slism working paper enhancing customer experience in

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SLISM Working Paper

ENHANCING CUSTOMER EXPERIENCE IN RETAIL BANKING SERVICES: A SURVEY OF RECENT RESEARCH

IN FINANCIAL SERVICES JOURNALS

Gamini Gunawardane

California State University at Fullerton, Fullerton, USA

ABSTRACT

While the primary objective of commercial banks is providing financial services to customers, maintaining

financial viability and success, regulatory compliance, integration of digital technology, and risk management,

current view among academics, researchers and practitioners in financial services is that provision of

satisfactory services to customers and society is also important. In achieving these objectives, customer

experience enhancement is receiving increased attention and is considered an important issue to focus on as

much as sound financial, investment and risk management. This paper presents a survey of published research

on customer experience and related issues, as applicable to retail customer banking, in key financial services

management journals during the period 2015-2020. It will also compare this research with customer

experience enhancement trends in the financial services industry. Findings indicate that researchers continue

to focus on traditional concepts such as determinants of customer satisfaction and service quality, and

customer behavioral outcomes such as loyalty, trust and retention; and not on recent developments in

customer journey and multiple touchpoint-based customer experience management.

Keywords: Retail banking; Customer experience; Customer satisfaction; Customer Loyalty; Customer Trust;

Customer Journey.

1. Introduction

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Retail banking, also known as consumer banking or personal banking, provides financial services to consumers as individuals not businesses.

Retail banking is a way for individual consumers to manage their money, have access to credit, and deposit their money in a secure manner.

Services offered by retail banks include checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs).

In the modern digital age, many financial services companies offer retail banking services purely through the Internet and mobile apps. Some

retail banks have even introduced investment services such as wealth management, brokerage accounts, private banking and retirement

planning sometimes outsourcing these services to affiliates (Investopedia,2020). Commercial banking, on the other hand, refers to financial

services provided to both the general public and large corporate clients.

Research and industry discussions on managing retail banking services are increasingly highlighting the importance of enhancing customer

experience. For example, Berry et al. (2006) highlighted the importance of managing customer experience in financial service organizations such

as banks, and stated,

“Customer experience is customers’ judgment on their overall service experience, it is formed by way of several experiences of

customers in the entire exchange process which leads to their set impressions and feelings about the service and service provider. These

experiences are based on several service clues embedded in the service process and hence, a proper management of these clues is

indispensable for organizations like banks which are aiming to excel in creating positive customer experiences.” (Italics added).

In other words, while “customer satisfaction” is an important phenomenon in banking services, the customer’s overall experience over multiple

encounters, touch points, and channels is what causes the formation of customers’ behavioral intentions and outcomes towards the bank’s

services.

Similarly, Pricewaterhouse Coopers (2020) in a report on “Retail Banking 2020, Evolution or Revolution?” stated,

“Powerful forces are transforming the retail banking industry. Growth remains elusive, costs are proving hard

to contain and ROEs remain stubbornly low. Regulation is impacting business models and economics. Technology

is rapidly morphing from an expensive challenge into a potent enabler of both customer experience and effective

operations. Non-traditional players are challenging the established order, leading with customer-centric innovation.

New service providers are emerging. Customers are demanding ever higher levels of service and value. Trust is at

an all-time low (Italics added).

Fintechnews Switzerland (2020) in an article “10 Trends in Retail Banking to Watch Out for in 2020 and Beyond” confirms this position,

highlighting the importance of offering “superior customer experience through contextual banking.” (Italics added.)

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Qualities such as trust, reputation, history, and size have traditionally been the benchmarks through which consumers choose financial

institutions. However, the tides of banking are changing. The evolution of technology has altered user priorities and increased the importance of

customer experience in banking (Acquire, 2020, in an article, “How to Improve Customer Experience in Banking”.)

Also, to be noted are recent banking industry conferences such as the 9th Annual Customer Experience Management in Banking Summit held on

1-3 September 2020 in Vienna. https://allanlloyds.com/upcoming-events/235/9th-annual-customer-experience-management-in-banking-

summit/ Topics addressed at this summit included: Investing in Customer Experience, Customer Journey and Personalised Experience, Digital

Innovations and Technologies in CEM, Omnichannel trends, Social Media Strategies, Customer Data & Insight, Customer Loyalty, Creating

Customer-Centric Culture. And Different Generations – Different Expectations.

However, it is only recently that customer experience, as a stand-alone concept, has begun to attract the interest of researchers in financial

services including banking. Hitherto, the concept that has been overwhelmingly addressed is customer satisfaction.

Therefore, in order to correctly identify and record research efforts on customer experience enhancement in retail banking, we believe that we

must also look at the relationships between customer experience and customer satisfaction, as well as related concepts such as customer loyalty

and trust. We do this in the next section.

2. Customer Experience (CX) and Related Concepts as Applicable to Financial Services including Banking

As mentioned above, Customer Satisfaction (CS) is the concept that has been overwhelmingly addressed in bank services research. In general,

research studies seem to consider CX and CS as synonymous concepts.

CS is one of the most researched subjects in service management (Boolenrtvanich, 2019, citing Oliver, 1999). CS is generally related to a single

service encounter. It is recognized as the difference between the customer’s pre-service expectations and post-service perceptions on a mix of

dimensions relating to the service, namely Reliability, Responsiveness, Empathy, Assurance and Tangibles (Parasuraman et al., 1988).

Another view of CS is that it is really the post-service perception of service quality (Cronin, et al., 2000).

The generally accepted relationships between service Quality (SQ), Customer Satisfaction (CS). Customer Loyalty (CL) and Customer Trust (CT)

can be summarized as follows (Boonlertvanich, 2019).

• Perceived service quality positively affects customer satisfaction (Anderson et al., 1994; Boonlertvanich, 2019); This is true for banking

services too (Zavareh et al., 2012).

• Customer satisfaction positively affects customer trust, i.e., Perceived service quality indirectly impact loyalty through satisfaction

(Boonlertvanich, K. 2019).

https://allanlloyds.com/upcoming-events/235/9th-annual-customer-experience-management-in-banking-summit/

https://allanlloyds.com/upcoming-events/235/9th-annual-customer-experience-management-in-banking-summit/

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• Customer satisfaction also leads to higher customer loyalty (Bapat, 2017), i.e., Perceived service quality indirectly impact loyalty through

satisfaction (Boonlertvanich, K. 2019).

• Higher customer trust leads to higher customer loyalty (Amar and Suryani, 2019).

• Customer satisfaction, Customer Loyalty and Customer Trust, directly or via interacting mediations, influence banking customer behavior

such as Word of Mouth, retention/switching, repurchase intentions, and complaining (Choudury, 2014; Ramamoorthy et al., 2018).

Therefore, it is justifiable that the major focus of research on customer behavior in banking services has primarily been on SQ, CS, CT, and CL

(Ladeira et al., 2016; Boonlertvanich, 2019).

