Abstract
Orientation: Knowledge of the commitment behaviour (affective and calculative) of Islamic banking customers is central to an in-depth understanding of the perceived value-behavioural intention link in the competitive Islamic banking industry in South Africa.
Research purpose: The study investigates the extent of the role of affective and calculative commitment on the perceived value-behavioural intention link within the Islamic banking industry of South Africa.
Motivation for the study: To date, there is, however, no clear pathway in a Business-to-Consumer (B2C) setting, and further research is needed on how to strengthen this link.
Research approach/design and method: A quantitative exploratory-descriptive research design was used to collect data from 350 Islamic banking customers in the Gauteng province of South Africa purposively through the use of self-administered questionnaires. Exploratory factor analysis, Pearson’s coefficient analysis and multiple regression analysis were applied to measure the proposed hypotheses developed for the study.
Main findings: Service quality has a significant and positive impact on perceived value, while the latter has a favourable and considerable impact on affective and calculative commitment. In addition, calculative commitment has a beneficial impact on behavioural intention.
Practical/managerial implications: The research informs Islamic banks of the importance of service engagement as a driver of perceived value, which stimulates the future affective and calculative commitment of Islamic bank customers in an emerging market context.
Contribution/value-add: This study provides an enhanced understanding of the relevance of selected factors (service quality and calculative commitment) in strengthening the perceived value-behavioural intention link.
Keywords: perceived value; affective and calculative commitment; behavioural intention; Islamic banking customers; South Africa.
Introduction
Exploring the value perceptions and commitment dynamics of South African Islamic banking customers is crucial for predicting and influencing future behavioural intentions (Abror et al. 2023; Van Tonder, Petzer & Van Vuuren 2018). Over the past decade, South Africa’s Islamic banking industry has witnessed significant growth, marked by increasing customer demands for value-driven offerings (Moosa & Kashiramka 2023). This growth is underscored by a 41.51% rise in Islamic banking deposits and a 49.71% increase in advances within the South African banking sector, highlighting its expanding presence (Clarke 2024). Amid this landscape, Albaraka Bank stands as a prominent player, alongside conventional banks like ABSA, Standard Bank, FNB, Nedbank and HBZ Bank, which also offer Islamic banking windows. These institutions differentiate themselves by continually innovating and adapting their products and services to enhance customer commitment – both affective and calculative – and behavioural intentions (Eid 2015; Lombaard 2020; Mansouri & Pakia 2015).
Scholars such as Abror et al. (2022) argue that customer perceptions of value directly impact their decisions to continue banking with Islamic institutions. Kungumapriya and Malarmathi (2018) and Shukla, Banerjee and Singh (2016) concur stating that a nuanced understanding of customer value perceptions is crucial for bolstering future commitment and behavioural intentions in Islamic banking. This understanding can help banks navigate the competitive local market environment and tailor their offerings to meet customer expectations (Izogo, Elom & Mpinganjira 2021; Johnson 2007). Moreover, perceived value has been established as a pivotal factor influencing behavioural intentions across various sectors, including commerce, hospitality, tourism and finance (Chen, Huang & Hou 2020; Gera 2011; Jalil, Fikry & Zainuddin 2016).
Throughout the marketing literature, commitment emerges as a multidimensional construct shaped by numerous influencing factors, impacting outcomes such as behavioural intentions (Marshall 2010; Petzer & Roberts-Lombard 2022). Given the intrinsic link between Islamic banks and their customers, understanding these dynamics becomes paramount, particularly as banks strive to foster enduring customer relationships (Rahman et al. 2023). Therefore, within South Africa’s competitive Islamic banking sector, investigating how perceived value influences customer commitment and behavioural intentions is imperative. As such, this study aims to explore these dynamics specifically among Islamic banking customers in the Gauteng province of South Africa. It seeks to uncover the relationships between perceived value, affective commitment, calculative commitment and their combined impact on customer behavioural intentions. Such an exploration is particularly important considering that scholars such as Petzer and Roberts-Lombard (2022) and Medjedel and Sakouchi (2021) have extensively confirmed the need to investigate expertise, information sharing, service quality, perceived value, affective commitment and calculative commitment as key drivers of the future behavioural intention of customers. Especially considering that these precursors of behavioural intention stimulate the development of a long-term relational inclination of customers in a business-to-consumer context (Izogo et al. 2021).
The article begins with an introduction to the study, followed by a comprehensive literature review encompassing theoretical foundations and key concepts. It then formulates hypotheses and presents the research framework, outlines the methodology including the research paradigm, design, population, sample, data collection and analysis procedures and concludes by discussing the study’s significance.
