International Conference on Management and Information Systems September 29-30, 2019

Effect of Customer Experience in Business and Financial Performance of

Banks

Nancyprabha P
V.J. Sivakumar
[email protected]
[email protected]
National Institute of Technology
Providing excellent customer service to customers in all aspects will be a challenging task. Excellent customer
service leads to customer experience creation, which will affect customer satisfaction and customer loyalty.
Nowadays, researchers concentrate on the idea of customer experience in Indian banks, which has a significant
customer base. The purpose of this paper is to develop a conceptual framework between customer experience
and business & financial performance. The customer experience index (CEI) is adapted for this study. The
propositions are developed to understand the cause and effect relationship of customer experience in business
and financial performance of the banks in India.

Keywords: Customer Experience, Customer Experience Index, Indian Banks, Business Performance, Financial
Performance

1. Introduction
The purpose of doing business to create the customers(Drucker, 1997). Any organization which is want to be
successful, it must take care of their customer’s needs before the customer asks about it. Now, the concept of the
share of the market had changed to share of customers. The scenario clarifies how customers so valuable to the
organization. Interaction between the company and the customer is vital for maintaining relations. Due to the
stiff business competition, satisfying the customers is a big problem. Customer service expectations are rising
high day by day(Moorthi & Mohan, 2017). So, the firms are developing new strategies to acquire and retain
their customers. Customer Experience Management (CEM) is one of the uprising management techniques for
customer satisfaction and customer retention. Customer relationship management tracks down the details about
the customer’s past transaction and service record in order to provide the excellent quality product or service
where CEM focuses “every point of interaction at which the customer conjoins with the business, product or
service” (Andajani, 2015).
This study mainly focuses on how customer experience influences the business performance and profitability
of the firm in the Indian banking industry because Indian banks consist of a large number of individual retail
customers. After “Digital India” implementation, banking the unbanking population increases the banking
users(Agrawal, 2017). So, studying the customer experience in the Indian scenario will be useful for
understanding the concept of CEM.

1.1 Indian Banking Industry

India is the largest populated country with a population of 1,37,00,99,333 as of 6th August 2019, based on the
latest United Nations estimates. Due to this highest population and digitalization of bank services, India is
emerging as a world’s third-largest banking industry in 2025 after China and the USA(Kant & Jaiswal, 2017).
There are 22 private banks, 20 public sector banks, 10 small finance banks, 7 payments banks, 3 local area
banks, 56 regional rural banks, 4 financial institutions, and 44 foreign banks operated in India (RBI,2019).
Reserve bank of India (RBI) is an independent body owned by the Government of India which regulates and
governs the banking system in India. On 1st April 1935, RBI was established with the provision of the particular
act named Reserve bank of India Act, 1934.
After digitalization, Banks in India implemented the Core Banking System (CBS), which takes the banking
operation into the next level. It provides the fastest and flawless banking service to its customer at anywhere and
anytime(Kant & Jaiswal, 2017). It is achieved with the help of Automated Teller Machine (ATM), SMS
Banking, Telephonic Banking, Internet banking, mobile banking, and mobile payments. Both Private sector
banks and Public sector banks are in the chase to provide an excellent quality service in order to retain their
customers(Kaura, 2013). Now new arrivals, namely small finance banks and payments banks, also join the
competition in customer acquisition through technology and innovation. As almost all the banks are offering
their services through multiple channels, measuring bank customers’ satisfaction and loyalty should consider all
the channels collectively. If customer experience cumulatively measured across the channels, it will give a
holistic picture of customer experience in banks.

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2. Literature Review
2.1 Definition of Experience
Customer experience or consumer experience has been defined in a diverse context in marketing. Grewal et al.
see it as “including every point of contact at which the customer interacts with the business, product, or service”
(Grewal, Levy, & Kumar, 2009). From the marketing point of view, Pine & Gilmore stated that experience is
personal and exclusive for every individual, which recollected and memorable over time (Andajani, 2015; Pine
& Gilmore, 1998). “The experience may involve emotional, physical, intellectual, or even spiritual aspects of
the individual” (Andajani, 2015)
“Customer Experience is a communication between an organization and a customer. It is a blend of an
organization’s physical performance, the senses stimulated and emotions evoked, each intuitively measured
against customer experience across all moments of contacts” (Shaw & Ivens, 2002). “Customer experience is
the stimulation done by the company against the senses of consumers. The company can control the stimuli that
have given to the senses of consumers. Therefore, the company can control the reaction of consumers resulting
from the stimulation process; thereby, the company can steer the acquisition of the customer experience as
expected by the company” (Andajani, 2015).

