The present article proposes and tests an integrative model to examine the relationships among service quality (SQ), perceived value (PV), customer satisfaction (CS), corporate image (IMG) and customer loyalty (CL) in Indian retail banking context. The model is tested on the basis of data collected from 545 customers of Indian public sector banks (PSBs) using structural equation modeling (SEM) through path analysis. The finding exhibits that the present research model strongly predicts direct and/or indirect relationship of all constructs with CL phenomenon. However, the construct of PV was found to be insignificantly related to IMG in this integrative model. Moreover, the results also reveal that SQ exerts a strong influence on CS and CL; therefore, SQ is found as the most dominant construct in the model. The results of the model validate that SQ, PV, CS and IMG are the key antecedents of CL. Thus, integrative model of CL emerges as an ‘outcome’ in Indian context with special reference to selected PSBs.
AakerD. A. (1991). Managing brand equity: Capitalizing on the value of a brand name. New York, NY: Free Press.
2.
Al-HawariM. A. (2015). How the personality of retail bank customers interferes with the relationship between service quality and loyalty. International Journal of Bank Marketing, 33(1), 41–57.
3.
AminM.IsaZ.FontaineR. (2013). Islamic banks: Contrasting the drivers of customer satisfaction on image, trust, and loyalty of Muslim and non-Muslim customers in Malaysia. International Journal of Bank Marketing, 31(2), 79–97.
4.
AroraS.Neha. (2016). Determinants of customer-based brand equity: A study of public and private banks. Global Business Review, 17(4), 905–920.
5.
AukaD. O. (2012). Service quality, satisfaction, perceived value and loyalty among customers in commercial banking in Nakuru Municipality, Kenya. African Journal of Marketing Management, 4(5), 185–203.
6.
BahiaK.NantelJ. (2000). A reliable and valid measurement scale for the perceived service quality of banks. International Journal of Bank Marketing, 18(2), 84–91.
7.
BaisyaR. K. (2013). Branding in a competitive marketplace. New Delhi: SAGE Publications.
8.
BerryL.ZeithamlV.ParasuramanA. (1988). The service-quality puzzle. Business Horizons, 31(5), 35–43.
9.
BloemerJ.RuyterK.PeetersP. (1998). Investigating drivers of bank loyalty: The complex relationship between image, service quality and satisfaction. International Journal of Bank Marketing, 16(7), 276–286.
10.
Carlos Fandos RoigJ.Sanchez GarciaJ.Angel Moliner TenaM.Llorens MonzonisJ. (2006). Customer perceived value in banking services. International Journal of Bank Marketing, 24(5), 266–283.
11.
CaruanaA. (2002). Service loyalty: The effects of service quality and the mediating role of customer satisfaction. European Journal of Marketing, 36(7/8), 811.
12.
ChahalH.KumariN. (2012). Consumer perceived value: The development of a multiple item scale in hospitals in the Indian context. International Journal of Pharmaceutical and Healthcare Marketing, 6(2), 167–190.
13.
ChoudhuryK. (2008). Service quality: Insights from the Indian banking scenario. Australasian Marketing Journal, 16(1), 48–61.
14.
ChoudhuryK. (2014). The influence of customer-perceived service quality on customers’ behavioural intentions: A study of public and private sector banks, class and mass banking and consumer policy implications. International Review on Public and Nonprofit Marketing, 11(1), 47–73.
15.
CroninJ. J. JrTaylorS. A. (1992). Measuring service quality: A reexamination and extension. The Journal of Marketing, 56(3), 55–68.
16.
CroninJ. J. JrTaylorS. A. (1994). SERVPERF versus SERVQUAL: Reconciling performance-based and perceptions-minus-expectations measurement of service quality. Journal of Marketing, 58(1), 125–131.
17.
DickA. S.BasuK. (1994). Customer loyalty: Toward an integrated conceptual framework. Journal of the Academy of Marketing Science, 22(2), 99–113.
18.
EdwardM.SahadevS. (2011). Role of switching costs in the service quality, perceived value, customer satisfaction and customer retention linkage. Asia Pacific Journal of Marketing and Logistics, 23(3), 327–345.
