Conceptualization and measurement of customer perceived value in banks

Abstract

Purpose – The purpose of this paper is to develop a scale for measuring the construct perceived value, as evaluated by customers of retail banks. Design/methodology/approach – The procedures involved an analysis of the literature about customer perceived value in order to identify the main dimensions relevant to bank sector, and after that, it was followed the conventional steps for developing multiple items scales, with fieldwork, scale purification exploratory analysis of reliability and of validity. Findings – After two sampling procedures, the scale for the account holder perceived value retail banking was satisfactorily validated. The final scale is characterized as multidimensional, involving dimensions of operational quality, convenience and access, safety and soundness, and monetary sacrifice, each of them measured with four items reflectively related to the main construct. Research limitations/implications – Although the research was carried considering the conventional scaling procedures recommendations, the result may reflect the specificities of Brazilian bank customers; considering this, some other applications are necessary do bring a geographical validation of the scale. Practical implications – The scale developed is an instrument that can be used to measure one of the most important constructs of bank customers, the customer perceived value, and can be used by academic researchers and also by bank managers. Originality/value – The study brings a contribution not yet present in the main international literature, since no other study with complete development of a multidimensional perceived value measurement scale was identified, and can become a reference for other similar studies in the banking context.

Attributes Influencing Retail Store Choice Decision of Shoppers: A Case of Pune City

“…Thus, it was possible to test the multidimensionality (Othman & Owen, 2001). The KMO measure was 0.734, higher than the recommended value of 0.7 (Parente, Costa & Leocadio, 2015). The sample size was thus adequate to conduct factor analysis.…”

Three Decades of Customer Value Research: Paradigmatic Roots and Future Research Avenues

“…For instance, El-Adly and Eid (2016) measured CPV in shopping malls with a second-order construct named MALLVALL consisting of seven reflective dimensions (see Table 2). Parente, Costa, and Leocádio (2015) generalized that single industries needed to develop specific measurement instruments for CPV following a comprehensive scale development process. Along these lines, Varshneya and Das (2017) developed an instrument for measuring experiential value, modeled as a second-order factor comprising four distinct experiential value dimensions.…”

The effect of perceived value on behavioural intentions

“…These variables vary according to products, services, or consumer groups. Within the studies, these variables can be summarised as functional value, emotional value, social value, utilitarian value, hedonic value, economic value, monetary value, monetary price, behavioural price, monetary sacrifices, non-monetary sacrifices, monetary cost, time and effort costs (Babin, Darden and Griffin, 1994;Kantamneni and Coulson, 1996;Lapierre, 2000;Sweeney and Soutar, 2001;Petrick, 2002;Merle et al, 2010;Kaint and Verma, 2011;Huang, 2012;Walsh, Shiu and Hassan, 2014;Parente, Costa and Leocádio, 2015).…”