Measurement
of a Customer Satisfaction Index
(E-CSI) in Electronic Banking:

An Application to the Central Vietnam Region
Le Van Huy, Department of Marketing, University of Economics - The University of Danang, Danang, Vietnam
Pham Long, School of Management, College of Business & Social Sciences, University of Louisiana at Monroe, USA
Aidan O’Connor, ESCEM, Poitiers, France &Universität Osnabrück, Osnabrück, Germany
Pham Dinh Tuyen, University of Westminster, London, UK

ABSTRACT
In the current technological age, once traditional means of delivering services to customers are
losing its dominant position, the application of the Internet has evolved as an innovatively supporting
alternative for attracting customers, especially in banking service. In that aspect, customers’ perception
of online banking service through the delivery of website quality (Webqual) remains the main concern
for bank’s managers in Vietnamese banking system because customers are easily inclined to another
banking service provider due to their poor website-operated experience. Based on the evaluation of
factors influencing on banking website quality, its relationship to customer satisfaction and retention,
this article suggests the measurement of electronic Customer Satisfaction Index (e-CSI) of perceived
banking website quality by three most developed banks of Vietinbank, Vietcombank and BIDV in
central Vietnam, from which provides insights that may be useful for improving the quality of online
banking service.
KEywoRDS
Customer Satisfaction, e-CSI, Online Banking Service, Retention, Webqual

INTRoDUCTIoN
The availability and quality of the Internet and web applications have been significantly improved
over the last few years, which creates opportunities for commercial banks to extend their customer

and geographic base and acquire closer banker-customer networking relationships. In that respect,
Internet banking delivered via a website is prominent in promoting a customer relationship. Cao et
al., (2005) state that competitive advantages and other benefits due to the implementation of web
technology are obtained provided there is a quality and efficacious website.
Based on that premise, superior website service quality and efficacity serves as a connecting
factor for gaining and sustaining customers through experiencing the services provided and gradually
forming a sustainable relationship (Richardson & Thompson, 1997). Customer satisfaction indexes
(CSI) from many countries are analyzed because they prove to be an indicator of business operational
efficiency and market value (Anderson, Fornell & Rust, 1997).
DOI: 10.4018/IJSDS.2017070102
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The Vietnamese banking system has experienced a significant switch to electronic service
distribution channels and three of the most developed and pioneering banks of this type of service
channel are Vietcombank, Vietinbank and Bank for Investment and Development of Vietnam (BIDV).
The development of an electronic Customer Satisfaction Index (e-CSI) to measure the perception of
electronic service quality is the core issue for these banks and others in this segment of the Vietnamese
banking sector. Customers are easily displeased by the quality of specific services, especially services
through an electronic channel, and tend to switch to a competitor bank effortlessly, which requires
banks management to deal with the following issues: (1) identifying which factors affect customers’
perception of website quality service; (2) comparing their own CSI with those of competitors and
(3) prioritizing factors to improve customers’ commitment.
In the context of the reform of the banking sector, prior to and following, accession of Vietnam
to the WTO, the consequent direct entry of foreign banks, and the widespread introduction electronic

