INTRODUCTION
Research background
The Vietnam Banking System is undergoing significant innovation to enhance its integration into the global financial landscape This transformation involves the gradual adoption of international standards and practices, particularly following Vietnam's accession to the World Trade Organization.
As of the end of the first quarter of 2014, the State Bank of Vietnam reported that the country had 48,046,195 bank accounts and issued 63.17 million ATM cards, comprising 61.83 million domestic and 6.72 million international cards Additionally, there were 15,349 ATMs and 137,774 devices, including Point of Service (POS) systems, Electronic Fund Transfer Point of Service (EFTPOS), and Electronic Data Capture (EDC) equipment This data highlights Vietnam's significant potential as a burgeoning market for electronic banking (e-banking) and financial technology products.
Online banking services have been available in Vietnam for approximately 10 years and are gaining popularity among users By the end of 2013, the number of Internet Banking (IB) users is projected to rise by 45% The Vietnam Banking Association reports that 40 banks have implemented IB systems at various levels.
Electronic commerce (e-commerce) services has been strong growth in recent years and become a hot topic in any public workshop on information technology E-commerce has
The shift towards modernization and industrialization has made a customer-centric approach in marketing essential This evolving marketing theory emphasizes a "service perspective," recognizing that value is co-created by customers and that services serve as vital resources in enhancing the customers' value-creation processes.
Ma Weihua, president of Merchant Bank in China, emphasized that e-commerce has revolutionized the banking industry by eliminating previous restrictions and enabling the introduction of diverse new services This technological advancement has significantly transformed business practices, compelling banks to adapt to customer demands for innovative services such as telephone banking with PIN verification and internet banking, which allows customers to conduct transactions directly from their personal computers As a result, electronic banking, or e-banking, has emerged as a new competitive force in the financial sector, reshaping how banks operate and interact with clients.
In Vietnam, the trend of utilizing electronic banking services through the internet and mobile devices is rapidly gaining popularity To capitalize on this growth, banks are fiercely competing to capture a larger share of the electronic banking market Additionally, foreign banks are recognizing the significant potential in this sector, driven by the country's expanding economy and the rising demands of its population.
Problem statement
In developing countries like Belgium, France, and Canada, non-cash transactions make up over 90% of daily payments In contrast, Vietnam faces a significant challenge, with MasterCard reporting that 97% of transactions are conducted in cash and 60% of the population lacking bank accounts This prevalent cash usage poses difficulties for banks aiming to implement online transaction channels in Vietnam.
The Vietnamese habit of storing and using cash is primarily influenced by the economy's commodity-based structure and the prevalence of small-scale transactions Consumers find cash to be a convenient and easily manageable payment method, aligning with the traditional practices and mindset of most individuals and organizations.
Implementing banking website services necessitates a significant initial investment and ongoing financial commitment to maintain advanced technology and modern infrastructure Banks require not only expert personnel but also highly qualified staff to effectively interact with customers and clearly explain the various services offered Users must be made aware of the convenience of transactions and the importance of security, as well as how to address issues such as forgotten passwords and protecting personal information.
In Vietnam, most banks primarily offer basic online services such as money transfers and online payments Advanced features, like electronic funds transfers through phone numbers, are typically available only at larger banks with robust technological capabilities.
With more than 40% of its population online, Vietnam presents a promising market for electronic payment applications that leverage information technology within the banking sector Banks in Vietnam are focused on meeting the growing demand for online banking services to enhance user experience and accessibility.
This paper builds on Grewal and Levy's (2007) call to assess how website design influences user behavior, further developing Vrechopoulos et al.'s (2004) findings on web layout effects in the realm of web retail banking The research expands the perspective by considering banking website tools as alternative human resources that deliver products and services, specifically focusing on the Vietnamese market.
In the competitive landscape of e-services, value creation by customers is crucial, yet not all banks possess the necessary resources to develop effective e-banking technologies To stand out and enhance customer utility, banks must prioritize technological advancements However, many struggle to transform these technologies into competitive advantages that deliver superior products to consumers The key challenges lie in improving both the quality of service processes and the content of the e-banking system Continuous maintenance and development in these areas are essential for banks to effectively implement technology and provide tangible benefits to their customers.
