Service personal values and customer loyalty

Phạm Ngọc Thúy · Le Nguyen Hau

59 citations0/0 files storedInternational Journal of Bank Marketing

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Customer Service Quality and Loyalty Service and Product Innovation Customer churn and segmentation

Abstract

Purpose This paper aims to employ the concept of service personal values to predict customer satisfaction and loyalty towards banking services. It also aims to validate the three components of service personal values when being conceptualized as a high‐order construct. Design/methodology/approach A structural equation model was developed and tested using data surveyed from retail banking customers in Vietnam. Confirmatory factor analysis was used to refine the measurement scales. Path analysis was used to test the model. Findings With customer satisfaction as a partial mediating construct, the results show that service personal values can explain a significant part of customer satisfaction and a substantial part of customer loyalty. Data also validate the three components of service personal values namely, value to a peaceful life, value to social recognition and value to social integration. Research limitations/implications Involvement level in the purchase process, switching barriers and/or corporate image should be added as moderating variables in further research. Impacts of each component of service personal values on satisfaction and loyalty are another research direction. Practical implications Service providers should understand personal values of customers that may be different by culture and social demographic characteristics. Providing a service that enhances customer personal values is a key to success because it helps customers to be happy, to be recognized, and to improve their relationship with others. Originality/value Employing the concept of service personal values, this study departs from the prevailing use of service attributes, service quality or service value to predict satisfaction and loyalty. Moreover, it is among very few studies conducted in a transitional economy.

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References

1988Structural equation modeling in practice: A review and recommended two-step approach.1998Principles and Practice of Structural Equation Modeling 1988SERVQUAL: A multiple-Item Scale for measuring consumer perceptions of service quality 1988Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence 2000Structural equation modeling with AMOS: basic concepts, applications, and programming 1992Universals in the Content and Structure of Values: Theoretical Advances and Empirical Tests in 20 Countries 1992Measuring Service Quality: A Reexamination and Extension 1973The nature of human values

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