banking services this research proposes an innovative electronic Customer Satisfaction Index (e-CSI)
to be used as a reference for identifying the mode of customers’ behavior in the field of online
banking services. By comparing the set of three indexes of services offered by the leading banks
through an Internet -based service channel, this study recommends some recommendations for service
improvement and management initiatives.
THE RECENT DEVELoPMENT oF THE BANKING SECToR IN VIETNAM
The past ten years have seen the introduction of products, techniques and systems that have transformed
the banking sector. To analyse the customer satisfaction rating of Vietnamese banks’ electronic banking
services, it is necessary to put in context the evolution in the banking sector.
The transformation of the Vietnamese economy to a market economy commenced with reforms
in the mid-1980s. The ‘Doi Moi’ reforms produced economic growth in the late 1980s and early
1990s. However, the banking reforms were limited, merely separating commercial banking from
central banking, and as state-owned commercial banks emerged, they continued to be state managed.
The Government later considered that the banking sector should be completely reformed through
the equitization of domestic banks and through direct investment by foreign banks. It considered that
reforming the banking sector and allowing foreign banks to incorporate would lead to competition
and thereby development of the banking sector.
The opportunity was WTO accession. Besides allowing some foreign banks that had been
operating in Vietnam prior to WTO accession to incorporate there, following accession, the
Government allocated five licenses to foreign banks to incorporate in Vietnam. The five foreign
banks that were granted licenses are HSBC - United Kingdom, Standard Chartered Bank - United
Kingdom, ANZ Bank - Australia, Shinhan Bank - South Korea, and Hong Leong Bank - Malaysia.
These banks were obliged to modernise the banking sector, through products, technological processes
and management development.
Therefore, the recent development of the banking sector in Vietnam is partly due to the reforms
implemented prior to Vietnam’s accession in 2007to the WTO. However, the institutional reforms
implemented on accession to the WTO were the catalysts for banking sector development and for an
increase in the levels of monetization and financial deepening.1
THE RECENT DEVELoPMENT oF ELECTRoNIC BANKING IN VIETNAM
Jun and Cai (2001) define electronic banking (E-banking) as an electronic interconnection between

financial service providers and customers through ranges of distribution channels including POS/
ATM; online banking; mobile banking; and bank cards.
Essentially, the banking sector in Vietnam was relatively underdeveloped. In 2007, Vietnam had
a population of 85 million and less than 10% of the population had a bank account and of the eight
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million accounts, five million were individual accounts. According to the Asian Development Bank
(2007), there were only three branches of commercial banks per 100,000 adults and also per 1,000
km2, in which full electronic banking services were only available from the few foreign banks operating
there. The technology index of Vietnam’s banking system was much lower than other Asian countries.
As of 2015, the number of Internet users was 46 million, which accounted for more than 50% of
population. Specifically, there were 9.34 million cards in use 2007. By 2015, the number of bank card
issued increased significantly to nearly 100 million cards. Correspondingly, there was an increase in
investment in technological infrastructure for card transactions with the average increase in the number
of POS/EFTPOS/EDC of 41% and in the number of ATMs investment of 22% during 2007-2015.
The three domestic banks, Vietinbank, Vietcombank and BIDV, consider themselves to have
been to the forefront in developing the Vietnamese banking sector. Despite increasing competition
from foreign banks, these three banks dominated the banking market as of 2015. They continue to
invest in technological innovation and in customer-oriented electronic banking services.
THEoRETICAL BACKGRoUND AND E-CSI MoDEL
Reichheld & Schefter (2000) claims that customer satisfaction with service quality is closely related to
the success of an e-commerce business entity. To be more specific, S.-H. (2008) showed that customers
are ready to pay premium price to service providers that they conduct transaction previously, which
proved service quality rather than price really impacts customers’ purchasing decision. Likewise,
once customers perceived of bad service experience, they immediately withdraw their transaction
and by word of mouth, disseminating negative information to potential customers. In that aspect,

Customer Satisfaction index (CSI) is studied by many researchers and these models all suggest the
improvement of CSI through balancing the perceived quality factors (see Table 1).
To the same extent, the provision of superior website quality to customers with an aim to advance
customers’ online banking experiences remains the core competitive strategy that many banks are
focusing on in this current information technology age. Richardson & Thompson (1999) points out
that high class website quality is a major step towards satisfied customers, from which creates the
repetition of customers to come back for service transaction to a certain service provider. According
to Reichheld and Schefter (2000), retaining customers on the Internet is costly, and without customer’s
repeated transactions, business competitive advantages will reduce significantly. Therefore, creating
satisfied customer base remains imperative for online service providers. Once the online consumers
are satisfied with their online transaction experience, they are inclined to return to the website and
gradually form intimate relationship with the service providers (Reibstein 2002).
In order to identify the extent of satisfaction that customers experience regarding online banking
service via the website and determine its connection to the level of customer retention, this research