Problem statement
In the field of marketing, scholars such as Oloveze et al. (2022) along with Petzer and Roberts-Lombard (2022) have affirmed the importance of affective and calculative commitment in influencing customers’ future behavioural intentions. Ahmad and Akbar (2023) and Hess and Story (2005) also acknowledge the significance of commitment, particularly its affective and calculative dimensions, in the process of fostering relationships. Customers’ perceptions of value also play a critical role in securing their future commitment and behavioural intentions (Petzer & Roberts-Lombard 2022; Suhartanto 2019; Van Tonder et al. 2018). Consequently, service providers like Islamic banks must deliver products and services perceived as valuable, engaging, cooperative and competent (Aravik, Amri & Febrianti 2022; Khan, Hameed & Khan 2017). Thus, meeting or surpassing customer expectations in value provision can drive affective and calculative commitment, ultimately influencing future behavioural intentions positively. As such, scholars such as Moosa (2023) and Roberts-Lombard and Petzer (2024) have called for increased research in emerging markets, such as South Africa, that need a deeper understanding of the factors influencing customers’ perceptions of value in Islamic banking. They further promulgate the need to better understand how these perceptions influence affective and calculative commitment, which in turn impact future behavioural intentions. Therefore, this study aims to fill this knowledge gap, which is crucial for enhancing the competitiveness of the Islamic banking industry in South Africa. The findings could potentially strengthen customers’ future commitment and positively impact their behavioural intentions (IOL 2021).
Theoretical framework
Theories grounding the study
The study is grounded on relationship marketing theory and social exchange theory. In terms of relationship marketing theory, Grönroos (2017) states that relationship marketing is founded on building and managing long-term relationships with customers, which involves creating value through continuous engagement to develop enduring connections (Abeza et al. 2020; Sheth & Parvatiyar 1995). Through a relationship marketing approach, customers’ commitment to their bank can be enhanced when banks deliver products and services guided by the principles of sharia law, which can impact their future behavioural intentions (Amoako et al. 2019; Ganaie & Bhat 2020; Priantoro & Yudiana 2021). Therefore, it is crucial for Islamic banks to understand their customers’ value perceptions and commitment intentions to establish, manage and maintain long-term relationships with them (Van Tonder & Petzer 2018).
In terms of social exchange theory, many fields (e.g. psychology, marketing and general management) are covered by this theory proposition (Zoller & Muldoon 2019). Social exchange theory is predicated on the idea that people’s social behaviour is determined by their perceptions of how a relationship’s advantages and disadvantages are balanced (Yan et al. 2016). According to scholars like Ramadonna, Nasf and Aziz (2019), a partner’s decision to stay in a relationship is influenced by the value obtained therefrom, especially because customers’ willingness to interact with a service provider brand is determined by their perceptions of the value received. Scholars (e.g. Hidayatullah, Patalo & Sulistyorini 2021; Prodanova, Ciunova-Shuleska & Palamidovska-Sterjadovska 2019) confirm that value offerings impact customers’ overall behaviour towards service provider brands. Hence, it may be claimed that social exchange theory is based on social behaviour that is dictated by exchange, in which participants in a relationship can gain from the relationship (Keenoy 1981).
Brief orientation towards the key constructs in the study
Expertise
Employee expertise can be described as the knowledge and abilities that favourably affect customers’ overall opinions of service experiences (Pelgrim et al. 2022). Employee expertise encompasses the specialised knowledge and skills individuals bring to their roles. It drives innovation, efficiency and problem solving, thereby enhancing the overall customer experience of Islamic banking customers (Mulia, Usman & Parwanto 2021).
Information sharing
Information sharing refers to the exchange of ideas, information and skills between people or service providers in a collaborative setting (Alshurideh et al. 2023). Furthermore, information sharing is crucial for the professional management of clients in the Islamic banking sector, as it demonstrates effectiveness, openness and involvement (Al Ali 2021).
Service quality
Service quality is defined as customers’ views of service providers’ general capacity to meet their demands and expectations (Zibarzani et al. 2022). Considering this, Islamic banking consumers will be more willing to maintain a relationship with their bank if they receive high levels of service standards that are characterised by friendliness, efficiency, transparency and convenience (Fida et al. 2020; Guizani & Ajmi 2022).
Perceived value
The concept of ‘perceived value’ describes how consumers perceive the benefits they derive from the products and services offered by service providers (Rachmiatie et al. 2022). In terms of Islamic banking, customers’ perceptions of the value received from their bank are influenced by factors like the prices of the banking products offered, the perception of affiliation with the banking brand and the reputational advantages of future affiliation with the service provider brand (Arslanagic-Kalajdzic & Zabkar 2017).