2.2 History of Customer Experience

The idea of experience included in marketing and consumption exposed by Holbrook &Hirshman (1982).
Customer experience is a critical outcome of the customer’s emotion and behavior towards a purchased product.
(Carù & Cova., 2003; Holbrook & Hirschman, 1982).Experience is not something saleable. It is a creation
within oneself against the physical facilities and services provided by the organization. Hence the concept of
experience is unique to every customer.
Many researchers proposed their theory about customer experience over a period. (Carù & Cova., 2003; Carù
& Cova, 2015; Edvardsson, Enquist, & Johnston, 2010; Pine & Gilmore, 1998; Shaw & Ivens, 2002; Verhoef et
al., 2009) Moreover, several scholars developed the scale to measure it(Garg, Rahman, & Qureshi, 2014;
Gentile, Spiller, & Noci, 2007; Hernández, Jiménez, & Martín, 2010). Some of them measure the industry based
customer experience for an example online shopping experience(Hernández et al., 2010; Jaziri, 2018; Rose,
Hair, & Clark, 2011), retail shopping experience(Arnold, Reynolds, Ponder, & Lueg, 2005), customer
experience in banks(Garg et al., 2014), tourism((Bartlett & Ghoshal, 2002)(Hwang & Seo, 2016), Mobile
Application Customer Experience(Mclean, Al-nabhani, & Wilson, 2018; McLean & Wilson, 2016) H& T and
so on.
Customer experience is unique and personal to each customer. Even though the service is highly uniform and
standardized, each customer perceived their own experience. Customer experience creation is two-way. The
service provider/organization create part of it, and another part will be created and perceived by the customer to
whom the service provided. So the memorable, good experience made them revisit or repurchase their
Service/product. (Jaziri, 2018). Customer experience will be a separating factor for every service provided; It
serves as a competitive edge ((Gentile et al., 2007) (Shaw & Ivens, 2002). Due to its high individuality to each
customer, measuring and providing a unique experience to the customers is quite a challenging job ((Bolton et
al., 2018; McLean & Wilson, 2016).

3. Theoretical Framework and Propositions

This paper aims to study the relationship between Customer Experience, business performance, and
profitability. The research propositions are developed to examine the relationships among the theoretical
constructs. The theoretical model presented in Figure 1.

Figure 1 Theoretical Model

Based on the existing literature support, the proposed research model has developed. Here, the service
provided by the bank for its customer’s every transaction will create an impact on the customer experience with
the bank. This experience plays a significant role in business performance. Business performance includes
customer satisfaction and customer loyalty, which will lead to financial performance. Therefore, the
propositions are framed in such a way how customer experience influences the business and financial

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performance of banks. The propositions listed in the following segment. The detailed proposition model is
presented in Figure 2.

Figure 2 Proposed Research Model

3.1 Customer Experience

Customer experience constructs adapted for this study has seven dimensions. The construct was proposed by
Kim, Cha, Knutson, & Beck, (2011b). The authors initially developed a first-order customer experience
construct with seven dimensions, which has 39 items. After the results obtained from the exploratory factor
analysis (EFA) and confirmatory factor analysis (CFA), the construct revised as a second-order construct with
seven dimensions includes 26 items(Kim et al., 2011). Based on overall indexes, the author ranked the construct,
namely Benefits, Accessibility, Convenience, Incentive, Utility, Trust, and Environment. Hence, we propose the
first proposition is as:

3.1.1 Benefits
This construct in a banking context referred to the benefits or advantages received by the customers who are
using banking products. Kim et al. (2011) mentioned that the construct is derived from Maslow's hierarchy, and
they also stated that consistency in service is a benefit to the customer and customization of products and service
is also a benefit to the customer. The literature supports that benefits influence customer satisfaction (Deshwal,
2015; Kim et al., 2011; Knutson, Beck, Kim, & Cha, 2009). The benefit is an essential measure in a multi-
channel banking perspective. Hence, we propose the propositions:
P1a.Benefits of customer experience will influence Customer satisfaction.
P1b. Benefits of customer experience will influence Customer loyalty.

3.1.2 Accessibility
Accessibility in banking refers to the physical accessibility of banks as well as digital platforms. According to
Lemke, Clark, & Wilson (2011), accessibility is “Ease of finding and accessing people, premises, transactions,
and/or information whenever needed.” Accessibility combined the factors: cost of service/product, speedy
delivery of the service/product, and availability of the product/service(Kim et al., 2011). Ramadan & Aita
(2018)studied accessibility in mobile banking. They concluded that accessibility influences customer
satisfaction. Thus, it can be extended to all other channels. Hence the propositions are:
P2a. Accessibility of customer experience will influence Customer satisfaction.
P2b. Accessibility of customer experience will influence Customer loyalty.

