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A transformative perspective of financial services for the unbanked

Juan Bustamante (Department of Marketing, Escuela Superior Politécnica del Litoral, ESPOL, ESPAE Graduate School of Management, Guayaquil, Ecuador)
Adriana Amaya (Department of Innovation and Entrepreneurship, Escuela Superior Politécnica del Litoral, ESPOL, ESPAE Graduate School of Management, Guayaquil, Ecuador)

Journal of Services Marketing

ISSN: 0887-6045

Article publication date: 9 January 2020

Issue publication date: 15 April 2020

427

Abstract

Purpose

This paper aims to examine the factors that affect financial services design of and their effect on the improvement of the unbanked customer well-being.

Design/methodology/approach

The authors use a path analysis to examine customer well-being integration in the activities of service organizations. The theoretical estimation model was conducted using a structural equation model with maximum likelihood estimation. To build a more robust model that explains customer well-being, direct and indirect effects are used in the estimation of the research model.

Findings

Perceived customer support and interaction with the storekeeper are two major factors that, positively, influence trust and customer participation (CP). In addition, CP plays a key role in enhancing financial empowerment and thereby in the production of greater customer well-being.

Originality/value

This study sheds light on the positive effects that the design of services has on customer well-being and exposes the underlying mechanisms that contribute to customer well-being through CP. It also provides a unique financial service format and specific strategies for managing trust and CP to enhance individual well-being in the unbanked population in a developing country.

Keywords

Citation

Bustamante, J. and Amaya, A. (2020), "A transformative perspective of financial services for the unbanked", Journal of Services Marketing, Vol. 34 No. 2, pp. 193-205. https://doi.org/10.1108/JSM-01-2019-0008

Publisher

:

Emerald Publishing Limited

Copyright © 2019, Emerald Publishing Limited

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