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The purpose of this paper is to explore value formation in the customer-bank relationship outside the line of visibility of service encounters. The customer's own context has been overlooked by the bank marketing literature as it is traditionally focused on value created by the service process and outcome.

Positioned within the customer dominant logic, a netnography was conducted to explore how bank relationships are realised in customers’ own contexts and experiences. A total of 579 postings from discussions of retail banking in 18 online communities were collected and analysed.

The study uncovered four factors of invisible bank service value experienced by customers: shared moral value, responsibility value, relationship value, and heritage value.

The study conceptualises bank service value as realised in the customers’ own contexts and thus highlights previously hidden sources of value in banking. The findings can be used for further conceptualisations of the customer dominant value formation of bank services.

The netnographic method illustrates how naturalistic data about customers’ retail bank experiences can be retrieved unobtrusively. The findings help bank management to understand what comprises customer value beyond the service encounter.

The paper contributes to the research in service marketing and bank marketing in three ways: first, a methodological contribution is the introduction of a netnographic approach to bank service value research. Second, a theoretical contribution is the uncovering of invisible value formation in the customer-bank relationship. Third, the paper uses the customer dominant logic in a banking context, thus providing insights into how banks are involved in the customer's own life.

This paper aims to identify how, in contrast to a provider-oriented stance where customer value is conceptualised as being controlled by the provider, customer value is formed for business customers beyond what is visible to the provider.

This paper builds on the primacy of the customer. Customer-dominant logic (CDL) is used as the conceptual underpinning, meaning that the customer, rather than the service provider or the service system, is at the centre. A case study was conducted with seven key users from three customer companies of an information and communications technology (ICT) provider of in-house services. The study used a micro-social level focus by capturing customers’ experiences of those activities where value in use is formed.

The findings indicate that value formation is not related only to direct service interactions and furthermore substantially takes place beyond a service provider’s visibility line. Hence, value formation is in large part hidden for the service provider because it is embedded in customers’ activities and experiences.

Although the study is limited to one case concerning ICT services, these findings may apply to other service businesses, in particular to knowledge-intensive outsourcing businesses.

Understanding a customer’s value formation from the customer’s point of view is the key to service development for any business service provider.

Applying a CDL approach, the authors deepen the understanding of customer value formation as it emerges in customer activities. The study provides detailed insight into business customers’ value formation processes. The study’s findings challenge the current emphasis on interactions and co-creation and instead demonstrate the importance of understanding customer logics and contexts.

The purpose of this paper is to analyze the theoretical and practical implications of adopting customer-dominant logic (CDL) of service, focusing on how firms can become involved in the customers’ context.

Inspired by the conceptual discussion of service logic and service-dominant logic, this paper focuses on the conceptual underpinnings of CDL. CDL is contrasted with other service perspectives in marketing; CDL is a marketing and business perspective dominated by customer-related aspects instead of products, service, systems, costs or growth. It is grounded in understanding customer logic and how firms’ offerings can become embedded in customers’ lives/businesses.

The conceptual analysis challenges the prevailing assumptions of key phenomena in service research, including interaction, co-creation, service value and service. The paper presents five essential foundations of CDL: marketing as a business perspective, customer logic as the central concept, offering seen through the customer lens, value as formed and not created and the prevalence of customer ecosystems.

The paper differentiates CDL from other marketing perspectives. Further empirical research is needed in different empirical settings to provide guidelines for adopting the perspective on a strategic and operational business level.

As a firm’s holistic and strategic foundation, marketing is based on understanding how providers participate, at a profit, in customers’ value formation. The paper suggests how firms can successfully conduct business in dynamic markets with empowered customers.

This paper expands marketing and business logic based on customer dominance. It accentuates the importance of understanding customer logic and stresses the presence of providers in the customer ecosystem.

The purpose of this paper is to describe and conceptualize customer relationships in the financial service sector, focussing on three aspects of customer-bank relationships: the financial service provider perspective, the customer-provider dyad, and the customer context.

Through a short review of the eight papers included in this special issue, this paper illustrates different aspects of customer relationships. It explores customer value formation in the context of banking services, the dynamics and strength of customer relationships, and strategies for financial service provision and consumer trust.

Customer relationships in the financial service sector are increasingly dynamic and unpredictable. This may be due to both activities within the control of financial service providers, such as strategies for service provision, but is more often attributable to factors beyond the control of providers. What empowered customers are doing in their own settings influences their attitudes toward and evaluations of financial services.

