Customer well-being in Banking Industry: Conceptualization and Antecedents

Abstract

The current study aimed to apply the psychological life space theory to provide a comprehensive framework for the conceptualization of customer well-being in banking field. A grounded theory including open, axial and selective coding was employed. Theoretical sampling was applied to select candidates for an in-depth interview; data gathering was done by purposive sampling followed by selective sampling. By following a qualitative approach, a deeper insight was provided in regard to the role of banks in a variety of customers’ life domains. It was revealed that, primary brand associations could enhance customer well-being by affecting six customers’ life subdomains including, consuming, social, community, business, religious and daily life. Besides, it was found that five different images, namely, brand image, self-image, user image, bank’s employee image and bank’s competitor image inside customers’ mind, could contribute to the changes in the customer well-being. This study contributes to the literature, by proposing a new framework including new concepts and consequently, new relationships. Managerial implications along with limitations are discussed, as well.