Enhancing knowledge and strategic planning of bank customer loyalty using fuzzy cognitive maps. Issue 6 (2nd November 2017)

• Record Type: Journal Article
• Authors: Ferreira, Fernando A. F.; Ferreira, João J. M.; Fernandes, Cristina I. M. A. S.; Meidutė-Kavaliauskienė, Ieva; Jalali, Marjan S.
• Is Part Of: Technological and economic development of economy. Volume 23:Issue 6(2017)
• Page Start: 860
• Page End: 876
• Publication Date: 2017-11-02
• Subjects: customer loyalty -- fuzzy cognitive mapping -- knowledge enhancement -- problem structuring -- service improvement; C44 -- G20 -- M10; Sustainable development -- Periodicals; Construction industry -- Technological innovations -- Lithuania -- Periodicals; Construction industry -- Capital productivity -- Lithuania -- Periodicals; Construction industry -- Capital productivity; Construction industry -- Technological innovations; Lithuania; Periodicals; 338.4762409479
• DOI: 10.3846/20294913.2016.1213200
• Languages: English
• ISSNs: 2029-4913

Abstract

Abstract: Understanding customer loyalty has been a growing concern for the services industry. In a context of increasing competitive pressures, such loyalty is seen as a key element in service companies' success. Maintaining customer loyalty and identifying its underlying factors, however, are recognizably difficult to do. Grounded on the use of cognitive mapping techniques, this paper proposes a knowledge-based framework for the identification of the key determinants of customer loyalty, and the relationships among them. A step-by-step guide to the development of such a framework is presented, and illustrated through a practical application in the banking context. The resulting findings are supportive of the applicability of such methods for understanding customer loyalty, and the improvement of long-term relationships with customers. They are furthermore indicative of new ways in which knowledge can be incorporated into management activities to improve service outcomes. Some managerial implications of our contribution and avenues for future research are also reported.