Analyzing the Banking Business: Relevance of Service Value for the Satisfaction and Loyalty of Consumers

Aleksandar Šević, Jelena Zečar, Ana Nešić Tomašević, Nevenka Popović Šević, Milica Slijepčević and Branislav Dudić
Additional contact information
Aleksandar Šević: Trinity Business School, Trinity College Dublin, D02 PN40 Dublin, Ireland
Jelena Zečar: Faculty of Management, Metropolitan University, 11000 Belgrade, Serbia
Ana Nešić Tomašević: Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
Nevenka Popović Šević: Faculty of Contemporary Arts, University Business Academy in Novi Sad, 11000 Belgrade, Serbia
Milica Slijepčević: Information Technology School, 11000 Belgrade, Serbia
Branislav Dudić: Faculty of Management, Comenius University Bratislava, 82005 Bratislava, Slovakia

Mathematics, 2022, vol. 10, issue 24, 1-12

Abstract: This research paper defines service value as the multidimensional overall user evaluation of the efficiency of a particular service in the context of the benefits they provide, measured through satisfaction and loyalty of consumers and, in this particular case, of entrepreneurs. By distributing a questionnaire comprising a set of descriptive questions and a five-point Likert scale, the authors managed to collect 281 valid responses from entrepreneurs in Serbia. Structural equation modelling was used to evaluate the impact of service value factors on satisfaction and, ultimately, loyalty. Following a confirmatory factor analysis, the authors found that quality, personal relationship, expediency, leadership, and perceived costs significantly impacted the bank users’ satisfaction, which is ultimately converted into lasting loyalty towards the dominant bank used in a daily routine or running personal business. Even though new forms of business are more and more focused on the individual and subjective attitude towards banking service, a large number of determinants still need to be identified. In this research, all hypotheses about the influencing factors were confirmed.

Keywords: service value; satisfaction; loyalty; entrepreneurs (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2227-7390/10/24/4645/pdf (application/pdf)
https://www.mdpi.com/2227-7390/10/24/4645/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jmathe:v:10:y:2022:i:24:p:4645-:d:997087

Access Statistics for this article

Mathematics is currently edited by Ms. Emma He

More articles in Mathematics from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().