However, CX is now recognized as the primary driver of customer behavior in banking services. Gao et al., (2020), in an article in the Journal of

Service Research, state,

“For example, in the banking services industry, while most top executives recognize the essential role of customer experience quality for

the future of their business (91% of respondents), only one third of banking customers strongly perceive that their banks are focused on

customer experience, which indicates the need for additional research in this emerging field.” (Italics added.)

The customer in services such as bank services, usually goes through many touch points and several channels of contact even in a single

transaction (e.g., a consumer loan), and typically has many encounters (interactions) with the bank over time. Thus, it is the experience during

this multiple touch point and multiple encounter-based journey that eventually affects CS, CT and CL (Chahal and Dutta, 2015).

Thus, customer experience management (CXM) in a bank setting should focus on a customer journey-based approach, with multiple touch

points and multi-channels. Multi-channels, here, include customer’s personal, telephone, online, and mobile banking contacts with the bank.

The significance of treating customer experience as a journey through the service process with many touch points, and repeatedly over time, is

the modern view of customer experience. Ponsignon and Maull (2015) identify five practices that are consistently used by financial service

organizations to manage the customer experience: Define the customer journey lifecycle; monitor, track, and improve failed moments of truth;

engage customers in learning activities; leverage transaction data to personalize the customer experience; and apply sensory design on the

tangible and visible service elements.

In conclusion, the focus of research on customer behavior in banking services has primarily been on seven areas: CX, SQ, CS, CT, and CL,

customer behavioral intentions (such as engagement, commitment, retention/repurchase and co-creation), and managerial interventions (such

as Customer Relations Management (CRM), and effective management of service recovery and complaint handling) to enhance CX, CS, SQ, CT

and CL and to promote positive customer behavioral intentions. We will refer to these seven areas as “CX and Related Concepts” in this paper.

Finally, we believe that our survey here should not be limited narrowly to research on enhancing CX; and that we should also recognize research

on CX and Related Concepts.

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3. Objectives and Methodology of this Research

As stated above, our objective in this project was to ascertain the level of interest of researchers in CX and related areas, as applicable to the

retail banking industry, and to identify topics/issues addressed, as indicated by recent publications in scholarly financial services management

journals.

We selected 2015 through 2020 as the period for our survey.

Initially, we selected five peer reviewed journals in the financial services management field. These were Journal of Financial Services Research

(JFSR), International Journal of Financial Services Management (IJFSM), Journal of Financial Services Marketing (JFSM), International Journal of

Bank Marketing (IJBM), and Journal of Internet Banking and Commerce (JIBC).

A preliminary review of articles published in these four journals revealed that Journal of Financial Services Research (JFSR), which by its own

admission in the scope statement, focuses on macro issues such as “empirical and theoretical research on the demand, supply, regulation, and

pricing of financial services”, and not operational issues such as customer satisfaction and experience. A review of the 155 papers published in

JFSR from 2015 to 2020 confirmed this.

Similarly, we did not include in our study highly ranked finance journals such as Journal of Finance, Review of Financial Studies, Journal of

Financial Economics, Journal of Banking and Finance, and Review of Corporate Finance Studies that publish high impact articles in finance,

because their focus is similar to that of JFSR. A survey of “The top 25 cited articles over the last 5 years” in the Journal of Finance

(https://afajof.org/most-cited-recent-articles/), and the “most cited” and “editor’s choice” articles in The Review of Financial Studies

(https://academic.oup.com/rfs) confirmed this.

Therefore, this study was based on articles published in the four journals, IJFSM, JFSM, IJBM and JIBC all of which displayed a record of

publishing research on customer experience, customer satisfaction and related concepts discussed earlier.

We reviewed every paper in these four journals IJFSM, JFSM and IJBM for the period 2015 to 2020, and selected those that had one or more of

the terms, customer experience, customer satisfaction, service quality, customer loyalty, customer trust, customer journey, customer retention ,

customer commitment, customer engagement, co-creation, customer relations management (CMR), service recovery, and complaint handling

(i.e., CX and Related Concepts), in the title, abstract, key words, hypotheses, findings or conclusions. Out of these, research addressing retail

banking, including online banking, mobile banking, and multi-channel banking, were identified. Search and selection was conducted both

electronically (key word search) and manually.

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4. Findings and Discussion

Shown below in Table I is a summary of papers relating to CX and Related Concepts in retail banking services, published in the four journals

during the period 2015-2019.

Table I: Papers Addressing Customer Experience and Related Issues in Financial Services Journals, 2015-2020

JOURNAL TOTAL NO. OF PAPERS PAPERS ON CX AND RELATED ISSUES IN RETAIL BANKING

PERCENTAGE

IJFSM 58 4 6.8

JFSM 102 24 23.5

IJBM 382 95 24.9

JIBC 250 16 6.4

Total 792 139 17.6

23 papers addressed online retail banking, 13 papers addressed mobile retail banking and the rest (103) addressed personal retail banking

including multi-channel access.

Low percentages of papers on CX and related concepts in IJFSM and JIBC are understandable. Focus of JIBC is not only internet banking but all

types of internet based commercial activities such as online retail sales and health care. It attracts only a limited amount of research on retail

banking. Same is true for IJFSM that publishes work in the broad area of financial services with an emphasis on governance of financial service

companies, risk management, mergers and acquisitions, modelling, model risk and model validation, board effectiveness, financial regulation,

financial markets, financial product innovation, and financial law. Percentage of papers on CX and related concepts in all four journals (17.6%) is

modest but percentage of papers in JFSM and IJBM alone, nearly 25%, is quite impressive.

Table II below presents the distribution of research by main issue of focus.

Table II. Distribution of Research by Main Focus

Main Focus Number of Papers Percentage

Customer Experience (CX) 14 10.1

Customer Satisfaction (CS) 37 26.6

CX + CS 51 36.7

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Service Quality (SQ) 12 8.6

CX + CS + SQ 63 45.3

Customer Loyalty (CL) 24 17.3

Customer Trust (CT) 11 7.9

CX + CS + SQ + CL + CT 98 70.5

Customer Behavior Intentions (Engagement, Commitment, Retention, Emotions and Co-creation)

23 16.5

Managerial Interventions to Enhance CX, CS, CL and CT (CRM, Service recovery management, and Complaint handling)

18 12.9

Total 139 100

As expected, papers directly addressing CX was low (10%) but those addressing CX and CS together was significantly high (36.7%). Also, when we

combine CX, CS, SQ, CL and CT, the percentage rose to 70.5 %. The 16.5% of the papers on customer behavior intentions also predominantly

recognize SQ, CS, CL and CT as antecedents.

Research on Customer Experience (CX) in Retail Banking

See Table III for research publications directly addressing CX in retail banking, in the four journals.

This research has addressed three issues relating to CX in retail banking:

1. What are the determinants of CX? This was the focus of the largest number of papers in this category.

Following research in service management that attempt to identify dimensions of SQ (Parasuraman et al., 1988), some researchers have

identified determinants of CX in retail banking. For dimensions identified by various authors, see Table III.

