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The role of persuasion by significant others and engagement in bank-switching intention

Author

Listed:
  • Øystein Bortne

    (University of Stavanger
    SpareBank 1 Alliance and SpareBank 1 SR-Bank)

  • Jone Bjornestad

    (University of Stavanger
    Stavanger University Hospital
    District General Hospital of Førde)

  • Mads Nordmo Arnestad

    (BI Norwegian Business School Bergen)

  • Tore Tjora

    (University of Stavanger
    Stavanger University Hospital)

  • Kolbjørn Kallesten Brønnick

    (University of Stavanger
    University of Stavanger)

Abstract

A person’s beliefs in individual abilities, such as self-efficacy or perceived behavioral control, profoundly affect emotion, cognition, and behavior. However, the influence of such beliefs is not apparent in current research on bank-switching intention and behavior. Moreover, the relationship between bank-switching intention and the sources that promote self-efficacy and perceived behavioral control has received even less attention. In a study with a representative sample of 1245 adults in the Norwegian market, we looked at the role of four promotional sources of self-efficacy, i.e., enactive mastery experience, vicarious experience, verbal persuasion, and physiological and affective states, in bank-switching intention. In line with past research, we found a negative association between customer satisfaction and bank-switching intention. However, bank-switching intention was positively associated with promoters of self-efficacy in bank-switching behavior, particularly persuasion from significant others and a feeling of engagement. This feeling of engagement also interacted with customer satisfaction on bank-switching intention. Our findings suggest that bank-switching intentions cannot be attributed solely to customer dissatisfaction. They also involve social cognitive aspects promoting individual self-efficacy and human agency. The effects of significant others and internal emotional activation are important when decoding bank-switching intention.

Suggested Citation

  • Øystein Bortne & Jone Bjornestad & Mads Nordmo Arnestad & Tore Tjora & Kolbjørn Kallesten Brønnick, 2024. "The role of persuasion by significant others and engagement in bank-switching intention," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1279-1290, December.
    • Handle: RePEc:pal:jofsma:v:29:y:2024:i:4:d:10.1057_s41264-024-00293-5
    DOI: 10.1057/s41264-024-00293-5
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