3.1.3 Convenience
Mclean et al. (2018) claimed, “Convenience refers to the ability to efficiently complete tasks, in a way that suits
the customer's situation.” Convenience plays a remarkable role in multi-channel banking. The concept of
alternative channels emerged to provide convenience to customers. According to Garg, Rahman, Qureshi, &
Kumar (2012), Convenience is a vital factor affecting the customer experience of bank customers. It will be
useful to study a holistic perspective convenience in multi-channel customer experience. Hence the propositions
are:
P3a. The convenience of customer experience will influence Customer satisfaction
P3b. The convenience of customer experience will influence Customer loyalty

3.1.4 Incentive
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Kim et al. (2011) defined Incentive as the offers provided to the customers by the service provider. According to
Malik, Suresh, & Sharma (2017), “Incentives are termed as the promotional offers or discount coupons or any
benefit in financial terms.” They also mentioned that they found Incentive as a significant factor-based focus
group study. Consumers’ expect to receive a promotional bonus, or monetary coupon will positively motivate
them to adopt and use the internet banking (Marafon, Basso, Espartel, de Barcellos, & Rech, 2018), mobile
banking app (Garg et al., 2014), and mobile payment services (Ramadan & Aita, 2018). Incentive plays a
significant role in customer loyalty in the hotel industry (Kim et al., 2011; Knutson et al., 2009). Furthermore,
Incentives influence customer loyalty (Lemke et al., 2011) and customer satisfaction in bank customer (Garg et
al., 2014). It is a vital factor in the Indian context because Indian customer is price sensitive (Malik et al., 2017)
so, the factor will be suitable to study in the Indian context. Hence, we propose the propositions
P4a. The incentive of customer experience will influence Customer satisfaction
P4b. The incentive of customer experience will influence Customer loyalty.

3.1.5 Utility
Feather man & Pavlou (2003) mentioned Utility is measured from convenience and efficiency. It can be
classified into the utilitarian utility (Xu, Peak, & Prybutok, 2015) and hedonic utility (Lemke et al., 2011). Here
utilitarian context has been studied. Utility referred to the perceived usefulness of getting out of service/product.
It is a relevant predictor of using a technology-related service/product. As this study focus on multi-channel
customer experience, the utility will be an essential factor. Hence the propositions are:
P5a. The utility of customer experience will influence Customer satisfaction.
P5b.The utility of customer experience will influence Customer loyalty

3.1.6 Trust
Trust is the base factor of any financial services. As we discussed earlier, the Indian market is a price-sensitive
market, building trust in the bank or financial business(Nilashi, Ibrahim, Reza Mirabi, Ebrahimi, & Zare, 2015).
According to Kim et al. (2011), “Trust in experience is at the basic level of human interaction in providing that
service.” Trust has been widely studied in different concepts because trust in service/product leads to the long-
term relationship between the consumer and service provider. Trust and risk are always interlinked; each affects
other vice versa(Hampshire, 2017). Trust is an essential factor in technology adoption(Malaquias & Hwang,
2016). Tingchi Liu, Brock, Cheng Shi, Chu, & Tseng (2013)stated that Trust is an initiator for any service
adoption. Hence studying the trust factor will give a significant outcome in the Indian banking industry.
Therefore, we propose the proposition,
P6a. Trust of customer experience will influence Customer satisfaction
P6b. Trust of customer experience will influence Customer loyalty.

3.1.7 Environment
The right environment creates an excellent customer experience. The environment affects customers’ decision
making(Baker, Parasuraman, Grewal, & Voss, 2002). Present-day environment classified into the physical
environment(Baker et al., 2002; Jain, Aagja, & Bagdare, 2017) and the virtual environment(Bapat, 2017).The
environment in the banking concept includes all alternative channels, namely internet banking, mobile banking,
mobile payments, and the physical branch environment. Hence, the propositions are:
P7a.The environment of customer experience will influence Customer satisfaction.
P7b. The environment of customer experience will influence Customer loyalty.

3.2 Customer Satisfaction

Customer satisfaction is the goal of every business because satisfied customers are profit-making customers and
excellent referrals for a brand. Customer satisfaction is a critical outcome of positive customer
experience(Maklan & Klaus, 2011; O’Loughlin, Szmigin, & Turnbull, 2004). Furthermore, Arnold et al. (2005)
stated that “Customer satisfaction has been linked to several important outcomes, including increased market
share, profitability, customer retention and loyalty, purchase intentions, usage rates, and the benefits associated
with positive word-of-mouth effects.” Moreover, in the multi-channel banking context, customer satisfaction is
a crucial factor for continued use of technology-related banking channels like online banking(Chaouali & El
Hedhli, 2018) and mobile banking(Hussain, Mollik, Johns, & Rahman, 2018). Hence, we propose
P8. Customer satisfaction will influence Customer loyalty.
P9. Customer satisfaction will influence Profitability.

