Investigating the transformative impact of bank transparency on consumers’ financial well-being

2019 ◽  
Vol 37 (4) ◽  
pp. 1062-1079 ◽  
Author(s):  
Mauricio Losada-Otálora ◽  
Linda Alkire (née Nasr)
Keyword(s):  
Financial Services ◽  
Self Efficacy ◽  
Well Being ◽  
Service Research ◽  
Clear Understanding ◽  
Design Strategies ◽  
Content Type ◽  
Information Transparency ◽  
Positive Attitudes ◽  
Shared Information

Purpose Grounded in Transformative Service Research, the purpose of this paper is to explore the mechanisms by which bank information transparency influences consumer’s financial well-being (FWB). The authors propose that customer attitudes toward the brand and the subjectively perceived ability of individuals to deal with the financial challenges explain the enhancement of FWB driven by bank information transparency. Design/methodology/approach A survey was conducted to test the proposed hypotheses. In total, 400 bank customers of five commercial banks in Colombia were approached and asked to fill out a pen and paper questionnaire. Serial mediation analysis was applied to test the hypotheses. Findings This research shows that bank information transparency can uplift the FWB of customers. Furthermore, the positive effect of bank information transparency on the FWB occurs because the shared information improves the positive attitudes toward banks and the perceived financial self-efficacy of customers. Research limitations/implications This paper heeds the call of current literature for improved explanations of the relationship between attempts to inform consumers about financial services and their FWB. Practical implications This research shows that managers who embrace the challenging task of improving the FWB of their customers should design strategies for more transparent information sharing with their customers. However, these strategies should be designed not only to deliver information to customers but also to increase the perceived disclosure, accuracy and clarity of shared information. Originality/value This pioneering study aims to explain the effects of bank information transparency on the FWB of consumers by drawing on interdisciplinary literature. This research is important as many banks aim to increase their information transparency without a clear understanding of the effects of these actions on consumers and therefore in many instances their efforts fail. A key contribution of this study is identifying concrete mechanisms (i.e. brand attitudes and self-efficacy) that help managers to improve customers’ FWB via information transparency. Accordingly, the authors offer suggestions for better information transparency strategy implementation.

How perceived information transparency and psychological attitude impact on the financial well-being: mediating role of financial self-efficacy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Zia-ur-Rehman ◽  
Khalid Latif ◽  
Muhammad Mohsin ◽  
Zahid Hussain ◽  
Sajjad Ahmad Baig ◽  
...  
Keyword(s):  
Financial Institutions ◽  
Self Efficacy ◽  
Well Being ◽  
The Body ◽  
Main Concern ◽  
Productivity Level ◽  
Content Type ◽  
Information Transparency ◽  
Psychological Attitude

PurposeThe basic intention of this research is to investigate the role of information transparency of financial institutions and psychological attitude of the individuals toward their attention to saving and borrowing. This study also tries to know how an individual's psychological factor affects a person's attitude to motivate them to save or borrow and contribute to well-being by giving them confidence that they can face financial challenges. So, the main concern of this study is to explore different factors that ultimately contribute to the financial well-being (FWB) of individual.Design/methodology/approachA survey was conducted by using a well-structured questionnaire to collect data and test the developed hypotheses by using SmartPLS. Data were collected from 120 customers of seven different commercial banks in Pakistan.FindingsThe findings of this study show that perceived information transparency positively affects FWB. It is also because transparent shared information creates positive change in individuals' perceived self-efficacy and leads to FWB. Furthermore, an individual's psychological attitude toward borrowing and saving did not contribute to the FWB of people who belong to Pakistan.Research limitations/implicationsThe research area is limited to one city of Pakistan and analysis is done with small numbers of sample, it can be increased and more areas can be explored.Practical implicationsThis research provides significant implications for people and economists by providing awareness about the antecedents of FWB. The policymakers or managers who work in financial institutions should provide more transparent information and create less risky opportunities to improve the individual's well-being. If person, manager and financial institution can properly utilize the information of this study, then they are able to improve their FWB. By providing more transparent services and favorable experience with your dealings, it could help to obtain and retain more loyal internal (employees) and external customers. The loyal customers and sincere employees can increase the productivity level of organization. The more productive organizations in countries means better society and progress in the economy.Originality/valueThis research contributes to the body of knowledge that how perceived information transparency and psychological attitude of borrowing create improvement and upward changes in the FWB of a person.