Table 1. Sources of Research in CSI
Researched by

CSI model

Research dimensions

Le Van Huy, Ton
Duc Sau (2014)

CSI model in Vietnamese
mobile services

Transaction convenience, service price. Value added service,
call quality, customer service, brand image, trust, customer

satisfaction

Turel and Serenko
(2006)

CSI model in Canadian
mobile services

Perceived quality, customer expectation, perceived value,
customer satisfaction, customer complaint, price tolerance,
repurchase likelihood

O’Loughlin and
Coenders (2004)

ECSI model in portal service

Image, customer expectation, product hardware quality,
customer service quality, perceived value, customer satisfaction,
customer loyalty
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examine six antecedents of website quality (information quality, navigation, response time, visual
appeal, interactivity and security) and proposed e-CSI model as Figure 1. The e-CSI model is adapted
from the research model suggested by Shilpa and Sheelan (2013) in which e-CSI is recognized as a
main factor in e-Commerce and closely related to customer in online services.

Information Quality
Information quality remain the core concern for customers to go online, which decide whether they are
eager to continue their transaction or not. Therefore, Kim and Lee (2004) claims that providing dated
and accurate information is the basic goal of a website because it customizes customers’ transaction
to serve them better (Kim, Ma and Kim 2006). Furthermore, the updated information also influences
customers on their purchasing decision (Surjadjaja, Ghosh and Antony 2003). Once perceiving that
the information provided is reliable and responsive to their request, customers tend to be satisfied
with transactions, return to the website and recommend their superior experience to others, which
serves as a good promotion channel for banking service.
Thus,
H1: Information quality is positively correlated with customer satisfaction.
Navigation
Without navigation tools, website-based services seem to be too complicated for customers to access
and move around. It is a matter of fact that once consumers perceive a website too time-consuming to
navigate to where they want, they may detect and never return (Luo and Seyedian, 2004). Lohse and
Spiller (1998) shows that 61% of sales conducted on website was completely fulfilled by product list
navigation, which can be explained by customers’ easy access to discover related items and useful
information. Thus, Eagly and Chaiken (1993) believes that websites navigation positively influences
customers’ level of expertise in web-based transaction experiences and their perception towards not
only the website but also service providers also.
Thus,
H2: Navigation is positively correlated with customer satisfaction.

Figure 1. The e-CSI model

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Response Time
In terms of online banking service provision, customers’ demand is evidently high due to their
expectation for service to be conducted instantly. Any delay in transaction or request dealing can
frustrate online customers and keep them from shopping again, which may lead to the word of mouth
of negative experience to potential customer. Therefore, Kim and Stoel (2003) firmly believes that fast
response time imposes significantly positive influence on consumer satisfaction with online shopping.
Regarding the waiting time on the Internet, Weinberg (2000) believes that once the homepage loads
fast enough and customers’ request are thoroughly dealt, the efforts toward acquiring customer
satisfaction will be rewarded.
Thus,
H3: Response time is positively correlated with customer satisfaction.
Visual Appeal
Customer experience with the Website based service is firstly considered by customers in terms of
visual distribution of information and ease of visual attraction. Website contains texts, graphics,
multimedia and other points to call for customers’ curiosity and the demand for a professional website
is paramount (Iwarrden et al., 2004). Chen, Zhang and Huang (2010) identifies a well-established
website as fitted-organized, demonstrative with clear guidance and enhancing visitors’ expertise by
focusing contents as well as building up long term relationship with customers. In contrast, poor
website design leads to the loss of potential customers due to the impossibility for them to find what
they want and the loss of potential repeated visits due to a repetitively negative transaction experience
(Miranda, Cortés and Barriuso, 2006).
Thus,
H4: Visual appeal is positively correlated with customer satisfaction.
Interactivity
Website interactivity involves the two main features of website response and users’ customization
to deliver fitted online experience to customers. According to Srinivasan, Anderson and Ponnavolu
(2002), users’ customization feature is considered as the expertise of the website to identify customers’
behavior, usual transaction and ultimately, recommending some services and promotion products
that fit individual customers’ demand. Zhao and Dholakia (2009) also identifies the components

