Customer Engagement (“Vinculation”) as a Driver of Value Creation in Commercial Banking: Bridging the Internal Potential Market Gap-Evidence and a Structural Model for the Moroccan Banking Sector

Rachid Maghniwi ()
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Rachid Maghniwi: UM5 - Université mohamed 5, Rabat

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Abstract: This paper reconceptualises value creation in commercial banking around the notion of customer engagementtermed vinculation in continental relationship-banking practice -and tests it within a formal statistical framework. Departing from the acquisition-centric view that equates growth with client-share gains, we argue that the primary reservoir of value is the Internal Potential Market (IPM): the additional business mobilisable by raising existing clients to the market's average relationship intensity. We formalise the penetration-participation-vinculation triad, derive the IPM and its closure rate as measurable constructs, and specify a partial least squares structural equation model (PLS-SEM) in which product equipment, digital adoption and relationship tenure drive vinculation, which in turn drives per-client profitability and IPM-gap closure. We complement the structural model with a dynamic panel specification (system-GMM) to address endogeneity and reverse causality, and with quantile and robust regressions to assess the stability of the vinculation-profitability link across the client distribution. Using an illustrative calibration consistent with Moroccan retail-banking structures, the framework predicts that a ten-point increase in the vinculation index closes a substantial share of the IPM gap and lifts per-client profitability more than an equivalent increase in penetration. The study contributes a rigorous, replicable measurement apparatus for relationship intensity and offers managerially actionable levers for value creation in emerging-market banking.

Keywords: value creation customer engagement vinculation internal potential market PLS-SEM dynamic panel commercial banking Morocco. JEL classification : G21; value creation; customer engagement; vinculation; internal potential market; commercial banking (search for similar items in EconPapers)
Date: 2026-09-07
New Economics Papers: this item is included in nep-ara
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Published in Account and Financial Management Journal, 2026, 11, pp.4732 - 4738. ⟨10.47191/afmj/v11i9.03⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05767423

DOI: 10.47191/afmj/v11i9.03

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