Customer perceived value in banking services

TLDR

Future research could incorporate non‑monetary sacrifice items such as waiting times and queues. This study adapts the GLOVAL perceived‑value scale to banking, aiming to analyze its dimensionality and develop a comprehensive measurement tool that captures both functional and affective aspects. The authors surveyed 200 banking customers and employed structural‑equation modeling to validate the adapted scale. The validated scale comprises six dimensions—functional value of establishment, personnel, service, price, emotional, and social—represented by 22 significant items, providing a tool to quantify and monitor customers’ perceived value.

Abstract

Purpose The purpose of this research is to analyse the dimensionality of the concept of perceived value in the banking sector, adapting the GLOVAL scale of measurement of perceived value to the banking services sector. Design/methodology/approach A total of 200 customers of financial entities were surveyed, and structural equations models were used to verify the reliability and validity of the scale of perceived value. Findings Perceived value is found to be a multidimensional construct composed of six dimensions: functional value of the establishment, functional value of the personnel; functional value of the service; functional value price; emotional value; and social value. A scale of overall perceived value in financial services was obtained, composed of six dimensions and represented by 22 items that are significant for their measurement. Research limitations/implications In future studies it would be interesting to include items to measure non‐monetary sacrifices, such as waiting times, queues, etc. Practical implications A tool for measuring the value of financial entities as perceived by the customer is presented; with it the value perceived by customers can be quantified, evaluated and monitored. Originality/value This study proposes a scale of measurement of the value perceived by consumers in the banking sector which incorporates valuations of functional aspects and of affective aspects, thus obtaining an overall quantification of the value perceived by the customer of the purchase made.