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Customer Centricity Mobile Banking
Customer Centricity Mobile Banking
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IJBM
37,5 Customer centricity in mobile
banking: a customer
experience perspective
1082 Hanna Komulainen and Saila Saraniemi
Department of Marketing, University of Oulu, Oulu, Finland
Received 24 November 2017
Revised 9 February 2018
Accepted 23 March 2018
Abstract
Purpose – The purpose of this paper is to increase understanding about how to improve customer value and
to make mobile banking services a profitable business for banks and other financial actors. The study
explores the user experiences and related value of a new mobile banking service.
Design/methodology/approach – The study is implemented as a case study that is phenomenological in
nature and linked to an interpretive consumer study. Empirical data were collected through 14 semi-structured
theme interviews and a diary method. The data were analysed by using a content analysis method.
Findings – The findings illustrate the importance of customer centricity in the mobile banking context by
identifying customer experience and related value in a new mobile banking service. The study extends
current understanding of customer experience as a complex and multifaceted phenomenon by including value
related to process, the use situation and the outcome, and it identifies temporality as influencing and
connecting all these aspects. The study identifies several aspects that help us to understand what creates
value for the customer while using mobile banking services.
Research limitations/implications – As one limitation, this study was conducted in a developed country
and the findings could be different in an emerging market context. Another limitation relates to the data, as
the interviewees’ age range is quite limited, ranging between 20 and 40 years. However, they represent the
consumers who normally use mobile services well and thus provide reliable data about their use experiences.
Practical implications – As the banking industry is currently experiencing rapid and widespread changes
and customers become more demanding, it is crucial for banks and other mobile service providers to
understand the everyday lives of their customers and to integrate their future services into the customers’
value creation processes as smoothly and inseparably as possible. The findings of this study will help banks
and other financial institutions to develop their strategies and operations in regard to customer-oriented
thinking, which will further help them to create long-term, profitable customer relationships and improve
future viability.
Originality/value – The study contributes to bank marketing research and extends previous research on
customer-centred service marketing by providing a framework that identifies the value related to customer
experience in a new mobile banking service. It explores the experiences of actual mobile banking service
customers’ and the related value, and thus provides original implications for both theory and practice.
Keywords Customer experience, Banking industry, Customer value, Mobile banking, Customer centricity,
Digitalization
Paper type Research paper
1. Introduction
Over the past decade, mobile applications have become both a common interaction channel
between companies and consumers, and a method to offer various kinds of services (Dube and
Helkkula, 2015). Banks are considered pioneers in the digitalisation of services, as new mobile
© Hanna Komulainen and Saila Saraniemi. Published by Emerald Publishing Limited. This article is
published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce,
distribute, translate and create derivative works of this article (for both commercial & non-commercial
purposes), subject to full attribution to the original publication and authors. The full terms of this
International Journal of Bank licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode
Marketing The authors gratefully acknowledge the financial support of Finnish Funding Agency for
Vol. 37 No. 5, 2019
pp. 1082-1102 Innovation (TEKES) and Finnish Cultural Foundation. The authors also want to thank MSc Matleena
Emerald Publishing Limited Uusipaikka and MSc Johanna Still for their valuable contribution in data collection and initial phase of
0265-2323
DOI 10.1108/IJBM-11-2017-0245 the data analysis.
technology that has already become established is rapidly changing the form of banking and Customer
financial services, and future methods of use (Chemingui and Iallouna, 2013). Furthermore, the centricity in
banking industry is experiencing rapid and widespread changes and advances in new mobile
technology as, for example, immediate payment infrastructures, blockchains and mobile
applications are creating novel ways to pay. This blurs the boundaries between banks and banking
makes competition for customers fierce. In relation to this, providing superior value for the
customers and engaging them in joint value creation becomes critical. In addition, customers’ 1083
needs are evolving as more and more transactions take place on mobile devices, demanding
real-time, personalised and seamless payment experiences. Therefore, understanding how
customers experience value in new banking services has become increasingly important
(Medberg and Heinonen, 2014). Our study explores this highly relevant and timely topic.
Even though new kinds of banking services are constantly developed, customers are not
completely satisfied and feel that they are not gaining enough value from these services
(Lähteenmäki and Nätti, 2013). One reason for this may be that banking services are to a great
extent provider oriented, in other words, they represent a producer-centred mind-set that gives
primacy to banks’ practices and processes (Heinonen et al., 2013; see also Vargo and Lusch,
2004). In other words, the customer is often seen as the target of banks’ marketing activities and
banking services are developed without sufficient understanding of the related customer needs
(Lähteenmäki and Nätti, 2013). In addition, in digitalising their services, banks have mainly
focussed on transferring their existing services to different platforms without adequate
understanding of the related customer activities, everyday practices and lives (i.e. without
adequate understanding of customers’ value creation). Therefore, it is critically important for
banks to better understand their customers, customer experiences and what is going on in their
customers’ life contexts as this would help them to develop and differentiate their services on
the market and thus enhance customer satisfaction and loyalty (Frow and Payne, 2007;
Gentile et al., 2007; Medberg and Heinonen, 2014). In this study, we adopt a customer-centred
perspective on mobile banking and suggest that in order to understand how value is formed for
customers, it is necessary to understand how a service is “embedded in the customer’s context,
activities, practices and experiences” (Heinonen et al., 2010, p. 533). This perspective extends the
focus beyond the visible service interaction to a customer’s life context (Heinonen et al., 2013).
