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Determinants of customer experience in digitized private banking

Spenke, Maurice te (2017) Determinants of customer experience in digitized private banking.

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Abstract:This study aims to explain customer experience of private banking clients in digitised financial advisory. Partially digitised banking environments are often created for inward cost-reduction and speed purposes, while customer attitudes towards this digitization might not always be positive. Specifically in the private banking segment, personal and convincing advice are of paramount importance. Therefore, for a sample of Dutch High-Net-Worth-Individuals three factors will be tested to what extent they determine the customer experience of financial advisory. We chose to include perceived trustworthiness, perceived competencies and price, as these factors are already proven to be relevant by previous scholars, but tested in different settings to ours. Whereas other researchers often use samples of regular investors, as private banking clients have a lack of willingness to participate in studies, we specify for private banking clients who posses at least €500,000 in net assets. To gather our data we use surveys that are distributed to private banking clients through email by their own investment advisor. These investment advisors are employed at a private bank that agreed to cooperate and make this data collection possible. Following scholars as for example Balasubramanian et al. (2003), Van Raaij & Van Thiel (2017) and Urban (2000) we made three hypotheses. The results of this study support our hypotheses and show that perceived trustworthiness (+), perceived competencies (+) and price perceptions (-) are factors that influence customer experience. We show that including sociodemographic control variables increases the explaning power of the models and that in some instances even relationships between predictor and dependent variable change. Analysis on these show that, investing experience over 10 years influences customer experience in a negative way. Analysis for different subsamples showed that, perceived competencies are determinants of customer experience for retired HNWIs while this does not hold in the full sample.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:70 social sciences in general, 83 economics, 85 business administration, organizational science
Programme:Business Administration MSc (60644)
Link to this item:http://purl.utwente.nl/essays/73745
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