Service Quality in Islamic and Conventional Banking in the Middle East - Case Study Example

Banking Service Quality in the Middle Eastern Countries: A Review and Future Research Abstract Purpose: The aim of this paper is to review some of the key studies on banking service quality with particular attention to the Middle East and GCC countries that were published in the last three decades, and provide some future research directions. Methodology: Literature review. Findings: Our review generated 11 research questions both for Islamic and conventional banking services of the Middle Eastern countries. Research Limitations/Implications: This paper reviews leading and current studies that are relevant, and provides future research directions for researchers and practitioners alike. Future research should address each of the research questions as identified in this paper with empirical data/evidence. Originality Value: This paper would be useful for the researchers and practitioners in guiding their research questions, and answers to all of the research questions as identified in this paper could strengthen the banking industry in the Middle Eastern countries. Keywords: Service Quality, Middle East, Islamic Banking, Conventional Banking, Research Agenda, Literature Review. Paper Type: Literature review. Introduction There are two types of banking systems that are currently in operation in most of the Middle Eastern and Gulf Cooperation Council (GCC) countries, and these are referred to as conventional and Islamic banking systems. Conventional banks were established prior to Islamic banks and are guided by capitalist principles of the Western world that emphasize on wealth/profit maximization (Olson & Zoubi, 2008). In the early years of the Middle Eastern banking, most conventional banks were established as branches of large international banks originated in the European countries. For instance, the first commercial banking institution in Saudi Arabia was opened in the Port of Jeddah in 1927 and this was a branch of the Netherlands trading society. Later, in the 1950s, the local commercial banks (e.g., Riyadh Bank, National Commercial Bank) were established in Saudi Arabia (Yavas, 1988). Islamic banking systems are often regarded as an alternative to conventional banking systems in the Middle East and GCC countries. The history of Islamic banking can be traced back to early 1970s, the establishment of the Nasser Social Bank in Egypt. Research found that there were roughly 35 Islamic banks in various countries throughout the Middle East in 1985 (Erol & El-Bdour, 1989); and by 2009 Islamic banks spread over 50 countries (Hanif, 2010). It is estimated that the annual growth rate of Islamic banking industry was 8.2 percent during the 1990s. This growth spread from the Middle East to the countries in Europe, Africa, and Asia. As a result, the worldwide Islamic banking industry grew at a rate of 30% between 2004 and 2008 (GatehouseBank, 2008; Khan and Bhatti, 2008). This growth caused global conventional banks like HSBC, Citibank, and Standard Chartered bank to offer Islamic banking services to its target customers (Al-Smadi et al., 2013; Naser et al., 1999). Although Islamic and conventional banks operate in the same market, their respective growth rates, profitability, and assets vary markedly. This discrepancy is particularly pronounced in the Middle Eastern and GCC countries. Although conventional banks typically possess greater assets than Islamic banks, the growth rates of Islamic banks are higher than that of the conventional banks. In this context, Hanif (2010) estimated that the Islamic banking volume had reached US$951 billion and that the Islamic banks had been operated in over 50 countries in 2009. Similarly, Siraj and Sudarsanan (2012) found that the operating profit of Islamic banks had a faster growth rate than that of conventional banks. Furthermore, according to Siraj and Sudarsanan (2012), Islamic banks have consistently reported a higher return on assets (ROA) than conventional banks. A further review of customer total liability and deposits between 2006 and 2010 revealed a higher percentage of equity funds in Islamic banks (average 74 per cent) than in conventional banks (average 55 per cent) (Siraj & Sudarsanan, 2012). Unlike conventional banks, Islamic banks generally seek to promote societal equality and social and economic development for its customers/stakeholders (Siraj & Sudarsanan, 2012). Islamic banks are organized and operated on the basis of the principles of Islamic law (i.e., the Sharia) that prohibits the issuance or receipt of interest, and suggests the bank and its customers to share profit and risks. The sharing of profit or loss with customers causes Islamic banks to face greater risk than conventional banks (Abedifar et al., 2011). Thus, a trustworthy relationship is often carried out between these two parties (Askari et al., 2009). The worldwide development of Islamic banking has driven a considerable amount of research comparing the Islamic and conventional banking systems. The findings of these studies are varied in that some of these studies found no significant differences in these two banking systems in terms of risk management practices (Hassan et al., 2009) and profitability and performance (Ansari & Rehman, 2011). However, other studies found significant differences in these two banking systems in terms of profitability and leverage (Toumi et al., 2011), operational framework (Awan, 2009), and asset quality, liquidity, and product/services offerings (Jaffar & Manarvi, 2011). The current research aims to review some of the key studies, published in the