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The magic of branding: The role of ‘pledge’, ‘turn’ and ‘prestige’ in fostering consumer trust in financial services

Author

Listed:
  • S M A Moin

    (University of Nottingham, Nottingham University Business School)

  • James Devlin
  • Sally McKechnie

Abstract

The purpose of this article is to study the impact of brand image on consumer trust through empirical investigation in the context of the financial services sector. While trust helps to bind consumers to brands, a strong brand image works like magic in reducing consumers’ risk perception and promoting trust. This study analyses how brand image influences consumers’ trusting intention through operationalising an interdisciplinary brand-trust model. Constructs and measures were drawn from interdisciplinary brand and trust literature and tested through employing EFA, CFA and structural equation modelling. Data were collected through a quantitative survey of 300 financial services consumers. Using the analogy of a magic trick, the study unveils the key role of financial services branding in engendering consumer trust in the ‘pledge’ or ‘prestige’ parts of the trick but not in the ‘turn’. The research contributes to the convergent and mutually inclusive theories of trust and branding as well as services marketing literature. For managers and policymakers in the financial services sector the findings will help them to effectively manage brand image and foster consumers’ trusting intention.

Suggested Citation

  • S M A Moin & James Devlin & Sally McKechnie, 2016. "The magic of branding: The role of ‘pledge’, ‘turn’ and ‘prestige’ in fostering consumer trust in financial services," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 21(2), pages 113-126, June.
    • Handle: RePEc:pal:jofsma:v:21:y:2016:i:2:d:10.1057_fsm.2016.8
    DOI: 10.1057/fsm.2016.8
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    References listed on IDEAS

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    1. J.J. Brakus & B.H. Schmitt & L. Zarantonello, 2009. "Brand Experience: What Is It? How Do We Measure It? And Does It Affect Loyalty?," Post-Print hal-00799102, HAL.
    2. Felix B. Tan & Paul Sutherland, 2004. "Online Consumer Trust: A Multi-Dimensional Model," Journal of Electronic Commerce in Organizations (JECO), IGI Global, vol. 2(3), pages 40-58, July.
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