The impact of perceived value factors on customers's trust and loyalty for internet banking service

Abstract

This study identifies factors that affect the perceived value of users of Internet Banking services and the degree of influence of factors in the research theory model on trust and loyalty in the period from 2019 to 2020. The model is tested with 420 random customers who live in Ho Chi Minh City continuously for 6 months or more, have at least one bank account and make at least one monthly transaction through online banking. During the conduct of the research, which occurred simultaneously with the fourth outbreak of the Covid-19 epidemic in Vietnam, most of the livelihoods of many households were severely affected by the production shutdown, the reduction of working hours as well as the diversion to online working from home. During that time, in order to promote the maintenance of transactions, the government encouraged non-cash payment. This factor has made the online banking industry a potential market for development and competition among service providers. This research paper aims to support the bank's administrators in designing policies and developing online banking products and services in accordance with the actual needs of customers. The results of the study showed that the factors of performance value, convenience value, monetary value, emotional value and brand integration value together have a positive impact on the perceived value of customers of Internet Banking services. In addition, perceived value and trust have a positive impact on the loyalty of customers using online banking services. In particular, perceived value has a much more positive impact.