Customer delight during a crisis: understanding delight through the lens of transformative service research

2020 ◽  
Vol 32 (1) ◽  
pp. 129-141 ◽  
Author(s):  
Donald C. Barnes ◽  
Jessica Mesmer-Magnus ◽  
Lisa L. Scribner ◽  
Alexandra Krallman ◽  
Rebecca M. Guidice
Keyword(s):  
Critical Incident ◽  
Service Providers ◽  
Psychological Theory ◽  
Well Being ◽  
Service Research ◽  
Service Encounters ◽  
Need Fulfillment ◽  
Content Type ◽  
Customer Delight ◽  
Service Experiences

PurposeThe unprecedented dynamics of the COVID-19 pandemic has forced firms to re-envision the customer experience and find new ways to ensure positive service encounters. This context has underscored the reality that drivers of customer delight in a “traditional” context are not the same in a crisis context. While research has tended to identify hedonic need fulfillment as key to customer well-being and, ultimately, to invoking customer delight, the majority of studies were conducted in inherently positive contexts, which may limit generalizability to more challenging contexts. Through the combined lens of transformative service research (TSR) and psychological theory on hedonic and eudaimonic human needs, we evaluate the extent to which need fulfillment is the root of customer well-being and that meeting well-being needs ultimately promotes delight. We argue that in crisis contexts, the salience of needs shifts from hedonic to eudaimonic and the extent to which service experiences fulfill eudaimonic needs determines the experience and meaning of delight.Design/methodology/approachUtilizing the critical incident technique, this research surveyed 240 respondents who were asked to explain in detail a time they experienced customer delight during the COVID-19 pandemic. We analyzed their responses according to whether these incidents reflected the salience of hedonic versus eudaimonic need fulfillment.FindingsThe results support the notion that the salience of eudaimonic needs become more pronounced during times of crisis and that service providers are more likely to elicit perceptions of delight when they leverage meeting eudaimonic needs over the hedonic needs that are typically emphasized in traditional service encounters.Originality/valueWe discuss the implications of these findings for integrating the TSR and customer delight literatures to better understand how service experiences that meet salient needs produce customer well-being and delight. Ultimately, we find customer delight can benefit well-being across individual, collective and societal levels.

Service journey quality: conceptualization, measurement and customer outcomes

2021 ◽  
Vol 32 (6) ◽  
pp. 1-27
Author(s):  
Elina Jaakkola ◽  
Harri Terho
Keyword(s):  
Service Quality ◽  
Service Delivery ◽  
Customer Loyalty ◽  
Financial Services ◽  
Three Dimensions ◽  
Service Research ◽  
Research Approach ◽  
Critical Determinant ◽  
Content Type

PurposeThe quality of the customer journey has become a critical determinant of successful service delivery in contemporary business. Extant journey research focuses on the customer path to purchase, but pays less attention to the touchpoints related to service delivery and consumption that are key for understanding customer experiences in service-intensive contexts. The purpose of this study is to conceptualize service journey quality (SJQ), develop measures for the construct and study its key outcomes.Design/methodology/approachThe study uses a discovery-oriented research approach to conceptualize SJQ by synthesizing theory and field-based insights from customer focus group discussions. Next, using consumer survey data (N = 278) from the financial services context, the authors develop measures for the SJQ. Finally, based on an additional survey dataset (N = 239), the authors test the nomological validity and predictive relevance of the SJQ.FindingsSJQ comprises of three dimensions: (1) journey seamlessness, (2) journey personalization and (3) journey coherence. This study demonstrates that SJQ is a critical driver of service quality and customer loyalty in contemporary business. This study finds that the loyalty link is partially mediated through service quality, indicating that SJQ explains loyalty above and beyond service quality.Research limitations/implicationsSince service quality only partially mediates the link between service journey quality and customer loyalty, future studies should examine alternative mediators, such as customer experience, for a more comprehensive understanding of the performance effects.Practical implicationsThe study offers concrete tools for service managers who wish to understand and develop the quality of service journeys.Originality/valueThis study advances the service journey concept, demonstrates that the quality of the service journey is a critical driver of customer performance and provides rigorous journey constructs for future service research.

