International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Presenting a Model for Female Customers Behavioral Preferences in selecting Banks based on Grounded Theory Method and Structural Equation Modeling (Case Study: Iran’s Banking Industry)

Document Type : Original Article

Authors
Maliheh Dorostkar 1
Mohammad Hosein Ranjbar 2
1 Department of Business Management, Qeshm Branch, Islamic Azad University, Qeshm, Iran
2 Department of Management and Accounting, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran (Corresponding Author)
Abstract
The customers ’preference is derived from reflection on a product or special commercial brand, and factors such as positive appraisal of a brand performance and holding advantages and being unique, establishes the preference. This study aimed to develop a model of female customers' preferences in selecting banks and to train senior managers and banking staff. It had an applied objective, adopted a survey-based approach, and used both qualitative and quantitative procedures for data collection and analysis. A conceptual model developed for female customers preferences following the three-stage process of grounded theory method, namely open coding, axial coding, and selective coding. This model tested by conducting structural equation modeling using LISREL and Smart PLS After some of interview, we got the final results. The study focused on a large statistical population of bank customers and data were collected from two hundred eleven respondents who were selected through stratified random sampling with proportional allocation. A forty 40 item questionnaire designed by the researchers was used for data collection. The questionnaire had to be answered based on a Likert scale. The results supported the goodness-of-fit of the model, resulting in the presentation of a comprehensive model for female customers preferences in Iran’s banking industry
Keywords
Customers
behavioral performance
female customers
preference
1)     Agus. A, Barker. S, Kandampully. J. (2007). An exploratory study of service Quality in the Malaysian public service sector. International Journal of Quality & Reliability Management. (24)2,  177-190.
2)     Ariffina. Shahira, Mohd Yusofa. Jamaliah, Putita. Lennora, Azalan Shah. Mohd Izwan. (2016). Factors Influencing Perceived Quality and Repurchase Intention Towards Green Products. Economics andFinance. (37), 391 – 396.
3)     Chatzipanagiotou. Kalliopi, Veloutsou. Cleopatra, Christodoulides. George. (2016). Decoding the complexity of the consumer-based brand equity process. Journal of Business Research. (69)11, 5479-5486.
4)     Csikosova. Adriana , Culkova. Katarina, Janoskova. (2016). Evaluation of quantitative indicators of marketing activities in the banking sector. Journal of business research. (69)11,  5028-5033.
5)     Daher. Hassan, Masih. Mansur, Ibrahim. Mansor. (2016). The unique risk exposures of Islamic banks’ capital buffers: A dynamic panel data analysis.Journal of International Finacial Markets.Insitutions and Money.(36),36-52.
6)     Dauda. Samson Yusuf, Lee. Jongsu. (2015). Technology adoption: A conjoint analysis of consumer's preference on future online bamking services.  Information Systems. (53), 1-15.
7)     Falat. Lukas, Holubcik. Martin. (2017).The Influence of Marketing Communication on Financial Situation of the Company – A Case from Automobile Industry. Engineering. (192), 148-153.
8)     Fontenot R.J, Hyman. M.R. (2004). The Antitrust Implication of Relationship Marketing. Journal of Business Research. 1211-1221.
9)     Gummesson ,E.  (1994). Making Relationship Marketing :Towards a paradigm Shift in Marketing "  Management Decision. (32)2,  4-20.
10)  Hapsaria. Raditha, Clemesa. Michael, Dean. David.(2015). The Mediating Role of Perceived Value on  the Relationship between Service Quality and Customer Satisfaction: Evidence from Indonesian Airline Passengers. Economics and Finance. (35), 388 – 395.
11)  Harris. Michael, K. Chris Cox, Carolyn.  Findley Musgrove. Kathryn ,WErnstberger. (2016). Consumer preferences  for banking technologies by age groups.  International Journal of Bank Marketing. (34)4, 587-602.