of website interactivity as keyword seeking tools, personalization and customer feedback as good
support for customers’ online behavior. To that extent, M. Chae et al. (2002) believe that the quality
of interaction between Internet -based content system and transactional customers imposes verified
positive relationship with customer satisfaction.
Thus,
H5: Interactivity is positively correlated with customer satisfaction.
Security
In order for online transaction to be conducted, website data bases usually store a large amount of
individual information. The lack of face-to-face interaction for online service sets higher demand
for customers to be assured of the privacy and security of their transaction. Therefore, S.-H. Hsu
(2008) claims that online security is customers’ major concern over whether to engage in electronic
transactions or not. To the same extent, Madu and Madu (2002) added that the provision of web-based
services should be secure and reliable enough to build a sense of credibility and confidence from
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customers. Based on that, Jarvenpaa and Todd (1997) considers security as an imperative feature in
establishing e-trust in terms of reducing customers’ concerns about the leakage of personal transaction
information. Thus, on perceiving that online privacy is reliable enough that corresponds to customer’s
expectations, they may be willing to submit individual data and conduct transaction online confidently.
Thus,
H6: Security is positively correlated with customer satisfaction.
Customer Satisfaction and Customer Retention
According to Alba & Hutchinson (1987), once customers get accustomed to conduct transactions at a
specific site and are satisfied with the service provider, their purchasing decision would be a habitual
process, which is similar to the finding made by Richardson & Thompson (1999) that superior website
service quality serves as an antecedent of acquiring and maintaining satisfied customers which leads to

customer retention to a certain service provider. Besides the merit points, web-based service delivery
also poses a concern for bank’s managers that the popularity of the Internet enables customers to
switch to another service provider any time and at low cost on perceiving bad transactional online
experience, which threatens level of customer retention. Thus, building customers’ trust, maintaining
high level of satisfaction would lead to customers’ high commitment, which is acknowledged as
intention to maintain a valuable relationship with the site (Park and Kim, 2003).
Thus,
H7: Customer satisfaction is positively correlated with customer retention.
RESEARCH METHoDoLoGy
Sample Selection and Data Collection Method
Variables considered for this research model were based on the prior research of “The influence of
mobile website quality on consumer satisfaction and behavior” by Gao (2013), in which measured
valuable was appropriately modified to identify the research purpose.
Data for the analysis was collected via the delivery of questionnaires to customers of three
commercial banks of Vietinbank, Vietcombank and BIDV in Danang, Hue and Quang Nam province
via direct interview and accessing respondents via email. All the items in the questionnaires apart
from descriptive information were measured using a 5-point scale (1: Strongly disagree, 2: Disagree,
3: Neutral, 4: Agree, 5: Strongly agree). The sample applied for this study analysis was those who
have experienced banking services via the website.
Process of Conducting Research
This research consists of two main steps: pilot research and official research. Pilot study is implemented
to evaluate the research instruments and concepts before conducting official research while the latter
aims to test the theoretical model as well as hypothesis quoted in the study through the application
of statistical methods of SPSS version 16 and AMOS version 20.
Analysis of Structural Equation Model and Measurement of e-CSI
The Structural Equation Modeling was applied to test the validation of e-CSI model in website-based
banking services and the suggested hypotheses by the estimation of path coefficients and R2 value,
in which the former identifies the level of relationship between independent and dependent variables
while the later illustrates the extent of variance clarified by independent variables.