The paper is conceptual. It challenges the firm-centric approach to customer relationships and compares different perspectives of customer relationships. The significance of the customer-centric perspective is emphasized.

Awareness of uncontrollable and idiosyncratic aspects of customer relationships will offer financial service providers new opportunities for being present in the customers’ lives and business.

This paper illustrates the importance of extending the focus from what financial service providers are doing to what customers are doing within their own domains. Financial service providers need to understand more about their customers than their perceptions of service quality, satisfaction, and loyalty in different distribution channels, such as internet and mobile banking. The focus should be instead on how customers integrate their financial activities and experiences in their own life or business.

The purpose of this paper is to review customer experience formation (CXF) by first locating and analyzing how researchers approach CXF in the service literature and the theoretical underpinnings of these approaches, and then assessing which approaches are best suited for understanding, facilitating, and examining CXF in today’s service landscape.

This study systematically reviews 163 articles published between 1998 and 2015 in the service field.

This study illustrates how researchers approach CXF on the individual level by applying stimulus- interaction- or sense-making-based perspectives. These reflect researchers’ theoretical underpinnings for how individuals realize the customer experience within environmental, social, and temporal contexts through intermediation. Researchers further apply contextual lenses, including the dyadic and service- or customer-ecosystem lenses, which reflect their theoretical underpinnings for explaining how various actor constellations and contextual boundaries frame individual-level CXF. Finally, this study shows why the sense-making-based perspective, together with a service- or customer-ecosystem lens, is particularly suitable for approaching complex CXF in today’s service settings.

To advance theory, researchers should choose the approaches resonant with their research problem and worldview but also consider that today’s complex service landscape favors holistic and systemic approaches over atomistic and dyadic ones.

This study provides managers with recommendations for understanding, facilitating, and evaluating contemporary CXF.

This study advances the understanding of CXF by systematically reviewing its multiple layers, approaches, and dimensions and the opportunities and challenges of each approach.

The purpose of this paper is to increase understanding about how to improve customer value and to make mobile banking services a profitable business for banks and other financial actors. The study explores the user experiences and related value of a new mobile banking service.

The study is implemented as a case study that is phenomenological in nature and linked to an interpretive consumer study. Empirical data were collected through 14 semi-structured theme interviews and a diary method. The data were analysed by using a content analysis method.

The findings illustrate the importance of customer centricity in the mobile banking context by identifying customer experience and related value in a new mobile banking service. The study extends current understanding of customer experience as a complex and multifaceted phenomenon by including value related to process, the use situation and the outcome, and it identifies temporality as influencing and connecting all these aspects. The study identifies several aspects that help us to understand what creates value for the customer while using mobile banking services.

As one limitation, this study was conducted in a developed country and the findings could be different in an emerging market context. Another limitation relates to the data, as the interviewees’ age range is quite limited, ranging between 20 and 40 years. However, they represent the consumers who normally use mobile services well and thus provide reliable data about their use experiences.

As the banking industry is currently experiencing rapid and widespread changes and customers become more demanding, it is crucial for banks and other mobile service providers to understand the everyday lives of their customers and to integrate their future services into the customers’ value creation processes as smoothly and inseparably as possible. The findings of this study will help banks and other financial institutions to develop their strategies and operations in regard to customer-oriented thinking, which will further help them to create long-term, profitable customer relationships and improve future viability.

The study contributes to bank marketing research and extends previous research on customer-centred service marketing by providing a framework that identifies the value related to customer experience in a new mobile banking service. It explores the experiences of actual mobile banking service customers’ and the related value, and thus provides original implications for both theory and practice.

The purpose of this paper is to examine how the customer value experience conveys the restructuring of the service network in the banking industry. The banking sector has often been one of the early adopters of IT in terms of connecting their services and customers. While developing digital services, however, banks are also concerned that they are losing contact with their customers. At the same time, fast developing technologies enable new companies to enter the industry to offer their services. As a result, the service supply chains in the banking industry appear to be restructured.

The empirical data were collected by using a qualitative method of focus groups and interviews with end-users of banking services.

According to findings, customers value a holistic approach to the services, and such a holistic value cannot necessarily be provided by a single banking service provider because the ecosystem around such services is becoming more complex.