12)  Imankhan, Nilufar. (2008). Consumer Behavior in Digital Marketing.  Journal of Management.

13)  Jayakumar. Manju,   P.Pradhan. Rudra,  DashRana. Saurav,  Kunal Gaurav. Maradana. (2018). Banking competition, banking stability, and economic growth: Are feedback effects at work? Journal of Economics and Business. (96), 15-41.

14)  Joewono. Tri B. , A. Effendi. Bekti , S. Hansen, A. Gultom , P. Rajagukguk. Ranto . (2017). Influence  of Personal Banking Behaviour on the Usage of the Electronic Card for Toll Road Payment. Transportation Research. (25), 4454–4471.
15)  Kao. Ta-Wei (Daniel), T. Lin. Winston. (2016). The relationship between perceived e-service  quality and brand equity: A simultaneous equations system approach.computers in Human  Behavior. (57), 208-218.
16)  Khoran.  Amin,  Karimzadeh.  Mostafa,  Hadadian.  Ali Reza. (2014). Identifying  and prioritizing factors that influence customers’ selection of banks and financial and credit institutes. The first          international conference of economics, management, accounting, and social sciences.   Rasht.
17)  Kontot.Keria,  Hamali. Jamil,  Abdullah. Firdaus. (2016). Determining Factors of customers Preferences .A Case of Deposit Products in Islamic Banking. Social and Behavioral Sciences. (224), 167-175.
18)  Lin. Yi Hsin. (2015). Innovative brand experience's influence on brand equity and brand satisfaction. Journal of Business Research. (68)11, 2254-2259.
19)  Linga. Goh Mei, Ferna. Yeo Sook, Boona. Lim Kah, Huat. Tan Seng. (2016). Understanding Customer  Satisfaction of Internet Banking: A Case Study In Malacca. Economics and Finance. (37), 80 –85
20)  Markus. Blut, Nivriti. Chowdhry, Vikas. Mittal, Christian. Brock. (2015). E-Service quality: a meta-analytic review. Journal Retail. (91)4, 679-700.
21)  Marrese-Taylora. Edison, D. Vel´asqueza. Juan, Bravo-Marquezb. Felipe, Matsuo. Yutaka. (2013). Identifying Customer Preferences about Tourism Products using. Computer Science. (22), 182 –          191.
22)  Meles. Antonio, Porzio. Claudio, Sampagnaro. Gabriele, Verdoliva. Vincenzo. (2016).The impact of the intellectual capital efficiency on commercial banks performance: Evidence from the US.          Journal of Multinational Financial Management. (36), 64-74.
23)  Metawa, S. A., & Almossawi, M. (1998). Banking behavior of Islamic bank customers: perspectives and implications.International Journal of Bank Marketing, 16/7, 299-313.
24)  Mushtaq. Saba, Siddiqui. DanishAhmed. (2017). Effect of interest rate on bank deposits: Evidences from Islamic and non-Islamic economies.  Business Journal. (3), 1–8.
25)  Nor Asshidin. Nor Hazlin, Abidin, Nurazariah, Hafizzah Bashira.Borhan. (2016). Perceived Quality and Emotional Value that Influence Consumer's Purchase Intention towards American and Local    Economics and Finance.  (35), 639-643.
26)  Pitic. Lucian, Brad. Stelian,  Pitic. Diana. (2014). Study on Perceived Quality and Perceived Fair Price.  Economics and Finance. (15), 1304-1309.
27)  Rahimnia. Fariborz , Fatemi.  Seyyedeh  Zahra. (2011). Investigating  the moderating role of customer- based brand equity in the relationship between successful communication with customers and  brand image among 5 star hotels of Mashhad. New Marketing Research Quarterly. (2)1.
28)  Siaw and Lawer, SalinaH. (2015). Determinants of bank deposits in Ghana: Ace integration approach.  Asian Online Journals. (2)1, 1–7.
