The purpose of this paper is to analyse and evaluate the effect of customer experience management (virtual interaction, physical interaction and service interaction) on customer…
Abstract
Purpose
The purpose of this paper is to analyse and evaluate the effect of customer experience management (virtual interaction, physical interaction and service interaction) on customer loyalty in the banking industry.
Design/methodology/approach
The study followed an explanatory research design to sample 384 respondents. Stepwise regression analysis was used to validate the relevance of the study model.
Findings
The results indicated that there is a positive association between customer experience management and customer loyalty. The dimensions of customer experience management, namely virtual interaction, physical interaction and service interaction, were also found to be statistically significant in explaining customer loyalty behaviour.
Practical implications
The study practically influences the way banks and other financial institutions gain competitive advantage through managing the experiences of customers in a volatile business environment. At a time when banks are no longer the only providers of financial services, the study offers a road map to reduce portfolio purchasing and switching behaviour through enhanced experience management at all customer touch points.
Originality/value
The study presents an augmented model of customer experience management which is linked to consumer loyalty.
Details
Keywords
Forbes Makudza, Divaries C. Jaravaza, Godfrey Makandwa and Paul Mukucha
This research sought to examine the differential effect of chatbot banking artificial intelligence (AI) on consumer experience in the banking industry. A positivist paradigm was…
Abstract
This research sought to examine the differential effect of chatbot banking artificial intelligence (AI) on consumer experience in the banking industry. A positivist paradigm was adopted to sample 389 consumers who were previously exposed to chatbot banking in Zimbabwe. A causal research design was employed whilst a quantitative approach was followed. In analysing data, the research study applied the structural equation modelling (SEM) technique. The authors found that chatbot banking significantly improves customer experience (CX) in the banking industry. Reliability and responsiveness of the chatbot need to be enhanced for effective improvements in CX. A need was also identified to enhance CX through the development of an ease-to-use chatbot which is embedded in everyday messaging applications of consumers. A significant association was also found between perceived benefits of chatbot banking and CX. This study informs the development of competitive advantage by banks and other related companies through AI-based CX management strategies. In times of pandemics and beyond, chatbot banking can be very instrumental in improving CX.