Durkin et al (2008) emphasize the necessity for banks to strike a customer-oriented balance between face-to-face interactions and online services, noting that this balance shifts based on customer needs and product complexity Adam and Evagelos (2009) argue that much of the existing research on banking websites is exploratory rather than conclusive To address this gap, they developed and tested a banking website retail store in a laboratory setting Their study highlights the significance of web layout as service content while also recognizing the critical role of the service process in enhancing customer value.
In Vietnam, website banking services are still in the stages of development The commercial banks have a great deal of improvement Thus, there is a need to study and understand users
"build the customer value by identify the factors affecting intention of the customers when they use website banking".
Researching customer value in the online banking services of Vietnamese commercial banks is essential The findings of this study will assist banking managers in developing more effective strategies to enhance the appeal of their website banking services.
Research objective
This study aims to investigate and validate the service process of commercial banking websites in Vietnam, focusing on key elements such as usability, privacy, responsiveness, and service content It emphasizes the importance of discussions, articles, and databases in enhancing customer value within these online banking systems.
The aim of this study is to examine the impact of service content and service process on the perceptions of value of customers of banking website service in the interaction that “takes place between the consumer and the web site” (Collier and Bienstock, 2006, p 264) Besides, this study also review that process have differences between age groups, gender, career, marital status and education level or not.
This research provides valuable insights for leaders and managers in the banking industry, aiding them in developing effective strategies Additionally, marketers can utilize these hypotheses to create tailored marketing plans that cater to customers in Vietnam.
Research scopes
This study focuses on customers utilizing banking website services in Ho Chi Minh City, a major economic hub in Vietnam The findings from this research can be indicative of broader trends across the country and serve as a valuable reference for future studies.
This research focuses exclusively on evaluating the service flow of banking websites through the lens of service process quality and service content quality, which contribute to customer value Factors such as bank selection priorities and additional banking services are beyond the scope of this study.
The structure of thesis
This thesis is organized in five chapters.
Chapter 1 is the introduction chapter, this chapter describes the overview of research background, research problem, research objective, the scope of research, and structure of thesis are also present.
Chapter 2 is all about presenting previous research done on the stream of studies related to banking website service and customer value creation from that This chapter is concentrates on explaining each variable in the model, reasons for choosing them to be including in the research model and making hypothesis.
Chapter 3 introduces research methodology and use to test the research model in previous session.
Chapter 4 translates data collected from survey, analyses data as well as discusses the result finding in connection with research model This chapter explains the empirical part of the study This part discusses the method for collecting data used to test the hypothesis, and it analyses the data received, its reliability, and multiple regression.
Chapter 5 presents the results and findings of the research, offering a comprehensive conclusion along with implications and limitations of the study Additionally, the thesis provides recommendations for future research in this area.
References and appendixes are included in the end of thesis.
Summary
This thesis explores the significance of banking websites within the commercial banking system, highlighting their crucial role in enhancing customer service It identifies key issues related to the current state of banking websites in Vietnam, providing a comprehensive overview of their functionalities and effectiveness The study focuses specifically on the usage of customer service features offered by commercial banks in Vietnam, aiming to assess their impact on customer satisfaction and engagement.
The rapid growth of the internet in Vietnam presents a significant opportunity for
LITERATURE REVIEW
Theoretical background
Miran et al (2013) highlight that e-banking service quality is a crucial factor influencing customer satisfaction, identifying nine key dimensions: usability, reliability, responsiveness, privacy, incentives, fulfillment, efficiency, assurance, and empathy Their research emphasizes the importance of these dimensions in enhancing customer satisfaction, guiding bank management to adopt strategies aimed at improving and upgrading their e-banking systems for better effectiveness.
Service-dominant logic (S-D logic), as articulated by Vargo and Lusch, posits that all businesses engage in process-oriented activities that maximize value through active customer participation in value creation A key principle of this logic is that value emerges when customers utilize a service or product, independent of the production timeline Furthermore, customers evaluate this value based on their perception of the benefits received relative to the sacrifices made in a specific context.
The emerging paradigm of "service logic" posits that value is created when customers utilize offered services as input resources in their own value-creation processes Research by Johanna (2010) highlights that both service content and service process are crucial in this context Key factors influencing value perceptions in the service process include security, usability, and responsiveness, with security remaining a significant concern for users, particularly in high-risk decision-making scenarios Additionally, service content, such as discussion forums, tends to provide greater value than traditional articles or databases, as they facilitate the exchange and development of new knowledge through shared experiences and opinions.