Determinants specifically applicable to digital/online banking and mobile banking are also shown in Table III.

2. Influence of demographic and cultural differences on CX.

Table III shows studies that found that factors influencing CX differs by culture (e.g., cultural differences identified by Hofstede’s culture

classification), and generation groups (e.g., X, Y and Z generations).

3. Management strategies contributing to CX enhancement. Only two papers addressed this issue.

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These papers highlighted that automation such as Robotic Process Automation, and focus on effective management of stages of

customer journey touchpoints (pre-touch, in-touch, post-touch, and service failure) can improve customer experience in retail banking.

Our main observation here is that there seems to be little interest on research relating to customer journey/touch points/multiple encounters-

based analysis of CX in banking services in these financial service journals. Lack of interest on research in the evaluation of customer experience

based on an accumulation of experiences using experience data or survey data to understand the key moments of truth between the customer

and the bank, is disappointing.

Research on Customer Satisfaction (CS) in Retail Banking

See Table IV for research publications on customer satisfaction in retail banking in the four journals.

We observe the following findings in this research:

1. Most of the research has, again, focused on determinants/dimensions of CS.

For determinants identified by various authors, see Table IV. These include a 7Ps (product, price, place, promotion, people, process and

physical evidence) service marketing mix; a seven-dimensional scale; a ten dimensions approach; and a PAKSERV scale of six

determinants. A notable difference is the retail bank customers’ attention to the physical facilities (tangibles) of the bank.

Again, Table IV will show determinants of CS identified specially for online banking and mobile banking. Perceived price, fairness and

service convenience dimensions have positive impact on CS and customer loyalty. Variations in forming CS in demographic (e.g., gender,

and high wealth and low wealth customers) and cultural variations.

2. Several papers identify a positive relation between SQ, CS and corporate image.

3. Other findings include that following:

a. Service fairness impacts service quality and CS.

b. Perceived value and Uncertainty Avoidance (UA) are direct antecedents of corporate reputation that in turn has a strong effect

on CS.

c. There are variations in CS across customers of different risk tolerance.

d. There are Variations in CS across customers by financial literacy.

e. Variations in CS determinants exist across cultures. Work reported here cover 18 different countries.

f. Mediation of CS by initial trust, and

g. Negative effects on CS by role stressors in customer participation.

Research on Retail banking Service Quality (SQ)

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See Table V for research publications on service quality in the four journals.

Following are key observations in this research:

1. As expected, we observed attempts to identify determinants/dimensions of SQ.

See table V for dimensions identified by various authors, including certain dimensions specifically identified in online banking and mobile

banking.

2. The dynamic nature of dimensions. Customers in the early stages of relationship value tangible value dimensions and the ones in

advanced stages of relationship value intangible dimensions.

3. Bank service quality perceptions vary across demographic variables. Age and education have less impact.

4. Bank service quality perceptions vary across cultures. Work reported here cover 10 different countries. Also, Islamic bank customers’

perceptions of the level of reliability, responsiveness, security and reputation were significantly higher than those of conventional banks.

5. SQ dimensions and customer trust contributes to customer value co-creation intention.

Research on Retail Banking Customer Loyalty (CL)

See Table VI for research publications on customer loyalty in the four journals.


1. Interacting and mediating relationships between CL and other concepts

a. CS, SQ and CT have significant effect on loyalty.

b. Trust mediates the relationship between attitudes and loyalty, and CS-loyalty link.

c. Corporate image and brand image have positive effects on CL.

d. Market Orientation and Social Intelligence lead to loyalty through mediational impact of CS.

e. The impact of SQ on loyalty yields more powerful results in the presence of Emotional Intelligence.

f. Significant, direct and positive relationship between the customer’s emotional attachment and bank loyalty

2. Customer behavioral intentions, such as Word of Mouth, are affected by CL. Commitment and customer intimacy have a significant

relationship with customer loyalty.

3. Customer demographics, personal values (such as growth and achievement) and personality traits affect CL.

4. Omni channel (integration) strategies positively affect CE and CL. integrated interaction quality and positive affect experiences positively

influence CL.

5. Availability of internet banking positively affects CL. Brand image is a mediator.

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6. Customer dialogue in bank marketing effects CL.

7. In online banking, perceived ease of use and branch service quality are antecedents to CS that positively affects CL.

8. There is a positive relationship between content-based social media marketing and CL.

9. product/service offerings and customer care on loyalty.

10. Cultural background and values affect CL, e.g., Islamic banks’ customers: Sharia compliance; convenience; efficiency. Conventional

banks: reputation; efficiency; phone response. Research reported here cover 15 different countries.

Research on Retail Banking Customer Trust (CT)

See Table VII for research publications on customer trust in the four journals.


1. Identifying determinants of trust and loyalty, e.g., a six-dimension model (competence, stability, integrity, customer orientation,

transparency, and value congruence). These dimensions have varying effects on CL.

Integrity identified as the most important determinant of CT. Transparency, value congruence, stability, customer orientation, and

competence are also significant.

2. CT is a strong predictor of CL.

3. CT in Online banking: perceived usefulness affects CT and positive word-of-mouth intention; ability to receive paper records adds to CT.

Online banking. System quality and service quality positively affect CT (but not information quality).

4. CT in mobile banking: Cognitive and negative affective dimensions of mobile experience impact trust.

5. Two variations of CT identified: Institutional Trust and Dispositional Trust. These influence customer behavioral intentions.

6. Customer cultural background, personal values, and ethics influence CT. In Islamic banking, organisational religious observance has

positive effects on CT. Customer religiosity influences CT.

Research on Retail Banking Customers’ Behavioral Intentions (such as engagement, commitment, retention/repurchase and co-creation).

See Table VIII for research on retail banking customer behavioral intentions and outcomes in the four journals.

Key findings in this research include the following:

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Customer engagement (CE): Website interactivity, aesthetics, customization, ease of use and telepresence positively affect CE. CE positively

affects customer trust and customer retention; Offline experience is more important than online experience in terms of impact on CT and

customer commitment (CC), which are closely linked to CE.

Customer Commitment (CC): Rapport is a significant mediator between CS and each of the three types of CC: affective, calculative and normative

commitment; Advocacy and collaboration have a direct relationship with affective commitment, while trust mediates the influence of

engagement and personalization on affective commitment; In mobile banking. CC is affective in nature and reflects emotional issues related to

the feeling of being in more control over personal finances; Loyalty to personal advisor is influenced by affective and calculative commitment, by

affective commitment to the bank. Affective commitment has a stronger overall impact on customer loyalty.

Retention and repurchase decisions: Interaction intention increases CS; In mobile banking: factors directly affecting continuance intention

toward mobile banking are satisfaction, trust and expectancy confirmation; personnel capability and customer satisfaction have a significant

positive impact on customer retention; In online banking: personalization leads to increasing intention to continue to use e-banking services;

When customers have a high level of trust in their banks, they are less likely to leave even though they are dissatisfied with their primary

banking channel.

