Perceived value and customer loyalty in financial services

Abstract

Taking into account how expensive it is to maintain customer loyalty programmes, it is necessary to know which aspects of the firm’s service are the ones that really deliver value to the customer. The aim of this paper is to study the relationships between perceived value, satisfaction and consumer loyalty in the financial services market, in order to know which factors are the most important for gaining the customers’ loyalty. A personal survey was made of 200 customers of financial entities, and structural equations models were used to test the relationships posited.

Keywords:

• perceived value
• satisfaction
• loyalty
• relationship marketing
• banking services

Notes

It is necessary to clarify that we are considering the perceived value of the relationship with a financial entity. This study deals with cases in which the installations of the entity are known and there has been contact between the client and the staff of the bank. This is the post-purchase perceived value, in which not only aspects of the service offered are taken into account but also aspects of the organisation that sustains it.