The Role of Security Privacy Usability A

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The role of
The role of security, privacy, security
usability and reputation in the
development of online banking
583
Luis V. Casaló, Carlos Flavián and Miguel Guinalı́u
Faculty of Economics and Business Studies, University of Zaragoza, Refereed article received
Zaragoza, Spain 31 March 2007
Revision approved for
publication 26 April 2007
Downloaded by UNIVERSIDAD DE ZARAGOZA At 03:02 13 April 2016 (PT)
Abstract
Purpose – The purpose of this research is to analyse the influence of perceived web site security and
privacy, usability and reputation on consumer trust in the context of online banking. Moreover, the
paper also aims to analyse the trust-commitment relationship since commitment is a key variable for
establishing successful long-term relationships with customers.
Design/methodology/approach – The paper describes the positive effects of security and privacy,
usability and reputation on consumer trust in a web site in the online banking context. Besides this, it
also suggests that trust has a positive effect on consumer commitment. After the validation of
measurement scales, the hypotheses are contrasted through structural modelling. Finally, the paper
compares the hypothesised model with a rival one in order to test the mediating role of trust.
Findings – The data showed that web site security and privacy, usability and reputation have a
direct and significant effect on consumer trust in a financial services web site. Besides this, consumer
trust is positively related to relationship commitment. Finally, it is observed that trust is a key
mediating factor in the development of relationship commitment in the online banking context.
Research implications/limitations – The high costs every company has to face in order to attract
new customers make it increasingly necessary to reinforce the ties established with customers. In this
respect, this research offers several alternatives for improving the levels of consumer trust and
commitment in the context of online banking. The limitation is that data were collected to a web
survey only of Spanish-speaking subjects.
Originality/value – This study proposes a model for analysing empirically the link between
security, privacy and trust, amongst others, in the online banking context.
Keywords Data security, Privacy, Trust, Commitment, Virtual banking
Paper type Research paper
Introduction
Lack of consumer trust has traditionally been considered to be a major impediment to a
more rapid development of online transactions and commercial relationships (e.g.
Schlosser et al., 2006). Indeed, Bargh and McKenna (2004) state that purchasing
through the internet requires consumer trust, since consumers have to provide their
credit card numbers and other personal information. This distrust is a consequence of
the particular characteristics of the internet when compared to transactions carried out
through traditional channels (e.g. lack of physical interaction with the seller, payment
by credit card prior to the delivery of goods, etc.). Thus, consumers perceive a greater Online Information Review
Vol. 31 No. 5, 2007
pp. 583-603
q Emerald Group Publishing Limited
The authors are grateful for the financial support received from the Spanish Ministry of Science 1468-4527
and Technology (SEJ2005-4972; PM34; AP2005-2823) and the Aragón Government (S-46). DOI 10.1108/14684520710832315
OIR uncertainty when a transaction is carried out by the internet (Harris and Goode, 2004)
31,5 and they are still very concerned about the use, treatment and potential transfer of their
private data- as well as security in the online context (Flavián and Guinalı́u, 2006).
Therefore, several authors have considered security and privacy to be two major
prerequisites for online trust (e.g. Kruck et al., 2002; Harris Interactive, 2002; Flavián
and Guinalı́u, 2006). However, most of the studies that have analysed the relationship
584 between these concepts in the online context have been conducted at the conceptual
level (e.g. Deakins and Dillon, 2002). Besides, there is still a lack of studies where the
context of analysis is to be found in the relationships between consumers and banks
over the internet. Thus, with the aim of moving on this topic, this study puts forward a
model to analyse the relationship between perceived web site security, privacy and
consumer trust in the context of online banking. In addition, due to the importance of
trust that we have noted previously, we also aim to characterise consumer trust in a
financial services web site in great detail. Then, based on an in-depth review of
relevant literature, we consider that web site perceived usability and reputation may be
also seen as two major precursors of consumer trust.
Finally, we also analyse the trust-commitment relationship in the online banking
context since commitment is a key variable for establishing and maintaining
successful long-term relationships with customers (e.g. Venetis and Gauri, 2000;
Morgan and Hunt, 1994). Therefore, commitment development has become a major
objective of managers in order to establish stable relationships and networks with
current customers (Bauer et al., 2002).
Taking into account the previous considerations, the paper is structured as follows:
firstly, we carry out an in-depth review of the relevant literature concerning the
variables included in the study; secondly, we formalise the hypotheses, and
subsequently, we explain the processes of data collection and measures validation.
Finally, we present the results and conclusions of the study, and outline possibilities
for future research.
Literature review
In this section, thanks to an exhaustive literature review, we characterise the variables
included in the study: perceived web site privacy and security, web site usability,
reputation, consumer trust, and commitment to a financial services web site.
Privacy and security