Research on Managerial interventions (such as Customer Relations Management (CRM), and effective management of service recovery and

complaint handling) to enhance CX, CS, SQ, CT and CL and to promote positive customer behavioral intentions.

See Table IX for this research in the four journals. Key findings in this research include:

Understanding the customer: Customer segmentation by behavior is useful, e.g., “angry complainers”, “pragmatic uninvolved”, “emotionally

attached customers” and “happy satisfied customers”. Emotion-based segmentation is meaningful in terms of behavioral outcomes such as

positive emotions, negative emotions, customer involvement, CS and CL. Customer personality traits, such as extraversion (sociability),

agreeableness (acceptance and tolerance), neuroticism (anxiety and emotional instability), conscientiousness (achievement and decisiveness)

and openness (flexibility), influences proneness to customer relationships.

Service recovery and complaint management: After a service failure, brand equity and loyalty mediate the relationship between recovery

satisfaction and positive word-of-mouth behavior; Influences of service recovery and relational selling behavior on CT and CS are both

significant; Interactional and distributive justice in service recovery efforts significantly and positively influence CS and customer behavior;

Magnitude of service failure negatively effects customer satisfaction with complaint handling. Customer satisfaction with complaint handling

positively influences brand credibility and overall satisfaction; customer’s recovery satisfaction is dependent on customer perceived service

quality; In online banking, initial negative feelings from a service failure had insignificant moderating effect on post recovery satisfaction. Most

disturbing service failures identified as technical failures such as delay in online transactions, and interrupted connectivity; and justice received

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by the complaining customer, availability of a grievance-handling mechanism, compensation received, and fair treatment determine the post-

service recovery customer satisfaction.

Customer Relations Management: Complaint resolution, customer knowledge, customer empowerment and customer orientation, have a

positive effect on customer loyalty and competitive advantage of the bank. customer knowledge is most influential. Online relationships: Web

strategies (website design, convenience, information quality, ease of use and security/confidentiality) Influence relationship quality (trust,

commitment, and satisfaction); Customer relationship development process is important; CS is most important factor in the early relationship

stage substituted in the build-up phase by trust and commitment.

Bank staff customer orientation: Customers’ perceptions of salespeople’s listening behaviour mediate the relationship between customers’

perception of salespeople’s empathy and relationship quality with the bank; When customers encountered authentic (i.e., deep acting)

employees, they are more likely to positively modify their internal feelings; Customer deep acting is positively associated with relationship.

4. Conclusions and Directions for Future Research

Recent research in financial services journals covered in this study do not show a noteworthy interest in customer experience as the concept is

recognized in modern times. Publications in these journals predominantly focus on identifying determinants of customer satisfaction, usually

variations of SERVQUAL dimensions of service quality, and variations in bank customer behavioral intentions and outcomes, applicable to their

countries. The fact that these studies are spread over 31 countries confirms this. This effort at cross cultural comparison of issues in retail banking is

commendable.

Also commendable is the focus on CS, CL and CT which in turn addresses several issues applicable to banking services such as, measuring customer

expectations in banking services, customer oriented and fair staff development, personal and cultural variables in customer relationships, customer

relationship management, service recovery and complaint resolution, omni channel (Integrating multi-channel) strategies, personalization of financial

services, online banking, mobile banking and website attributes.

However, lack of interest on varying effects different touch points have on the overall retail banking customer experience, and the need to monitor

the experiences of customers regularly from a real-time customer perspective to enhance positive experiences (e.g., Stein and Ramaseshan, 2019 in

Journal of Service Management), and in depth rigorous analysis of the CX process (e.g., De Keyser et al., 2020 in Journal of Service Research) is

noticeable, and could be considered as potential future research areas.

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This observation is consistent with topics addressed at recent banking and financial services industry conferences, namely customer journey analysis;

collecting and analyzing data at touch points; adoption of new technologies: artificial intelligence and machine learning; data management and

analysis; use of social media; customer analytics; customer oriented internal culture; customer experience as a key driver for internal change; and

customer experience measurement (Net Promoter Score and other measures); and relating CX to business outcome and metrics. These are also

potential areas for future research.

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Wijetunga, D. and Goonatilake, R. (2003). “Customer Satisfaction in Sri Lankan Retail Banking: Importance of Service Quality”, Sri Lankan Journal

of Management, 8, 1&2. January – June.

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Wu, H.-C., Cheng, C.-C. and Hussein, A.S. (2019), "What drives experiential loyalty towards the banks? The case of Islamic banks in Indonesia",


Wu, L.-W., Wang, C.-Y. and Rouyer, E. (2019), "The opportunity and challenge of trust and decision-making uncertainty: Managing co-production

in value co-creation", International Journal of Bank Marketing, Vol. 38 No. 1, pp. 199-218.

Yilmaz, V., Ari, E. and Gürbüz, H. (2018), "Investigating the relationship between service quality dimensions, customer satisfaction and loyalty in

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YuSheng, K. and Ibrahim, M. (2019), "Service innovation, service delivery and customer satisfaction and loyalty in the banking sector of Ghana",


Zameer, H., Tara, A., Kausar, U. and Mohsin, A. (2015), "Impact of service quality, corporate image and customer satisfaction towards customers’

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Table III. Publications with Customer Experience as Main Focus

AUTHOR/SETTING SUMMARY OF KEY FINDINGS. RELATED VARIBLES IN BOLD

Shin et al. (2019). South Korea. Survey of bank customers Komulainen and Saraniemi (2019). Finland. Case study of an app. 14 customer interviews. Al-Wugayan (2019). Kuwait. Interview, paper and pencil, online survey. 1,013 bank customers. Moliner-Tena et al. (2019). Spain. Survey of 1,790 customers of two banks. Gorgoglione and Panniello (2018). Italy. Data of 346 customers of a medium-sized Italian retail bank. Loureiro and Sarmento (2018). Questionnaire survey. 205 customers. Wasan (2018). India. Customer survey. Mbama and Ezepue (2018). UK. Customer survey.

Customer Experience Dimensions: usefulness, convenience, employee-customer engagement (ECE) and security. Usefulness important for digital banking users. ECE and security important for traditional banking users. Mobile banking: Critical aspects of value related to customer experience are the process, the use situation and outcome. Customer Experience and Relationship Marketing practices must be more contextualized to fit the culture. Hofstede culture classification. Kuwait is a highly collectivist culture. Bank customer engagement mediates customer experience and advocacy and loyalty. Three clusters of customers showing significant differences in their perceived experience, and therefore customer experience, identified. Executional excellence, staff engagement and value for money are the most relevant indicators in shaping the overall bank experience. Pleasure is the positive emotion that most enhances the perception of brand equity. Customer Experience factors: Functional clues (convenience and credibility) are the most significant predictors of customers’ discretionary behaviors. Humanic clues (employee competence and compassion). Mechanic clues (service context) are only hygiene factors for customer behaviors. Digital banking. Customer Experience determinants: service quality, functional quality, perceived value, employee-customer engagement, perceived usability and perceived risk.

