Measuring Gen-Y Customer Experience in the Banking Sector

Asta Kyguolienė; Nerijus Makutėnas

doi:10.1515/mosr-2017-0017

.blurhash-client-img { display: none !important; }

Measuring Gen-Y Customer Experience in the Banking Sector

Management of Organizations: Systematic Research

Volume 78 (2017): Issue 1 (December 2017)

By: Asta Kyguolienė and Nerijus Makutėnas

Open Access

|Feb 2018

Read online

Abstract

The article analyses customer experience as the subject of marketing research and presents methods for assessing customer experience. The results of empirical research revealing the Gen-Y customer experience in using the Lithuanian commercial banks’ services are presented.

1. Brakus, J., Schmitt, B., Zarantonello, L. (2009). Brand Experience: What Is It? How Is It Measured? Does It Affect Loyalty? // Journal of Marketing. Vol. 73, No. 3, pp. 52–68. doi:10.1509/jmkg.73.3.52.10.1509/jmkg.73.3.52
Open DOI Search in Google Scholar Back to article
2. Carbone, L., Haeckel, S. (1994). Engineering Customer Experiences // Marketing Management Magazine. Internet access: <http://bit.ly/2jHfNac>, [accessed: May 6, 2017].
Search in Google Scholar Back to article
3. DNB Annual Report. (2016). Internet access: <https://www.dnb.lt/sites/default/files/dokumentai/finansines%20ataskaitos/annual_report_2016.pdf>, [accessed: May 5, 2017].
Search in Google Scholar Back to article
4. Dube, L., Chebat, J., Morin, S. (1995). The Effects of Background Music on Consumers’ Desire to Affiliate in Buyer-Seller Interactions // Psychology & Marketing. Vol. 12, No. 4, pp. 305–319. doi:10.1002/mar.422012040710.1002/mar.4220120407
Open DOI Search in Google Scholar Back to article
5. Engel, J., Blackwell, R. D., Miniard, P. W. (1994). Consumer Behaviour. Chicago: Dryden Press.
Search in Google Scholar Back to article
6. European Financial Marketing Association, Oracle Financial Services (2010). Internet access: http://bit.ly/1cdB8gt>, [accessed: July 22, 2017].
Search in Google Scholar Back to article
7. Farah, P., Macaulay, J., Ericsson, J. (2010). The Next Growth Opportunity for Banks. Internet access: <http://bit.ly/2xNMwAV>, [accessed: July 30, 2017].
Search in Google Scholar Back to article
8. Gentile, C., Spiller, N., Noci, G. (2007). How to Sustain the Customer Experience: An Overview of Experience Components that Cocreate Value with the Customer // European Management Journal. Vol. 25, No. 5, pp. 395–410. doi: 10.1016/j.emj.2007.08.005.10.1016/j.emj.2007.08.005
Open DOI Search in Google Scholar Back to article
9. Glass, A., (2007). Understanding Generational Differences for Competitive Success // Industrial and Commercial Training. Vol. 39, No. 2, pp. 98–103. doi: 10.1108/00197850710732424.10.1108/00197850710732424
Open DOI Search in Google Scholar Back to article
10. Grove, S., Fisk, R. (1997). The Impact of Other Customers on Service Experiences: A Critical Incident Examination of “Getting Along” // Journal of Retailing. Vol. 73, No. 1, pp. 63–85. doi:10.1016/S0022-4359(97)90015-4.10.1016/S0022-4359(97)90015-4
Open DOI Search in Google Scholar Back to article
11. Hasony, S., Gilbert, D. (2009). Measuring Tourists’ Emotional Experiences toward Hedonic Holiday Destinations // Journal of Travel Research. Vol. 49, No. 4, pp. 513–526. doi:10.1177/0047287509349267.10.1177/0047287509349267
Open DOI Search in Google Scholar Back to article
12. Hoch, S. J. (2002). Product Experience is Seductive // Journal of Consumer Research. Vol. 29, No. 3, p. 448–454. doi:10.1086/344422.10.1086/344422