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Besides, based on the previously studied formula applied by O’Loughlin & Coenders (2004) in
the research paper of Estimating European Customer satisfaction index in Postal service, the author
calculates the overall e-CSI (as in Figure 2) of the website quality for Vietnamese web-based banking
services and then, compare the specific e-CSI perceived by customers of the three researched banks.
The formula to calculate e-CSI is as follow:
n

n

∑w x
i

Banking webqual CSI =

i

− ∑ wi

i =1

i =1
n

× 100

9∑ w i
i =1

In which:
x i : the average value of measurement item i
wi: the weight of measurement item i
n: the number of measurement items
In the proposed research model, there are 2 measurement items of customer satisfaction (e-CSI)
and customer retention, then n=2.
Strategic Management Map based on Evaluation of webqual Indicator
According to W. Skok, A. Kophamel and I. Richardson (2001) on their research paper of the
Importance-Performance Maps in Health Club Industry, the strategic management map (as in Figure
3) is considered to examine the extent of importance of Website quality attributes regarding e-CSI
of specific provider.
The purpose of this strategic management map is to make an analysis of the variables attribute to
the formation of e-CSI in website based banking services, from which identifies which quality factors
needs to be focused to generate higher outcome for improvement of customer online behaviors. This
map consists of four quadrants of different evaluation and consideration points: “Keep up”, “Possible
overkill”, “Low priority” and “High priority” which is based on the estimated weight and score of
each website quality attribute.

Figure 2. Strategic Management Map

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RESULTS
Descriptive Statistics
Out of the 285 questionnaires collected from customers experiencing website based banking services
offered by three commercial banks of Vietinbank, Vietcombank and BIDV during the period from
Oct. 2016 to Nov. 2016, 272 feasible answers were processed and analyzed by applying SPSS 16.0
statistical software.
The research sample of customers’ experiencing website based banking services offered by 3
banks of Vietinbank, Vietcombank and BIDV is relatively compatible with 87 (32%), 94 (35%) and
91 (33%) users respectively, which ensures the compatibility of compared banks for better analysis
and generalization. Among 272 responses, male respondents make up 36% while the rate for females
is 64%. Besides, website based banking service is mostly accessed by users of 18 and 30-year-old
group with 76%, followed by 30 to 42-year-old groups. In terms of user by location, Danang boosts the
highest rate of online users with 49% while Quang Nam and Hue province experience comparatively
same rate of 29% and 22% respectively (see Table 2).
Furthermore, customers’ online transaction behavior is clearly clarified by the frequency of
their access to banks’ websites. Out of the sample, the percentage of customers conducting online
transaction via the website at the frequency of 1-3 times/months is the highest with 54% while this
figure for 4-6 times/month is 32%.
Exploratory Factor Analysis, Reliability and Validity of the Constructs
Exploratory factor analysis for dimensions of Website quality, Customer satisfaction and Customer
retention is considered to validate the items for analysis. The value of KMO= 0.843 >0.5, KMO=
0.795, KMO = 0.868 and p = 0.000<0.05 for three dimensions respectively indicates good correlation
Table 2. The Demographic Characteristics of the Sample
Frequency (Percent)

Gender

Age

Location

Female

BIDV

Total

60

48

66

174(64%)

27

46

25

98 (36%)

Total

87 (32%)

94 (35%)

91 (33%)

272

0 - <18 years old

0

1

1

2 (1%)

18 - <30 years old

69

81

57

207 (76%)

30 - <42 years old

15

9

23

47 (17%)

>=42 years old

3

3

10

16 (6%)

Total

87(32%)

94 (35%)

91 (33%)

272

Hue

19

23

17

59 (22%)

Danang

36

49

47

132 (49%)

Quang Nam

32

22

27

81 (29%)

87(32%)

94 (35%)

91 (33%)

272

1-3 times a month

63

39

45

147 (54%)

4-6 times a month

15

46

25

86 (32%)

>6 times a month

9

9

21

39 (14%)

87(32%)

94 (35%)

91 (33%)

272

Total
52

Vietcombank

Male

Total
Frequency of banking website usage

Vietinbank


International Journal of Strategic Decision Sciences
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between the variables and validity of research instruments. Then, Rotated component matrix is applied
to enable the extraction of six factors for website quality dimension labelled: response time, visual
appeal, navigation, security, information quality, interactivity and two other factors labeled customer
satisfaction and customer retention with eigenvalues greater than 1. Furthermore, perceived website
quality variable generating six factors make up 67.423% of the total variance.

