Basic values and objectives regarding money: Implications for the management of customer relationships

Abstract

Purpose

The study seeks to identify basic values and objectives from different bank retailing customers by asking them about their views on topics that deal responsibly with money. Based on their experiences, perceptions and expectations, those values and objectives that are of utmost relevance for them regarding their money life are identified.

Design/methodology/approach

The study is of a qualitative nature, using a total of 60 surveys with open‐ended questions to acquire data that are evaluated by the qualitative rule‐based method GABEK^® (GAnzheitliche BEwältigung von Komplexität), a tool for analysing textual qualitative data.

Findings

The results show a holistic picture of people's views concerning money and the role of retail banks. Three main topics are identified: banks' and customers' responsibilities; trustworthiness; and support service. These issues are discussed based on the basic values and objectives discovered in the context of customer relations.

Research limitations/implications

The study adds to the discussion of customer relationship management. A more detailed analysis of the results will bring additional illuminating information concerning the main topics identified. The use of a representative sample would allow a precise comparison of sub‐categories.

Practical implications

Alternative research approaches can be useful in identifying the value systems of customers that can be transformed into a company's strategy and its marketing activities.

Originality/value

In a descriptive account of customers' values and objectives concerning money the study shows how this can help us to gain new insights for the management of continuing customer relationships.

Citation

Raich, M. (2008), "Basic values and objectives regarding money: Implications for the management of customer relationships", International Journal of Bank Marketing, Vol. 26 No. 1, pp. 25-41. https://doi.org/10.1108/02652320810847093