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Analyzing the Banking Business: Relevance of Service Value for the Satisfaction and Loyalty of Consumers

Author

Listed:
  • Aleksandar Šević

    (Trinity Business School, Trinity College Dublin, D02 PN40 Dublin, Ireland
    Information Technology School, 11000 Belgrade, Serbia)

  • Jelena Zečar

    (Faculty of Management, Metropolitan University, 11000 Belgrade, Serbia)

  • Ana Nešić Tomašević

    (Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia)

  • Nevenka Popović Šević

    (Faculty of Contemporary Arts, University Business Academy in Novi Sad, 11000 Belgrade, Serbia)

  • Milica Slijepčević

    (Information Technology School, 11000 Belgrade, Serbia)

  • Branislav Dudić

    (Faculty of Management, Comenius University Bratislava, 82005 Bratislava, Slovakia
    Faculty of Economics and Engineering Management, University Business Academy, 21000 Novi Sad, Serbia)

Abstract

This research paper defines service value as the multidimensional overall user evaluation of the efficiency of a particular service in the context of the benefits they provide, measured through satisfaction and loyalty of consumers and, in this particular case, of entrepreneurs. By distributing a questionnaire comprising a set of descriptive questions and a five-point Likert scale, the authors managed to collect 281 valid responses from entrepreneurs in Serbia. Structural equation modelling was used to evaluate the impact of service value factors on satisfaction and, ultimately, loyalty. Following a confirmatory factor analysis, the authors found that quality, personal relationship, expediency, leadership, and perceived costs significantly impacted the bank users’ satisfaction, which is ultimately converted into lasting loyalty towards the dominant bank used in a daily routine or running personal business. Even though new forms of business are more and more focused on the individual and subjective attitude towards banking service, a large number of determinants still need to be identified. In this research, all hypotheses about the influencing factors were confirmed.

Suggested Citation

  • Aleksandar Šević & Jelena Zečar & Ana Nešić Tomašević & Nevenka Popović Šević & Milica Slijepčević & Branislav Dudić, 2022. "Analyzing the Banking Business: Relevance of Service Value for the Satisfaction and Loyalty of Consumers," Mathematics, MDPI, vol. 10(24), pages 1-12, December.
    • Handle: RePEc:gam:jmathe:v:10:y:2022:i:24:p:4645-:d:997087
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    References listed on IDEAS

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