Applying service logic to value creation in online banking, banks develop value propositions through the design of their website processes and content Customers recognize this value when they select and utilize the offered services, as highlighted by Sandström et al (2008) and Grönroos (2008).
Banking website
A banking website enables secure online transactions, allowing customers to access account information, view monthly statements, transfer funds, and make bill payments Additionally, it offers features such as automatic payments, bill alerts, and the ability to download forms and request customer service, enhancing the overall user experience.
A banking website provides a comprehensive range of services similar to traditional banking transactions, excluding the ability to deposit checks or cash, close accounts, or conduct any transactions that necessitate an in-person signature.
For an overview of banking website services in Vietnam, we reviewed the web interface of some bank banking in Vietnam:
Figure 2.1: Sai Gon Thuong Tin commercial Join Stock Bank
Figure 2.2: Joint stock commercial Bank for Foreign Trade of Vietnam
Some basic characteristics of the website interface in Vietnam
It's essential to clarify that we are focusing on business websites, which operate under distinct principles and share common characteristics, setting them apart from other types of websites and blogs.
Many Vietnamese websites tend to have lengthy pages, requiring readers to scroll significantly to reach the footer In contrast, well-designed business websites globally typically allow users to access the footer with just 1 to 1.5 scrolls, enhancing user experience and engagement.
Vietnamese websites often utilize a diverse array of colors without adhering to established design principles, resulting in a lack of cohesion The primary color of the webpage frequently clashes with the brand's logo and identity colors Additionally, various elements such as tabs, buttons, and menus, which serve similar functions, are often displayed in multiple contrasting colors.
Using banner ads: Almost any business website is intended for ad placement, even though nothing to advertise These ads are designed to "blink" to the maximum extent.
Current layouts on multiple sites lack coherence, failing to adhere to design principles This disorganization leaves readers confused about where to focus their attention, ultimately resulting in a "blind" experience despite the abundance of content available.
E-banking services
E-service is becoming an important determinant not only in relation to success or in relation to failure in e-commerce but also in terms of providing consumers with an online experience that surpasses mere information flow (Santos, 2003) E-service therefore represents benefitbeyond the exchange of information made possible by the internet.
E-service quality, as defined by Zeithaml et al (2002), refers to how effectively a website enables efficient shopping, purchasing, and delivery E-banking encompasses various electronic banking services that allow customers to conduct transactions and access financial information without visiting physical bank branches These services include internet banking, mobile banking, and home banking, which can be accessed via email or text messages The growing popularity of e-banking is attributed to its convenience, as users can easily log into their bank's website using a computer or smartphone, enter their User ID and password, and follow on-screen instructions to utilize a wide range of banking services.
Service process and value creation in web site banking website services
The "service process" refers to how a service is delivered, which is crucial in web banking as it significantly affects customer experience and satisfaction A smooth and efficient service process enhances value creation, while delays or complexity can lead to customer frustration, prompting them to abandon their transactions.
Various dimensions have been proposed for understanding the service process of websites, highlighting key factors such as privacy, website design, site availability, functionality, and responsiveness Notably, Johanna (2010) identified usability, privacy, and responsiveness as critical elements in consumer portals, drawing on the work of researchers like Parasuraman et al (2005) and Wolfinbarger and Gilly (2003).
Usability is a key factor in website navigation, enabling customers to easily locate what they need and navigate swiftly through pages (Miran and Rasha, 2013) It assesses how effectively a product meets user goals, with evaluation criteria including user-friendly features, consistent design, and a clear web development process Usability testing is essential for determining whether a website functions effectively, allowing webmasters to optimize their sites for a more user-friendly experience This ultimately enhances user satisfaction by aligning the website's utility with their objectives.
H1 The usability of website banking has a positive relationship with the valuethat is realized.
E-banking transactions face significant risks, including the theft of personal information and passwords, as well as phishing scams aimed at illicitly transferring funds To mitigate these risks, banking service providers are increasingly enhancing their security measures A key factor in this effort is privacy, which reflects customers' perceptions of a website's safety and the protection of their personal data (Miran and Rasha, 2013) Privacy is crucial for value creation, as it directly influences customer trust; inadequate security can lead to customers abandoning a site without engaging further Therefore, improving privacy can significantly enhance perceived customer value, leading to the following hypothesis.