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Shams et al. (2020). Iran. Active user interview. Komulainen and Makkonen (2018). Finland. Critical Incident Technique (CIT) and Event-Based Narrative Inquiry Technique (EBNIT) of omni-channel bank users. Barari and Furrer (2018) Switzerland and Iran. Customer interviews. Kumar and Balaramachandran (2018). India. Survey. 112 bank customers. Sultan (2019). Kuwait. Focus group sessions with bank customers and staff.

Significant relationship among customer experience, customer satisfaction and loyalty (which is related to financial performance). Mobile banking. Customer expectations differ among generations X,Y and Z. Real-time operation, ease of use, the specific features and complementarity leads to positive experience. Dysfunctionalities, technical defects, and incoherence lead to negative experiences. Customer experience is shaped by different factors in the two cultures. Better protected, secured and privacy banking solutions (by using Robotic Process Automation) are positively related to customer experience. Touchpoints (pre-touch, in-touch, post-touch and service failure). First three stages have direct and indirect effects on switching costs.

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Table IV. Publications with Customer Satisfaction (CS) as Main Focus

AUTHOR/SETTING SUMMARY OF KEY FINDINGS

Kumar and Almoula (2020). India. Public and private sector banks using mystery shopping as a tool. Bharti (2016). Questionnaire survey. 1000 respondents. Bacinello et al. (2017). Brazil. Survey. 256 customers. Machogu and Okiko (2015). Rwanda. Survey. 250 customers. Okeke et al. (2015). Nigeria. Survey. 258 customers. Munir (2016). Bangladesh. Survey. 160 customers. Lone and Rehman (2017). Pakistan. Questionnaire survey. 269 Islam bank customers. Eriksson et al. (2020). Sweden. Survey and bank record data from 13,525 bank clients.

7Ps (product, price, place, promotion, people, process and physical evidence) service marketing mix contributes to customer satisfaction, particularly physical evidence, people, access and process. Mobile banking. Effective Distinctiveness, Professed Security, Immense Efficacy, Innovative Virtual Environment, Enhanced Personalization and Improved Timely Updates were not associated with CS. Supportive Access is directly associated with CS. Online banking. Dimensions "support to transactions" and "safety" are one dimensional attributes; the dimensions "convenience," "decision support," and "problem solving" are basic attributes, and "design" and "benefits" can be considered as attractive or exciting attributes. Online banking. Strong relationship between ease of access/accessibility, inter-phase design, cost/ fees/charges, E-banking equipment usage, privacy/risk/authentication, and CS. Variations by gender. Online banking. Service Quality dimensions and CS in Nigerian Banks. Online banking. Service Quality, information quality and system quality positively impact CS. SERVQUAL dimensions. Tangibles, empathy, and responsiveness are the most significant constructs that distinguish Islamic banks with respect to service quality. Relevance of trust for non-interest revenue is higher for clients with high risk tolerance and high financial literacy.

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YuSheng and Ibrahim (2019). Ghana. Data from 450 sampled customers of commercial banks. Shankar and Jebarajakirthy (2019). India. Questionnaire survey. 1,028 e-banking users. Jiang et al (2019). China. Questionnaire survey. 317 bank customers. Golovkova et al. (2019). Seven European country study. Boonlertvanich (2019). Thailand. 400 valid samples from customers of a large commercial bank. Moghavvemi et al. (2018). Malaysia. 748 foreign and local bank customers. Chakrabarti et al. (2018). India. Roy et al. (2018). India. Yilmaz et al, (2018). Turkey. 441 students.

Service innovation has direct influence on CS which leads to customer loyalty. Online banking: E bank service quality dimensions: reliability, website design, privacy and security and customer service. Mediated by initial trust. Role stressors in customer participation have a negative effect on CS but helps customer creativity. A customer satisfaction index is important in explaining the financial performance of the banking industry. Perceived service quality affects CS and trust, attitudinal and behavioral loyalty. Effects vary between high-wealth and regular customers. Knowledge and staff competencies, and convenience more significant for local bank customers while bank image and internet banking are important components for foreign bank customers. Responsiveness and tangibles dimensions significantly impact the user evaluation rating. Customers looking for loan products are more susceptible to negative perceptions on SQ. A seven-dimensional scale: service equity, service quality, customer intimacy, product leadership, operational effectiveness, customer communication, and perceived sacrifice. Confidence inspired by the banks, reliability of services, and the physical appearance and accessibility of the bank all have an effect in increasing CS.

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Narteh (2018). Ghana. 560 customer survey. Arcand et al. (2017). Canada. 375 respondents. Ong et al., (2017). Malaysia. Survey of 219 online banking users. Kant and Jaiswal (2017). India. Survey: 480 respondents. Khan et al. (2016). India. Online survey. 348 online bank customers. Ladeira et al. (2016). Literature survey. 811 relationships in 210 articles. Dauda and Lee (2016). Nigeria. Questionnaire survey of 1,245 customers. Paul et al. (2016). India. 250 private sector and 250 public sector banks customers.

Seven dimensions: tangibles, reliability, assurance, empathy and price –positively and significantly predicted CS. Mobile banking. Trust is associated with security/privacy and practicity and positively impacts commitment/CS. Online banking. Excitement, Sophistication and Competence form customer behavior. Positive relationships between customer behavior, CS and brand loyalty. Perceived SQ dimensions: tangibility, reliability, assurance, responsiveness, empathy, and image. Responsiveness most significant predictor of customer satisfaction. Image has least. Online banking. Customer-brand engagement positively influences online brand experience. Effects of customer-brand engagement on brand satisfaction and brand loyalty are partially mediated by the online brand experience. Ten dimensions that directly influence CS: a bank’s atmosphere, special treatment and relational benefits, timesaving features, the dimensions and determinants of service quality, customers’ overall perceptions of service quality, end-user computing, service recovery, external factors, strategic orientation and behavioural outcomes. Reduction of transaction errors, transaction cost, waiting time and initial online learning time have strong impact on customer’s satisfaction. Private sector banks: knowledge of products, response to need, solving questions, fast service, quick connection to the right person, and efforts to reduce queuing time. Public sector banks, knowledge of the product and fast service. Appearance is the only factor that is negatively associated.

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Amin (2016). Survey of 520 internet banking customers. Ayo et al., (2016). Nigeria. 254 e-banking users. Zeinalizadeh et al. (2015). Iran. Survey 436 customers. Kaura et al. (2015). India. Questionnaire survey. 445 retail banking customers. Zameer et al. (2015). Pakistan, Questionnaire survey. 200 customers. Fatima et al. (2015). Bangladesh. 212 customers. Kashif et al. (2015). Malaysia. Survey of 300 Islamic banking customers. Bhatt (2020) India. Customer survey.