19.
EdwardM.GeorgeB. P.SarkarS. K. (2010). The impact of switching costs upon the service quality–perceived value–customer satisfaction–service loyalty chain: A study in the context of cellular services in India. Services Marketing Quarterly, 31(2), 151–173.
20.
El-AdlyM. I.EidR. (2016). An empirical study of the relationship between shopping environment, customer perceived value, satisfaction, and loyalty in the UAE malls context. Journal of Retailing and Consumer Services, 31, 217–227.
21.
EnnewC.WaiteN. (2013). Financial services marketing: An international guide to practice(2nd ed.). New York, NY: Routledge.
22.
Fandos RoigJ. C.GarcíaJ. S.Moliner TenaM. Á. (2009). Perceived value and customer loyalty in financial services. The Service Industries Journal, 29(6), 775–789.
23.
GeorgeA.KumarG. G. (2014). Impact of service quality dimensions in internet banking on customer satisfaction. Decision, 41(1), 73–85.
24.
GerbingD.AndersonJ. (1988). An updated paradigm for scale development incorporating dimensionality and its assessment. Journal of Marketing Research, 25(2), 186–192.
25.
GrönroosC. (1984). A service quality model and its marketing implications. European Journal of Marketing, 18(4), 36–44.
26.
GrönroosC. (1988). Service quality: The six criteria of good perceived service quality. Review of Business, 9(3), 10–13.
27.
GuptaA.DevS. (2012). Client satisfaction in Indian banks: An empirical study. Management Research Review, 35(7), 617–636.
28.
HairJ. F.BlackW. C.BabinB. J.AndersonR. E.TathamR. L. (2015). Multivariate data analysis(7th ed.). New Delhi: Pearson India Edition.
29.
HuH. H.KandampullyJ.JuwaheerT. D. (2009). Relationships and impacts of service quality, perceived value, customer satisfaction, and image: Empirical study. The Service Industries Journal, 29(2), 111–125.
30.
HurleyR. F.EstelamiH. (1998). Alternative indexes for monitoring customer perceptions of service quality: A comparative evaluation in a retail context. Journal of the Academy of Marketing Science, 26(3), 209–221.
31.
JohnstonR. (1997). Identifying the critical determinants of service quality in retail banking: Importance and effect. International Journal of Bank Marketing, 15(4), 111–116.
32.
KashifM.Wan ShukranS. S.RehmanM. A.SarifuddinS. (2015). Customer satisfaction and loyalty in Malaysian Islamic banks: A PAKSERV investigation. International Journal of Bank Marketing, 33(1), 23–40.
33.
KauraV. (2013a). Antecedents of customer satisfaction: A study of Indian public and private sector banks. International Journal of Bank Marketing, 31(3), 1.
34.
KauraV. (2013b). Service convenience, customer satisfaction, and customer loyalty: Study of Indian commercial banks. Journal of Global Marketing, 26(1), 18–27.
35.
KauraV.PrasadC. S. D.SharmaS. (2013). Customer perception of service convenience: A comparison between public and new private sector banks. Global Business Review, 14(3), 529–547.
36.
KellerK. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. The Journal of Marketing, 57(1), 1–22.
37.
KellerK. L.LehmannD. R. (2006). Brands and branding: Research findings and future priorities. Marketing Science, 25(6), 740–759.
38.
KordaA. P.SnojB. (2010). Development, validity and reliability of perceived service quality in retail banking and its relationship with perceived value and customer satisfaction. Managing Global Transitions, 8(2), 187.
39.
KotlerP.ArmstrongG. (2012). Principles of Marketing. New Delhi: Pearson Education.
40.
KotlerP.KelleK. L.KoshyA.JhaM. (2009). Marketing Management: A South Asian Perspective(13th ed.). New Delhi: Prentice – Hall of India.
41.
LadhariR.LadhariI.MoralesM. (2011). Bank service quality: comparing Canadian and Tunisian customer perceptions. International Journal of Bank Marketing, 29(3), 224–246.
42.
LadhariR.SouidenN.LadhariI. (2011). Determinants of loyalty and recommendation: The role of perceived service quality, emotional satisfaction and image. Journal of Financial Services Marketing, 16(2), 111–124.