In general, privacy refers to the protection of personal information. To be precise,
Clarke (1999) defines privacy as the individual’s right to be alone and he considers
several dimensions like privacy of the individual’s body, behaviour, communications
and personal data. Where the internet is concerned, privacy affects aspects such as the
obtaining, distribution or the non-authorised use of personal information (Wang et al.,
1998). The growing capacity of new technology for information processing, plus its
complexity have made privacy an increasingly important issue. This fact is increasing
consumer distrust as to how personal data is being gathered and processed in online
transactions and, as a consequence, it is becoming a major obstacle to the spread of
e-commerce (Flavián and Guinalı́u, 2006), due basically to the loss of control perceived
by the user over the use of personal information supplied to the seller.
As well as problems with the lack of privacy, the lack of security as perceived by The role of
online consumers is another of the main obstacles to the development of e-commerce security
(Furnell and Karweni, 1999). In the context of the internet, security refers to the
perceptions about security regarding the means of payment and the mechanism for
storing and transmission of information (Kolsaker and Payne, 2002). Thus, as Flavián and
Guinalı́u (2006) point out, what we are talking about here are the technical aspects that
ensure the integrity, confidentiality, authentication and non-recognition of relationships. 585
In summary, it is possible to state that privacy refers to a set of legal requirements
and good practices with regard to the handling of personal data, whereas security
refers to the technical guarantees that ensure that the legal requirements and good
practices with regard to privacy will be met effectively (Casaló et al., 2006). However,
these two variables are clearly related, as may be seen in three clearly distinct areas
(Flavián and Guinalı́u, 2006). Firstly, it should be emphasised that there is a close
relationship between the two concepts in the mind of consumers and as a result, they
usually confuse them. Secondly, companies also tend to handle both concepts jointly.
Thirdly, public institutions also view both concepts as running side by side. Thus,
legislative measures are used to include those of a procedural nature (e.g. regarding the
collection, use and transfer of private data) and others of a purely technical nature.
Thus, it seems fair to say that in view of the particularities of the privacy and security
variables, the two need to be handled as distinct concepts. However, as we have seen, not
only the consumer, but also the company and the legislator perceive that the two
concepts have a close relationship. This fact suggests the need for the two variables to be
dimensions of a single construct. This construct, called perceived security in the
handling of private data (SHPD), shows the consumer’s perception of practices regarding
personal data protection carried out by the financial services web site, and the security of
the information system in which these practices are to be found.
Usability
In general, we may define the concept of usability as the effort required to use a
computer system. For instance, Nielsen (1994) suggests that usability concerns several
aspects such as the ease with which the user is capable of learning to manage the
system, the ease of memorising the basic functions, the grade of efficiency with which
the site has been designed, the degree of error avoidance and the general satisfaction of
the user in terms of manageability. In summary, we consider that usability represents
how well users can use a given system (Nielsen, 1994) and therefore, greater levels of
usability will be associated to lower levels of difficulty to manage that functionality
(Davis, 1989). As a consequence, usability has traditionally been considered a key
factor for predicting intentions to use a system (e.g. Teo et al., 2003).
More specifically, web site usability reflects the perceived ease of navigating the site
or making purchases through the internet and is considered a critical factor on the
development of electronic commerce (Flavián et al., 2006). Briefly, the concept of web
site usability considers the following factors:
.
the ease of understanding the structure of a system, its functions, interface and
the contents that can be observed by the user;
.
simplicity of use of the web site in its initial stages;
.
the speed with which the users can find what they are looking for;
OIR .
the perceived ease of site navigation in terms of time required and action
31,5 necessary in order to obtain the desired results; and
.
the ability of the users to control what they are doing, and where they are, at any
given moment.
Reputation
586 The concept of reputation has been looked at from many different perspectives, such as
Applied Economics (Shapiro, 1983) or Strategic Management (Fombrun and Shanley,
1990). From a marketing perspective, the concept of reputation has often been
associated with the idea of brand equity (Aaker, 1996) or the organisation’s credibility
to its customers (e.g. Hyde and Gosschalk, 2005). In general, reputation may be
considered as the result of the organisation’s relational history with the context in
which it functions. In this respect, the set of interactions produced between the
company and its customers will be a source of information for them to appreciate the
quality of the products in comparison with the available alternatives (Yoon and Kim,
2000). That is, reputation may influence how consumers perceive a firm’s products
compared to those of competing companies (Fombrun and Shanley, 1990) and
therefore, it may affect consumer purchasing behaviour.
From a more global perspective, reputation may also be associated with the
organisation’s credibility. In this case, reputation would be the result of the comparison
between what the company promises and what they eventually fulfil. Thus, reputation
would show how honest the company is and how much it cares for their customers
(Doney and Cannon, 1997). On the other hand, it is important to note that reputation is
an unstable active, since it can change during the company’s life span. In this respect,
some authors (e.g. Herbig et al., 1994) point out that it is more difficult to gain a good
reputation than to lose it, since negative actions have a more intense impact on the
consumer than positive ones.
Trust
The concept of trust has often been associated with the achievement of long-lasting
and profitable relationships (e.g. Anderson and Narus, 1990) and traditionally, it has
been seen as being made up of two basic components: cognitive and behavioural
(Moorman et al., 1992; Moorman et al., 1993). Several authors (e.g. Mayer et al., 1995)
have proposed that the cognitive component reflects the result of the assessment that
one party makes of the credibility and goodwill of the other party. The behavioural
component assimilates trust with the willingness or desire to follow a particular
behavioural pattern. However, the concept of trust has usually been analysed from a
cognitive perspective (e.g. Flavián and Guinalı́u, 2006) and, in line with this point of
view, Morgan and Hunt (1994) note that the inclusion of the behavioural component
may be redundant as it is a consequence of the cognitive component but it cannot be
considered as a distinctive element of the concept of trust.
From a cognitive point of view, it has usually been suggested that in perceived high
risk contexts such as the internet (Flavián and Guinalı́u, 2006), trust may be defined by
three types of beliefs which refer to the levels of competence, honesty and benevolence as
perceived by the individual (e.g. Ridings et al., 2002; Flavián and Guinalı́u, 2006; Mayer
et al., 1995). To be precise, competence refers to the consumer’s perceptions of the seller’s
knowledge and skills to complete a relationship and satisfy the needs of their clients
(Coulter and Coulter, 2002). In turn, honesty is the belief that the other party will keep The role of
their word, fulfil their promises and be sincere (Doney and Cannon, 1997). Finally, security
benevolence reflects the belief that one of the parties is interested in the well-being of the
other. Indeed, a benevolent attitude is expected to condition the behaviour of the other
party in the event that unforeseen circumstances arise (Ganesan, 1994).
Taking into account the previous considerations, we propose that the concept of
trust placed in a financial services web site may be considered a construct formed by 587
three different dimensions: honesty, benevolence and competence.
Commitment
Relationship commitment may be defined as the enduring desire to maintain a
relationship that is considered important and valuable (Moorman et al., 1992).
Therefore, a party committed to a relationship is motivated to maintain it and will

