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Integrating Metacognitive and Psychometric Decision-Making Approaches for Bank Customer Loyalty Measurement

Author

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  • Marjan S. Jalali

    (ISCTE Business School, BRU-IUL, University Institute of Lisbon, Avenida das Forças Armadas, 1649-026 Lisbon, Portugal)

  • Fernando A. F. Ferreira

    (ISCTE Business School, BRU-IUL, University Institute of Lisbon, Avenida das Forças Armadas, 1649-026 Lisbon, Portugal2Fogelman College of Business and Economics, University of Memphis, Memphis, TN, 38152-3120, USA)

  • João J. M. Ferreira

    (Department of Business and Economics, University of Beira Interior, Estrada do Sineiro, 6200-209 Covilhã, Portugal4NECE Research Unit, Portugal)

  • Ieva Meidutė-Kavaliauskienė

    (Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania6BRU-IUL, University Institute of Lisbon, Avenida das Forças Armadas, 1649-026 Lisbon, Portugal)

Abstract

Greater competition and the aftermath of the financial crisis have meant that banks are increasingly focused on improving service quality and achieving higher levels of customer loyalty. Doing so requires being able to identify, understand and measure the determinants of such loyalty, however; and given the variety of multi-faceted factors involved, and the interrelationships among them, this is a complex undertaking. This paper proposes and tests an integrated application of cognitive mapping and multiple criteria decision analysis (MCDA), thus combining metacognitive and psychometric decision-making approaches, to create a framework for the assessment of bank customer loyalty, which identifies its determinants and allows the trade-offs among them to be calculated. Practical advantages and limitations of our proposal are also discussed.

Suggested Citation

  • Marjan S. Jalali & Fernando A. F. Ferreira & João J. M. Ferreira & Ieva Meidutė-Kavaliauskienė, 2016. "Integrating Metacognitive and Psychometric Decision-Making Approaches for Bank Customer Loyalty Measurement," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 15(04), pages 815-837, July.
    • Handle: RePEc:wsi:ijitdm:v:15:y:2016:i:04:n:s0219622015500236
    DOI: 10.1142/S0219622015500236
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    3. Fernando A. F. Ferreira & Ieva Meidutė-Kavaliauskienė & Edmundas K. Zavadskas & Marjan S. Jalali & Sandra M. J. Catarino, 2019. "A Judgment-Based Risk Assessment Framework for Consumer Loans," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(01), pages 7-33, January.
    4. Fernando A. F. Ferreira & Ronald W. Spahr & Mark A. Sunderman & Audrius Banaitis & João J. M. Ferreira, 2017. "A learning-oriented decision-making process for real estate brokerage service evaluation," Service Business, Springer;Pan-Pacific Business Association, vol. 11(3), pages 453-474, September.
    5. Carayannis, Elias G. & Ferreira, Fernando A.F. & Bento, Paulo & Ferreira, João J.M. & Jalali, Marjan S. & Fernandes, Bernardo M.Q., 2018. "Developing a socio-technical evaluation index for tourist destination competitiveness using cognitive mapping and MCDA," Technological Forecasting and Social Change, Elsevier, vol. 131(C), pages 147-158.
    6. Ferreira, Fernando A.F. & Spahr, Ronald W. & Sunderman, Mark A. & Govindan, Kannan & Meidutė-Kavaliauskienė, Ieva, 2022. "Urban blight remediation strategies subject to seasonal constraints," European Journal of Operational Research, Elsevier, vol. 296(1), pages 277-288.
    7. Ferreira, João J.M. & Jalali, Marjan S. & Ferreira, Fernando A.F., 2018. "Enhancing the decision-making virtuous cycle of ethical banking practices using the Choquet integral," Journal of Business Research, Elsevier, vol. 88(C), pages 492-497.
    8. Manuel D. N. T. Oliveira & Fernando A. F. Ferreira & Guillermo O. Pérez-Bustamante Ilander & Marjan S. Jalali, 2017. "Integrating cognitive mapping and MCDA for bankruptcy prediction in small- and medium-sized enterprises," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 68(9), pages 985-997, September.
    9. Zhiyi Zhuo, 2019. "Research on using Six Sigma management to improve bank customer satisfaction," International Journal of Quality Innovation, Springer, vol. 5(1), pages 1-14, December.
    10. Oliveira, Inês A.S.J. & Carayannis, Elias G. & Ferreira, Fernando A.F. & Jalali, Marjan S. & Carlucci, Daniela & Ferreira, João J.M., 2018. "Constructing home safety indices for strategic planning in residential real estate: A socio-technical approach," Technological Forecasting and Social Change, Elsevier, vol. 131(C), pages 67-77.
    11. Sundström, Malin & Hjelm-Lidholm, Sara, 2020. "Re-positioning customer loyalty in a fast moving consumer goods market," Australasian marketing journal, Elsevier, vol. 28(1), pages 30-34.
    12. Maria A. S. Xavier & Fernando A. F. Ferreira & José P. Esperança, 2021. "An intuition-based evaluation framework for social credit applications," Annals of Operations Research, Springer, vol. 296(1), pages 571-590, January.

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