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Article
Publication date: 8 May 2018

Miguel Angel Moliner-Tena, Juan Carlos Fandos-Roig, Marta Estrada-Guillén and Diego Monferrer-Tirado

The purpose of this paper is to analyze consumer trust during a financial crisis, studying its antecedents and consequences. The perceptions of older and younger consumers…

Abstract

Purpose

The purpose of this paper is to analyze consumer trust during a financial crisis, studying its antecedents and consequences. The perceptions of older and younger consumers are also compared.

Design/methodology/approach

The theoretical model of trust formation is tested on a random sample of 634 individuals from the three largest Spanish cities, Madrid, Barcelona and Valencia, in a period of economic crisis. Structural equation models were used to verify the global hypothesized relationships. Additionally, the total sample was divided into two groups (younger and older consumers) in order to test the moderating effect of age in the proposed relationships.

Findings

In a period of financial crisis, older consumers’ trust is protected by an emotional and experiential shield from the effects of negative news in the surrounding environment. In contrast, trust, although important, is not the core variable for the younger segment, whose preferences are the consequence of a broad range of cognitive and emotional variables.

Research limitations/implications

This research was carried out on financial services. Emotional, relational and experience-linked variables acquire greater importance as the individual gets older, in contrast to more cognitive evaluations. The difference between the younger and the older segments is that the cornerstone of older consumers’ attitudinal loyalty is trust, whereas for younger people, it is positive switching costs or rewards. Further research on the proposed conceptual model across different industries and countries is needed to determine the generalizability and consistency of the findings from this study.

Practical implications

This paper has significant managerial implications. The authors believe that the best strategy for a bank during a period of crisis is to follow a customer-friendly orientation, as in the case of banks that took a long-term vision to look after their brand image. The study draws banking companies’ attention to the importance of using age as a segmentation criterion.

Originality/value

Based on the life-course paradigm, a theoretical model of trust formation is performed. In a period of economic crisis, trust becomes the key variable in determining older consumers’ preferences.

Details

International Journal of Bank Marketing, vol. 36 no. 3
Type: Research Article
ISSN: 0265-2323

Keywords

Content available
Article
Publication date: 2 December 2019

Diego Monferrer, Miguel Angel Moliner and Marta Estrada

This study aims to determine the main antecedents of customer engagement (market orientation, satisfaction, emotions and self-brand connection) and the relationship…

Abstract

Purpose

This study aims to determine the main antecedents of customer engagement (market orientation, satisfaction, emotions and self-brand connection) and the relationship between customer engagement and customer loyalty in the retail-banking context.

Design/methodology/approach

A theoretical model of effects is tested using dyadic methodology, based on 225 dyads (bank branch manager–average of five branch customers). The authors use structural equation modelling (EQS 6.1) to test the relationships.

Findings

The results reveal a strong relationship between customer engagement and customer loyalty. Satisfaction is the main antecedent of customer engagement. Self-brand connection and emotions during the service also have a significant influence. Finally, branch market orientation has a positive influence on satisfaction and emotions.

Research limitations/implications

The first concerns the transversal data used. Geographical context is the second limitation. Third, the study sample only included customers with experience of the financial services of a specific bank (online customers are not included). Finally, the dyads are based on the opinion of the branch manager, on one hand, and an average of five customers per branch, on the other.

Practical implications

The combination of the branding strategy at the corporate level and the relationship marketing strategy at branch office level creates a situation in which customer engagement and customer loyalty can thrive. The communication campaigns designed to promote the brand image and associate brand values with the personality of the banks’ current and potential customers help to create an emotional bond that represents a switching cost for the customer. The moments of truth in branch offices are crucial aspects in the retail bank strategy.

Originality/value

First, from the conceptual perspective, it establishes a direct relationship between customer engagement and customer loyalty. Second, it empirically tested Pansari and Kumar’s (2017) customer engagement framework, which establishes customer satisfaction and customer emotions as the antecedents of customer engagement. Third, the study took an innovative step in establishing two levels of customer emotions in the retail bank context: emotions generated by corporate branding and emotions that arise during the experience of purchase and consuming. Fourth, the study shows that the market orientation adopted not at the macro corporate level but at the individual branch level is crucial to the generation of positive relational outcomes in the service the customer receives. The fifth contribution is related to the fact that the research streams associated with market orientation and relationship quality have traditionally been studied in isolation.

Propósito

Este estudio identifica los principales antecedentes del compromiso del cliente (orientación al mercado, satisfacción, emociones y conexión con la propia marca) así como la relación entre compromiso y lealtad en la banca minorista.

Metodología

Se contrasta un modelo de efectos utilizando la metodología de diadas, basada en 225 asociaciones (director de la sucursal bancaria-promedio de cinco clientes por sucursal). Las relaciones se contrastan usando SEM (EQS 6.1).

