Title: Development, measurement and validation of customer perceived value scale in Indian financial services sector
Authors: P. Suganthi; A.P. Muthulakshmi
Addresses: Faculty of Management, SRM Institute of Science and Technology, Kattankulathur, Tamil Nadu, India ' Department of Management Studies, CMS Academy of Management Technology, Chinnavedampatty, Coimbatore, India
Abstract: The purpose of this research is to analyse the dimensionality of the concept of customer perceived value in the banking and financial services sector. A total of 300 customers of financial entities were surveyed and structural equations models were used to verify the reliability and validity of the scale of perceived value. Perceived value is found to be a multidimensional construct composed of five dimensions: technology, professionalism, physical environment, emotional value and social value. A scale of overall perceived value in financial services was obtained, composed of five dimensions and represented by 22 items that are significant for their measurement. The validated scale can help the managers and strategists in the banking and financial services sector to frame marketing strategies according to the perceived value of their customers. As no other study with comprehensive development of a multi-dimensional perceived value measurement scale was identified, this study recommends a validated scale to measure the customer perceived value in Indian banking and financial services sector.
Keywords: customer perceived value; CPV; value dimensions; banking and financial services.
International Journal of Services and Operations Management, 2022 Vol.42 No.4, pp.439 - 453
Received: 28 Dec 2019
Accepted: 20 Feb 2020
Published online: 22 Aug 2022 *