Two facets of pride and knowledge hiding: an empirical analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Myat Su Han ◽  
Daniel Peter Hampson ◽  
Yonggui Wang
Keyword(s):  
Self Efficacy ◽  
Moral Emotions ◽  
Design Strategies ◽  
Content Type ◽  
Adverse Experiences ◽  
Hiding Behavior ◽  
Recruitment And Selection ◽  
Two Stages ◽  
Knowledge Hiding ◽  
Authentic Pride

Purpose This study aims to investigate whether or not the two facets of pride, hubristic and authentic, are associated with knowledge hiding. Design/methodology/approach This study collects survey data (N = 343) from one of the leading information technology (IT) companies in Myanmar at two stages with a two-month interval. This study uses multiple regression analyses to test this study’s hypotheses. Findings Results reveal that hubristic pride is positively related to knowledge hiding, whereas the relationship between authentic pride and knowledge hiding is negative. These relationships are contingent upon the level of employees’ self-efficacy. Research limitations/implications This study suggests that managers should include measures for moral emotions in their recruitment and selection criteria. Furthermore, the authors suggest that managers should design strategies to induce moral emotions at the workplace and enhance personal resources (e.g. self-efficacy), which have an instrumental effect in maximizing the prosocial facet of pride (i.e. authentic pride) as well as minimizing adverse experiences of the antisocial facet of pride (i.e. hubristic pride), thereby reducing knowledge hiding. Originality/value The findings shed light on the significance of the inclusion of emotional variables in understanding employees’ knowledge hiding. To the best of the authors’ knowledge, this study is the first empirical study to examine the combined effect of emotive and cognitive variables in predicting knowledge hiding by demonstrating that hubristic pride only mitigates knowledge hiding behavior among high self-efficacious employees.

Teamwork attitudes, interest and self-efficacy between online and face-to-face information technology students

2019 ◽  
Vol 25 (5/6) ◽  
pp. 253-278 ◽  
Author(s):  
Abdullah Konak ◽  
Sadan Kulturel-Konak ◽  
Gordon W. Cheung
Keyword(s):  
Self Efficacy ◽  
Academic Program ◽  
Sample Population ◽  
Online Classes ◽  
Online Students ◽  
Content Type ◽  
Face To Face ◽  
Positive Attitudes ◽  
Teamwork Skills ◽  
Students Attitudes

PurposeChallenges of teamwork in online classes may adversely affect students’ future attitudes toward teamwork. Further, there is a concern about whether online programs foster students’ teamwork skills. To answer these questions, the purpose of this paper is to compare online and face-to-face students’ attitudes toward teamwork, interest in learning teamwork skills and teamwork self-efficacy.Design/methodology/approachThe authors developed a conceptual model explaining how students’ background, engagement in learning teamwork, teamwork self-efficacy and interest in learning teamwork affect attitudes toward teamwork and rigorously tested the model for a meaningful comparison between online and face-to-face students. Attitudes toward teamwork, teamwork interest and teamwork self-efficacy of 582 online and face-to-face students who attend the same academic program were compared.FindingsThe results suggest that online students have less positive attitudes towards teamwork compared to face-to-face students although online students have a higher level of teamwork self-efficacy. Therefore, online students’ relative less positive attitudes toward teamwork cannot be explained by the lack of engagement, teamwork skills or interest.Research limitations/implicationsThe homogeneity of the sample population is one of the limitations of the paper although it provides the opportunity for a comparative study of online and face-to-face students by controlling the majors.Practical implicationsInstructors should evaluate the appropriateness of team assignments while incorporating teamwork in online classes.Originality/valueConcerns about online teamwork are discussed but have not been rigorously investigated in the literature. The authors conducted a comprehensive study involving 582 undergraduate students. The findings of this paper suggest that new approaches are needed to incorporate teamwork in online classes. The results also show that importance of building teamwork self-efficacy.