work for that purpose (Morgan and Hunt, 1994).
The concept of commitment is complex but it is possible to identify several
typologies or dimensions involved (Gundlach et al., 1995). In general, we can
distinguish between calculative and affective commitment (Gustafsson et al., 2005):
.
Calculative commitment is caused by the existence of sunk and switching costs (e.g.
Anderson and Weitz, 1992). In this case, an individual will be committed to the
relationship due to the fact that the value of the resources invested in the relationship
would be substantially decreased if the individual chose to finish the relationship
and start another one. Calculative commitment can also arise when there are no
attractive alternatives to the established relationship (Gustafsson et al., 2005).
.
Affective commitment emerges as a consequence of the emotional feelings and
closeness between the parties (e.g. Meyer et al., 1993). More specifically, affective
commitment assumes that both parties involved in a relationship will be
interested in continuing it in the long-term (Anderson and Weitz, 1992). Indeed,
some authors propose that affective commitment determines the consumer’s
desire to continue with the relationship in the future (e.g. Roberts et al., 2003).
According to Stern (1997), affective commitment is developed through time, as a
result of the fact that consumers get used to positive emotional responses and as
a consequence more security is generated in the relationship.
In addition, the concept of commitment is especially relevant due to the fact that it also
influences buyer behaviour and favours the development of brand loyalty (Morgan and
Hunt, 1994), which is a major objective for most of the organisations (Andreassen, 1999).
Therefore, the importance of commitment in the context of electronic banking is very
high since it may be considered to be an antecedent of the ongoing use of a financial
service web site, which may increase the levels of consumer loyalty to that web site.
Hypothesis formulation
According to the possible connection between trust and the perceived security in
handling private data, a direct relationship might be established between the two
concepts. Traditionally, privacy has been considered a basic element for the development
of trust (e.g. Moorman et al., 1993) and, concerning the online context, some authors have
considered the concepts of privacy and security as two major antecedents of trust (e.g.
Deakins and Dillon, 2002, Flavián and Guinalı́u, 2006). In addition, several studies have
OIR noted the possible link between the low level of trust in relationships established over the
31,5 internet and the high level of consumers’ concern about their privacy and security. For
instance, a study conducted in the European Commission (2004) showed that only 23 per
cent of European online purchasers fully trusted the internet as a purchasing channel. In
addition, security when paying was the aspect that most concerned them, with levels
reaching 48 per cent. Similarly, a study carried out by Harris Interactive (2002) in the
588 United States shows that three of the main sources of internet distrust are aspects related
to the concepts of privacy and security:
.
the fact that companies might transfer personal data to others without express
consent;
.
transactions might not be secure; and
.
hackers might steal personal information.
Taking into account the previous considerations, the relationship between the concepts
of trust and perceived security is evident in personal data handling and should be
examined in greater detail. With the aim of testing this connection in the online
banking context, the following hypothesis is proposed:
H1. In the context of online banking, the consumers’ perception of security with
regard to the handling of their personal data has a direct and positive
influence on the degree of trust placed in a web site.
The ease of use of a computer system favours trust levels (Flavián et al., 2006), but the
presence of this interaction in the online banking context has not been analysed in
depth. From a global perspective, we can establish several arguments about the
influence of usability on trust:
.
Greater usability reduces the likelihood of error, which is a key aspect when
providing financial services online, and may help to improve consumer trust
levels. In addition, greater usability favours minor searching costs (Bakos, 1997)
and a better comprehension of the contents and tasks in a web site.
.
Greater usability offers more security to web site users. Consequently, greater
self-confidence might improve consumer trust in the web site (Kantowitz et al., 1997).
.
Greater usability offers a comfortable atmosphere that might favour a more
positive consumer disposition. Indeed, web site usability helps to make
information transparent, favours communication and interaction between the
parties, simplifies the transaction process, and allows users to find what they are
looking for at any given moment in a simple manner (Corritore et al., 2003).
.
Greater usability of a web site promotes user trust by increasing the ability to
predict web site behaviour in the future.
Therefore, in the context of online banking, the level of usability may help the
individual to acquire a degree of ability that will increase the level of trust in the web
site. According to the previous arguments, we suggest the hypothesis:
H2. In the context of online banking, the degree of web site usability perceived by
the consumer has a direct and positive influence on the degree of trust shown
in that same web site.
The lack of physical contact increases the uncertainty of online relationships. In The role of
addition, the fact that most of the firms that operate through the internet are new to the security
consumer generates a feeling of distrust in the individual. As a consequence, the
consumer’s perceived risk is higher when a transaction is carried out through the
internet (Harris and Goode, 2004). Thus, in the absence of physical contact, firms could
enhance their web site’s reputation in order to diminish the perceived risk by the
consumer. 589
The number of studies analysing corporate reputation on the internet is increasing
continually and several authors have associated the concept of reputation with
consumer trust in the online context (e.g. Jarvenpaa et al., 2000). The level of reputation
that a customer assigns to an organisation depends on the extent to which the
organisation is seen as honest and the concern shown for its customers (Doney and
Cannon, 1997). Therefore reputation will be created in accordance with the extent to
which the organisation meets its commitments to its customers and how it handles
them. For this reason, we propose that in the online banking context the web site’s
reputation is directly related to the trust placed by the consumer in that web site:
H3. In the context of online banking, greater levels of perceived web site
reputation are directly and positively related to greater levels of trust placed
in that web site.
Most of the studies analysing the relationship between the concepts of trust and
commitment have been conducted on the inter-organisational context (e.g. Anderson
and Weitz, 1992; Ganesan, 1994). However, the number of works that analyse the link
between trust and commitment in the context of the business to consumer relationship
is scarce, especially in online relationships. Besides, there is a lack of studies that
analyse this connection in the online banking context.
Regarding transactions carried out on the internet, it is reasonable to think that the
trust-commitment relationship must be similar to the one found in other distribution
channels (Corritore et al., 2003). In this respect, the literature has traditionally
emphasised that greater levels of trust improve the level of commitment to a given
relationship (e.g. Moorman et al. 1992). More specifically, some authors have pointed
out that a relationship in which both parties trust each other generates enough value
that the parties will be committed to the relationship (e.g. Garbarino and Johnson, 1999;
Molm et al., 2000). This greater value generated by trust is the consequence of the role
of trust in decreasing the consumer’s perceived risk. When one of the parties is
vulnerable to the behaviour of the other party, and this behaviour and the possible
results of the relationship are uncertain, commitment to the relationship will be only be
produced when there are guarantees that there is relative control over those risks. This
control is offered mainly through the concept of trust (Garbarino and Johnson, 1999)
since trust means that one of the parties involved in a relationship will think that the
other party will not exploit its vulnerabilities (Corritore et al., 2003). Therefore, the
decrease of uncertainty in either a transaction or a relationship is an important result
derived from the process of trust building (Mitchell, 1999). In this way, the consumer’s
commitment will only be possible if the individual trusts the organisation. Taking into
account that the consumer perceives greater risk in internet transactions, it is
reasonable to think that the effect of trust on commitment will be direct and positive.
Indeed, it is possible that the effect of trust on commitment in the context of the internet
OIR could be even greater as the perceived risk is also greater. Therefore, taking into
31,5 account the previous considerations, we propose our last hypothesis:
H4. In the context of online banking, greater levels of trust are directly and
positively related to greater levels of affective commitment to a web site.
590 Data collection

