تاثیر تجارب برند، کیفیت خدمات و ارزش درک شده بر مشتریان بانک خرده فروشی: بررسی اثر واسطه ای وفاداری The impact of brand experience, service quality and perceived value on word of mouth of retail bank customers: investigating the mediating effect of loyalty

Introduction Research has shown that word of mouth (WOM) communication is more influential than communication through other promotional methods (Trusov et al. 2009) since WOM is viewed with less skepticism (Ferguson et al. 2010) and consumers rely more on information received through WOM (Gruen et al. 2006). WOM communication is generally acknowledged to play a considerable role in influencing customer attitudes and behavioral intentions (e.g., Chatterjee 2001; Chevalier and Mayzlin 2006). Customers possess knowledge about numerous products but engage in WOM recommendations only for a few chosen products or services (Chung and Darke 2006). Therefore, understanding the role played by antecedents and mediators in the case of WOM recommendations can be beneficial for marketers (Wien and Olsen 2012). WOM plays an important role in the context of banking in developed markets (Casalo´ et al. 2008; Zeithaml 1981). The unique characteristics of emerging markets requires marketers to adapt their strategies by interpreting the behavior of customers in emerging markets (Sheth 2011). While the banking industry has been growing rapidly in emerging markets like India, the commercial banks are facing high competition. In addition to the increased competition, the demands and expectations of customers are also increasing (Kaura et al. 2015). The empowerment of customers has resulted in the market power shifting from the banks to the customers (Choudhury 2013). Traditionally, the retail customer was dependent on the banks for financial advice. However, the easy access to information through a variety of media (e.g., Web sites / magazines offering advice on personal finance) has meant that customers are gaining expertize in financial matters. This can induce customers to engage in WOM by advising other customers on banking services. Therefore, banks should focus their attention on the aspects that lead to WOM recommendations by customers (e.g., the antecedents and mediators). There is a need to understand the new middle class consumers in emerging markets (Kravets and Sandikci 2014) and the role played by WOM communication in emerging markets is quite significant (Chandy and Narasimhan 2015). However, studies on WOM behavior of retail bank customers in the context of emerging markets are lacking in the literature and this study aims to fill the gap in the existing literature. Studies undertaken on banking have not focused on the determinants of positive WOM (Ladhari et al. 2011) and therefore, the current study focuses on positive WOM in the context of retail bank customers in India—an emerging market. The commercial banks in emerging markets can no longer take the customer for granted. In order to beat the competition, the banks in India have been taking initiatives that are aimed at enhancing their appeal to the customers. Banks are taking efforts at enhancing the brand experience of customers.