Limitaciones

El trabajo presenta diversas limitaciones como son el empleo de datos transversales, su aplicación en el mercado español, la inclusión de exclusiva de clientes con experiencia con un banco específico y no operan exclusivamente online. Por último, las díadas se basan en la opinión del director de la sucursal, por un lado, y de una media de cinco clientes por sucursal, por otro.

Implicaciones

La combinación de la estrategia de marca a nivel corporativo y la estrategia de marketing relacional a nivel de sucursal crea una situación en la que el compromiso y la lealtad del cliente pueden desarrollarse. Las campañas de comunicación diseñadas para promover la imagen de marca y asociar los valores de marca con la personalidad de clientes actuales y potenciales ayudan a crear un vínculo emocional que supone un coste de cambio para el cliente. Los momentos de verdad en las sucursales son aspectos cruciales en la estrategia de la banca minorista.

Originalidad

Primero, se establece una relación directa entre el compromiso y la lealtad del cliente. Segundo, se contrasta la satisfacción y las emociones del cliente son antecedentes del compromiso. Tercero, se establecen dos niveles de emociones del cliente en banca minorista: las generadas por el branding corporativo y las que surgen durante la experiencia de compra. Cuarto, el estudio muestra que la orientación de mercado adoptada a nivel de oficina es crucial para generar resultados relacionales positivos con el cliente. Quinto, se combinan las corrientes de investigación asociadas con la orientación al mercado y la calidad de las relaciones.

Palabras clave

Compromiso del cliente, Lealtad del cliente, Satisfacción, Emociones, Orientación al mercado, Banca minorista

Tipo de artículo

Trabajo de investigación

Details

Spanish Journal of Marketing - ESIC, vol. 23 no. 3
Type: Research Article
ISSN: 2444-9709

Keywords

Content available
Article
Publication date: 22 July 2019

Miguel Angel Moliner, Diego Monferrer Tirado and Marta Estrada-Guillén

The purpose of this paper is to analyze the role of bank branch managers’ perceptions of corporate social responsibility (CSR) in CSR marketing outcomes.

Abstract

Purpose

The purpose of this paper is to analyze the role of bank branch managers’ perceptions of corporate social responsibility (CSR) in CSR marketing outcomes.

Design/methodology/approach

The paper proposes a causal model establishing that managers’ perceptions of CSR influence the perception of CSR held by the branch’s customers, which in turn directly affects customer satisfaction, customer trust, customer engagement and customer loyalty. The unit of analysis in this quantitative study is the bank branch. Two questionnaires were administered: one to branch managers and another to five customers in each branch.

Findings

Branch managers’ perceptions of CSR have a marked influence on customers’ perceptions of CSR, which again have a notable impact on the relationship variables studied: customer satisfaction, customer trust, customer engagement and customer loyalty.

Research limitations/implications

The sample was taken from two banks in the same country (Spain) and only five customers were interviewed in each branch. The type of customers analyzed should be taken into account since a growing number of customers now carry out all of their banking online and are less likely to visit their branch.

Practical implications

The results highlight the importance of adopting socially responsible actions not only in the bank as a whole, but also in individual branches. It would, therefore, seem crucial for high level bank executives not only to involve branch managers in the bank’s CSR strategy, but also to empower them to undertake CSR actions that involve the customers and local community with which they interact.

Originality/value

First, the paper reveals the differences within the same organization in the way its CSR strategy is implemented. Second, intermediary figures or supervisors are shown to have a key role in ensuring the organization’s CSR strategy is effective. Third, the study emphasizes the importance of customers’ perception of CSR in achieving the main outcomes of relationship marketing (satisfaction, trust, engagement and loyalty). Fourth, the methodology applied in the study is innovative in its construction of dyads in which the branch is the unit of analysis, enabling a comparison between the manager’s perceptions of CSR with that of five customers from the same branch. Fifth, the findings add to the knowledge of a particularly relevant sector in the recent economic crisis, namely, the retail banking industry.

Details

International Journal of Bank Marketing, vol. 38 no. 1
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 9 July 2018

Miguel Ángel Moliner, Diego Monferrer-Tirado and Marta Estrada-Guillén

The purpose of this paper is to analyze the impact of the customer engagement and customer self-brand connection on customer advocacy and firms’ financial performance. The…

Abstract

Purpose

The purpose of this paper is to analyze the impact of the customer engagement and customer self-brand connection on customer advocacy and firms’ financial performance. The research focuses on the financial sector and studies a complex organization with a uniform strategy, but which attends the public in different centers (bank branches).

Design/methodology/approach

A theoretical model of effects is tested using dyadic methodology, with 225 dyads (bank branch manager – average of five customers). The authors use structural equation modeling (EQS6.1) to test the relationships.

