tailieunhanh - Effects of Disruptive Events on Consumer Loyalty: Bank Switching After 2008’s Crisis

This holds true given the importance of customers’ service and performance orientation in generally risk-averse households. Therefore, the effects of the financial crisis on customers’ relationships are explored. Insights are gained into patterns of consumer behavior in disruptive settings. A conceptual framework is generated – supp | Journal of Business and Policy Research Vol. 7. No. 3. September 2012 Special Issue. Pp. 195 - 205 Effects of Disruptive Events on Consumer Loyalty Bank Switching After 2008 s Crisis Thorsten Teichert and Daniel Wagenfuhrer The financial crisis of 2008 undoubtedly constituted a disruptive event in the worldwide financial markets which impacted the relationships of consumers with their banks in various ways. This holds true given the importance of customers service and performance orientation in generally risk-averse households. Therefore the effects of the financial crisis on customers relationships are explored. Insights are gained into patterns of consumer behavior in disruptive settings. A conceptual framework is generated - supported by in-depth interviews - to understand consumers concernments with and reactions to the financial crisis. A structural equation model is developed and tested in a survey with 167 customers. The quantitative analyses identify key determinants influencing customers loyalty and their intention to switch their bank. Keywords Disruptive event financial crisis customer loyalty switching intention. 1. Introduction Historically consumers named convenience as their top reason for choosing a bank. Several studies found that this factor has been pushed to third place behind financial stability 65 and trust 54 after 2008 s financial crisis Krohn 2009 . Implications of this change in consumer behavior need to be analyzed in a sophisticated way Only few European consumers participated in the big game gambled by the bank service industry. In Europe only every tenth person holds stocks or is engaged in the financial marketplace with high hazard investments. From this point of view experienced personal losses cannot be as much the determining factor for lost trust in the bank industry as an overall perceived concernment about the financial crisis. Our in-depth interviews show that consumers have an ambivalent view on the financial crisis. On the .