Open DOI Search in Google Scholar Back to article
13. Hoffman, K., Turley, L. (2002). Atmospherics, Service Encounters and Consumer Decision Making: An Integrative Perspective // Journal of Marketing Theory and Practice. Vol. 10, No. 3, pp. 33–47. doi: 10.1080/10696679.2002.11501918.10.1080/10696679.2002.11501918
Open DOI Search in Google Scholar Back to article
14. Holbrook, M., Hirschman, E. (1982). The Experiential Aspects of Consumption: Consumer Fantasies, Feelings, and Fun // Journal of Consumer Research. Vol. 9, No. 2, pp. 132–140. doi:10.1086/208906.10.1086/208906
Open DOI Search in Google Scholar Back to article
15. Hu, C., Huang, L., Zhang, X. (2013). Consumer Experience Analysis. Jonkoping International Business School, Jonkoping University.
Search in Google Scholar Back to article
16. Juttner, U., Schaffner, D., Windler, K., Maklan, S. (2013). Customer Service Experiences: Developing and Applying a Sequential Incident Laddering Technique // European Journal of Marketing. Vol. 47, No. 5/6, pp. 738–769. doi:10.1108/03090561311306769.10.1108/03090561311306769
Open DOI Search in Google Scholar Back to article
17. Kavounis, Y. (2008). The Millennial Effect // Brand Strategy. pp. 49–51. Internet access: <http://bit.ly/2wsAEUz> [accessed: July 22, 2017].
Search in Google Scholar Back to article
18. Kim, S., Cha, J., Knutson, B., Beck, J. (2011). Development and Testing of the Consumer Experience Index (CEI) // Managing Service Quality: An International Journal. Vol. 21, No. 2, pp. 112–132. doi:10.1108/09604521111113429.10.1108/09604521111113429
Open DOI Search in Google Scholar Back to article
19. Knutson, B., Beck, J., Kim, S., Cha, J. (2009). Identifying the Dimensions of the Guest’s Hotel Experience // Cornell Hospitality Quarterly. Vol. 50, No. 1, pp. 44–55. doi: 10.1177/1938965508326305.10.1177/1938965508326305
Open DOI Search in Google Scholar Back to article
20. Kropas, S., Čiapas, L., Šidlauskas, G., Vengraitis, D. (2013). Banko finansų valdymas: krizės pamokos ir reguliavimo priemonių poveikis. - Vilnius: Vilnius University Press.
Search in Google Scholar Back to article
21. Lemke, F., Clark, M., Wilson, H. (2011). Customer Experience Quality: An Exploration in Business and Consumer Contexts Using Repertory Grid Technique // Journal of the Academy of Marketing Science. Vol. 39, No. 6, pp. 846-869. doi:10.1007/s11747-010-0219-0.10.1007/s11747-010-0219-0
Open DOI Search in Google Scholar Back to article
22. Littman, S. (2008). Welcome to the New Millennials // Response Magazine. pp. 74–80. Internet access: <http://bit.ly/2xNOTnl>, [accessed: May 14, 2017].
Search in Google Scholar Back to article
23. Martin, C. (1996). Consumer-to-Consumer Relationships: Satisfaction with Other Consumers’ Public Behavior // Journal of Consumer Affairs. Vol. 30, No. 1, pp. 146–169. doi:10.1111/j.1745-6606.1996.tb00729.x10.1111/j.1745-6606.1996.tb00729.x
Open DOI Search in Google Scholar Back to article
24. Meyer, C., Schwager, A. (2007). Understanding Customer Experience // Harvard Business Review. Vol. 85, No. 2, pp. 117–126. Internet access: <http://www.dlls.univr.it/documenti/Avviso/all/all999201.pdf>, [accessed: May 10, 2017].
Search in Google Scholar Back to article
25. Mittal, V., Kumar, P., Tsiros, M. (1999). Attribute-level performance, satisfaction, and behavioural intentions over time: a consumption-system approach // Journal of Marketing. Vol. 63, No. 2, pp. 88–101. doi:10.2307/1251947.10.2307/1251947
Open DOI Search in Google Scholar Back to article