Data were collected thanks to a web survey using Spanish-speaking subjects. This
method of collecting the data is consistent with the habitual research practice in the
online context (e.g. Steenkamp and Geyskens, 2006). In order to obtain the responses
several banners and posts were included on heavy traffic online media web sites, e-mail
distribution lists and well-known electronic forums. The selection of the media for
promotion of the research was founded on:

.
the level of awareness among the Spanish-speaking community;
.
traffic level; and
.
availability.
Banners were published for one month and posts were collected twice per month.
Lastly, potential interviewees were linked to a specific web site where they could
answer the questionnaire and obtain all the information about the research project.
We followed the recommendations of Roberts et al. (2003) – to allow subjects to
choose the web site for analysis – as the objective of this project was to understand
online consumer behaviour regardless of what type of financial service was being
distributed. However, it was a prerequisite that the subject had made transactions
through the selected web site several times during the previous year. The web sites
selected by the interviewees were well-known and included important financial
services providers such as BBVA or ING, among others. Subjects had to respond to
several questions about their levels of trust, security, privacy, perceived reputation and
usability in the financial services web site they had selected, as well as about their
commitment to that web site. All questions were measured on a seven-point Likert
scale.
Our non-random method of collecting the data (volunteer sampling) generated 142
valid questionnaires (atypical cases, repeated responses and incomplete questionnaires
were controlled[1]). As it was not possible to statistically assess the reliability or
possible bias of non-random samples we compared some of the survey results with
available information about the population. Thus, we compared the socio-demographic
characteristics of the sample with other studies on the online Spanish-speaking
population (AECE and AIMC). Table I shows a comparison of the three studies. The
results are very similar and as a consequence, we may conclude that our sample
represents the profile of the average Spanish-speaking internet user (see Appendix).
Measures validation
The process of validation included the following stages:
Content and face validity

Scale development was based on the review of the most relevant literature on
relationship marketing and the recent advances in e-marketing (see Table II).
The role of
AIMC AIMC AECE
(2004) (2005) (2004) security
Sample size 142 53.647 497
Age ,20 (%) 0.7 8.3 7.2
Age (20-24) (%) 9.9 21.3 13.9
Age (25-34) (%) 60.6 39.6 37.7 591
Age (35-44) (%) 19 19.4 22.8
Age .44 (%) 9.8 11.5 11.8
Sex (males) (%) 65.5 68.6 69.3
Educational level (non primary education) 81.7 89.9 89.8
Internet experience (more than five years experience using the internet) 42.3 51.9 Table I.
Access frequency (logging on several times a day) 95.1 89.3 The representative nature
Last access to the Internet (accessed the Internet yesterday) 90.8 94.3 of the data collected
Variable Adapted from
Privacy O’Cass and Fenech (2003) and Cheung and Lee (2001)
Security Ranganathan and Ganapathy (2002) and O’Cass and Fenech (2003)
Usability Flavián et al. (2006); Roy et al. (2001) and Kirakowski et al. (1998)
Trust Kumar et al. (1995); Doney and Canon (1997) and Roy et al. (2001) Table II.
Commitment Moorman et al. (1992); Anderson and Weitz (1992); Kumar et al. (1995) Content validity
From the literature review an initial set of items was proposed. Due to the lack of valid
scales adapted to online banking transactions, it was necessary to adapt the initial
scales. This adaptation had the objective of guaranteeing the face validity of the
measurement instruments. Face validity is defined as the degree to which respondents
judge the items appropriate to the targeted construct and it is habitually confused with
content validity. Nevertheless, content validity is the degree to which items correctly
represent the theoretical content of the construct and it is guaranteed by the in-depth
literature review undertaken. Face validity was tested through a variation of the
Zaichkowsky (1985) method, whereby each item is qualified by a panel of experts as
“clearly representative”, “somewhat representative” or “not representative” of the
construct of interest. In line with Lichtenstein et al. (1990) an item was retained if a high
level of consensus was observed among the experts.
Exploratory analysis of reliability and dimensionality

