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The aim of this study is to analyze the influence of perceived value on customer loyalty, going into depth in the special case of social value. As in this research we are focusing on banking services clients, such services usually are not bought on impulse; conversely, the client makes series of assessments over the time to decide which will be his usual branch. In this sense, we believe the individual will follow a rational process by studying the available information and considering past experience in order to make a decision.

Therefore we propose a behavioral model of consumer loyalty in banking services, which can identify the evidence used by the client to finally carry out a loyalty behavior. We take into account both cognitive and affective dimensions to formulate the model and in a special depth social value is studied. It presents perceived value as a multidimensional variable consisting of four dimensions (two cognitive and two affective) that can help us to identify the aspects of service that are most important for consumers.

In this sense, the models by Fishbein and Ajzen (1975) and Oliver (1999) referring to the logical sequence cognition-affect-intention have been ratified. Thus, the cognitive evaluations made by financial services clients on the functional benefits of the organization have proved crucial in determining customer satisfaction. Among these functional benefits of value, quality of service, the facilities and the staff should be highlighted as the most important aspects of financial services for the customers.

On the other hand, we also found that the emotional benefits are very important in explaining the final decision on repurchase behavior. Although less than the functional benefits, emotional issues are revealed to be among the factors to take into account if we want to achieve customer loyalty.

We can say that consumer loyalty is the outcome variable that companies want to achieve. But to achieve such loyalty, it is necessary to understand the evaluations made by an individual and the arguments they are they going to take into account in order to perform certain loyalty behavior. In this sense we propose perceived value dimensions on which firms, in this case, financial institutions, can develop their work in order to retain customers. We all agree that, in order to maintain our customers, we need to give them not only value but even greater value than our competitors. Well, in the case of financial institutions, in this work, it is the perceived value broken down into easily identifiable dimensions that can help to weigh the importance of each one to the client. We have obtained that the functional benefits are the most determining factors of loyalty. Financial institutions must therefore strive to offer a good service, with a suitable quality level and to maintain this level over time.