26. Noren, A. (2012). Experiential Marketing, Comunicacio Interactiva. Internet access: <http://bit.ly/2wDhZAs>, [accessed June 6, 2017].
Search in Google Scholar Back to article
27. Novak, T., Hoffman, D., Yung, Y. (2000). Measuring the Customer Experience in Online Environments: A Structural Modelling Approach // Marketing Science. Vol. 19, No. 1, pp. 22–42. doi:10.1287/mksc.19.1.22.15184.10.1287/mksc.19.1.22.15184
Open DOI Search in Google Scholar Back to article
28. Oh, H., Fiore, A., Jeoung, M. (2007). Measuring Experience Economy Concepts: Tourism Applications // Journal of Travel Research. Vol. 46, No. 2, pp. 119–132. doi:10.1177/0047287507304039.10.1177/0047287507304039
Open DOI Search in Google Scholar Back to article
29. Otto, J., Ritchie, J. (1996). The Service Experience in Tourism // Tourism Management. Vol. 17, No. 3, pp. 165–174. doi:10.1016/0261-5177(96)00003-9.10.1016/0261-5177(96)00003-9
Open DOI Search in Google Scholar Back to article
30. Parsuraman, A., Zeithaml, V. A., Berry, L. L. (1988). A Multiple-item Scale for Measuring Consumer Perceptions of Service Quality // Journal of Retailing. Vol. 64, No. 1, pp. 12–40. Internet access: < http://bit.ly/2t0KpnO>, [accessed May 6, 2017].
Search in Google Scholar Back to article
31. Pine II, B., Gilmore, J. H. (1998). Welcome to the Experience Economy // Harvard Business Review. Vol. 176, No. 4, pp. 97–105. Internet access: < https://hbr.org/1998/07/welcome-to-the-experience-economy>, [accessed April 14, 2017].
Search in Google Scholar Back to article
32. Pine, B., Gilmore, J. (1999). The Experience Economy. 1^st Ed. - Boston: Harvard Business School Press.
Search in Google Scholar Back to article
33. Prahalad, C., Ramaswamy, V. (2004). Co-creation Experiences: The Next Practice in Value Creation // Journal of Interactive Marketing. Vol. 18, No. 3, pp. 5–14. doi: 10.1002/dir.20015.10.1002/dir.20015
Open DOI Search in Google Scholar Back to article
34. Miller, R. K. (2011). Consumer Behavior 2011: Millennial Consumers, Richard K. Miller and Associates (RKMA), Loganville: Loganville, GA.
Search in Google Scholar Back to article
35. Rose, S., Clark, M., Samouel, P., Hair, N. (2012). Online Customer Experience in e-Retailing: An Empirical Model of Antecedents and Outcomes // Journal of Retailing. Vol. 88, No. 2, pp. 308–322. doi:10.1016/j.jretai.2012.03.001.10.1016/j.jretai.2012.03.001
Open DOI Search in Google Scholar Back to article
36. Schmitt, B. (1999). Experiential Marketing // Journal of Marketing Management. Vol. 15, pp. 53–67. doi:10.1362/026725799784870496.10.1362/026725799784870496
Open DOI Search in Google Scholar Back to article
37. SEB Annual Report. (2016). Internet access: <https://sebgroup.com/siteassets/investor_relations1/annual_reports/annual_report_2016.pdf>, [accessed May 5, 2017].
Search in Google Scholar Back to article
38. SEB banko tyrimas: jauni lietuviai nuosavo verslo imasi dvigubai rečiau negu estai (2015). Internet access: <https://www.seb.lt/naujienos/2015-10-06/seb-tyrimas-jauni-lietuviai-nuosavo-verslo-imasi-dvigubai-reciau-negu-estai>, [accessed May 29, 2017].
Search in Google Scholar Back to article
39. Seeley, J. (2011). Balance Technology and Human Touch for the Ultimate Customer Experience. Internet access: <http://bit.ly/2f7mBZG>, [accessed May 16, 2017].
Search in Google Scholar Back to article
40. Slatten, T., Mehmetoglu, M., Svensson, G., Sværi, S. (2009). Atmospheric Experiences that Emotionally Touch Customers // Managing Service Quality: An International Journal. Vol. 19, No. 6, pp. 721–746. doi:10.1108/09604520911005099.10.1108/09604520911005099