The validation measuring process started with an initial exploratory analysis of
reliability and dimensionality (Anderson and Gerbing, 1988). The Cronbach alpha
indicator was used to assess the initial reliability of the scales, considering a minimum
value of 0.7 (e.g. Cronbach, 1970). The item-total correlation was used to improve the
levels of the Cronbach alpha, considering a minimum value of 0.3 (Nurosis, 1993). All
items were adjusted to the required levels.
Secondly, we proceeded to evaluate the unidimensionality of the proposed scales by
carrying out a principal components analysis. Factor extraction was based on the
existence of eigenvalues higher than 1. In addition, it was required that factorial
loadings were higher than 0.5 points and a significant total explained variance (Hair
OIR et al., 1998). Only one factor was extracted from each scale: usability, reputation,
31,5 security, privacy, honesty, benevolence, competence and commitment.
Confirmatory analysis of dimensionality

With the aim of confirming the dimensional structure of the scales, we used the
Confirmatory Factor Analysis. That is, we included all individual-level constructs in a
592 single confirmatory factor model. In addition, this strategy also allows for a stringent
test of convergent and discriminatory validity (Steenkamp and Geyskens, 2006). We
employed the statistical software EQS version 6.1. As an estimation method we chose
Robust Maximum Likelihood, since it affords more security in samples which might
not present multivariate normality. We followed the criteria proposed by Jöreskog and
Sörbom (1993):
.
the weak convergence criterion means eliminating indicators that do not show
significant factor regression coefficients (t student . 2.58; p ¼ 0:01);
.
the strong convergence criterion involves eliminating non-substantial indicators,
those indicators whose standardised coefficients are lower than 0.5; and
.
according to the suggestion of Jöreskog and Sörbom, we also eliminated the
indicators that least contribute to the explanation of the model, taking R 2 , 0.3
as a cut-off point.
Following these recommendations, we obtained acceptable levels of convergence, R 2 and

model fit. Finally, in order to confirm the existence of multidimensionality in the trust
and SHPD scales, a rival models strategy was developed (e.g. Hair et al., 1998). Broadly
speaking, we compared a second order model in which various dimensions measured the
multidimensional construct under consideration, with a first order model in which all the
items weighed on a single factor (Steenkamp and Van Trijp, 1991). The results showed
that the second order models had a much better fit than the first order models (see
Table III: models FOTRUST, SOTRUST, FOSHPD, and SOSHPD). These results allow
us to conclude that the trust and SHPD scales showed a multidimensional nature.
Composite reliability
Although the Cronbach alpha indicator is the most frequently used test for assessing
reliability, some authors consider that it underestimates reliability (e.g. Smith, 1974).
Consequently, the use of composite reliability has been suggested (Jöreskog, 1971),
FOTRUST SOTRUST FOSHPD SOSHPD

486.731 229.640 680.260 536.928
90 d.f. 88 d.f. 77 d.f. 76 d.f.
x2 p , 0.001 p , 0.001 p , 0.001 p , 0.001
RMSEA 0.135 0.071 0.144 0.139

90% Confidence Interval of RMSEA (0.119, 0.151) (0.051, 0.090) (0.126, 0.160) (0.122, 0.156)
Bentler-Bonett Normed Fit Index (NFI) 0.708 0.863 0.698 0.819
Bentler-Bonett Nonnormed Fit Index (NNFI) 0.729 0.925 0.712 0.829
Table III. CFI 0.767 0.937 0.753 0.874
Multidimensionality IFI 0.771 0.938 0.757 0.877
analysis Normed x2 5.408 2.609 8.834 7.064
using a cut-off value of 0.65 (Steenkamp and Geyskens, 2006). The results, which are The role of
shown in Table IV, were satisfactory. security
Construct validity
Construct validity was assessed by considering two types of criteria: convergent and
discriminatory validity:
(1) Convergent validity. This shows if the items that compose a determined scale 593
converge on only one construct. It was tested by checking that the factor
loadings of the confirmatory model were statistically significant (level of 0.01)
and higher than 0.5 points (Sanzo et al., 2003). Results showed that all the
indicators loaded significantly ( p , 0.001) and substantively (all factor
loadings went beyond 0.5) on their proposed constructs, providing evidence of
convergent validity of the measures (Steenkamp and Geyskens, 2006).