H2 The privacy of website banking has a positive relationship with the valuethat is realized.
For customers utilizing online services, vendor support is a critical concern, particularly in banking, where incidents can lead to severe consequences for users Timely vendor assistance significantly impacts customer satisfaction, as poor website responsiveness may drive customers away before they can derive any value from the service Responsiveness encompasses the willingness to assist customers and deliver prompt service (Miran and Rasha, 2013) Therefore, we propose the following hypothesis.
H3 The responsiveness of website banking has a positive relationship with the valuethat is realized.
Service contentand value creation in web site banking website services
The "service content" of a website refers to the technical quality of the service provided to customers, emphasizing "what" they receive rather than the quality of the service process itself While services management has largely concentrated on process factors, the significance of content factors has been somewhat overlooked This trend may be attributed to the focus on process dimensions highlighted by the widely recognized SERVQUAL model.
This study investigates the quality of service content and service processes in electronic banking services, highlighting the importance of measuring service content for effective value creation on websites While the focus has often been on processes, content plays a crucial role in shaping customer evaluations of online services, as it constitutes the core of the customer experience Empirical evidence supports that content is the key factor influencing customer satisfaction, particularly for information-oriented websites compared to transactional ones.
Research has consistently highlighted the critical role of information quality and content breadth in determining overall service quality for both consumer and business portals (Mithas et al., 2006/2007; Liu et al., 2009) Swaid and Wigand (2009) further emphasized that the usefulness and quality of website content significantly influence service assessments in e-retailing Additional studies have reinforced this perspective, with Chen and Hitt (2002) demonstrating that product line breadth and quality are vital for retaining online retail brokerage customers Similarly, Chen and Corkindale (2008) found that content quality is essential for the perceived usefulness of online news services, while Choi et al (2008) identified that the quality and availability of service content in mobile phone services greatly impact customer evaluations.
Service content is evaluated separately for articles, databases, and discussion forums, as each can be assessed differently (Carman, 1990; Swaid and Wigand, 2009; Van Riel et al., 2001) This highlights the importance of service content in delivering customer value Nevertheless, the content elements of a banking website significantly influence the perceived quality of e-banking services and require further investigation Johanna (2010) also explored how articles, databases, and discussion forums impact the value creation of e-services.
Updating website content is a vital marketing strategy for banks, as an effective website fully addresses customer information needs at all times To engage customers, it's essential to organize content related to products, services, events, and promotions across multiple pages Ensuring that articles are accurate, relevant, useful, and up-to-date is crucial for maintaining customer interest and trust (Aladwani and Palvia, 2002; Yang et al., 2005).
H4 The articles in website banking have a positive relationship with the value that is realized.
The system data bank comprises two key arrays: internal data and vendor data Internal data encompasses all customer-related information and historical issues collected by the bank, including customer profiles, network details, and system insights In contrast, vendor data consists of information supplied by partners, which the bank utilizes to enhance customer services This includes data networks from other banks and information from utility providers such as electricity, telecommunications, water supply, cable television, and finance companies.
A database is an organized collection of data designed for efficient sorting, management, and electronic updating Its accuracy and conciseness significantly reduce transaction times, thereby enhancing overall business performance in electronic banking transactions.
H5 The database of website banking has a positive relationship with the value that is realized.
A discussion forum serves as an effective tool for banks to enhance the service quality of their e-banking systems By facilitating communication between administrators, counselors, and customers, the forum allows for timely responses to inquiries and collection of client feedback, which is essential for service improvement Additionally, the marketing department can leverage positive customer testimonials to bolster the bank's image and attract new clients A well-structured discussion forum not only supports customer engagement but also ensures the quality of information shared, ultimately contributing to the overall value of banking services and the e-banking experience.
H6 The Discussion forum of website banking has a positive relationship with the value that is realized.
H1 The usability of website banking has a positive relationship with the value that is realized.
H2 The privacy of website banking has a positive relationship with the value that is realized.
H3 The responsiveness of website banking has a positive relationship with the value that is realized.
H4 The articles in website banking have a positive relationship with the value that is realized.
H5 The database of website banking has a positive relationship with the value that is realized.
H6 The Discussion forum of website banking has a positive relationship with the value that is realized.