Service supply chains need to be restructured based on the end-customer value experience.

This study contributes to value research and especially to the discussion in service experiences by addressing some of the disruptions happening at the industry level. The paper shows that the focus should be on customer value because banks should understand that their services are not enough for the customers—they are only seen as banks, not as providers of the holistic value that is required from the customer’s point of view.

This study aims to identify the groups of value cocreators in the context of social media in the retail banking industry and resources that predict customer membership among different groups of value cocreators.

This study reviewed the literature and developed measurement instruments for the constructs of interest. Data were collected from 406 customers in an emerging market in 2019 and analyzed using latent profile analysis.

This study identified three profiles of value cocreators on social media based on the actual practices of resource integration that enliven value cocreation. Second, this study explains the differences in the performance of resource integration practices to cocreate by the types of resources that customers integrate into social media. Third, this study fills the need for knowledge of value cocreation in different contexts and industries (e.g. banks).

This study analytically relates a set of resources to the variety and intensity of the value cocreation practices adopted by bank customers in interactive environments. The emphasis on how value cocreation practices in online environments combined with customer resources (e.g., a person-centered approach) allows to identify unique profiles of value cocreators on social media. The findings inform managers of the profiles of cocreators, which customers are more attractive as value cocreators on social media, and which resources managers should help customers develop to increase cocreation on social media.

This paper aims to explore the effects of the customer-to-customer co-creation experiences of savings/credit groups in the African context and how savings/credit groups influence financial capability and enhance financial well-being.

Using purposive sampling, a study of a total of 18 focus groups was conducted in sub-Saharan Africa. Nine urban-based savings/credit groups were drawn from across South Africa and additional nine, rural-based savings/credit groups were studied in the Monduli district of Tanzania.

Findings demonstrate that the African philosophy of Ubuntu, which promotes customer-to-customer interaction, is the cornerstone of the customer-to-customer co-creation experience. Ubuntu philosophical principles were found to influence the dialogue, access, risk and transparency model of co-creation and customer-dominant logic. The results show further that customer-to-customer co-creation experience positively influences the cognitive, financial, personal and social experiences of members. Specifically, it was found that cognitive and financial experiences positively influence financial satisfaction, financial self-esteem, financial self-efficacy and financial capability, all of which enhance financial well-being. In addition, personal and social experiences positively influence equality, self-confidence, entrepreneurial skills and motivation that in turn enhance social well-being.

This study has implications for many different stakeholders concerned with the financial inclusion of low-income consumers, particularly in the southern part of Africa.

To the authors’ knowledge, this is the first study to explore the effects of customer-to-customer co-creation experiences in traditional financial services settings in order to understand how these indigenous financial services influence the financial capability and financial well-being of co-creation members.

The current service landscape is increasingly dynamic, and consumers’ engagement in market-related behavior is constantly changing. Developments in technology further influence this continuous dynamism. Therefore, it is important to understand the factors that may cause different engagement valence, especially as only some consumers actively engage in online platforms. The purpose of this paper is to characterize factors that positively and negatively influence consumer engagement and suggest theoretical and managerial implications for the different factors that determine consumer engagement.

This paper conceptualizes factors that influence consumer engagement based on their characteristics (behavioral, emotional, and cognitive) and the type of influence (positive or negative). The study uses customer-dominant logic of service, which focuses on emancipated customers and idiosyncratic customer logic, rather than on provider-orchestrated customer experiences of brands, firms, or offerings. An abductive research approach is used to qualitatively explore consumer engagement in the context of online interest communities.

The study identifies the behavioral, emotional, and cognitive factors that positively and negatively determine consumer engagement in the context of online interest communities.

Through the focus on customer logic, the study provides a detailed and nuanced view of factors that influence consumer engagement. Future research is needed to explore how this framework can be applied to other online communities and different service contexts.

The paper provides insights into the presence of an interest area in consumers’ lives. The study indicates how firms may be involved in consumers’ lives and how firms may create successful customer relationships based on consumer engagement.

This study enhances previous research in four ways: by characterizing factors that determine engagement, paying particular attention to its negatively valenced factors and examining the interplay of the factors that positively and negatively influence engagement, by describing consumers’ connection to the interest area instead of positioning the brand as the link between the consumers and the provider, and by discussing the theoretical and practical challenges associated with understanding and managing consumer engagement.