(2) Discriminatory validity. This verifies whether a determined construct is
significantly distinct from other constructs that are not theoretically related to
it. We tested discriminatory validity in two ways: Firstly, we checked that the
correlations between the variables in the confirmatory model were not much
higher than 0.8 points (Bagozzi, 1994). Secondly, we checked that the value 1 did
not appear in the confidence interval of the correlations between the different
variables. Results showed an acceptable level of discrimination (see Table V)
since all pairs of constructs satisfied both criteria.
Results
With the objective of testing the proposed hypothesis we developed a structural
equations model that can be seen in Figure 1. We observed that all hypotheses were
supported at the 0.01 level and, in a similar way, model fit was also acceptable
(Chi – square ¼ 324:084, 146 df, p , 0.001; Comparative Fit Index ðCFIÞ ¼ 0:903; Bollen
(IFI) Fit Index ¼ 0:904; Bentler-Bonett Normed Fit Index ¼ 0:816; Bentler-Bonett
Nonnormed Fit Index ¼ 0:886; Root Mean Square Error of App. ðRMESAÞ ¼ 0:079;
90 per cent Confidence Interval of RMESA (0.065, 0.093); normed Chi – Square ¼ 2:225).
It was also notable that this model has allowed us to explain at a very high level the
consumer trust in a financial services web site (R 2 ¼ 0:776). Besides, according to the
standardised estimates, we may say that trust is clearly and positively influenced by
the security in handling personal data (b ¼ 0:664) and reputation (b ¼ 0:501), and to a
lesser extent by perceived web site usability (b ¼ 0:29). At the same time, the
consumer’s commitment to a financial services web site can be clearly explained
Construct reliability
Privacy 0.88
Security 0.93
Usability 0.88
Reputation 0.78
Honesty 0.85
Benevolence 0.86
Competente 0.80 Table IV.
Commitment 0.74 Composite reliability
OIR
95% confidence 95% confidence
31,5 Correlation interval Correlation interval
SEC-USAB 0.41 * 0.2728 0.5472 USAB-HON 0.572 * 0.44068 0.70332

SEC-REP 0.22 * 0.04556 0.39444 USAB-BENEV 0.52 * 0.38868 0.65132
SEC-PRIV 0.78 * 0.67808 0.88192 USAB-COMP 0.56 * 0.41692 0.70308
594 SEC-HON 0.428 * 0.26336 0.59264 USAB-COMM 0.515 * 0.368 0.662
SEC-BENEV 0.517 * 0.36804 0.66596 REP-HON 0.653 * 0.51972 0.78628
SEC-COMP 0.564 * 0.40916 0.71884 REP-BENEV 0.527 * 0.38784 0.66616
SEC-COMM 0.468 * 0.27396 0.66204 REP-COMP 0.508 * 0.36688 0.64912
PRIV-USAB 0.41 * 0.28456 0.53544 REP-COMM 0.478 * 0.32512 0.63088
PRIV-REP 0.283 * 0.09484 0.47116 HON-BENEV 0.626 * 0.51036 0.74164
PRIV-HON 0.489 * 0.31456 0.66344 HON-COMP 0.612 * 0.49048 0.73352
PRIV-BENEV 0.641 * 0.50576 0.77624 HON-COMM 0.47 * 0.30732 0.63268