It is therefore highly important for banks to understand how their customers will integrate new
mobile banking services into their everyday value creation process.
Along with the rise of digital technologies, mobile banking has recently received a growing
amount of interest among marketing scholars (e.g. Tam and Oliveira, 2017; Yen and Wu,
2016). However, despite the availability of technology and benefits for banks and customers,
mobile banking remains in the early phase of adoption (Mullan et al., 2017) and warrants more
research attention. The majority of mobile banking studies are quantitative in nature and
focus on consumer acceptance of these services, in other words, on the customer’s behavioural
intention to adopt mobile banking services (see extensive reviews in Shaikh and Karjaluoto,
2015; Tam and Oliveira, 2017). However, recent literature criticises this and suggests that
research should focus more on actual usage behaviour, instead of only on use intentions
(Wu and Du, 2012; Laukkanen, 2016). It has also been pointed out that currently the critical
issue for banks is to determine the factors affecting the continuance of m-service usage
(Tam and Oliveira, 2017; Thakur, 2014). Due to the limited focus of existing m-banking
research, another major gap is that customer experience has not been sufficiently studied in
this context. We suggest that research is specifically needed on the customer’s experienced
value while she or he actually uses the m-service, since this gives banks important knowledge
about how to engage customers, get them to continuously use their services and further
engage in a relationship with them. In other words, banks would greatly benefit from research
focussing on the actual use and related customer-experienced value of m-banking services,
which is what this study aims to shed light on.
IJBM In order to gain in-depth understanding, a qualitative case study is conducted which is
37,5 phenomenological in nature. This enables extending the perspective on bank service value to
include the customer’s domain and get insight into customers’ life contexts (Medberg and
Heinonen, 2014), which provides genuine information about their value creation processes.
In line with this, empirical data are collected using semi-structured theme interviews and a diary
method, which together provide a comprehensive understanding of customers’ experiences and
1084 the related value in their life contexts, and ensures broader and more versatile data compared to
previous quantitative studies conducted on m-banking.
In order to increase understanding about how to improve customer value and to make
m-banking services a profitable business for banks and other financial actors, this study
aims to answer the research question:
RQ1. What kind of customer experience and related value can be identified in a new
mobile banking service?
The main contribution of this study relates to focussing on the customer’s value experience and
providing an in-depth understanding of it in the context of m-banking. Hence, it contributes to
bank marketing research and extends previous research on customer-centred service marketing
by providing a framework that identifies value related to customer experience in a new
m-banking service. The findings will help banks and other financial institutions to develop their
strategies and operations in regard to customer-oriented thinking, which will further help them to
create long-term, profitable customer relationships and improve future viability.
Next, this study continues with a literature review. The following chapter presents
research methods, and, in the empirical section, the experiences of the users of a mobile
wallet service are analysed. Finally, the conclusion answers the research question, presents
managerial implications, suggests avenues for future research and notes the limitations of
the study.
2. Literature review
Mobile banking
As a result of digitalization, the importance of mobile banking services has emerged as a
major priority in banking services (Sahoo and Pillai, 2017). Broadly seen, m-banking can be
defined as “a service or product offered by financial institutions that makes use of portable
technologies” (Tam and Oliveira, 2017, p. 1046). With the help of m-banking services,
customers can perform various banking activities, for example, they can pay invoices, check
the balance of their account, conduct payment transactions, retrieve credit card details and
perform bank transfers (Babtista and Oliveira, 2016). The value of m-banking for consumers
has been suggested to relate to its immediate access to banking services regardless of the
time or location, enabling time savings and real-time information, and creating feelings of
control and convenience (e.g. Laukkanen and Lauronen, 2005; Mortimer et al., 2015).
However, the extant value research in the context of m-banking only seems to focus on how
value from the service provider’s activities and offerings is perceived by the customer
(see Medberg and Heinonen, 2014), whereas value in the broader context of the customer’s
lifeworld and her or his life outside the realms of the service interaction has received only
limited attention (Helkkula et al., 2012). As competition becomes fiercer in the m-banking
context, banks need a deeper understanding of how m-banking services are involved in the
customers’ activities, contexts and experiences (see Heinonen et al., 2010).
3. Methodology
This study was implemented as a qualitative case study in order to create a holistic
understanding of the complex, context-based phenomena (e.g. Bonoma, 1985) of customer
experience and the related value of a new m-banking service. The study was conducted in a
real-life setting in which a mobile wallet application called Pivo was explored. Pivo was chosen
as a topical example of a new m-banking service and we decided to focus on only one service so
that the information about the phenomenon would be sufficiently profound and thorough. The
research process followed abductive logic in terms of constantly going back and forth between
different research activities, and particularly between empirical observations and theoretical
concepts (Dubois and Gadde, 2002, p. 556). Thus, as in a typical qualitative study, empirical
inquiry and theoretical understanding were developed in parallel. This is also in line with
phenomenological approach in which phenomenological sense-making moves backwards and
forwards in time and between specific events and experiences (Helkkula and Kelleher, 2010).