last three decades, on banking service quality with particular attention to the Middle East and GCC countries, and provide some future research directions. This paper is organized in the following way. The next section discusses service quality measures, followed by this we discuss future research directions, and finally, contribution and conclusion. Banking Service Quality Measures A number of studies developed service quality measures across cultures and types of financial/banking institutions. These measures are based on studies such as SERVQUAL (Parasuraman, Zeithaml, & Berry, 1985, 1988) and SERVPERF (Cronin & Taylor, 1992, 1994). Guo et al.’s (2008) study used 31-item survey instruments with 800 Chinese respondents and developed the Chinese Banking Service Quality (CBSQ) framework. Because the banking industry is unique in terms of its specific actors, standards, and operations, it requires the development of models that are specific to its characteristics and can accurately gauge service quality in the banking domain (Zhou, 2004). In this connection, Zhou (2004), for example, used the SERVQUAL measure to evaluate service quality in the United States of America (US). Results of this study indicated that four primary factors contribute to banking service quality in the US that includes willingness to correct errors, thoroughness/accuracy of service, consistency/reliability, and knowledge ability. Similarly, Karatepe et al. (2005) found that service environment, interaction quality, empathy, and reliability as the four critical elements of service quality in the Northern Cyprus’ banking industry. Avkiran’s (1994) BANKSERV measure also followed the principles of SERVQUAL and was comprised of 17 items and four dimensions, including, staff conduct (relates to the bank’s personnel service manner and presentation), credibility (relates to trust between the bank’s staff and customers), communication (relates to verbal and written interactions between bank staff and customers), and customer accessibility (relates to the adequacy of staff to serve customers). In a later study, Avkiran (1999) studied the effect of three of these dimensions (staff conduct, communication, and customer accessibility to teller services) on credibility and discovered that staff conduct is the critical dimension of BANKSERV. Aldlaigan and Buttle (2002) developed the SYSTRA-SQ measure, which was comprised of four dimensions of service quality that includes system quality, behavior quality, machine quality, and service transactional accuracy. System quality treats the service organization as a system, and includes attributes such as listening to customers, ease of availability and accessibility, speed of response, and organizational appearance; behavioral quality refers to how the service was performed by employees; machine quality relates to the reliability and performance of machines within the organization; and service transactional accuracy concerns customer perceptions transaction accuracy in terms of service and employee output. Tsoukatos and Mastrojianni (2010) developed a 27-item index in the context of the Greek retail banking sector that combines SERVQUAL (Parasuraman et al., 1988) and Bank Service Quality (Bahia & Nantel, 2000). This index is referred to as the BANQUAL-R measure. The BANQUAL-R consists of five dimensions: empathy, assurance, effectiveness, reliability, and confidence. The BANQUAL-R index includes four of the five SERVQUAL dimensions (assurance, empathy, reliability and responsiveness as part of effectiveness), as well as elements that are specific to the Bank Service Quality Model, including, effectiveness and confidence. Research states that the Islamic banking industry is founded upon core differentiations such as the Islamic principles, priorities and values (Young, 2012). As a result, a number of empirical studies developed service quality measures for Islamic banking services (see, for example, Al-Tamimi & Al-Amiri, 2003; Hossain & Leo, 2009; Othman & Owen, 2001). For example, the CARTER measure (Othman & Owen, 2001) was originally developed for the Kuwait Finance House, and provides a clearer distinctions between studies that employed SERVQUAL and SERVPERF (Abedniya et al., 2011; Haron and Azmi, 2008; Kumar et al., 2010; Taap et al., 2011). The CARTER model is comprised of 34 items and six dimensions that include compliance (adherence to the requirements of Sharia law), assurance (trustworthiness of employees and their communication), reliability (the bank’s ability to deliver superior performance according to imposed standards), tangibility (service facilities, including equipment, personnel, and communication material), empathy (individualized attention and focus on each customer), and responsiveness (willingness to respond to customer inquiries). Similarly, Abdullah et al.’s (2011) Bank Service Quality (BSQ) index model, in the Malaysian context, was comprised of 29 items and three dimensions, including, systemization, reliable communication, and responsiveness. A recent study in the context of Iranian banking customers show that assurance and reliability are the most important dimensions of banking service quality in Iran (Ebrahimi & Moghadam, 2012). Comparative studies between conventional and Islamic banking in the Middle Eastern and GCC countries used similar approaches to evaluate the nature and consumer perceptions of banking service quality. Jabnoun and Khalifa’s (2005) study, for example, is based on SERVQUAL measure and considered equal numbers of conventional and Islamic banks’ customers in the United Arab Emirates (UAE); and found that gaps, for conventional banks lie