43.
LaiF.GriffinM.BabinB. J. (2009). How quality, value, image, and satisfaction create loyalty at a Chinese telecom. Journal of Business Research, 62(10), 980–986.
44.
LenkaU.SuarD.MohapatraP. K. (2009). Service quality, customer satisfaction, and customer loyalty in Indian commercial banks. Journal of Entrepreneurship, 18(1), 47–64.
45.
MalhotraN. K.DashS. (2014). Marketing research: An applied approach. New Delhi: Dorling Kindersley.
46.
MonroeK. B. (1979). Pricing: Making profitable decisions (pp. 37–46). New York, NY: McGraw-Hill.
47.
NathR.BhalK. T.KapoorG. T. (2013). Factors influencing IT adoption by bank employees: An extended TAM approach. Vikalpa, 38(4), 83.
48.
NguyenN.LeBlancG. (1998). The mediating role of corporate image on customers’ retention decisions: An investigation in financial services. International Journal of Bank Marketing, 16(2), 52–65.
49.
NunnallyJ. C.BernsteinI. H. (1994). Psychometric theory. New York, NY: McGraw-Hill.
50.
OliverR. L. (1997). Satisfaction: A behavioral perspective on the consumer. New York, NY: McGraw-Hill Irwin.
51.
OlorunniwoF.HsuM. K. (2006). A typology analysis of service quality, customer satisfaction and behavioral intentions in mass services. Managing Service Quality: An International Journal, 16(2), 106–123.
52.
OnyanchaG. K. (2013). The impact of bank brand image on customer satisfaction and loyalty: A case of Kenya Commercial Bank. European Journal of Business and Management, 5(21), 35.
53.
ParasuramanA.ZeithamlV. A.BerryL. L. (1985). A conceptual model of service quality and its implications for future research. The Journal of Marketing, 49(4), 41–50.
54.
ParasuramanA.ZeithamlV. A.BerryL. L. (1988). Servqual. Journal of Retailing, 64(1), 12–40.
55.
RavaldA.GrönroosC. (1996). The value concept and relationship marketing. European Journal of Marketing, 30(2), 19–30.
56.
ReichheldF. F. (1996). The quest for loyalty: Creating value through partnership. Boston, MA: Harvard Business School Press.
57.
SanjuqG. (2014). The impact of service quality delivery on customer satisfaction in the banking sector in Riyadh, Saudi Arabia. International Journal of Business Administration, 5(4), 77.
58.
SiddiqiK. O. (2011). Interrelations between service quality attributes, customer satisfaction and customer loyalty in the retail banking sector in Bangladesh. International Journal of Business and Management, 6(3), 12.
59.
SinghS.AroraR. (2011). A comparative study of banking services and customer satisfaction in public, private and foreign banks. Journal of Economics, 2(1), 45–56.
60.
SureshchandarG. S.RajendranC.AnantharamanR. N. (2002). The relationship between service quality and customer satisfaction: A factor specific approach. Journal of Services Marketing, 16(4), 363–379.
61.
TamJ. L. (2004). Customer satisfaction, service quality and perceived value: An integrative model. Journal of Marketing Management, 20(7–8), 897–917.
62.
TripathiS.PoddarB. (2011). Being five star in productivity: Roadmap for excellence in Indian banking(BCG Report). Delhi.
63.
VyasV.RaitaniS. (2014). Drivers of customers’ switching behaviour in Indian banking industry. International Journal of Bank Marketing, 32(4), 321–342.
64.
WoodsideA. G.FreyL. L.DalyR. T. (1989). Linking sort/ice anlity, customer satisfaction, and behavioral intention. Journal of Health Care Marketing, 9(4), 5–17.
65.
ZeithamlV. A. (1988). Consumer perceptions of price, quality, and value: A means-end model and synthesis of evidence. Journal of Marketing, 52(3), 2–22.
66.
ZeithamlV. A.BitnerM. J.GremlerD. D. (2011). Services Marketing: Integrating Customer Focus across the Firm(5th ed.). New Delhi: McGraw Hill.