This case study also has characteristics of the phenomenological research strategy, where
the views and experiences of the people who participate in the phenomenon being studied are
adopted as “facts”. In phenomenological studies of experiences, a result that can be analysed
objectively cannot be produced by the events and their progression, but it is rather the
understanding of a researcher, respondent or reader of the phenomenon (Helkkula et al., 2012).
A case study is particularly about the choice of the object to be studied (Stake, 1995). The
object of this study is the mobile wallet application Pivo, developed and provided by the
Finnish bank OP, representing an empirical example of the research phenomenon. OP bank
belongs to the OP Financial Group which has cooperative foundations. In general, the
banking services in Finland can be described as highly digital and accessible for the citizens.
Pivo was first published in 2013, and right from the beginning, special attention was given
to service design in its development. Pivo is a forerunner in Finnish mobile banking. With
the help of the application, users can store their balance, banking, payment card and loyalty
card information in their mobile phones. They are able to keep track of their own finances,
including their purchase history, with the help of graphs that show how much, where and on
what they have spent money. The users can also create various budgets for their spending
IJBM and monitor them. In addition, the application offers commercial benefits (e.g. discounts) for
37,5 its users. New features are constantly introduced for the Pivo app, and it has already been
uploaded almost a million times. The mobile wallet Pivo is free of charge and functions on
iPhones, and Android and Windows phones. We also chose this particular m-banking
service because it is available for all consumers, regardless of their bank background, which
enables collecting extensive and unbiased data.
1088 Empirical data were collected using two different kinds of qualitative methods (theme
interviews and diaries) in order to collect data that offer precise and in-depth information.
In this study, the target group was selected to include people who use Pivo often and
actively. This was confirmed by asking about the frequency of use at the beginning of the
interviews. This group of users was selected as the study aims to examine the experiences
created by using a service in the user’s everyday life. Users who use the service regularly
were asked to participate in and sign up for the study on both the Facebook and Twitter
pages of the application and on the researchers’ Facebook pages. To avoid potential bias in
the interviews, a versatile group of respondents was included in the study. The total number
of participants was 14. The participants were 20–40 years old and both genders (as well as
various occupational groups) were represented equally (see Table I).
All the participants were interviewed and they kept a diary of their use of the application
for two weeks. Interviews were carried out as semi-structured theme interviews, and
they varied in length between 24 and 55 min. The authors conducted interviews either
face-to-face (11) in public premises (such as cafes or a university) or by telephone (3).
Interview themes encompassed several wide themes, including background information on
the respondents and their general use of banking services and mobile services, aspects
related to different phases of Pivo use (i.e. before they started to use it, actual use and
continuance of use), different use situations and related experiences, expectations of future
use, and ideas and visions of m-banking’s development. The purpose was to gather as
many-sided and exhaustive data as possible. All interviews were recorded and transcribed
word for word. The transcribed material amounted to a total of 276 pages.
In addition to interviews, a diary was considered to be well-suited for gathering data
since it enables the study of experiences that occur over time, the temporal dimension of an
experience and factors related to the changes in an experience (Bolger et al., 2003). Using a
diary as a data collection method is based on the fact that the users of the mobile wallet are
studied through their own accounts. With the help of a diary, the user’s other operations can
be taken into account and their daily life can be seen as part of the service context, since
4. Findings
This chapter focusses on presenting the empirical findings, that is, it focusses on presenting
a more detailed understanding of customer experiences and the related value in the specific
context of the new mobile wallet service. The quotations below are mainly based on
interview data, but in the cases when they are excerpts from the diaries it is mentioned.
5. Conclusions
Theoretical contribution
The purpose of this study was to increase understanding about how to improve customer
value and to make mobile banking services a profitable business by exploring the experiences
of users and the related value of a new mobile banking service. Although value has been
studied in the field of marketing for decades, only in recent years has it been approached as a
broader, customer-centred phenomenon based on experience (see e.g. Helkkula et al., 2012).
Contributing to this line of research, in this study, value has been analysed as a phenomenon
created through customer experience in the context of a new mobile banking service, which is
a sparsely used approach in bank marketing research.
This study aimed to answer the research question “What kind of customer experience and
related value can be identified in a new mobile banking service?” By identifying critical
aspects of value related to customer experience – including the process, the use situation and
outcome – and by identifying the temporality influencing and connecting all these aspects
together, the study provides implications both for bank marketing theory and practice. Thus,
the study extends current understanding of customer experience as a complex and
multifaceted phenomenon, challenging the provider-oriented perspective that prevails,
particularly in bank marketing practices (cf. Lähteenmäki and Nätti, 2013).
The research findings illustrated in Figure 1 do not only provide a customer-centric view
of m-banking, but, in several ways, they also extend the academic discussion about
customer experience being an intertwined counterpart of value. First, our findings indicate
Previous Present
customer experiences customer experiences
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