The Role of Trust in Financial Customer-seller Relationships Before and After the Financial Crisis

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

This study examines the role of trust in customer-seller relationships before and after the 2008 financial crisis. On the basis of two surveys comprising 1155 and 757 bank customers, respectively, it is shown that trust is less likely to mediate the relationship between satisfaction and loyalty after the financial crisis compared with before the financial crisis. The results suggest that consumers rely more on satisfaction and less on trust after the financial crisis compared with before the financial crisis when determining whether they should remain loyal to a particular financial service provider. Hence, as a direct managerial implication, financial service managers should consider investing additional resources in satisfying their customers in the after crisis era. In addition, it is suggested that managers should seek to rebuild the positive relationship between trust and loyalty in order to receive the full benefit of their trust-building efforts.
Original languageEnglish
JournalJournal of Consumer Behaviour
Volume13
Issue number6
Pages (from-to)442-452
ISSN1472-0817
DOIs
Publication statusPublished - 2014

Cite this

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title = "The Role of Trust in Financial Customer-seller Relationships Before and After the Financial Crisis",
abstract = "This study examines the role of trust in customer-seller relationships before and after the 2008 financial crisis. On the basis of two surveys comprising 1155 and 757 bank customers, respectively, it is shown that trust is less likely to mediate the relationship between satisfaction and loyalty after the financial crisis compared with before the financial crisis. The results suggest that consumers rely more on satisfaction and less on trust after the financial crisis compared with before the financial crisis when determining whether they should remain loyal to a particular financial service provider. Hence, as a direct managerial implication, financial service managers should consider investing additional resources in satisfying their customers in the after crisis era. In addition, it is suggested that managers should seek to rebuild the positive relationship between trust and loyalty in order to receive the full benefit of their trust-building efforts.",
author = "Torben Hansen",
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volume = "13",
pages = "442--452",
journal = "Journal of Consumer Behaviour",
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}

The Role of Trust in Financial Customer-seller Relationships Before and After the Financial Crisis. / Hansen, Torben.

In: Journal of Consumer Behaviour, Vol. 13, No. 6, 2014, p. 442-452.

Research output: Contribution to journalJournal articleResearchpeer-review

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AB - This study examines the role of trust in customer-seller relationships before and after the 2008 financial crisis. On the basis of two surveys comprising 1155 and 757 bank customers, respectively, it is shown that trust is less likely to mediate the relationship between satisfaction and loyalty after the financial crisis compared with before the financial crisis. The results suggest that consumers rely more on satisfaction and less on trust after the financial crisis compared with before the financial crisis when determining whether they should remain loyal to a particular financial service provider. Hence, as a direct managerial implication, financial service managers should consider investing additional resources in satisfying their customers in the after crisis era. In addition, it is suggested that managers should seek to rebuild the positive relationship between trust and loyalty in order to receive the full benefit of their trust-building efforts.

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