PRIV-COMP 0.648 * 0.48728 0.80872 BENEV-COMP 0.786 * 0.70368 0.86832
PRIV-COMM 0.374 * 0.14272 0.60528 BENEV-COMM 0.551 * 0.36676 0.73524
USAB-REP 0.42 * 0.25928 0.58072 COMP-COMM 0.538 * 0.36356 0.71244
Table V.
Discriminatory validity Note: * Coefficients significant to a level of 0.01
Figure 1.
The structural equation
model
(R 2 ¼ 0:334) by: the direct effect of trust on the relationship commitment; and the The role of
indirect effect of web site usability, reputation and security in the handling of private security
data on commitment through consumer trust.
Rival model
In addition, we also compared our proposed model with a rival one since it has
traditionally been agreed that researchers should contrast rival models and not just 595
evaluate the performance of a proposed one (e.g. Algesheimer et al., 2005; Bloemer and
Odekerken, 2003). Indeed, one of the advantages of structural equation modelling is that it
allows the comparison of several models (e.g. Mitchell, 1992). Concerning our model, it is
important to note that trust is a key mediating variable. Thus, according to Morgan and
Hunt (1994), a rival view of the moderating role of trust would be a model allowing only
direct paths from the precursors to the outcomes. Therefore, our rival model does not
include any indirect effect, so that trust is not mediating any of the relationships. That is,
in the rival model, trust, usability, reputation and security in handling personal data are
considered antecedents of relationship commitment to a financial services web site.
Based upon Morgan and Hunt (1994), we compare our model with its rival on the
following terms:
.
overall fit, as measured by the CFI indicator[2];
.
parsimony, as measured by the ratio of chi-square to degrees of freedom[3];
.
percentage of the model paths that were statistically significant; and
.
the ability to explain the variance of the endogenous constructs.
Although all the proposed paths are significant in both models, we saw that the
proposed model fits better than the rival one:
. the CFI of the rival model (0.788) was much lower than that of the proposed
model (0.903); and
.
the rival model’s ratio of chi-square to degrees of freedom was higher than that of
the proposed model (3.318 v. 2.219);
In addition, relationship commitment was explained at a very similar level in both the
proposed model (R 2 ¼ 0:334) and in its rival (R 2 ¼ 0:335). Broadly speaking, we may
say that the direct effect of trust plus the indirect effects of its antecedents in the
hypothesised model are equally as strong as the four direct effects proposed in the rival
model in explaining consumer commitment to a financial services web site.
Therefore, these findings allow us to conclude that trust is a key mediating factor in
the development of relationship commitment in the online banking context. In fact,
according to Bloemer and Odekerken (2003), the comparison of the hypothesised model
with a rival one may also serve to strengthen the support we found for the
meaningfulness and robustness of our proposed model.
Discussion
The perceived lack of web site security and privacy is one of the main reasons that
explain existing consumer distrust in the internet, which impedes a more rapid
development of e-commerce. However, although interest in analysing these concepts in
the internet is continuously increasing, there is still a lack of studies that investigate
OIR the link between security, privacy and trust in the online banking context. Thus, to
31,5 move on this topic, this work analyses the influence of perceived web site security and
privacy on consumer trust in a financial services web site. In addition, based on an
in-depth review, we also consider web site usability and reputation as antecedents of
consumer trust. In this respect, we have firstly confirmed a positive and significant
effect of perceived security in the handling of private data on consumer trust in a web
596 site in the online banking context. This can be explained by the fact that one of the
major motives of consumer distrust in the internet is that consumers are usually afraid
of possible fraudulent usages of their personal financial data (e.g. Harris Interactive,
2002), which may be especially important in the online banking context. Indeed,
according to the standardised estimates, we found that the effect of the construct SHPD
on consumer trust is the greatest one in our hypothesised model. In addition, we have
found positive and significant effects of perceived web site usability and reputation on
consumer trust. These findings have allowed us to clearly explain consumer trust in a
financial services web site (R 2 ¼ 0:776).
Secondly, we have also investigated the relationship between trust and commitment
in the online banking context due to the fact that relationship commitment is a key
factor in maintaining long-term relationships with customers. Thus, in terms of
relationship commitment, we have found a positive, direct and significant relationship
between consumer trust and commitment to a financial services web site. This finding
is in line with previous research in the trust-commitment relationship in traditional
channels (e.g. Morgan and Hunt, 1994). Finally, thanks to the comparison between the
hypothesised model and a rival one, we have also verified the mediating role of trust in
the development of consumer commitment in the online banking context.
Managerial implications
Taking into account the high costs involved in increasing the client base as a result of
growing competence, one of the main goals of banks and other financial services
providers that operate through the internet should be to develop long-term relationships
with their clients in order to improve their results. Thus, the management of consumer
trust and commitment is a fundamental task for marketers since they are two key
variables that are required in order to achieve long-term relationships (e.g. Morgan and
Hunt, 1994). Therefore, this research offers several alternatives for improving the levels
of consumer trust and commitment in the context of online banking.
Firstly, online banks should enhance the levels of their web site security and privacy
as perceived by the consumer. Broadly speaking, it is necessary to properly manage the
legislative, technical and business measures that determine the levels of security and
privacy. Such management needs to give priority to increasing the security and privacy
of communications, as this will help to increase consumer trust. In addition, it would be
useful to publicise the technologies developed to ensure security in e-mails, coding or
anonymous surfing among the consumers and the private sector. Therefore, it will be
easier to see their usefulness and, in some cases, to make personal use of them (e.g. digital
certificates, firewalls, antivirus programs). Furthermore, governments, in collaboration
with the private sector, should take more direct action such as giving users the training
they need through free courses in order to increase perceived online privacy and security.
Secondly, management should not give priority to the design of complex web sites
full of multi-media effects but concentrate instead on designs and structures that are
simple and easy for the user to understand. The most effective web site may not be the The role of
most sophisticated one, but the easiest to use. Thus, marketers must prioritise security
ease-of-use in web site development. Indeed, greater perceived usability favours
improved comprehension of the contents and tasks which are required and offers more
security to web site users as well as a more comfortable atmosphere, which may also
serve to satisfy consumer needs. Thus, usability may help to increase the level of
consumer trust and, as a result, it will be possible to enhance consumer commitment to 597
a financial services web site.
To obtain a desired level of usability there will be a need, among other actions, to
design the web site according to the consumers’ needs and requirements. In addition,
web sites must be consistent with the consumers’ technological knowledge and web
sites must provide feedback to their users so that consumers will perceive that they are
controlling what they are doing and where they are, at any given moment. Finally, any
usability analysis would be limited if it were not completed with indicators that allow
accurate measurement of how easy it is to manage the web site. It is at this point that
our findings are also especially interesting. This work has allowed us to develop a
valid and reliable scale for quantifying perceived web site usability. Indeed, this
measurement tool contemplates the true character of the concept; that is, a variable that
represents the psychological perception of the system user in terms of how easy it is to
manage and understand.
Thirdly, banks that operate through the internet should also manage the corporate
image which is projected to the environment. That is, it is necessary to manage their
reputation correctly. To do this, online banks and financial services providers can
promote their web sites by emphasising the advantages and services offered in the web
site. At the same time, it would be a good idea to offer links to consumer organisations
or other official web sites in order to create an image of concern with the consumer’s
well-being. Finally, campaigns of social marketing may also be useful to improve the
levels of reputation.
In short, the improvement of the levels of perceived web site security, privacy,
usability and reputation will serve to increase the level of consumer trust and
commitment to the financial services web site. As a consequence, it will be easier to
boost the retention-rate and profits of the business.
Future research
Firstly, an interesting route for extending this research would be to repeat the study
using a wider sample of consumers. To be precise, the sample should represent a
greater diversity of nationalities, so that we could investigate possible differences in
consumers’ behaviour from different nationalities in the online banking context.
Secondly, it would be a good idea to analyse the effects of new internet access methods
(e.g. mobile phone, etc.) on consumer trust and commitment when consumers and
banks interact by means of these new technologies. It is important to know how these
new technologies are perceived in order to determine whether the consumer is
concerned for the security of personal data as in the traditional internet environment
and, if necessary, devise the right measures to overcome these barriers. In addition, the
arrival of these new internet access methods signify a new challenge to the
management of information systems and usability research due to the limitations
imposed by size on the functions and interface resolution of the new apparatus.
OIR Notes
31,5 1. First of all, we eliminate repeated responses by analysing the addresses of the respondents and
by looking for duplication and similarities in the answers. Secondly, we evaluate whether
incomplete questionnaires, caused by the lack of an answer to some questions, follow a specific
path, which may influence the final results of the investigation. We observed that these
incomplete questionnaires did not follow any norm, which allow us to consider that these
598 missing values follow a MCAR process. Thus, we did not eliminate the incomplete
questionnaires, since the missing values follow a random process, and we replace the missing
cases for the average value of the valid answers to that question. Finally, we look for atypical
cases in our sample, which are cases that are significantly different from the others. To do that,
we standardised the values of each variable and we considered atypical those cases which
showed a value greater than 3. However, we did not find atypical cases in our sample.
2. Recommended values for the CFI indicator are near to 1 (Flavián et al., 2006) taking 0.9 as a
cut-off point (Bansal and Boyer, 2000).
3. To achieve a good level of parsimony, the ratio of chi-square to degrees of freedom, also
known as normed Chi-Square, must be in the range between 1 and 2 (Bansal and Boyer, 2000;
Hair et al., 1998). However, values lower than 3 can be also considered as adequate (Bloemer
and Odekerken, 2003).
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OIR Appendix
The individual is asked to grade from 1-7 their level of agreement or disagreement with the
31,5 following statements in relation to the selected virtual community (Table AI).
Security
602 SEC1 I think this web site has mechanisms to ensure the safe transmission of its users’
information
SEC2 I think this web site shows great concern for the security of any transactions
SEC3 I think this web site has sufficient technical capacity to ensure that no other organisation
will supplant its identity on the Internet
SEC4 I am sure of the identity of this web site when I establish contact via the Internet
SEC5 When I send data to this web site, I am sure that they will not be intercepted by
unauthorised third parties

