To read this content please select one of the options below:

Enhancing customer knowledge: the role of banks in financial well-being

Mauricio Losada-Otalora (CESA School of Business, Bogota, Colombia)
Carlos Augusto Valencia Garcés (Pontificia Universidad Javeriana, Bogota, Colombia)
Jorge Juliao-Rossi (Facultad de Ciencias Administrativas y Contables, Universidad de La Salle, Bogota, Colombia)
Pedro Mario Donado (Colegio de Estudios Superiores de Administracion, Barranquilla, Colombia)
Efraín Ramírez F. (Department of Sales and Marketing, Atlantic Food Service, Medellin, Colombia)

Journal of Service Theory and Practice

ISSN: 2055-6225

Article publication date: 19 December 2018

Issue publication date: 26 November 2020

943

Abstract

Purpose

The purpose of this paper is to explore the role of banks in enhancing consumer knowledge aiming to increasing customer’s financial well-being.

Design/methodology/approach

This research applied two quantitative studies with customers of banks in a Latin American country. The literature review and the results of the data analysis founded the development of a model that relates bank information transparency and subjective financial well-being through consumer financial knowledge.

Findings

By being transparent banks may transform the financial well-being of their customers. Particularly, this paper shows that consumer financial knowledge mediates the relationship between bank information transparency and the subjective financial well-being of individuals. However, the mediational effect occurs by subjective but not objective financial knowledge.

Research limitations/implications

The mediational model of this research does not take in consideration the role that individual factors play in the exposition and processing of the information provided by banks and its final impact on the subjective well-being of individuals. Also, this paper does not explore potential moderators of the theoretical relationships neither include cultural variables in the analysis.

Originality/value

Firm transparency has been related to various constructs in the marketing literature; however, its impact on consumer financial well-being is under-researched. This paper shows that companies need to aim to increase the subjective financial knowledge of their customers as a way to improve ultimate well-being of their customers.

Keywords

Acknowledgements

This paper forms part of a special section “The Naples Forum on Service”, guest edited by Cristina Mele and Francesco Polese.

Citation

Losada-Otalora, M., Valencia Garcés, C.A., Juliao-Rossi, J., Donado, P.M. and Ramírez F., E. (2020), "Enhancing customer knowledge: the role of banks in financial well-being", Journal of Service Theory and Practice, Vol. 30 No. 4/5, pp. 459-582. https://doi.org/10.1108/JSTP-09-2017-0176

Publisher

:

Emerald Publishing Limited

Copyright © 2018, Emerald Publishing Limited

Related articles