E-PERCEIVED VALUE AND E-PERCEIVED RISK ON E-LOYALTY WITH E-COMMERCE AS A MODERATING VARIABLE IN CONVENTIONAL BANKING (PRIVATE BANKS) IN INDONESIA
DOI:
10.5281/zenodo.18464194Published:
2026-01-31Downloads
Abstract
The era of Digitalization 5.0 has brought significant changes in digital consumer behavior, particularly in Indonesia's conventional banking sector. Digital banking transaction values have reached Rp72,000 trillion with growth exceeding 11% year-over-year. However, approximately 37% of millennial customers are ready to switch to other banks if digital services become more efficient or offer greater added value. This research analyzes the influence of E-Perceived Value (EPV) and E-Perceived Risk (EPR) on E-Loyalty (ELOY) with E-Commerce (ECOM) as a moderating variable in conventional private banks in Indonesia. The research employs a quantitative explanatory method with 250 respondents who are digital banking service users. Structural Equation Modeling (SEM) analysis results demonstrate that EPV has a significant positive effect on ELOY (β = 0.497; p < 0.001), EPR has a significant negative effect on ELOY (β = -0.10; p < 0.01), and ECOM acts as a moderating variable that strengthens the EPV-ELOY relationship (β = 0.128; p < 0.01) while weakening the EPR effect on ELOY. The model demonstrates excellent goodness-of-fit with Chi-square = 125.684 (p-value = 0.254 > 0.05), RMSEA = 0.018 (< 0.05), and CFI = 0.957 (> 0.90). These findings provide strategic implications for bank management in building digital customer loyalty through enhanced perceived value, risk minimization, and strong e-commerce service integration.
Keywords:
digital banking, e-commerce e-loyalty, e-perceived risk, e-perceived valueReferences
Abbasi, T., & Weigand, H. (2017). The Impact of Digital Financial Services on Firm’s Performance: A Literature Review.
Adhi, M., Sulistyani, R., Tiara, B., & Chinomona, R. (2025). Digital Bank Adoption in Indonesia: The Role of Price Value, Perceived Risk, and Intention to Use.
Alam, K., & Shahin, M. (2024). Do Islamic banks use institutional theory in the light of Shariah governance? Empirical evidence from a Muslim dominant country. Heliyon, 10(2 AR-e24252). https://doi.org/10.1016/j.heliyon.2024.e24252
Anderson, R. E., & Srinivasan, S. S. (2003). E-Loyalty: A Contingency Framework. https://doi.org/10.1002/mar.10063
Bank Indonesia. (2024). Digital banking trends and development report 2024. Bank Indonesia.
Belanche, D., Guinalíu, M., & Albors, P. (2023). Customer adoption of P2P mobile payment systems: The role of perceived risk. Telematics and Informatics, 72(1), 1–15.
Byrne, B. M. (2013). Structural equation modeling with Mplus: Basic concepts, applications, and programming. routledge.
Featherman, M. S., & Pavlou, P. A. (2003). Predicting e-services adoption: A perceived risk facets perspective. https://doi.org/10.1016/S1071-5819(03)00111-3
Forsythe, S. M., & Shi, B. (2003). Consumer patronage and risk perceptions in Internet shopping. https://doi.org/10.1016/S0148-2963(01)00273-9
Groskurth, K., Bluemke, M., & Lechner, C. M. (2024). Why we need to abandon fixed cutoffs for goodness-of-fit indices: An extensive simulation and possible solutions. Behavior Research Methods, 56(4), 3891–3914.
Gurrea, R., Guinalí, M., & Flavià, C. (2006). The role played by perceived usability, satisfaction and consumer trust on website loyalty. https://doi.org/10.1016/j.im.2005.01.002
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2006). Multivariate data analysis (Vol. 6).
Hanafizadeh, P., Keating, B., & Khedmatgozar, H. R. (2014). A Systematic Review of Internet Banking Adoption. https://doi.org/10.1016/j.tele.2013.04.003
Kanyin, L. (2024). Global burden of 288 causes of death and life expectancy decomposition in 204 countries and territories and 811 subnational locations 1990-2021: A systematic analysis for the Global Burden of Disease Study 2021. The Lancet, 404(10458), 1990–2021. https://doi.org/10.1016/S0140-6736(24)00367-2
Kim, M. S. (2019). Trust, distrust and mistrust in online banking: A study of risk perception in the context of internet banking in the United States. Journal of Business and Economics Research, 17(2), 45–58.
Kline, R. B. (2023). Principles and practice of structural equation modeling. Guilford publications.
Laudon, K. C., & Traver, C. G. (2015). E-commerce: Business, technology, society (11th ed. (ed.)). Pearson Education.
Marcoulides, K. M., & Yuan, K.-H. (2017). New ways to evaluate goodness of fit: A note on using equivalence testing to assess structural equation models. Structural Equation Modeling: A Multidisciplinary Journal, 24(1), 148–153.
Menne, F., Ode, L., Setiawan, A., Palisuri, P., Mattingaragau, A., Waspada, W., Juliana, J., & Nurhilalia, N. (2024). Sharia accounting model in the perspective of financial innovation. Journal of Open Innovation: Technology, Market, and Complexity, 10(1). https://doi.org/10.1016/j.joitmc.2023.100176
Netemeyer, R., & Van Ryn, M. (1991). The Theory of Planned Behavior.
Oliver, R. L. (1999). Whence Consumer Loyalty? Journal of Marketing, 53, 33–44.
Pertiwi, D. A. (2018). The effects of earning management and financial performance on the quality of Islamic banking social responsibility report BT - Proceedings ICIED. 126, 76–79.
Quach, S., & Martin, K. D. (2022). Digital technologies: tensions in privacy and data.
Romli, N., Nur, W., Asma, S., Anuar, H., Isa, A., Mohamed, S., Haris, S., Nurul, N., & Mohmad, N. (2022). The Internal and External Factors That Determine the Performance of Islamic Banks in Malaysia. https://doi.org/10.6007/IJARAFMS
Sugiyono. (2014). Metodologi Ekonomi Positivisme.
Sunaryanto, K. (2024). Analisis Pengaruh Perceived Risk Terhadap Intention to Use Digital Banking.
Sweeney, J. C., & Soutar, G. N. (2001). Consumer Perceived Value: The Development of a Multiple Item Scale.
Wang, J., & Marchler-Bauer, A. (2023). The Conserved Domain Database in 2023.
Wu, H., Chen, S., & Ding, Y. (2023). Perceived value, transaction cost, and repurchase intention in online shopping: A relational exchange perspective. Journal of Business Research, 82(2), 287–295.
Yuantari, Y., Hadi, C., & Ms, M. (2025). The influence of digital banking service quality on electronic satisfaction and electronic loyalty among customers of bank central Asia (BCA) in Indonesia. Journal of Banking and Finance Research, 7(1), 1–15.
Zeithaml, V. A. (1988). Consumer perceptions of price, quality, and value: A means-end model and synthesis of evidence. Journal of Marketing, 52(3), 2–22.
Zhang, H., & Zhao, J. (2023). Stock Market Liberalization and Financial Reporting Quality. China Journal of Accounting Research, 16(4). https://doi.org/10.1016/j.cjar.2023.100328
License
Copyright (c) 2026 Nurul
This work is licensed under a Creative Commons Attribution 4.0 International License.
Downloads
How to Cite