Findings

The results corroborate the hypotheses, with the exception of the influence of customer self-brand connection on financial performance. These analyses show that in the banking sector, where the intensive use of new information and technologies has led to a reduction in direct physical contact with the customer, the off-line experience continues to have a notable economic impact. Furthermore, investment in the brand from an experiential approach determines customer advocacy.

Originality/value

The contribution of this paper is twofold. This research analyzes from a theoretical and empirical perspective the impact of the customer engagement and customer self-brand connection on customer advocacy and firms’ financial performance.

Details

Journal of Services Marketing, vol. 32 no. 4
Type: Research Article
ISSN: 0887-6045

Keywords

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Article
Publication date: 7 May 2019

Miguel Angel Moliner-Tena, Diego Monferrer-Tirado and Marta Estrada-Guillén

The purpose of this paper is to highlight the central role of bank customers’ engagement as a mediating variable between customer experience and two non-transactional…

Abstract

Purpose

The purpose of this paper is to highlight the central role of bank customers’ engagement as a mediating variable between customer experience and two non-transactional customer behaviors (advocacy and attitudinal loyalty).

Design/methodology/approach

To test the hypothesis, a model was designed with two antecedents of bank customer engagement (satisfaction and customer emotions), and two non-transactional behaviors (attitudinal loyalty and customer advocacy). The model was tested on a sample of 1,790 customers of two Spanish banks.

Findings

Results confirm bank customer engagement as the mediating variable between customer experience outcomes and non-transactional behaviors.

Practical implications

Banks should design physical spaces with an atmosphere that will have a positive impact on their customers, and pay particular attention to interactions with contact personnel and other customers present at that moment of truth. The new concept of the branch now being introduced looks to the future, transforming it into a place to attend to and advise customers, and designed to encourage and facilitate a more personal and enduring relationship. This transformation includes longer opening hours and a concept that appears to draw from the store model. Its design is more accessible, more agile, more welcoming and more digital, conceived to attract the customer’s attention from the first moment.

Originality/value

The contribution of this research is related to the analysis from a theoretical and empirical perspective of the mediating impact of customer engagement between customer experience outcomes (satisfaction and emotions during the service) and non-transactional behaviors (advocacy and attitudinal loyalty).

Details

International Journal of Bank Marketing, vol. 37 no. 3
Type: Research Article
ISSN: 0265-2323

Keywords

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Article
Publication date: 3 May 2013

Jose‐Ramon Segarra‐Moliner, MiguelAngel Moliner‐Tena and Javier Sánchez‐Garcia

The objective of this study is to analyse relationship quality in a business‐to‐business context. Given that the relationship between market orientation and…

Abstract

Purpose

The objective of this study is to analyse relationship quality in a business‐to‐business context. Given that the relationship between market orientation and customer‐perceived service quality is well known in the area of higher education, this paper draws on its antecedents to examine relationship quality in cultural services.

Design/methodology/approach

A sample of 68 customers (cultural entities) was obtained from a postal survey (April 2010). Partial least squares (PLS) models were used to test the proposed hypotheses. This is a structural equation (SEM) technique based on variances that is suited to working with small and medium sized samples.

Findings

The authors’ results show that satisfaction, trust and commitment are key components of relationship quality. While service quality is a determining factor of satisfaction, relationship quality can be improved by taking into account that customer‐perceived market orientation acts as a precursor for service quality, satisfaction and commitment.

Originality/value

This article attempts to expand upon the previous relationship quality literature on business‐to‐business relationships to: study behaviours conducive to lasting relationships between two different sectors (higher education and cultural industry); understand the antecedents of relationship quality; confirm relationship quality dimensions; and compare the hypothesized relationships from the customer's perspective.

Details

Marketing Intelligence & Planning, vol. 31 no. 3
Type: Research Article
ISSN: 0263-4503

Keywords

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Article
Publication date: 4 April 2016

Diego Monferrer-Tirado, Marta Estrada-Guillén, Juan Carlos Fandos-Roig, Miguel Ángel Moliner-Tena and Javier Sánchez García

The purpose of this paper is to address the aftermath of the crisis that has plagued the Spanish financial sector from a microeconomic and emotional perspective associated…

Abstract

Purpose

The purpose of this paper is to address the aftermath of the crisis that has plagued the Spanish financial sector from a microeconomic and emotional perspective associated to financial entities’ relationships with their customers.

Design/methodology/approach

The authors build a model of effects with structural equation modelling based on the quality of the relationship between financial entities and their customers. The authors identify the different dimensions of quality in the entity’s service provision (tangible quality, functional quality and staff quality) as essential antecedents of the different dimensions of relationship quality (satisfaction, trust and loyalty). Moreover, the authors develop a multi-group analysis to test the moderator effect of age in the proposed model.