Cronbach’s alpha estimated for the measured variables based on extracted factor ranges between
0.79 and 0.85 (as showed in Figure 4), above the threshold of 0.6, which proves the internal consistency
of these factors.
Analysis of Structural Equation Modeling and CSI measurement
Data analysis by Structural Equation Modeling under the CFA result suggested that the data fit the
theoretical model reasonably well (with df = 234, AGFI = 0.879, p < 0.001, RMSEA = 0.075 and
CMIN/DF = 2.849).
In which: *: p < 0.1; **: p < 0.5 and ***: p < 0.01
The result of analysis shows that among 5 extracted factors of website quality, Information
quality boosts the strongest positive correlation with overall e-CSI (β = 0.617), followed by Security
(β =0.569), Response time (β =0.545) and Visual appeal (β = 0.484) which explained 23.0%; 17.6%;
15.1% and 19.21% of overall website quality variance respectively. In the meantime, Customer
satisfaction is closely positively correlated with Customer retention with β =0.794.
Furthermore, by applying the formula of the e-CSI score as showed in Figure 3, the average e-CSI
of banking website quality of Vietnamese banking sector in Central Vietnam is 75.7 with the index
for 3 brands of Vietinbank, Vietcombank and BIDV of 73.0; 77.6 and 76.5 respectively. Of the three
researched banks, customers’ perception of website quality provided by Vietcombank is the highest,
with 2.5% higher than the e-CSI in web-based banking industry sector.

Figure 3. Estimate of e-CSI Model and Hypothesis Testing

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Analysis of Strategic Management Map for Webqual Factor
Based on the result of SEM analysis, in order to identify the compatibility between the extent of
importance and performance of webqual factors in relation to customer satisfaction, the author use the

value of factor coefficients (As showed in Figure 4) as a measure of importance (estimated weight)
and calculate the value of performance under CSI formula (As outlined in Figure 3). The estimated
value is shown in Table 3.
According to the Importance–Performance Matrix, website quality factors of Response time and
Visual appeal in High priority quadrant requires the most attention from banks’ manager in Website
based banking service because this attribute is importantly correlated with customer satisfaction
but low performance. Besides, two attributes in the “Keep up” quadrant of Information quality and
Security need to be well maintained due to their high Importance and Performance, which is similar
to the finding suggested by Turban and Gehrke (2000) that information quality and security are
considered as the most important element of a website and found to be directly related to website
success (Liu and Arnett, 2000). In contrast, paying attention to Interactivity and Navigation features
is less motivated by research result due to their least positive effect on customers’ perception.
CoNCLUSIoN AND IMPLICATIoN
This study focuses on the identification of website quality attributes in relation to customer satisfaction
and customer retention to website based banking service in Vietnamese banking system. In that
aspect, Information quality, Security, Visual appeal and Response time are practically found to impose
significant influence on customer satisfaction. However, the level of attention that banks’ managers
pay to each of these attributes in an effort to improve banking service offered via the Website is
diverse due to their extent of importance and performance in relation to customer’s perception. Among
them, Information quality is the most considerable contributor to customer satisfaction and found
to continue its path for the success of banking delivery channel of Website, which is also supported
by Gao (2013) that Customers will be satisfied with the result when they find the information they
need on provided website.
While Gao (2013) proves Interactivity and Navigation to save time, effort and contribute to
customers’ perceived ease of use, data analysis does not identify its proposedly positive relationship
to customer satisfaction. Furthermore, E-commerce website quality is proved to be crucial in
technological banking service age in which customer satisfaction would motivate repeated behavior
in conducting transaction. This finding is enhanced by Bai, Law and Wen (2008) that customers’
attitude towards website quality directly promotes their purchasing intentions, revisiting the sites and
eventually become repeat customers.

