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Value co-creation and social media: Investigating antecedents and influencing factors in the U.S. retail banking industry

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  • Casper Ferm, Lars-Erik
  • Thaichon, Park

Abstract

This study seeks to examine and unearth antecedents to co-creation behaviours within a U.S. retail banking context. A critical aspect for marketing managers and academics alike, co-creation has a strong influence on tangible factors such as profit and intangible factors such as referrals, satisfaction and feedback. Antecedents were identified as trust, customer engagement and participation attitude whilst social media usage was a consumer characteristic identified as influencing co-creation. Data was collected from 489 U.S. retail banking customers via an online survey. The data was analysed via structural equation modelling. The findings indicate that customer engagement influences trust, co-creation and participation attitude. Participation attitude was found to influence trust and co-creation but trust had no direct effect on co-creation. The study further found that social media usage intensity influenced co-creation behaviours. The findings contribute in three ways. First, this is one of the first studies to scrutinise participation attitude in an attempt to explain co-creation behaviours for U.S. banks over social media. Second, identification of precursors to value co-creation has been ascertained in a U.S. retail banking social media context. Third, the study additionally contributes to the findings that social media usage has a moderating effect in value co-creation and offers a potential segmentation strategy.

Suggested Citation

  • Casper Ferm, Lars-Erik & Thaichon, Park, 2021. "Value co-creation and social media: Investigating antecedents and influencing factors in the U.S. retail banking industry," Journal of Retailing and Consumer Services, Elsevier, vol. 61(C).
    • Handle: RePEc:eee:joreco:v:61:y:2021:i:c:s0969698921001144
    DOI: 10.1016/j.jretconser.2021.102548
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    4. Laura Grassi & Nicolas Figini & Lorenzo Fedeli, 2022. "How does a data strategy enable customer value? The case of FinTechs and traditional banks under the open finance framework," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-34, December.
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    7. Boadi, Evans Asante & He, Zheng & Antwi, Collins Opoku & Md Altab, Hossin & Bosompem, Josephine & Hinson, Robert Ebo & Atuobuah Boadi, Victoria, 2022. "Value co-creation and employee service behaviours: The moderating role of trust in employee - hotel relationship," Journal of Retailing and Consumer Services, Elsevier, vol. 66(C).
    8. Natalia Rubio & Nieves Villaseñor & Mª Jesús Yagüe, 2021. "Influence of Value Co-Creation on Virtual Community Brand Equity for Unichannel vs. Multichannel Users," Sustainability, MDPI, vol. 13(15), pages 1-16, July.
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