Personal and organizational resources of family caregivers ' well-being

2014 ◽  
Vol 43 (3) ◽  
pp. 401-418 ◽  
Author(s):  
Susanna Maria Krisor ◽  
Jens Rowold
Keyword(s):  
Family Caregivers ◽  
Family Caregiving ◽  
Self Efficacy ◽  
Well Being ◽  
Work And Family ◽  
Organizational Resources ◽  
Content Type ◽  
Important Resource ◽  
Health Related ◽  
Work Family

Purpose – Previous research on the work-family nexus has tended to concentrate on childcare responsibilities. This neglects consideration of an increasing population of employees who care for dependents such as elders, impaired partners or disabled children. Therefore, the aim of this study is to investigate organizational and personal resources as antecedents of work-family conflict (WFC) and irritation in a sample of employed family caregivers. Design/methodology/approach – Data were collected from 508 employees within one organization who had informal family caregiving responsibilities. Findings – The results indicate that a supportive work-family culture was an important resource for reducing WFC and health-related self-efficacy reduced irritation. In sum, when a company fosters a family-friendly culture that includes working in a constructive and understanding manner with employees who have informal family caregiver responsibilities, it becomes easier for the employees to integrate the demands of work and family demands. Moreover, health-related self-efficacy is an important resource that can improve stress and future researchers should give it greater consideration. Originality/value – This study contributes to existing literature by the identification of personal and organizational resources of informal family caregivers with the aim to reduce their stress experiences.

scholarly journals Designing servicescapes for transformative service conversations: lessons from mental health services

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ahir Gopaldas ◽  
Anton Siebert ◽  
Burçak Ertimur
Keyword(s):  
Mental Health ◽  
Mental Health Services ◽  
Health Services ◽  
Risk Taking ◽  
Design Theory ◽  
Well Being ◽  
Service Encounters ◽  
Design Strategies ◽  
Content Type ◽  
Emotional Risk

Purpose Dyadic services research has increasingly focused on helping providers facilitate transformative service conversations with consumers. Extant research has thoroughly documented the conversational skills that providers can use to facilitate consumer microtransformations (i.e. small changes in consumers’ thoughts, feelings and action plans toward their well-being goals). At the same time, extant research has largely neglected the role of servicescape design in transformative service conversations despite some evidence of its potential significance. To redress this oversight, this article aims to examine how servicescape design can be used to better facilitate consumer microtransformations in dyadic service conversations. Design/methodology/approach This article is based on an interpretive study of mental health services (i.e. counseling, psychotherapy and coaching). Both providers and consumers were interviewed about their lived experiences of service encounters. Informants frequently described the spatial and temporal dimensions of their service encounters as crucial to their experiences of service encounters. These data are interpreted through the lens of servicescape design theory, which disentangles servicescape design effects into dimensions, strategies, tactics, experiences and outcomes. Findings The data reveal two servicescape design strategies that help facilitate consumer microtransformations. “Service sequestration” is a suite of spatial design tactics (e.g., private offices) that creates strong consumer protections for emotional risk-taking. “Service serialization” is a suite of temporal design tactics (e.g., recurring appointments) that creates predictable rhythms for emotional risk-taking. The effects of service sequestration and service serialization on consumer microtransformations are mediated by psychological safety and psychological readiness, respectively. Practical implications The article details concrete servicescape design tactics that providers can use to improve consumer experiences and outcomes in dyadic service contexts. These tactics can help promote consumer microtransformations in the short run and consumer well-being in the long run. Originality/value This article develops a conceptual model of servicescape design strategies for transformative service conversations. This model explains how and why servicescape design can influence consumer microtransformations. The article also begins to transfer servicescape design tactics from mental health services to other dyadic services that seek to facilitate consumer microtransformations. Examples of such services include career counseling, divorce law, financial advising, geriatric social work, nutrition counseling, personal styling and professional organizing.

scholarly journals Transformative service research: a conceptual framework based on consumer's perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Veronica Ungaro ◽  
Laura Di Pietro ◽  
Maria Francesca Renzi ◽  
Roberta Guglielmetti Mugion ◽  
Maria Giovina Pasca
Keyword(s):  
Conceptual Framework ◽  
Well Being ◽  
Service Research ◽  
Future Research ◽  
Bottom Line ◽  
Content Type ◽  
Consumer Perspective ◽  
Social Environmental ◽  
The Relationship ◽  
Depth Interviews