29)  Haron, S., & Ahmad, N. (2000). The Effects of Conventional Interest Rates and Rate of Profit on Funds Deposited with Islamic Banking System in Malaysia. International Journal of Islamic Finance Services, 1(4, Jan-Mar 2000).
30)  Sairally, S. (2007). Evaluating the ‘Social Responsibility’ of Islamic Finance: Learning from the experience of Socially Responsible Investment Funds Advances in Islamic Economics and Finance, Ed. Iqbal, M, Ali, S. S., and Muljawan, D., (pp.279). Saudi Arabia: Islamic Training and Research Institute, Islamic, Development Bank.
31)  Hawkins, D. I., & Mothersbaugh, D. L. (2010). Consumer Behaviour: Building Marketing Strategy (11 ed.). New York,America: M cGraw-Hill, Irwin.
32)  Razavi, A., Jamil, H., & Firdaus, A. (2013, 04 - 05 March 2013). Islamic Marketing Mix: The Critical Factors. Paper presented at the 4TH International Conference on Business and Economic Research (4th Icber 2013) Proceeding, Golden Flower Hotel,Bandung, Indonesia.
33)  Sowunmi. F. A, Omigie. O. C, Daniel. D. T. (2014). Consumers’ Perception on Ofada Rice in Ibadan Development. (5)16, 78-86.
34)  Stoicaa. Ovidiu, anb. Seyed Mehdi, Sargu. Alina. (2015). The impact of internet banking on the performance of Romanian banks: DEA and PCA approach. Economics and Finance. (20), 610 –          622.
35)  Stylidisa. Konstantinos, Wickmana,b. Casper, Soderberg. Rikard. (2016). Defining perceived quality in the automotive industry: an engineering approach.  CIRP  (36), 165 – 170.
36)  Tan. Huimin, Lv. Xingyang, Liu. Xiaoyan, Gursoy. Dogan. (2018).Evaluation nudge.Effect of          evaluation  mode of online customer reviews on consumers’ preferences. Tourism Management.          (65), 29-40.
37)  Thiyagaraj, V. (2015). A Study of Consumer Preference Towards Branded Tea in Tiruppur City.          Research Dept. Of Commerce, Chikkanna Government College, Tiruppur, India, 2015           http://theglobaljournals.com/gra/file.php?val=May_1431349833__1431349877.pdf.
38)  Tunay. K. Batu,Tunay. Necla, Akhisar. İlyas. (2015).Interaction Beteen Inernet Banking  and Bank. Performance: The Case of Europe. Social and Behavioral Sciences. (195), 363-368.
39)  W.H. Yip. Angus,  c. d. Nancy,  M.P. Bocken . (2018). Sustainable business model archetypes for the  banking industry. Journal of Cleaner Production. (174), 150-169.
40)  Yavari, Ali. (2016). Investigating the impact of using green marketing strategy on customer preferences  in choosing and buying brand names and Consumer loyalty to the brand of home products in the province of Azarbayjan. Master'sThesis. Azad University of Ajabshir
41)  Yoganathan. Dhanushanthini, Jebarajakirthy. Charles, Thaichon. Paramaporn. (2015). The influence of  relationship marketing orientation on brand equity in banks. Journal of Retailing and Consumer            Services. (26), 14-22.
42)  Zaim. S, Turkyilmaz. A, Tarim. M, Ucar. B, Oguz. A.  (2010). Measuring customer satisfaction in turktelekom company using structural equation modelling technique. Journal of Global            Strategic Management. (14)1, 89-99.
43)   Zeithaml, V.A.(1988). Consumer perceptions of price, quality , and value: Ameans-end model and synthesis of evidence. Journal of Marketing, 52, 2–22.
44)  Zhang. Jian, Simeone. Alessandro, Gu. Peihua, Hong. Bo. (2018).Product features characterization and  customers’ preferences prediction based on purchasing data.  CIRP Annals.
International Journal of Finance & Managerial Accounting
Volume 4, Issue 15
Autumn 2019
Pages 43-59