Affective commitment
Customers’ emotional connections to service providers are referred to as affective commitment (Mohammed & Al-Swidi 2020). Affective commitment reflects Islamic banking customers’ emotional attachment to a brand, driving future behavioural intention such as loyalty (Markovic et al. 2018). It involves strong emotional bonds, resulting in repeat business and positive word of mouth (Karim et al. 2023).
Calculative commitment
Calculative commitment refers to customers’ willingness to stick with service providers based on the overall advantages obtained (Khraiwish et al. 2022). As such, calculative commitment involves Islamic banking customers staying loyal because of perceived costs of switching brands. They weigh the benefits against the effort of changing, prioritising practical considerations over emotions (Khraiwish et al. 2022).
Behavioural intention
Individuals’ willingness to engage in a particular behaviour is referred to as behavioural intention (Lemonnier, Adelé & Dionisio 2020). It shows how much effort someone is willing to put in to motivate a particular behaviour (Saprikis, Avlogiaris & Katarachia 2022).
Conceptual model development
The interrelationship between expertise and perceived value
The importance of expertise in influencing how customers perceive the value of services has been widely established in the marketing literature (Svotwa et al. 2023). Consumers’ perceptions of the value they receive from their bank are improved if they believe that workers are informed (Medberg & Grönroos 2020). As a result, consumers’ perceptions of value are positively impacted when employees interact with them in an educated and professional manner (Kosiba et al. 2018). This leads to the following hypothesis being put forth:
H1: Expertise has a positive and significant impact on perceived value.
The interrelationship between information sharing and perceived value
According to numerous studies, providing information is crucial for developing long-lasting relationships with customers (Al Ali 2021; Kurniasari 2021). Customers’ overall opinions of value received are raised when service providers, such as banks, share information with their customers in a timely, consistent and correct manner (Leppäniemi, Karjaluoto & Saarijärvi 2017). Therefore, to ensure consistency in service provision and product offerings to customers, it is important to share accurate information about existing and new products and services across various platforms (Liu, Zhang & Zhang 2021). As a result, it is assumed that:
H2: Information sharing has a positive and significant impact on perceived value.
The interrelationship between service quality and perceived value
Bank customers must receive high-quality service from their bank that meets or exceeds their expectations (Saraswati 2022). According to Farrag, Murphy and Hassan (2022), customers expect their bank to interact with them in a professional and polite manner, respond to their inquiries quickly and efficiently and offer convenience as part of their service engagement strategy. The ability of service providers (e.g. banks) to surpass the customers’ service quality expectations has been validated by marketing academics (Özkan et al. 2020; Zietsman, Mostert & Svensson 2019). This ability favourably influences consumers’ assessment of the total value of the service. The significance of service quality as a determinant of customers’ value perceptions is supported by two banking studies carried out in Pakistan and Myanmar (Aye & Soe 2020; Quddoos et al. 2021), which confirmed that customers’ value perceptions are impacted by the level of service quality received. In the context of this study, service quality will be measured as a unidimensional construct that focuses on the measurement of service delivery in general (Aye & Soe 2020; Rahi, Abd Ghani & Alnaser 2017; Ramya, Kowsalya & Dharanipriya 2019). Consequently, the following hypothesis is put forth:
H3: Service quality has a positive and significant impact on perceived value.
The interrelationship between perceived value and behavioural intention
The findings of research studies by Van Tonder et al. (2018) and Veloso and Sousa (2022) confirm that there is a direct relationship between customers’ value perceptions of the services and products received and their behavioural intentions. Furthermore, it is asserted that customers’ perceptions of value impact their intended future behaviour when it comes to marketing (Chen et al. 2020; Prodanova et al. 2019). Accordingly, customers’ decisions to keep doing business with their bank will be determined by how satisfied they are with the service received and the product options available (Makudza 2021; YuSheng & Ibrahim 2019). In light of this, the following assertion is made:
H4: Perceived value has a positive and significant impact on behavioural intention.
The interrelationship between perceived value and affective commitment
Numerous researchers have established the link between affective commitment and perceived value (Lai 2015; Van Tonder & Petzer 2018). According to Krishen et al. (2023), a better understanding of customers’ value demands can have a favourable effect on their future affective commitment. Therefore, service providers (e.g. banks) are better equipped to encourage customers’ future emotional commitment by living up to their value expectations (Poushneh & Vasquez-Parraga 2019). Consequently, customers’ overall value assessment has an effect on affective commitment, which is related to the emotional bond they have with a brand (Karjaluoto et al. 2019). This is especially important when considering that customers’ emotional attachment to brands is influenced by how much value they feel they received from the service providers (Rahayu et al. 2020). Hence, the following hypothesis is proposed:
H5: Perceived value has a positive and significant impact on affective commitment intention.