Online banking: four dimensions of e-service quality: personal need, site organization, user friendliness, and efficiency of website. Relationship between internet banking service quality, e-customer satisfaction and e-customer loyalty are significant. Online banking. Perceived e-service quality has a strong influence on CS and use of e-banking. Competence of e-service support staff, system availability, service portfolio, responsiveness and reliability, in that order, were found to be most significant in rating e-service quality. Fees and Loans, appearance, and prompt service have the highest impact on CS. interest rate and accessibility to bank and availability of service are the least dominant factors. Perceived price, fairness and service convenience dimensions have positive impact on CS and CL. Positive relation between SQ, CS and corporate image. Affective and normative commitment of customers has strong influence in developing rapport. Rapport has a complementary mediation effect between commitment and CS. Model fit for PAKSERV scale: Tangibility, reliability, assurance, sincerity (consumer's evaluation of the genuineness of the service personnel), formality (consumer's evaluation of social distance, form of address and ritual); and personalization (consumer's evaluation of customization and individualized attention). All dimensions except reliability validated. Service fairness impacts SQ and CS.

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De Oliveira et al. (2018) Brazil. 118 observations with a sample of 49,607 respondents in 39 published articles. Ayoub Al-Salim (2018) West Amman-Jordan. Survey of bank customers. Parahoo et al., (2015). UAE. 227 Arab customers. Khan et al. (2020). Bangladesh. 292 customer survey.

Uncertainty evoked by online devices, system performance, quality of device content leads to CS, CT and CL. Western customers wanted reliability. Ethics had highest ratings while innovation had the lowest ratings. Significant differences between views of male and female customers. Perceived value and Uncertainty Avoidance (UA) are direct antecedents of corporate reputation that in turn has a strong effect on CS. Mobile banking. Positive and significant relationships between all SERVQUAL variables on CS. Responsiveness and empathy have a strong impact. Tangibility was identified as less significant.

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Table V. Publications on Retail Bank Service Quality (SQ)

Author/Setting

Summary Key Findings

Saleh et al., (2017). Bangladesh. Questionnaire survey 229 customers from conventional banks and 225 customers from Islamic banks. Pauluzzo and Geretto (2017). Italy. 600 customers. Al-jazzazi and Sultan (2017). Jordan. Mail survey 2,000 banking customers. Ponnam and Paul (2017). India. Survey of 194/ 266 bank customers in two phases. Bandyopadhyay (2015). India. Questionnaire survey 810 respondents. Mittal et al. (2015). India. 350 customers. Interviews.

Islamic bank customers’ perceptions of the level of reliability, responsiveness, security and reputation were significantly higher than those of conventional banks. Small banks. SQ determines consumers' bank selection, perceived value, CS, and customers' repurchase intentions. Bank SQ perceptions are significantly different in four of the six demographic variables. Age and education do not impact on service quality perceptions. Dimensions of service value: customer intimacy, product leadership, service equity, perceived sacrifice, service quality, and operational excellence. Except for operational excellence and service quality, all other dimensions vary over time. Results reveal that customers in the early stages of relationship value tangible value dimensions and the ones in advanced stages of relationship value intangible dimensions. Service quality elements. Internet banking and operating hours are considered “attractive”, i.e. improvement of those attributes may delight the customers. Aability to understand, knowledge, the right service, safety, service timing, physical facilities, and materials are identified as “must-be” quality elements, i.e., they are important to prevent dissatisfaction, but are unable to enhance satisfaction. Ccourteousness, responsiveness, dependability, prompt service, branch location, and ATM network are one-dimensional in nature. Improvement of such elements will improve customer satisfaction. SQ Dimensions: Service delivery efficiency, tangibles, reliability, core service and competence (the capability of employees and systems for providing the service). The most important dimension was tangibles (physical environment).

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Abdullrahim and Robson (2017). Britain. 8 Group discussions and survey of 300 customers. Singh et al. (2015). India. Two banks. Awan (2016). Saudi Arabia and China. Online survey 222 customers. Harahap et al. (2020) Indonesia. Conceptual model. Mostafa (2020) Egypt. Questionnaire survey. 301 respondents. Jun and Palacios (2016). USA. 900 individual comments on m-banking service quality. 13 biggest US financial institutions.

SQ Dimensions (responsiveness, credibility, Islamic tangibles, accessibility, and reputation). Significant differences found in the importance of dimensions between Islamic bank and non-Islamic bank customers. SERVQUAL SQ dimensions low in both banks. Online banking. The attitudes of perceived value towards loyalty intention similar in both countries. For Chinese consumers fulfilment towards perceived value is vital. Online banking. Proposes eight SQ dimensions: efficiency, system availability, fullfilment, privacy, contact, responsiveness, website design and commission. SQ dimensions (ease of use, usefulness, security/privacy and enjoyment) and customer trust contributes to customer value co-creation intention (CVCCI). 17 dimensions of m-banking SQ: m-banking application quality (content, accuracy, ease of use, speed, aesthetics, security, diverse mobile application service features, and mobile convenience), and m-banking customer service quality (reliability, responsiveness, competence, courtesy, credibility, access, communication, understanding the customer, and continuous improvement). Of these, five dimensions, such as mobile convenience, accuracy, diverse mobile application service features, ease of use, and continuous improvement, are considered as the main sources of customer satisfaction/dissatisfaction.

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Table VI. Publications on Customer Loyalty (CL)

Author/Setting


Mainardes et al. (2020). Brazil. Survey of 337 bank clients. Ozkan et al. (2019). Turkey. Survey of bank customers. Hajiyev and Chang (2017). Azerbaijan and Turkey. 1047 active mobile banking users Rahi (2015). Pakistan, Survey, 437 customers. Low et al. (2017). Malaysia. Questionnaire survey 183 respondents. Kamath et al. (2019). India. 500 responses of retail banking customers. Hoang (2019). Vietnam. Sample of 389 bank customers. Omoregie et al. (2019).

Omni channel (integration) strategies positively affect experience and customer loyalty. integrated interaction quality and positive affect experiences positively influence customer loyalty. Customers perceive quality and satisfaction through perceived value, image and reputation, which affects loyalty. Mobile banking. Gen Y members prefer a bank offering the service with lower fees/price, good quality of overall banking service, and good quality of internet banking, the key factor to let them leave the bank is fees. Online banking. Availability of internet banking positively affects loyalty. Brand image is a mediator. Mobile banking. perceived convenience and perceived ease of use are important factors. Relationship between CE and loyalty is serially mediated by brand equity, customer demographics and customer satisfaction. Customer dialogue in bank marketing, and trust, effects customer loyalty and customer satisfaction.

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Ghana. Survey of 565 customers. Wu et al. (2019). Indonesia. Survey of 474 respondents. Wang (2019). China. Survey of 220 customers exiting banks. Tabrani et al. (2018). Indonesia. Questionnaire survey of 200 Islamic bank customers. Amegbe and Osakwe (2018). Ghana. Questionnaire survey. Akhgari et al. (2018). A convenience sampling of 193 customers. Larsson and Viitaoja (2017). Sweden. Bank managers. Makanyeza and Chikazhe (2017). Zimbabwe. 310 bank customers. Bapat (2017). India. Questionnaire. 229 customers.