in image reliability, values, and personal skills dimensions; and for Islamic banks, these were found in the values and personal skills dimensions. Personnel or human skill dimension has also been echoed in similar studies in the context of UAE banks (Jabnoun & Al-Tamimi, 2003). In the context of Saudi banks, Yavas (1988) found that a bank’s reputation, experience, convenience, services offered, and personal relations were significant predictors of a customer’s choice of bank. However, Jamal and Naser’s (2002) study, with 200 banking customers of the Abu Dhabi Commercial Bank, found that the relational and core dimensions of service quality significantly affected customer satisfaction, and that tangible dimension is negatively related to satisfaction. In contrast, Estiri et al.’s (2011) study found that empathy and communication were the most important determinants of Iranian banking customers’ satisfaction. A number of studies developed models based upon perceived service quality. For example, Kassim and Souiden (2007) examined the relationships among image, customer perception of service quality, and customer retention in UAE’s retail banking sector, and found that perceived quality is not a strong predictor of customer retention; instead, the study found that factors related to bank image are a strong predictor of customer retention. The current literature has also used customer satisfaction as a strong indicator of bank’s success and found that fast service, availability of self-banking services and the degree to which bank staff are helpful and courteous are strong predictors of banking customers’ satisfaction (Shin & Elliott, 2001; Al-Eisa & Alhemoud, 2009). Using the SERVQUAL measure, Aburoub, Hersh & Aladwan (2010), investigated the link between the internal marketing practices of commercial banks in Jordan and customers’ perceptions of service quality and satisfaction. They found a positive correlation between a bank’s internal marketing and service quality. Further evidence was found in Naser et al.’s (1999) study. In their study, Naser et al. (1999) assessed customer awareness and satisfaction towards Jordan Islamic Bank for Finance and Investment (JIBFI), and found that many were satisfied with the name of this bank, its image and reputation, and ability to maintain confidentiality. However, this study (Naser et al., 1999) found a great deal of dissatisfaction among the samples in regard to their banking services including the availability and education of some Islamic financial products such as how profit sharing (Murabaha)–equity participation (Musharaka)–and–any form of financial contract (Mudaraba) work. Although Erol and El-Bdour (1989) found that Jordanian banking customers do not differentiate the services offered by conventional and Islamic banks, Saleh (2006), in this context, suggested that Islamic banks operating in both Muslim and non-Muslim countries must educate and explain their clients about the Islamic banking terminologies and how that works. Research also demonstrated that gender differences affect both perceived service quality expectations and service quality assessment (Raven & Welsh, 2004). In their study between Lebanese and Kuwaiti banking customers, Raven and Welsh (2004) revealed that men not only expect higher levels of service quality than women, but also they perceive higher levels of service quality particularly for assurance and reliability dimensions, and that Kuwaiti customers have lower perceptions of overall banking service quality than Lebanese customers. In terms of barriers of good perceptions of banking service quality, one study found that lack of employee empowerment, centralized management and lack of transformational leadership are some of the major barriers of forming good perceptions of service quality about banking services in Qatar (Chaker and Jabnoun, 2010). Overall, the current research in the Middle Eastern banking service quality produces varied findings. These studies mainly found dimensions of perceived service quality and their culture specific importance, and barriers of good perceived service quality. In addition, some studies have developed culture specific models predicting satisfaction, perceived quality, and customer retention, while other studies have examined the demographic differences (e.g. gender) of perception of service quality in Middle Eastern banking services. Future Research in Banking Service Quality This paper has critically reviewed the current service quality literature relevant to conventional and Islamic banks in the Middle East and GCC countries, where the culture including language, ethnic background, religion, are relatively homogeneous, and identified a number of research questions in this research domain that need attentions from researchers and practitioners alike. These are: (1) What are the banking customers’ profiles in the Middle East and GCC countries? (2) How do demographic variables (such as income, religion, gender, age, profession etc.) affect service quality perceptions? (3) How do demographic variables (such as income, religion, gender, age, profession etc.) affect the selection of banking services (i.e. either conventional or Islamic)? The majority of research in this domain has primarily theorized SERVQUAL measure and examined consumer expectations and perceptions of service quality in Islamic and conventional banks in the Middle East and GCC countries. In this context, our review finds the following research questions: (4) What are the core dimensions of perceived service quality that are homogeneous among the banking customers across the Middle East and GCC countries? (5) What