One of the most importantly contributing finding suggested by the research is the development
and measurement of electronic Customer Satisfaction Index (e-CSI) regarding customers’ perception
Table 3. Result of Importance-Performance analysis for webqual factor
Webqual factor
Information quality

Performance

Importance (Estimated weight)

78.1

0.617

Navigation

73.9

0.207

Response time

75.9

0.545

Visual appeal

76.1

0.484

Interactivity

76.0

0.216

Security

78.4

0.569

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Figure 4. Result of Importance-Performance analysis for webqual factor

of website-based banking service offered by Vietinbank, Vietcombank and BIDV. With high reputation
and long-lasting competitive advantages in traditional delivery channel, the popularity of website
based banking service really challenges these banks to make innovation, access to the huge online
customer database, ensure the transparency and instant updating of customized transactional features
for the fluency of customer experience. Based on the evaluation, Vietcombank boosts the highest
e-CSI as compared to BIDV and Vietinbank in website-based banking service. With the full range of
superior service provided online, constant innovative features and competitive transactional connection
to financial system worldwide, Vietcombank is currently on its path to manipulate retail banking

sectors and acquire customers’ fulfillment with professional online experience.
A limitation of this study is that data analysis is merely based on a specific target sampling
frame, which limits the participation of greater respondents and other website based banking services
offered by other banks in the region. A customer may experience more than one of the selected
three bank’s services and they may also share their experience of the website quality attributes by
the three banks based on their previous transaction, so that other qualitative ideas may be collected
from their experiences. This study could, to some extent, provide significant theoretical and practical
contributions to the analysis of electronic banking services.
ACKNowLEDGMENT
The authors would like to thank the anonymous reviewers and the editor for their insightful comments
and suggestions.

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ENDNoTES
1

Financial deepening is considered as improving the efficiency, the depth, such as credit intermediation, the
range of markets and instruments, and access to the financial systems (Goyal et al., 2011).” International
Monetary Fund (2012, p. 4)

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Le Van Huy is an Associate Professor of University of Economics – The University of Danang. His research interests
are Marketing, E-commerce, Innovation in Banking. Le Van Huy has published his research papers in Journals
such as Journal of Global Information Management, Journal of Applied Global Research, Journal of Economic
Development, Journal of Economic Studies, among others.
Pham Long is an Assistant Professor of School of Management, College of Business & Social Sciences, University
of Louisiana at Monroe, USA. He received his PhD in Business Administration at New Mexico State University. His
research interests are E-banking, E-finance, Negotiation Analysis, E-negotiation, Online Auctions, E-commerce,
E-purchasing and Multiple Criteria Decision Making. Pham Long has published in Journals such as Business
Studies Journal, International Journal of Entrepreneurship, Journal of International Business Research, Academy
of Banking Studies Journal, International Journal of Strategic Decision Sciences, International Journal of Enterprise
Information Systems, Decision Support Systems, European Journal of Operational Research, among others.
Aidan O’Connor is Professor of Strategy and International Business at ESCEM, France. He obtained his doctorate
from the Université de Lausanne, Ecole des Hautes Etudes Commerciales. His research focuses on strategy
and, in particular, on the banking industry. His book Trade, Investment and Competition in International Banking
was published by Palgrave. He has published internationally in journals, such as International Journal of Bank
Marketing, Benchmarking: An International Journal, Decision Support Systems, International Journal of Applied
Decision Sciences, and Technological and Economic Development of Economy.
Pham Dinh Tuyen is a former student in Finance – Banking Department of University of Economics – The University
of Danang. He is currently following the Master course in Finance – Accounting at the University of Westminster
– London, UK. He has published his research papers in Journals such as Journal of Economic Development –
University of Economics, Ho Chi Minh city, Journal of Economic Studies – University of Economics, University of
Danang.

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