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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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    3. Prem Shamdasani & Avinandan Mukherjee & Neeru Malhotra, 2008. "Antecedents and consequences of service quality in consumer evaluation of self-service internet technologies," The Service Industries Journal, Taylor & Francis Journals, vol. 28(1), pages 117-138, January.
    4. 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.
    5. Wolfgang Ulaga, 2001. "Customer Value in Business Markets: An Agenda for Inquiry," Post-Print hal-00485122, HAL.
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