IDEAS home Printed from https://ideas.repec.org/a/gam/jecomi/v9y2021i3p108-d609140.html
   My bibliography  Save this article

Digital Customer Experience Mapping in Russian Premium Banking

Author

Listed:
  • Galina Timokhina

    (Marketing Department, Marketing Faculty, Plekhanov Russian University of Economics, Stremyanny Lane, 36, 117997 Moscow, Russia)

  • Lyubov Prokopova

    (Marketing Department, Marketing Faculty, Plekhanov Russian University of Economics, Stremyanny Lane, 36, 117997 Moscow, Russia
    Russian Research Company Frank RG, Leningradsky Avenue, 37, 125167 Moscow, Russia)

  • Yuri Gribanov

    (Russian Research Company Frank RG, Leningradsky Avenue, 37, 125167 Moscow, Russia)

  • Stanislav Zaitsev

    (Russian Research Company Frank RG, Leningradsky Avenue, 37, 125167 Moscow, Russia)

  • Natalia Ivashkova

    (Marketing Department, Marketing Faculty, Plekhanov Russian University of Economics, Stremyanny Lane, 36, 117997 Moscow, Russia)

  • Roman Sidorchuk

    (Marketing Department, Marketing Faculty, Plekhanov Russian University of Economics, Stremyanny Lane, 36, 117997 Moscow, Russia)

  • Irina Skorobogatykh

    (Marketing Department, Marketing Faculty, Plekhanov Russian University of Economics, Stremyanny Lane, 36, 117997 Moscow, Russia)

  • Anatoly Shishkin

    (Marketing Department, Marketing Faculty, Plekhanov Russian University of Economics, Stremyanny Lane, 36, 117997 Moscow, Russia)

  • Zhanna Musatova

    (Marketing Department, Marketing Faculty, Plekhanov Russian University of Economics, Stremyanny Lane, 36, 117997 Moscow, Russia)

Abstract

The purpose of this study is to identify, in an era of extensive digitalization, the major opportunities and threats that influence the experiences of digital premium banking customers at key stages of their banking interactions. This study’s conceptual research model combines the content of online questionnaires, completed by a representative sample of 3629 customers, in-depth interviews with heads of premium banking departments, and an audit of customer experiences conducted via Mystery Shopping in 13 Russian banks. The authors formulate four research hypotheses, substantiated by the empirical data and highlight key barriers preventing premium banks from effective digital interactions with their customers. Key opportunities for improving customer experiences are also identified. The theoretical contribution of the research includes the adaptation of an axiological approach to studying digital customers in premium banking. Practical contributions include the Premium Digital Customer Experience Map, designed by the authors as a ready-made tool for planning and improving premium banking services and a tool for performance comparison between competing banks. This study also discusses the authors’ definition of a “digital customer”. It presents a new approach to the Mystery Shopping methodology, including the recruitment of Mystery Shoppers following the three premium banking customer portraits: “saver”, “spender”, and “saver–spender”.

