Footnote:
In: The dissertation "Traditional and Challenger Banks in UK: Comparison in terms of Customer Value", by Sara Sustelo Santos, is the winner of the first edition of the CMVM's Financial Innovation Competition that every two years, distinguishes the best academic works on the subject
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 1, 2018 erstellt
Description:
Banking is about delivering value to the customer. There are two main type of banks: Traditional banks with centuries of history, a large customer base, a trusted, familiar and recognized brand, which have been challenged by newcomers – the Challenger banks as they started to rethink customer journey within banking business models. The purpose of this research is to conclude on which type of bank provides more value to their customers, which factors contribute for that and study the effect of those results on consumer behavior outcomes, in UK. The hypotheses are formulated after an extensive review of both academic literature and white papers about FinTech, banking industry and customer value measurement methods. Using primary data methods obtained with 201 valid respondents from UK, contacted online,performing scale development, CFA and SEM, resulted in the development of a customer value measurement method with 34-items and eight factors. In general, the results showed that Challenger banks provide higher customer value than Traditional banks, presenting higher average scores in seven factor while Traditional banks stand-out in one factor. Moreover, customer value and its factors predict consumer behavior outcomes Word-of-mouth and Loyalty, being the factors Price offer fairness and Outcome focus highly relevant because of its close link to the outcomes. The research contributes to existent academic literature on FinTech, banking industry with a validated customer value measurement method, having also practical implications for managers of financial institutions, giving them a useful tool for the development of specific strategies of marketing