Research Model
From the arguments of research problem, Objectives, and hypotheses, the paper will develop follow the model:
Figure 3.1: Customer use and evaluations of e-banking service value propositions
The perceived value of a banking website is influenced by two main factors: service process and service content The service process encompasses usability, privacy, and responsiveness, while the service content involves discussions, articles, and databases Additionally, moderating factors will be assessed to enhance the customer perceived value during the development of the banking website.
Summary
Previous studies have successfully utilized a thesis model to analyze banking website services, highlighting the key determinants that influence user acceptance and adoption of these platforms.
This study identifies seven key factors influencing the value creation of banking services on websites in Vietnam The factors selected for closer examination include usability, privacy, responsiveness, discussion, article quality, database integrity, and moderating factors.
The reviewed literature works as a good basis in developing a research model to measure the factors that influence to perceived value of banking website.
Problem Statement; Research Objectives; Research Scope
Concepts, Research Model & Hypothesis Hypothesis testing
Questionnaire Development Refine Measurement Scales and Questionnaire
Conducting the researchQuantitative Study; Pilot Face to Face; Interview (n )
RESEARCH METHODOLOGY
Research process
Figure 3.2: Research process needed to achieve the research objectives.
Following the identification of the problem statement, the research objectives and scope have been established The study will utilize existing documents, and a conceptual model illustrating the relationships between the components has been created to formulate the questionnaire.
The next phase involves conducting face-to-face interviews with approximately 20 users of banking websites, along with bank employees who possess expertise in online banking services, to finalize the study questionnaire.
Research officially done then to collect data and conduct investigations assumptions of research model.
From the results obtained, the study given the conclusions and recommendations necessary to develop the Customer Perceived Value of Vietnamese banking website.
Measurement of variables
This research is structured into two main parts, encompassing six key variables The first part focuses on the service process, which includes usability, privacy, and responsiveness The second part addresses service content, comprising discussion, database, and article Each variable will be assessed using a Five-point Likert scale, where responses range from 1 (strongly disagree) to 5 (strongly agree) To maintain user anonymity, only basic demographic information—age, gender, and education level—will be collected.
The following table will show the measurement scales for this research model:
Table 3.1: Scales used in the questionnaire
Variables Questions: What are factors that you consider when using banking services through banking website ? Sources Process Constructs: Usability
Measured in terms of ease of navigation, ease of finding information, and structure of the web site, correct technical functioning of a site, including download time.
USABI02 Information is displayed in reasonable chunks.
USABI03 It is easy to navigate back and forth between pages.
USABI04 I can select the default page after logging helps to become faster operation.
USABI05 Overall, I am very satisfied with the structure of the interface.
USABI06 Overall, I am very satisfied with the design of the interface.
The website's commitment to user privacy is underscored by its policy of not collecting visitor information, which alleviates concerns about data security Consequently, the assessment of privacy revolves around users' trust in the site's assertion of non-collection, reflected in the sentiment: “I trust that X does not collect information about me.”
PRIVA07 I believe that my information will be security by X.
PRIVA08 I don’t mind that my question and the doctor’s advice are posted in the search engine.
PRIVA09 I trust X does not collect information about me.
Measured in terms of the provider's interest in customer feedback and readiness to respond to it.
RESPO10 X is interested in customers’ feedback Parasuraman et 2005;al. Wolfinbarger and
RESPO11 X develops its services based on customers’ feedback.
Measured in terms of accuracy, relevance, usefulness, and information being up-to-date.
DISCU12 I get important information from others in the discussion groups Carman,
Wigand, 2009; Van Riel et al , 2001; Aladwani and
DISCU13 I enjoy supporting others by writing messages.
DISCU14 I get support from others in the discussion groups.
DISCU15 The messages are of high quality.
DISCU16 I get the answer (consultant) quickly.
DISCU17 Overall, I am very satisfied with the discussion groups.
Content constructs: Database for banking service
Measured in terms of usefulness and overall evaluation.
DATAB18 I have benefited from the medical advice that I found.
Wigand, 2009; Van; Riel et al , 2001; Johanna. 2010.
DATAB19 From the X site I can easily find points nearest service provider (network).
X integrates diverse data and accuracy of the partners as electricity, water, telephone, internet, finance companies, help me facilitate transactions.
DATAB21 Overall, I am very satisfied with the database service.