3.3 Customer Loyalty

Loyal customers are the backbone of a business. Companies are offering many initiatives on customer loyalty
programs, namely loyalty points, revisit or repurchase points. However, these offers do not build loyalty, but the
experience gained out the initiative will affect customer loyalty(Garrett, 2010). Customer loyalty is a
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consequence of positive experience (Jain et al., 2017; Maklan & Klaus, 2011) and Customer satisfaction. Arnold
et al. (2005) claimed that a higher level of customer satisfaction would result in unshakeable customer loyalty.
Trust is an essential driver in creating customer loyalty (Akhgari, Bruning, Finlay, & Bruning, 2018). So a study
on customer loyalty in a financial institution is vital. Hence, we propose the propositions are
P10. Customer loyalty will influence Profitability.

4. Discussion
Studying customer experience is essential because the researchers and economists focus is shifted from a
service economy to an experience economy (Chang & Horng, 2010; Pine & Gilmore, 1998). Supporting that
fact, many researchers proved that positive customer experience is a vital influencer in creating customer
satisfaction and loyalty (Garg, Rahman, & Qureshi, 2014; Gentile, Spiller, & Noci, 2007). From the insights
obtained from the existing literature work, seven key constructs have been adapted for this study to know about
customer experience. This variance of this idea has been studied differently in online banking and mobile
banking. Authors like Garg et al., (2014) developed a 14-factor sector-specific scale for measuring customer
experience, Bagdare & Jain, (2013) developed a multi-dimensional measure for retail customer experience.

Nevertheless, these studies are not broadly considering the digital perspective. Customer experience will be the
main focus in the digital era for providing better customer service (Scherpen, Draghici, & Niemann, 2018). So,
focusing only on branch banking, online banking or mobile banking will not provide a holistic customer
experience gained from multi-channel banking. Thus, the study focuses on customer experience gained from all
banking channels and its effect on business and financial performance of banks.

The study aims to develop the theoretical framework for measuring business performance & financial
performance banks in India using Customer experience. The theory is developed based on the existing concepts;
namely, Customer experience constructs adapted from Customer Experience Index (CEI) proposed by Kim et
al., (2011), and the concept of business and financial performance is extended from (Mbama & Ezepue, 2018).
Later, the authors are planned to verify the conceptual model with valid data set using structural equation
modeling. The data will be collected from a sample of bank users (Users of all modes of bank touchpoints)
through a questionnaire survey.

5. Managerial Implications
Customer experience theory is a widely discussed concept in recent decades on different dimensions. The goal
of every business is to increase its performance. This research will let the readers understand the impact of
customer experience on business performance and the financial performance of the Indian banks. This study will
offer the following implications for research and practice.

5.1 Implications for Research

The conceptual framework includes the constructs taken from different aspects of studies done in customer
experience context, for example, e-commerce(Jaziri, 2018; Martin, Mortimer, & Andrews, 2015), m-commerce
(Mclean, Al-nabhani, & Wilson, 2018), auto-mobile (Scherpen et al., 2018), hospitality and tourism (Hwang &
Seo, 2016). The theoretical model was developed with customer experience as a second-order construct. So, this
study will help to better understand the factors assembling the customer experience as a higher-order construct.
Apart from theoretical contribution, this research framework will help bankers to understand their customer
expectations and the importance of the customer experience in a better way.

5.2 Implication for Practice

If the proposed research model tested empirically by future research, the study would offer the following
outcomes
• Customer perceived experience will lead to customer satisfaction.
• Satisfied customers will start to prefer other products or services from the same provider.
• Satisfaction will lead to customer loyalty.
• A satisfied customer will spread the positive word of mouth.
• Customer satisfaction and loyalty will increase the company’s profitability.

Based on the empirical results, the bankers will understand the significant importance of customer experience in
customer retention because the loyal customers are profitable customers to the banks. All the banks are
providing various offers and attractive schemes in order to retain their customers. The results of this study will

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conclude the customer preferences regarding banking service from that; banks can use market opportunities to
tap the untapped market.

6. Limitations and Future Research Directions

Developing the theory for studying the effect of Customer Experience in Business and Financial Performance of
Banks will provide another perspective for understanding customer behavior towards a multi-channel banking
context. Even though the study offers new perceptions regarding the business and financial performance of
banks through customer experience, the study is not free from limitations. First, the study is not empirically
validated. Future research may extend this model in an empirical study. Another limitation is that the study has
included the dimensions for Customer experience from the Customer Experience Index (CEI). There are many
other dimensions that may include in the second-order customer experience construct to measure experience
effectively. Future research may include performance expectancy, ease of use, social influence, and other related
measures.
Moreover, a final limitation of the study is that the research focuses on the profitability of banks. Whereas the
study does not conclude the monetary benefits of individual customers out of using a service, but it only talks
about the Incentives. So, future studies may detailly include customer benefits. Also, the final future scope of
the study is that the researcher may go for a longitudinal study of the framework because it will provide more
insights regarding business and financial performance.

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