Open DOI Search in Google Scholar Back to article
41. Soderlund, M., Rosengren, S. (2008). Revisiting the Smiling Service Worker and Customer Satisfaction // International Journal of Service Industry Management. Vol. 19, No. 5, pp. 552–574. doi: 10.1108/09564230810903460.10.1108/09564230810903460
Open DOI Search in Google Scholar Back to article
42. Stein, A., Ramaseshan, B. (2016). Towards the Identification of Customer Experience Touch Point Elements // Journal of Retailing and Consumer Services. Vol. 30, pp. 8–19. doi:10.1016/j.jretconser.2015.12.001.10.1016/j.jretconser.2015.12.001
Open DOI Search in Google Scholar Back to article
43. Strauss, W., Howe, N. (1991). Generations: The History of America’s Future, 1584 to 2069. - New York: Quill/William/Morrow.
Search in Google Scholar Back to article
44. Swedbank Annual Report (2016). Internet access: <https://www.swedbank.com/idc/groups/public/@i/@sbg/@gs/@ir/documents/financial/cid_2238210.pdf>, [accessed May 5, 2017].
Search in Google Scholar Back to article
45. Tynan, C., McKechnie, S. (2009). Experience Marketing: A Review and Reassessment // Journal of Marketing Management. Vol. 25, No. 5–6, pp. 501–517. doi:10.1362/026725709X461821.10.1362/026725709X461821
Open DOI Search in Google Scholar Back to article
46. van Vatershur. (2002). Marketing Mix. Theory of Marketing. - St. Petersburg: Peter.
Search in Google Scholar Back to article
47. Wakefield, K., Blodgett, J. (1999). Customer Response to Intangible and Tangible Service Factors // Psychology and Marketing. Vol. 16, No. 1, pp. 51–68. doi:10.1002/(SICI)1520-6793(199901)16:1<;51::AIDMAR4>3.0.CO;2-0.10.1002/(SICI)1520-6793(199901)16:1<;51::AIDMAR4>3.0.CO;2-0
Open DOI Search in Google Scholar Back to article
48. Walter, U., Edvardsson, B., Öström, Å. (2010). Drivers of customer’ Service Experiences: A Study in the Restaurant Industry // Managing Service Quality: An International Journal. Vol. 20, No. 3, pp. 236–258. doi:10.1108/09604521011041961.10.1108/09604521011041961
Open DOI Search in Google Scholar Back to article
49. Wu, C., Liang, R. (2011). The Relationship between White-Water Rafting Experience Formation and Customer Reaction: A Flow Theory Perspective // Tourism Management. Vol. 32, No. 2, pp. 317–325. doi:10.1016/j.tourman.2010.03.001.10.1016/j.tourman.2010.03.001
Open DOI Search in Google Scholar Back to article

Articles in this issue

DOI: https://doi.org/10.1515/mosr-2017-0017 | Journal eISSN: 2335-8750 | Journal ISSN: 1392-1142

Journal RSS Feed

Language: English

Page range: 77 - 93

Submitted on: Aug 24, 2017

Accepted on: Dec 10, 2017

Published online: Feb 6, 2018

Published in print: Dec 1, 2017

Published by: Vytautas Magnus University, Faculty of Economics and Management

In partnership with: Paradigm Publishing Services

Publication frequency: 2 issues per year

Keywords:

experience marketing,

customer experience,

touch points,

banks

Related subjects:

Business and economics,

Business management,

Marketing, sales, customer relations,

Management, organization, corporate governance,

Business development, change management, cooperation,

Human resources, labor practice, job and career

© 2018 Asta Kyguolienė, Nerijus Makutėnas, published by Vytautas Magnus University, Faculty of Economics and Management
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Volume 78 (2017): Issue 1 (December 2017)