SEC6 I think this web site has sufficient technical capacity to ensure that the data I send will not
be intercepted by hackers
SEC7 When I send data to this web site, I am sure they cannot be modified by a third party
SEC8 I think this web site has sufficient technical capacity to ensure that the data I send cannot
be modified by a third party
Privacy
PRIV1 I think this web site shows concern for the privacy of its users
PRIV2 I feel safe when I send personal information to this web site
PRIV3 I think this web site abides by personal data protection laws
PRIV4 I think this web site only collects user personal data that are necessary for its activity
PRIV5 I think this web site respects the user’s rights when obtaining personal information
PRIV6 I think that this web site will not provide my personal information to other companies
without my consent
PRIV7 This web site does not send e-mail advertising without the user’s consent
Usability
USAB1 In this web site everything is easy to understand
USAB2 This web site is simple to use, even when using it for the first time
USAB3 It is easy to find the information I need from this web site
USAB4 The structure and contents of this web site are easy to understand
USAB5 It is easy to move within this web site
USAB6 The organisation of the contents of this site makes it easy for me to know where I am when
navigating it
USAB7 When I am navigating this site, I feel that I am in control of what I can do
Reputation
REP1 This web site has a good reputation
REP2 This web site has a good reputation compared to other rival web sites
REP3 This web site has a reputation for offering good products and services
REP4 This web site has a reputation for being fair in its relationship with its users
Trust (honesty, benevolence and competence)
HON1 I think that this web site usually fulfils the commitments it assumes
HON2 I think that the information offered by this site is sincere and honest
HON3 I think I can have confidence in the promises that this web site makes
HON4 This web site does not make false statements
HON5 This web site is characterised by the frankness and clarity of the services that it offers to
the consumer
BENEV1 I think that the advice and recommendations given on this web site are made in search of
mutual benefit
BENEV2 I think that this web site is concerned with the present and future interests of its users
Table AI. (continued)
BENEV3 I think that this web site takes into account the repercussions that their actions could have The role of
on the consumer security
BENEV4 I think that this web site would not do anything intentional that would prejudice the user
BENEV5 I think that the design and commercial offer of this web site take into account the desires
and needs of its users
BENEV6 I think that this web site is receptive to the needs of its users
COMP1 I think that this web site has the necessary abilities to carry out its work
COMP2 I think that this web site has sufficient experience in the marketing of the products and 603
services that it offers
COMP3 I think that this web site has the necessary resources to successfully carry out its activities
COMP4 I think that this web site knows its users well enough to offer them products and services
adapted to their needs
Relationship commitment
COMM1 I think that I will continue my relationship with this web site in the next months
COMM2 I will recommend this web site to other people
COMM3 I will point out the positive aspects of this web site if anybody criticises it
COMM4 I would not stop my relationship with this web site if it makes any mistakes
COMM5 Although new online alternatives appear, I will continue my relationship with this web site
Notes: Items in italics were eliminated in the refinement process; these scales were presented in
Spanish due to the interviewees’ nationality Table AI.
Corresponding author
Carlos Flavián can be contacted at: cflavian@unizar.es
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The Role of Security Privacy Usability A

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The Role of Security Privacy Usability A

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Privacy and security

Therefore, a party committed to a relationship is motivated to maintain it and will

590 Data collection

promotion of the research was founded on:

Content and face validity

Variable Adapted from

Exploratory analysis of reliability and dimensionality

Confirmatory analysis of dimensionality

Following these recommendations, we obtained acceptable levels of convergence, R 2 and

FOTRUST SOTRUST FOSHPD SOSHPD

RMSEA 0.135 0.071 0.144 0.139

convergent validity of the measures (Steenkamp and Geyskens, 2006).

SEC-USAB 0.41 * 0.2728 0.5472 USAB-HON 0.572 * 0.44068 0.70332

PRIV-BENEV 0.641 * 0.50576 0.77624 HON-COMM 0.47 * 0.30732 0.63268

communities”, Journal of Strategic Information Systems, Vol. 11, pp. 271-95.

unauthorised third parties

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116:3, 508-525. [Abstract] [Full Text] [PDF]

Support Systems 62, 11-21. [CrossRef]

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