are the core dimensions of perceived service quality that are heterogeneous between conventional and Islamic banking services among the banking customers across the Middle East and GCC countries? (6) What are the extent of differences between consumers’ expectations and perceptions of banking services in the Middle East and GCC countries? (7) Which of the service quality measures or a mix of measures (e.g. SERVQUAL, SERVPERF, CARTER, BSQ, BANQUAL-R, SYSTRA-SQ, BANKSERV, CBSQ etc.) is suitable for the Middle East and GCC countries? Although a few research developed bank and culture specific service quality model and determined relationships between image, perceived service quality, satisfaction and customer retention (see, for example, Kassim and Souiden, 2007; Shin & Elliott, 2001; Al-Eisa & Alhemoud, 2009; Naser et al., 1999), it appears that these studies are missing several core constructs including Muslim customers confidence, trust and values and their relationships with banks’ success in the Middle Eastern and GCC countries’ banking services. Sultan and Wong’s (2010, 2011, 2012, 2013) model, in this context may provide important insights for the researchers and practitioners. Therefore, (8) What roles do consumers’ values, trust and confidence play in selecting a specific type of banking services in the Middle East and GCC region? (9) Does perceived banking service quality predict banking success in the Middle Eastern and GCC countries? There are a number of scarce areas of research including the banking service innovation, globalisation of the banking product/service and institutional/corporate branding. Islamic banking is relatively new, at least compared to conventional banking systems and practices, with an aim to serve the Muslims who believe in trade or business activities but not interest, in principle. Therefore, future research should explore the following research questions: (10) What new banking service/product would be of value to the customers of the Middle Eastern and GCC countries? (11) What constitutes/determines branding of Islamic banking services/products (including corporate branding)? Contributions and Conclusion This review on the current development of service quality research in the banking sector of the Middle East and GCC countries has illuminated some critical research questions for future research. It is expected that these questions, if answered, using appropriate research methodology, would provide valuable insights for the Middle Eastern and GCC countries’ banking sector. Firstly, attention to the identified research domains would provide practitioners in the banking sector invaluable insight on the banking profiles of customers in the Middle East and GCC countries. This will enable practitioners to strategically plan on the best ways of meeting the banking needs of their customers. Future research on the identified domains would further depict how demographic variables (such as income, religion, gender, age, profession etc.) affect service quality perceptions and the selection of banking services (i.e. either conventional or Islamic) in the Middle Eastern and GCC countries. Evidence-based information on these aspects would aid bank practitioners in effectively targeting potential customers and identifying service areas that require improvements in order to sustain their customers and revenue stream. Following a review of leading studies on service quality in the Middle East and GCC countries banking sector, research gaps relating to core homegenous and heterogenous dimensions of perceived service quality was established. This review further revelaled research gaps relating to core dimensions of perceived service quality that are heterogeneous between conventional and Islamic banking services among the banking customers across the Middle East and GCC countries. Furthermore, a gap on the extent of differences between consumers’ expectations and perceptions of banking services was established. Future research studies that will attempt to bridge these research gaps will significantly aid both conventional and Islamic banks to determine which areas or dimensions of service quality they should focus on in order to meet consumers’ expectations and enhance their competitive edge in the market. Although a considerable number of research studies reviewed have employed the SERVQUAL model to measure service quality in Islamic and conventional banks in the Middle East and GCC countries, a mix of measures (e.g. SERVPERF, CARTER, BSQ, BANQUAL-R, SYSTRA-SQ, BANKSERV and CBSQ) have been used in other studies to investigate service quality. Consequently, there is no consensus on which overriding factors influence customer perception and customer satisfaction of service quality offered in Islamic and conventional banks. Therefore, there is need for future studies to establish which model is the most suitable for measuring service quality in the Middle East and GCC countries. This will lead to the establishment of more accurate finidings and provide clarity to banking service providers on consumers’ expectations and perceptions of service quality. Lastly, the reviewed studies have not effectively examined the relationship between the success of banking services in the Middle Eastern and GCC countries and core constructs such as customers confidence, values, trust , relationship with the bank and perceived service quality. Future studies that will examine these relationships will significantly help service providers to determine which areas of service quality they should focus on in order to enhance their profitability. 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