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The Importance of Perceived Service Value in Retail Banking Services

Author

Listed:
  • Aleksandra Pisnik

    (University of Maribor)

  • Jasmina Dlačić

    (University of Rijeka)

  • Borut Milfelner

    (University of Maribor)

Abstract

Purpose – In many industries, perceived service value is found to be a significant mediator between perceived service quality and customer satisfaction and loyalty. Therefore, this paper aims to test a conceptual model of perceived service value with its antecedents, such as perceived price and perceived service quality, and consequences, customer satisfaction and loyalty, in the retail banking industry. Design/Methodology/Approach – For the empirical study, a measurement instrument was developed and tested for validity and reliability. Measures were assessed with exploratory factor analysis (EFA), confirmatory factor analysis (CFA) and structural equation modeling (SEM). A structural model with five reflective constructs was evaluated to test direct and indirect relationships among constructs. Findings and implications – Results confirm a mediating role of perceived value in relationships between perceived price, perceived service quality, customer satisfaction, and customer loyalty in the case of retail banking services. Limitations – Because the results are directly relevant only to customers and marketing managers of retail banking services, generalizations of the findings beyond the immediate population observed should be made with caution. Originality – This paper extends existing knowledge with both direct and indirect effects among researched concepts, and shows the importance of perceived service value in achieving satisfied and loyal customers in retail banking services.

Suggested Citation

  • Aleksandra Pisnik & Jasmina Dlačić & Borut Milfelner, 2016. "The Importance of Perceived Service Value in Retail Banking Services," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 28(2), pages 191-212.
    • Handle: RePEc:zag:market:v:28:y:2016:i:2:p:191-212
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    References listed on IDEAS

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    2. Gardener Edward & Howcroft Barry & Williams Jonathan, 1999. "The New Retail Banking Revolution," The Service Industries Journal, Taylor & Francis Journals, vol. 19(2), pages 83-100, April.
    3. Andreas Eggert & Wolfgang Ulaga, 2002. "Customer perceived value: a substitute for satisfaction in business markets?," Post-Print hal-00484980, HAL.
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    5. Bolton, Ruth N & Drew, James H, 1991. "A Multistage Model of Customers' Assessments of Service Quality and Value," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 17(4), pages 375-384, March.
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