Measured in terms of empathy, support, and information quality.
ARTIC22 I find X’s articles very informative Carman,
Wigand, 2009; Van Riel et al , 2001; Barnes and
ARTIC23 I have benefited from the information in articles.
ARTIC24 The articles are current.
ARTIC25 The articles are interesting.
ARTIC26 Overall, I am very satisfied with the articles 2002; Chu,
The variable of value was measured with four items that reflected the emotional and cognitive aspects of value and the sacrifice involved.
VALUE27 Overall, X offers high quality service.
VALUE28 The time I spend on X’s site is time well spent.
VALUE29 Overall, I value X’s services highly.
The measurement scale for this study will be based on Likert scale rangingfrom 1 (strongly disagree) to 5 (strongly agree), include:(1): Strongly disagree; (2): Disagree; (3): Neutral; (4):Agree; (5): Strongly Agree.
Data source
Data collection will be conducted through structured interviews, ensuring that all participants receive the same questions in a consistent manner (Sekaran & Bougie, 2011) To achieve a high response rate, questionnaires will be personally delivered to respondents involved in the study (Kothari et al., 2005) Primary data will be gathered through a combination of email outreach and the distribution of hard copies.
The collected data will be analyzed by SPSS software.
Sampling
To ensure effective research, a sample size of approximately 200 customers will be selected using simple random sampling techniques for an online study conducted on a Vietnamese banking website According to Bryant and Yarnold (1995), the sample should consist of at least five times the number of variables, with a subjects-to-variables ratio of 5 or greater, and every analysis should include a minimum of 100 observations, regardless of the subjects-to-variables ratio.
The target population of this research is customer who use banking website.
For effective statistical analysis, it is widely recognized that the minimum sample size should be at least five times the number of variables involved, with a baseline of no fewer than 100 samples (Hair et al., 1995) This can be expressed as n ≥ 100 and n ≥ 5k, where k represents the number of variables.
Hence the minimum sample size required by EFA in this research: n = 5 x 30= 150.
Otherwise, Tabachnick & Fidell (2001) illustrated the minimum sample size for the Multiple Regression should be: n = 50+8m (where m= number of dependent variables).
This study has 4 dependent factors, so the minimum for multiple regression as below: n = 50 + 8x4 = 82.
For this study, a minimum sample size of 150 was necessary After sending out 250 survey invitations, data collection yielded 207 responses, which were deemed sufficient for conducting Exploratory Factor Analysis (EFA) and multiple regression analysis.
Main survey and Data collection
According to Neville (2007), a quantitative approach is detailed and structured, allowing for easy statistical presentation of results Creswell (2003) supports this by stating that quantitative methods are ideal for testing theories or explanations This research will gather quantitative data through a survey questionnaire, derived from a literature review, to examine how two resource inputs—service process factors such as usability, privacy, and responsiveness, as well as service content elements like discussion, database, and articles—affect e-service customers' perceptions of value in online banking.
The main survey commenced on September 2, 2014, targeting banking website customers A total of 250 online survey invitations were distributed via email and communication apps like Zalo and Viber, along with hard copy questionnaires sent directly The researcher followed up with phone calls to encourage participation Two weeks later, 220 responses were collected from both online and hard copy surveys, though 13 were deemed unusable due to incomplete or biased answers Ultimately, 207 valid responses were included in the study.
The collected data will be analyzed using SPSS software (Statistical Package for the Social Sciences), Version 20, which facilitates Exploratory Factor Analysis (EFA), Cronbach's Alpha Reliability Analysis, and Standard Multiple Regression Analysis.
Exploratory Factor Analysis was utilized to examine the relationships among various variables and identify the underlying factors In this study, Principal Axis Factoring was the chosen method for factor extraction, complemented by the Promax rotation technique.
In order to assure the suitability of the data for factor analysis, the following conditions should be met (Pallant 2005):
For effective Exploratory Factor Analysis, an appropriate sample size is crucial, with a minimum of 95 responses recommended Given the 19 variables in this study, a ratio of at least five cases per variable is necessary Our data set, comprising 95 valid responses, meets this requirement, confirming its validity for the analysis.
The factorability of the data would be appropriate if: the Kaiser-Meyer-Olkin value (KMO) should be 0.5 or above; the Bartlett’s test of sphericity should be statistically significant: p