Findings

The work shows that bank customers have been eminently results driven focusing on functional quality which is a determinant cause of customer satisfaction and trust.

Research limitations/implications

Furthermore the authors consider that the dimensions of service quality are interrelated. Functional quality represents an essential quality in customer service, whereas tangible and personnel qualities act to reinforce functional quality. In turn, qualities based on tangible aspects have positive effects on qualities based on intangible aspects.

Practical implications

Moreover, the results confirm the consideration of related variables to conform the construct of relationship quality: satisfaction, trust and loyalty. Finally, age has been found to have a considerable effect as a moderating variable in the relations.

Originality/value

These results represent a significant change in traditional patterns of bank customer behaviour, and fit in with postulates of a new approach based on individual differences in attitudes, with relevant practical implications.

Details

International Journal of Bank Marketing, vol. 34 no. 2
Type: Research Article
ISSN: 0265-2323

Keywords

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Article
Publication date: 13 July 2015

Vicent Tortosa Edo, Jaume Llorens-Monzonís, Miguel Ángel Moliner-Tena and Javier Sánchez-García

The purpose of this paper is to analyse the possible influence of internal marketing (represented by internal market orientation (IMO)) on external customer outcomes…

Abstract

Purpose

The purpose of this paper is to analyse the possible influence of internal marketing (represented by internal market orientation (IMO)) on external customer outcomes (perceived service quality and customer satisfaction) through the mediating role of employees’ attitudes (job satisfaction, trust and commitment) that comprise relationship quality.

Design/methodology/approach

The authors employ a dyadic methodology, with 244 dyads (employee-the average of his/her three patients) at the outpatient services of five Spanish hospitals. The authors use structural equation modelling (EQS6.1) to test the relationships of the model.

Findings

The results corroborate the hypotheses proposed in the model, with the exception of the influence of IMO on commitment. Significant differences in some relationships, depending on the experience of the employee, are also corroborated.

Research limitations/implications

The paper analyses one service activity in the same region. Only perceptual data are used to measure the variables of the model.

Practical implications

Service companies should consider IMO because it contributes to creating an excellent customer experience. Furthermore, managers should bear in mind their employees’ needs when taking decisions.

Originality/value

This paper contributes to the literature by demonstrating, for the first time, the mediating role of relationship quality in the influence of IMO on external outcomes. It is also the first paper in internal marketing to analyse the differences in the consequences of IMO according to employee tenure.

Details

Journal of Service Theory and Practice, vol. 25 no. 4
Type: Research Article
ISSN: 2055-6225

Keywords

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Article
Publication date: 1 August 2006

Juan Carlos Fandos Roig, Javier Sanchez Garcia, Miguel Angel Moliner Tena and Jaume Llorens Monzonis

The purpose of this research is to analyse the dimensionality of the concept of perceived value in the banking sector, adapting the GLOVAL scale of measurement of…

Abstract

Purpose

The purpose of this research is to analyse the dimensionality of the concept of perceived value in the banking sector, adapting the GLOVAL scale of measurement of perceived value to the banking services sector.

Design/methodology/approach

A total of 200 customers of financial entities were surveyed, and structural equations models were used to verify the reliability and validity of the scale of perceived value.

Findings

Perceived value is found to be a multidimensional construct composed of six dimensions: functional value of the establishment, functional value of the personnel; functional value of the service; functional value price; emotional value; and social value. A scale of overall perceived value in financial services was obtained, composed of six dimensions and represented by 22 items that are significant for their measurement.

Research limitations/implications

In future studies it would be interesting to include items to measure non‐monetary sacrifices, such as waiting times, queues, etc.

Practical implications

A tool for measuring the value of financial entities as perceived by the customer is presented; with it the value perceived by customers can be quantified, evaluated and monitored.

Originality/value

This study proposes a scale of measurement of the value perceived by consumers in the banking sector which incorporates valuations of functional aspects and of affective aspects, thus obtaining an overall quantification of the value perceived by the customer of the purchase made.

Details

International Journal of Bank Marketing, vol. 24 no. 5
Type: Research Article
ISSN: 0265-2323

Keywords

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Article
Publication date: 19 January 2010

Reviews the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.

Abstract

Purpose

Reviews the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Organizations often pride themselves on a willingness to learn from their mistakes. A bad service encounter, with the resulting negative feedback, can be turned into a positive – something to be learned from. However, while it might be relatively easy to apologize to and/or compensate someone who has written an angry letter of complaint, there's little that can be done about the aggrieved customer who just decides to walk away.

Practical implications

Provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Social implications

This briefing provides insights on the cultural environment and changes that need to occur to implement innovation planning methods within large enterprises.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.

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