Innovative Strategies to Maximize Customer Loyalty in the Banking System: A Systematic Review

Abstract

Customer loyalty in financial organizations can be assessed by observing virtual interaction, physical interaction, and service interaction. Loyalty in the banking sector is a consequence of customer convenience, good service received and good image of social responsibility to the environment. For this reason, the aim of the research is to analyze the studies that have been conducted in the scientific literature regarding innovative approaches and strategies of loyalty in the banking system between the years 2018 and 2023. To achieve the collection of information, 4 reliable databases were used: Scopus, Redalyc, Science Directc and Scielo, from which 22 scientific articles with relevant information on the topic were extracted, information systematized by journal, author, databases, year and country is presented. The most used database was Scopus followed by Science Directc and the year where the most was published was 2022, highlighting several publications in the journals Sustainability and Management and Accounting Review. The results show how financial organizations can develop their approaches and strategies to maximize the loyalty of their active customers, which translates into increased market share. It is highlighted that trust and commitment tend to have a positive and significant effect on bank customer loyalty. In conclusion, loyalty in the financial system plays a very important role as it allows them to be active in a competitive market, in addition to creating brand evangelist customers who will recommend the services to others.