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Customer Loyalty in Retail Banking

Author

Listed:
  • Krista Neykova

    (D. A. Tsenov Academy of Economics - Svishtov)

Abstract

The concept of brand loyalty has intrigued researchers and practitioners for over 95 years. The extensive attention that is paid to the "loyalty" phenomenon, is due to the fact that, it is an integral part of companies' mission to create value - for customers and investors. With increasing the intensity of competition and globalization of financial markets, building customer loyalty becomes a strategy of critical significance for the success of financial companies. A problematic area in the theory of loyalty in the service sector is the variety in definitions and lack of consistency about concepts, views and opinions with respect to what is loyalty to a financial service provider, what are its dimensions and how to be defined, measured and managed. Which this in mind, the main focus of this paper is studying the theoretical fundamentals of customer loyalty in retail banking and outputting a relevant conceptual definition for the phenomenon. Basic operational and conceptual definitions are discussed and the specific features of customer loyalty are clarified from a financial sector perspective.

Suggested Citation

  • Krista Neykova, 2019. "Customer Loyalty in Retail Banking," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 8(2), pages 140-147, August.
    • Handle: RePEc:vra:journl:v:8:y:2019:i:2:p:140-147
    DOI: 10.36997/IJUSV-ESS/2019.8.2.140
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    References listed on IDEAS

    as
    1. Fry, Joseph N & Shaw, David C & Haehling von Lanzenauer, C & Dipchand, Cecil R, 1973. "Customer Loyalty to Banks: A Longitudinal Study," The Journal of Business, University of Chicago Press, vol. 46(4), pages 517-525, October.
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    More about this item

    Keywords

    loyal; customer loyalty; retail banking; service sector;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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