PurposeThis study aims to investigate the consumer's perspective regarding the relationship between services and well-being, contributing to the knowledge base in transformative service research (TSR). More specifically the aim was to understand consumers' perceptions of the relationship between services and well-being and their views about how companies can contribute (directly and/or indirectly) to achieve the well-being.Design/methodology/approachTo reach the research aim, the study adopts an explorative inductive design, carried out through a qualitative approach and grounded in 30 in-depth interviews with consumers.FindingsService sustainability represents the fundamental characteristic that determines the service ability to be transformative, requiring the implementation of the triple bottom line dimensions: social, environmental and economic. It emerged that, in the consumer's mind, the service categories that present a stronger relationship between service and well-being are as follows: healthcare, financial and transport.Originality/valueThe paper proposes a conceptual framework to describe the consumer perspective of the services' transformative role in promoting well-being, providing a theoretical lens for conducting future research and continuing to expand transformative service research (TSR).

Customer participation and the roles of self-efficacy and adviser-efficacy

2019 ◽  
Vol 37 (1) ◽  
pp. 241-257 ◽  
Author(s):  
Chung-Yu Wang
Keyword(s):  
Synergistic Effect ◽  
Financial Services ◽  
Self Efficacy ◽  
Customer Value ◽  
Design Methodology ◽  
Switching Costs ◽  
Customer Participation ◽  
Perceived Efficacy ◽  
Content Type ◽  
Survey Sample

Purpose The purpose of this paper is to examine how customers derive value and switching costs from their own participation conditional on their perceived efficacy of themselves (self-efficacy) and their advisers (adviser-efficacy) in financial services. Design/methodology/approach Student interviewers approached customers exiting banks with a skip interval of two. The respondents received the questionnaire items translated into Chinese. The final survey sample consists of 220 respondents. Findings Empirical results confirm that customer participation influences switching costs through customer value. The synergistic effect of self-efficacy and adviser-efficacy moderates the relationships among customer participation, customer value and switching costs. The incongruent levels of self-efficacy and adviser-efficacy can increase customer value and switching costs. Originality/value This study looks beyond self-efficacy to demonstrate that the synergistic roles of self-efficacy and adviser-efficacy significantly influence the relationships among customer participation, customer value and switching costs.

Financial well-being of customer-to-customer co-creation experience: a comparative qualitative focus group study of savings/credit groups

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nkosinathi Sithole ◽  
Gillian Sullivan Mort ◽  
Clare D'Souza
Keyword(s):  
Low Income ◽  
Financial Services ◽  
Well Being ◽  
Social Experiences ◽  
Sub Saharan Africa ◽  
Focus Group Study ◽  
Financial Capability ◽  
Content Type ◽  
Self Confidence ◽  
Sub Saharan

PurposeThis paper aims to explore the effects of the customer-to-customer co-creation experiences of savings/credit groups in the African context and how savings/credit groups influence financial capability and enhance financial well-being.Design/methodology/approachUsing purposive sampling, a study of a total of 18 focus groups was conducted in sub-Saharan Africa. Nine urban-based savings/credit groups were drawn from across South Africa and additional nine, rural-based savings/credit groups were studied in the Monduli district of Tanzania.FindingsFindings demonstrate that the African philosophy of Ubuntu, which promotes customer-to-customer interaction, is the cornerstone of the customer-to-customer co-creation experience. Ubuntu philosophical principles were found to influence the dialogue, access, risk and transparency model of co-creation and customer-dominant logic. The results show further that customer-to-customer co-creation experience positively influences the cognitive, financial, personal and social experiences of members. Specifically, it was found that cognitive and financial experiences positively influence financial satisfaction, financial self-esteem, financial self-efficacy and financial capability, all of which enhance financial well-being. In addition, personal and social experiences positively influence equality, self-confidence, entrepreneurial skills and motivation that in turn enhance social well-being.Research limitations/implicationsThis study has implications for many different stakeholders concerned with the financial inclusion of low-income consumers, particularly in the southern part of Africa.Originality/valueTo the authors’ knowledge, this is the first study to explore the effects of customer-to-customer co-creation experiences in traditional financial services settings in order to understand how these indigenous financial services influence the financial capability and financial well-being of co-creation members.

Sign in / Sign up

Export Citation Format

Share Document