Customer satisfaction, service quality and trust had significant effect on loyalty. Service quality dimensions (Interaction quality, physical environment quality and outcome quality) influence service quality, trust and satisfaction, and then loyalty. Self-efficacy and adviser-efficacy moderates the relationships among customer participation, customer value and switching costs. Trust has a significant relationship with commitment and customer intimacy but no significant relationship with customer loyalty. Commitment and customer intimacy have a significant relationship with customer loyalty. Indirect influence of product/service offerings and customer care on loyalty, sequentially mediated by CS and trust. Trust mediates CS-loyalty link. Trust mediates the relationship between attitudes and loyalty Online banking. Eight dimensions perceived by managers as important for ensuring customer loyalty to the digitalisation process. Service quality, satisfaction and corporate image all have positive direct effects on loyalty.

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Levy and Hino (2016). Israel. Survey 436 participants. Henrique and Augusto de Matos (2015). Brazil. Survey of 891 bank customers. Sayani (2015). UAE. Survey. 300 customers. Al-hawari (2015). UAE. 410 bank customers. Kamiyama and Kashiwagi (2019) Jordan. Islamic banks. Customer survey. Mukerjee (2018) India. Customer surveys.

Perceived ease of use and branch service quality are antecedents to satisfaction and satisfaction positively affects the loyalty. Significant, direct and positive relationship between the customer’s emotional attachment and bank loyalty; an indirect positive relationship also exists through the connection of customer satisfaction. Two integrated pathways consumers follow: conscious decision-making process path and emotional process path. Influence of personal values. Customers that place more importance on growth and achievement as personal values are less loyal to their bank. This effect was more pronounced for female, older and high-income consumers. Islamic banks’ customers: Sharia compliance; convenience; efficiency. Conventional banks: reputation; efficiency; phone response. Overall quality of service affects customer loyalty. For customers high on most of the personality traits (conscientiousness, agreeableness, emotional stability, openness to experience, and extraversion), quality plays less of a role in triggering customer loyalty. Customers’ evaluations of a bank's compliance with Islamic law and ease of access to credit had a positive effect on the customers’ intentions to continue using Islamic banks.

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Ramzan and Ali Raza (2018). 200 students. Questionnaire survey. Saleem et al. (2016). Pakistan. Questionnaire survey. 650 customers.

Brand experience, service quality, and perceived value positively affected loyalty and word of mouth (WOM) recommendations by customers. There is a positive relationship between content-based social media marketing and customer engagement, trust, loyalty and advocacy. Market Orientation and Social Intelligence lead to loyalty through mediational impact of customer satisfaction. The impact of Service Quality on loyalty yields more powerful results in the presence of Emotional Intelligence.

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Table VII. Publications on Customer Trust in Retail Banking

Author/Setting


Boateng (2019) Ghana. Survey of 429 retail bank customers. Hundal (2020). Survey of 296 bank customers who were using social media for availing the banking services. van Tonder et al. (2018) South Africa, survey of 511 electronic banking customers. Hampshire (2017). UK. Survey of 101 customers. van Esterik-Plasmeijer and van Raaij (2017). Netherlands. 1,079 respondents. McNeish (2015). Canada. 208 online bill payers. Alhazmi (2019) Saudi Arabia. Survey. 765 banking customers.

Online banking: Bank’s online relationship activities need to communicate to positively influence online trust and loyalty among customers. Online banking. Respondents based on their values and ethics have different perceptions towards the usage of social media platforms for availing banking services. Online banking: Continuous commitment was found to mediate the relationships between perceived usefulness and competence trust with positive word-of-mouth intention, respectively. Mobile payments. Perceived trust positively influences perceived usefulness and mitigates perceived risk. Six determinants of trust and loyalty: competence, stability, integrity, customer orientation, transparency, and value congruence. Integrity is the most important determinant of bank trust. Transparency, customer orientation, and competence are also significant. Trust is a strong predictor of loyalty. Determinants explaining bank loyalty: competence, stability, transparency, and value congruence. Structural assurance and counted on to help leads to intention to continue. Receiving paper bills adds to trust. Organizational religious observance has positive effects on CT, Customer religiosity influences CT.

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Rajaobelina et al. (2018). Canada.Survey of 396 panelists of a Canadian research firm. Ashraf et al., (2015). Pakistan. 15 interviews with Muslim customers. Moin et al., (2015). UK. Survey of 301 employees of a large corporation. Namahoot and Laohavichien (2015). Thailand. Survey 400 customers.

Mobile banking: Cognitive and negative affective dimensions of mobile experience impact CT. Trusting the bank to be Shariah compliant was at an inter-personal level. Customers follow the advice from a trusted source. Word of mouth recommendation is a significant influencer. Institutional Trust and Dispositional Trust influence CT of bank customers. Online banking. System quality and service quality positively affect CT but information quality showed negative effect.

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Table VIII. Publications on Retail Banking Customer Behavioral Intentions and Outcomes

Author/Setting


Customer Engagement Islam et al. (2020). India. Online survey of 598 public and private bank customers. Bravo et al. (2019). Spain. Sample of 306 customers. Customer Commitment Fatima et al. (2020). Bangladesh. Survey data collected from bank customers. Ojeme et al. (2016). Nigeria. Interviews with 199 senior financial managers of SMEs. Boateng and Narteh (2016). Ghana. 200 online retail bank customers. Shaikh et al. (2015) Finland and South Africa. 36 interviews. M-banking users. Strandberg et al., (2015). Sweden. Web survey of affluent customers of a major bank.

Website interactivity, aesthetics, customization, ease of use and telepresence positively affect CE. CE positively affects customer trust and customer retention. Offline experience is more important than online experience in terms of impact on trust and commitment, which are closely linked to customer engagement. Rapport is a significant mediator between satisfaction and each of the three types of commitment: affective, calculative and normative commitment. Commitment is established around two components; affective and calculative, whilst advocacy and repurchase intention converge into a single behavioural intentions factor. Advocacy and collaboration have a direct relationship with affective commitment, while trust mediates the influence of engagement and personalization on affective commitment. Mobile banking. Commitment is affective in nature and reflects emotional issues related to the feeling of being in more control over personal finances. Loyalty to personal advisor is influenced by affective and calculative commitment, by affective commitment to the bank. Affective commitment has a stronger overall impact on customer loyalty.

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Customer Retention and Repurchase Intentions Herjanto and Amin (2020). New Zealand. Questionnaire survey of 377 bank customers. Poromatikul et al. (2019). Thailand. Oertzen and Odekerken-Schröder (2019). Germany. 750 current customers of the e-postbox of a large bank. Hauff (2019). Sweden. Sample of non-bank employed citizens from a panel database. Darzi and Bhat (2018). India. Questionnaire survey. 409 bank customers. Wang et al., (2017). China. 181 banking customers. Kabadayi (2016). USA. Survey of 226 individuals living in a large northeastern city (346 in a second phase of study).

