Developing a service value measurement scale in retail banking services: Evidence from India

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Purpose: The purpose of this paper is to develop and validate a scale for measuring consumers’ perceived service value in the Indian retail banking services. This purpose is rooted in the absence of consensus on what constitutes service value and how to measure such value in the above context. Design/methodology/approach: The scale development procedure comprised qualitative and quantitative approaches. A list of possible measurement items was compiled based on literature review and expert opinion through focus groups. Data were collected from a sample of 442 respondents representing the Indian retail banking sector using survey instrument and were analyzed using the structural equation modeling. Findings: The study revealed a seven-dimensional scale for measuring service which includes service equity, service quality, customer intimacy, product leadership, operational effectiveness, customer communication, and perceived sacrifice. Thus, the scale emerging from this study is consistent with established scales and is applicable to the Indian retail services setting. This study contributes to the knowledge gap by confirming that the west-centric service value measurement scale is moderately applicable to the services sector in India. Originality/value: This research is a direct response to calls from the leading marketing pundits to explore the validity and applicability of the existing marketing constructs and models originated in the west to Indian markets. Keeping in mind the established service value measurement scale, this study develops and validates a seven-dimensional scale for measuring service value in an Indian setting with novel sub-dimensions.




Roy, S. K., Paul, R., Quazi, A., & Nguyen, B. (2018). Developing a service value measurement scale in retail banking services: Evidence from India. International Journal of Bank Marketing, 36(4), 616–633.

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