Suggested Citation

  • Galina Timokhina & Lyubov Prokopova & Yuri Gribanov & Stanislav Zaitsev & Natalia Ivashkova & Roman Sidorchuk & Irina Skorobogatykh & Anatoly Shishkin & Zhanna Musatova, 2021. "Digital Customer Experience Mapping in Russian Premium Banking," Economies, MDPI, vol. 9(3), pages 1-24, August.
    • Handle: RePEc:gam:jecomi:v:9:y:2021:i:3:p:108-:d:609140
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7099/9/3/108/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7099/9/3/108/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Dholakia, Utpal M. & Kahn, Barbara E. & Reeves, Randy & Rindfleisch, Aric & Stewart, David & Taylor, Earl, 2010. "Consumer Behavior in a Multichannel, Multimedia Retailing Environment," Journal of Interactive Marketing, Elsevier, vol. 24(2), pages 86-95.
    2. Kei Aoki & Efua Obeng & Aberdeen Leila Borders & Deborah H. Lester, 2019. "Can brand experience increase customer contribution: How to create effective sustainable touchpoints with customers?," Journal of Global Scholars of Marketing Science, Taylor & Francis Journals, vol. 29(1), pages 51-62, January.
    3. Karine Alexandrovna Barmuta & Vadim Vitalievich Ponkratov & Maksim Maramygin & Nikolay Vladimirovich Kuznetsov & Vitali Ivlev & Marina I. Ivleva, 2019. "Mathematical model of optimizing the balance sheet structure of the Russian banking system with allowance for the foreign exchange risk levels," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(1), pages 484-497, September.
    4. Naylor, Gillian & Kleiser, Susan Bardi & Baker, Julie & Yorkston, Eric, 2008. "Using transformational appeals to enhance the retail experience," Journal of Retailing, Elsevier, vol. 84(1), pages 49-57.
    5. Galina S. TIMOKHINA, 2019. "Behaviour of high-income consumers: Results of research of the private banking services market in Russia," Upravlenets, Ural State University of Economics, vol. 10(4), pages 85-97, September.
    6. Wang, Yang & Xiuping, Sui & Zhang, Qi, 2021. "Can fintech improve the efficiency of commercial banks? —An analysis based on big data," Research in International Business and Finance, Elsevier, vol. 55(C).
    7. Claudia Tarantola & Paola Vicard & Ioannis Ntzoufras, 2012. "Monitoring and Improving Greek Banking Services Using Bayesian Networks: an Analysis of Mystery Shopping Data," Quaderni di Dipartimento 160, University of Pavia, Department of Economics and Quantitative Methods.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ekaterina A. Potapova & Maxim O. Iskoskov & Natalia V. Mukhanova, 2022. "The Impact of Digitalization on Performance Indicators of Russian Commercial Banks in 2021," JRFM, MDPI, vol. 15(10), pages 1-20, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fan, Chenguang & Bae, Seongho & Liu, Yu, 2024. "Can FinTech transform corporate liquidity? Evidence from China," Innovation and Green Development, Elsevier, vol. 3(2).
    2. Calderwood, Eric & Freathy, Paul, 2014. "Consumer mobility in the Scottish isles: The impact of internet adoption upon retail travel patterns," Transportation Research Part A: Policy and Practice, Elsevier, vol. 59(C), pages 192-203.
    3. Li, Xi & Dahana, Wirawan Dony & Li, Tongmao & Yuan, Jingbo, 2021. "Behavioral changes of multichannel customers: Their persistence and influencing factors," Journal of Retailing and Consumer Services, Elsevier, vol. 58(C).
    4. Dong, Xueqin & Huang, Lilong, 2024. "Exploring ripple effect of oil price, fintech, and financial stress on clean energy stocks: A global perspective," Resources Policy, Elsevier, vol. 89(C).
    5. Hjelmgren, Daniel, 2016. "Creating a compelling brand meaning by orchestrating stories: The case of Scandinavia's largest department store," Journal of Retailing and Consumer Services, Elsevier, vol. 32(C), pages 210-217.
    6. Son, Bumho & Jang, Huisu, 2023. "Economics of blockchain-based securities settlement," Research in International Business and Finance, Elsevier, vol. 64(C).
    7. Sharina Tajul Urus & Intan Salwani Mohamed, 2021. "A Flourishing Fintech Ecosystem: Conceptualization and Governing Issues in Malaysia," Business and Economic Research, Macrothink Institute, vol. 11(3), pages 106-131, December.
    8. Bhatnagar, Amit & Papatla, Purushottam, 2016. "Increasing online sales by facilitating spillover shopping," Journal of Retailing and Consumer Services, Elsevier, vol. 29(C), pages 58-69.
    9. Benjamin Barann & Jan H. Betzing & Marco Niemann & Benedikt Hoffmeister & Jörg Becker, 2022. "Exploring customers’ likeliness to use e-service touchpoints in brick and mortar retail," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(2), pages 523-545, June.
    10. Kong, Hyun Min & Witmaier, Alexander & Ko, Eunju, 2021. "Sustainability and social media communication: How consumers respond to marketing efforts of luxury and non-luxury fashion brands," Journal of Business Research, Elsevier, vol. 131(C), pages 640-651.
    11. Singh, Sonika & Swait, Joffre, 2017. "Channels for search and purchase: Does mobile Internet matter?," Journal of Retailing and Consumer Services, Elsevier, vol. 39(C), pages 123-134.
    12. Verhoef, Peter C. & Lemon, Katherine N. & Parasuraman, A. & Roggeveen, Anne & Tsiros, Michael & Schlesinger, Leonard A., 2009. "Customer Experience Creation: Determinants, Dynamics and Management Strategies," Journal of Retailing, Elsevier, vol. 85(1), pages 31-41.
    13. Kim, Jikyung (Jeanne) & Song, Hyeasinn & Choi, Jeonghye & Kim, Yongseob & Hong, Jeonghan, 2021. "Channel stickiness in the shopping journey for electronics: Evidence from China and South Korea," Journal of Business Research, Elsevier, vol. 130(C), pages 506-516.
    14. Mencarelli, Rémi & Rivière, Arnaud & Lombart, Cindy, 2021. "Do myriad e-channels always create value for customers? A dynamic analysis of the perceived value of a digital information product during the usage phase," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).
    15. Wang, Huanzhang & Ko, Eunju & Woodside, Arch & Yu, Jihye, 2021. "SNS marketing activities as a sustainable competitive advantage and traditional market equity," Journal of Business Research, Elsevier, vol. 130(C), pages 378-383.
    16. De Keyser, Arne & Schepers, Jeroen & Konuş, Umut, 2015. "Multichannel customer segmentation: Does the after-sales channel matter? A replication and extension," International Journal of Research in Marketing, Elsevier, vol. 32(4), pages 453-456.
    17. Pampurini, Francesca & Pezzola, Annagiulia & Quaranta, Anna Grazia, 2024. "Lending business models and FinTechs efficiency," Finance Research Letters, Elsevier, vol. 65(C).
    18. Kumar, V., 2010. "A Customer Lifetime Value-Based Approach to Marketing in the Multichannel, Multimedia Retailing Environment," Journal of Interactive Marketing, Elsevier, vol. 24(2), pages 71-85.
    19. Sharma, Varinder M. & Klein, Andreas, 2020. "Consumer perceived value, involvement, trust, susceptibility to interpersonal influence, and intention to participate in online group buying," Journal of Retailing and Consumer Services, Elsevier, vol. 52(C).
    20. Wang, Chong & Wang, Yanqing & Wang, Jixiao & Xiao, Jiuling & Liu, Jian, 2021. "Factors influencing consumers' purchase decision-making in O2O business model: Evidence from consumers' overall evaluation," Journal of Retailing and Consumer Services, Elsevier, vol. 61(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jecomi:v:9:y:2021:i:3:p:108-:d:609140. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.