CS with a banker has a significant relationship with repurchase intention. Three types of similarity affect interaction intensity differently. Interaction intention increases CS. Mobile banking: Factors directly affecting continuance intention toward mobile banking are satisfaction, trust and expectancy confirmation. Online banking: Post adoption drivers. Post adoption attitudes. Affective commitment. Positive relationship between affective commitment to the bank and attitude towards using the e-postbox. Negative effects from customers’ perceptions of complexity and unfamiliarity. Borrower relationship centered on trust. Saver on negative experiences. Personnel capability and customer satisfaction have a significant positive impact on customer retention Online banking: personalization leads to increased performance expectancy and decreased effort expectancy; lead to increasing intention to continue to use e-banking services. When customers have a high level of trust in their banks, they are less likely to leave even though they are dissatisfied with their primary banking channel.

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Customer Emotions During Service Calvo-Porral and Lévy-Mangin (2020). Spain. Questionnaire survey of 451 bank service customers. Charni et al. (2019). Canada. 652 panelists from a large Canadian polling firm. Web-based questionnaire. Arguello et al. (2019). Spain. Data taken from 1,125 customers. Lien et al., (2018). Taiwan. 362 customers. Marinkovic and Obradovic (2015). Serbia. 211 respondents. Questionnaire survey. Co-Creation Mainardes et al., (2017). Brazil. 265 customers. Kashif and Zarkada (2015).

Customer segmentation. Four customer clusters emerged namely “angry complainers”, “pragmatic uninvolved”, “emotionally attached customers” and “happy satisfied customers”. Emotion-based segmentation is meaningful in terms of behavioral outcomes such as positive emotions, negative emotions, customer involvement, customer satisfaction and loyalty. Customer perception of employee job satisfaction and affective commitment has positive effect on the emotional, social, relationship and epistemic benefits. Only personnel and outcome qualities have emotional and relational effects on the client during financial crisis. Positive moods are found to be an important predictor of functional value, symbolic value and word of mouth (WOM) referrals. Functional value partially mediates the influence of positive moods on WOM among respondents in the “general relational benefits” segment only. Trust, social bonds, image and service quality are statistically significant drivers of satisfaction. Of these variables, only service quality has no significant impact on affective commitment. Trust stands out as the variable with the greatest impact on customer emotional responses. Significant and positive association with access, risk assessment and transparency and co-creation. No effect of dialogue. Value co-destruction between customers and frontline employees of banks. Customer abuse of frontline service employees during service encounters.

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Pakistan. Interviews. Critical Incident Technique. 33 frontline banking employees and 22 customers.

Need for improved communication practices.

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Table IX. Publications on Managerial Interventions to Enhance CX, CS, CL and CT and Positive Behavioral Intentions

Author/Setting


Customer Relations Management (CRM) Lebdaoui and Chetioui (2020). Morocco. 247 managers from conventional banks and 141 managers from Islamic banks. Self-administered questionnaire. Eriksson and Hermansson (2017). Sweden. Bank records for 90,528 bank customers. Bhat and Darzi (2016). India. 278 customers of a private bank. Sekhon et al., (2016). UK. Online survey. More than 1,000 customers. Itani and Inyang (2015). Chile. 150 customers. 25 salespeople of a bank. Mishra and Vaithianathan (2015). India. 428 respondents.

Customer service quality plays a mediating role between CRM practices (organizational and technological) and organizational performance. Segments: transactional and relational customers. Dichotomy between transaction and relation is no longer valid. CRM dimensions, complaint resolution, customer knowledge, customer empowerment and customer orientation, have a positive effect on customer loyalty and competitive advantage of the bank. customer knowledge is most influential. Fairness: Face-to-face interaction, such as branch contact, perceived to be fairer than when interactions are more remote. Customers’ perceptions of salespeople’s listening behaviour mediate the relationship between customers’ perception of salespeople’s empathy and relationship quality with the bank. Customer personality and relationship satisfaction. Personality traits, extraversion (sociability), agreeableness (acceptance and tolerance), neuroticism (anxiety and emotional instability), conscientiousness (achievement and decisiveness) and openness (flexibility), influences proneness to customer relationships.

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Brun et al. (2017). Online survey of 476 banking sector customers (banks and financial cooperatives). Ibrahim and Altarifi (2016). Jordan. Survey of 291 customers from 13 banks. Atorough and Salem (2016) Egypt. Survey of 150 bank customers. Dang and Pham (2020). Vietnam. Survey of 312 customer contact employees of commercial banks. Service Recovery Management Harun et al. (2019), USA Texas. 169 bank customers who have faced service failures. Chang and Hung (2018). Taiwan. Survey of 560 customers of 12 banks. Petzer et al., (2017). South Africa. 281 self-administered questionnaires.

Online relationships. Web strategies (website design, convenience, information quality, ease of use and security/confidentiality) used by banks to develop online relationship quality (trust, commitment, and satisfaction) may vary. When customers encountered authentic employees (i.e., deep acting), they are more likely to modify their internal feelings to match the required displays. Customer deep acting is positively associated with relationship satisfaction, commitment, and trust. Relation Quality (RQ) Dimensions: Customer satisfaction, trust, and commitment. Customer relationship development process: Customer satisfaction is most important factor in the early relationship stage substituted in the build-up phase by trust and commitment. Interactional justice significantly enhances employees’ willingness to engage in customer-centric behaviors, and this relationship is partially mediated by overall job satisfaction. interactional justice significantly enhances employees’ willingness to engage in customer-centric behaviors, and this relationship is partially mediated by overall job satisfaction. integrated interaction quality and positive affect experiences positively influence customer loyalty. After a service failure, brand equity and loyalty mediate the relationship between recovery satisfaction and positive word-of-mouth behavior. Influences of service recovery and relational selling behavior on trust and satisfaction are both significant. In addition, the influences of trust and satisfaction on loyalty are significant. Interactional and distributive justice in service recovery efforts significantly and positively influence satisfaction and customer behavior.

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Shams et al. (2020b) Iran. Survey bank customers. Jham (2019). UAE. 262 bank customers. Rejikumar (2015). India. 248 customers. Mandal (2015). India. Customer interviews and focus group discussions. Complaints Management Chalmers (2016). Conceptual paper

Magnitude of service failure negatively effects customer satisfaction with complaint handling. Customer satisfaction with complaint handling positively influences brand credibility and overall satisfaction. Customer service recovery satisfaction is dependent on customer perceived service quality. Moderating effect of negative brand perception due to service failure was insignificant. Online banking. Initial negative feelings from a service failure failed to cause significant moderating effect on post recovery satisfaction. Most disturbing service failures identified as technical failures such as delay in online transactions, issues related to ATMs and interrupted connectivity. Justice received by the complaining customer, availability of a grievance-handling mechanism, compensation received, and fair treatment determine the post-service recovery customer satisfaction. Ethical fairness in complaint handling. Perceived justice: autonomy, context, reflexivity, moral value, stakeholder voice, power and moral accountability

slism working paper enhancing customer experience in

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