Specifics in Brand Value Sources of Customers in the Banking Industry from the Psychographic Point of View

Lubica Gajanova, Margareta Nadanyiova and George Lazaroiu

Central European Business Review, 2020, vol. 2020, issue 2, 1-18

Abstract: Financial institutions have not paid much attention to customers in the past. In the Slovak republic, this approach has changed only since the late 1990s. Banks have recognized that understanding the customer and its behaviour is key to their success. This contribution aims to answer the research question of whether there are different segments of customers (generations) that would differ in the level of perception of the bank's brand subconsciously. The data used in the presented study was obtained by our survey carried out by a sample size of 2000 respondents (Slovak citizens older than 15 years of age). The given data has been statistically evaluated by testing hypotheses and the factor analysis supported by the implementation of the Kaiser-Meyer-Olkin (KMO) Test, Bartlett's test of sphericity, and calculation of Cronbach's Alpha for brand value sources in general as well as for all generation. In accordance with previously mentioned, the results consist of the identification of specifics in brand value sources in the banking industry on the case study of Slovak Republic creating so a platform for future research of relevant disparities in cross-cultural brand value sources from the psychographic point of view. Implications for the Central European audience: There are some implications of the article in managerial practice. First of all, the paper presents a valuable source of relevant information for brand managers. They are anticipated to enhance and deepen the understanding of managerial previous practice as well. Overall, the findings help to understand the complexity of internal and external factors motivating consumers to interact with the brand, generating added value for consumers.

Keywords: customer behaviour; bank industry; psychographic segmentation (search for similar items in EconPapers)
JEL-codes: G20 M31 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.18267/j.cebr.232

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