Social value in retail banking

Abstract

Purpose – The aim of this study is to analyze the influence of perceived value on customer loyalty, going into depth in the special case of social value.

Design/methodology/approach – A total of 200 personal surveys have been conducted on customers of financial institutions, and structural equation modelling has been used to compare the relationships arising.

Findings – The importance of perceived value for consumer loyalty is confirmed, and the core performance of the service received is the main determinant of satisfaction. The effect of social value on customer loyalty is also examined in two ways: as a determinant of the attitude of the individual and as a normative component directly influencing behavioral intentions.

Research limitations/implications – This research was carried out in financial services. Further research of the proposed conceptual model across different industries and countries is needed to determine the generalizability and consistency of this study's findings.

Practical implications – It highlights the interest of social marketing programs and corporate social responsibility to maintain the customer's loyalty.

Originality/value – The contribution of this work is that it makes it possible to study the effect of social value along with other relational variables in consumer loyalty. The authors compared the effect of the core service performance with the social component as an element influencing the individual's attitude and as a normative element