Co-Creation of Value in Banking Relationships
Abstract
The purpose of this study was to understand value creation on a dyadic level within banking relationships (that is between a business-banking relationship manager and a business-banking customer). It also aimed to provide business-banking specific definitions for the Co-Creation of Value (CCoV) within the said context. A quantitative survey questionnaire was developed and distributed to two respondent groups (business-banking relationship managers and business-banking customers) from a major Australian Bank.
CCoV was found to be positively correlated with relationship longevity both from the relationship manager’s and customer’s perspectives. A limitation of this study is that due to the lack of extant literature on CCoV, only one measure for this construct was developed and utilised. This research will assist banks when formulating relationship strategy, in that, it provides an insight into customer perceived value. It also provides insight into banker perceived value. Therefore, customers will be able to reciprocate value thus enabling the development of deeper customer/bank relationships. There is little existing research that covers CCoV, particularly in a banking context, so this study provides a definition of CCoV within the said context. This will be important to theorists and bankers alike when theorists attempt to extend the knowledge of CCoV in banking context and when bankers are formulating relationship strategy.
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