The interrelationship between perceived value and calculative commitment
Krishen et al. (2023) and Roberts-Lombard et al. (2022) stated that customers who have a positive service experience with their bank, who receive high levels of service quality and who perceive the products received as being of value will illustrate a calculative commitment to the bank. Therefore, it becomes important for service providers (e.g. banks) to strengthen their customers’ value perceptions by offering innovative services and products that stimulate choice and convenience (Uzir et al. 2021). Banks’ ability to deliver upon customers’ value expectations and positively impact customers’ product choice and service platform integration needs (which can stimulate their convenience expectations, for example) are better enabled to drive customers’ future calculative commitment (Kungumapriya & Malarmathi 2018). Against this discussion, the following hypothesis is formulated:
H6: Perceived value has a significant and positive impact on calculative commitment.
The interrelationship between affective commitment and behavioural intention
Multiple research studies confirm that there is a direct relationship between affective commitment and the behavioural intentions of customers (Oertzen & Odekerken-Schröder 2019; Ojeme, Robson & Coates 2018). In addition, customers’ emotional attachment to a brand (e.g. their feeling of belonging) directly impacts their future behavioural intent (Sayil, Akyol & Simsek 2019). Consequently, if customers have an affinity with a service provider brand, feel attached to the brand through association or are emotionally attached to a brand, they will be more willing to remain in a relationship with the service provider brand (e.g. a bank) (Oertzen & Odekerken-Schröder 2019). Considering this, the following hypothesis is proposed:
H7: Affective commitment has a significant and positive impact on behavioural intention.
The interrelationship between calculative commitment and behavioural intention
In marketing literature, the relationship between calculative commitment and behavioural intention has been widely explored (Ojeme et al. 2018; Yuan, Lai & Chu 2019). Calculative commitment is based on a benefit-cost analysis, which impacts a customer’s decision to remain committed to a relationship with a service provider (Ahamed & Noboa 2022). Izogo (2017) argued that if customers’ perceptions of the benefits received are higher than the costs incurred, the customers will remain committed to the relationship. In addition, banking customers’ overall assessment of the benefits received from their bank, as well as the cost of switching to a competitor, will directly impact their calculative commitment, which will impact their future behavioural intentions towards the service provider (Shukla et al. 2016). This implies that should the cost of switching suppliers be too expensive, customers may decide to remain with their bank, thereby stimulating a positive behavioural intention in the future (Sohaib 2022). Thus, the following hypothesis is proposed:
H8: Calculative commitment has a positive and significant impact on behavioural intention.
Research methodology
Research design, population and sample
The researchers applied a quantitative cross-sectional exploratory-descriptive approach towards the collection of empirical data from respondents. The study focused on Islamic banking customers residing in the Gauteng province of South Africa and who are between 18 and 65 years of age. Screening questions and quotas were used to ensure that the selected sample represented the study’s specifications. In this study, screening questions and quotas were employed to ensure that the selected sample accurately represented the study’s parameters. The sample consisted only of customers adhering to Sharia principles in Islamic banking, residing in the Gauteng province of South Africa, aged between 18 and 65 years, and holding accounts with financial institutions offering Islamic products such as Albaraka Bank, HBZ Bank, ABSA, FNB and Standard Bank for at least 1 year. The research adopted a non-probability sampling method, specifically utilising quota sampling. This approach is cost-effective and straightforward, with fieldworkers intentionally filling quotas based on age to investigate perceptions of value and behavioural intentions among different age groups using Islamic banking services in South Africa. Fieldworkers were tasked with identifying individuals within their personal networks of friends, family and colleagues who adhere to the specified screening questions. To enhance the overall sample size, self-administered questionnaires were also distributed to respondents outside malls and Mosques in Gauteng. These respondents also had to adhere to the stipulated screening questions before qualifying to participate in the study.
Respondents were asked to complete self-administered questionnaires, with data collection taking place over a 2-week period. A total of 350 completed questionnaires could be used for data analysis purposes.
Questionnaire and data collection
To ensure the collection of the data was secure, self-administered questionnaires were distributed to respondents (Cleave 2023). The questionnaire started with a brief orientation of the study’s goals, before moving on to screening questions and inquiries about the respondents’ demographic characteristics. Questions about the constructs being explored in the study were then asked to ascertain the impact of selected variables on the perceived value-behavioural intention relationship. The study used a seven-point Likert scale, with one signifying ‘strongly disagree’ and seven ‘strongly agree’. The scales were used to gauge how much respondents agreed or disagreed with the statements in relation to the study’s constructs, which included expertise, information sharing, service quality, perceived value, affective commitment, calculative commitment and behavioural intention. The items used in the questionnaire were adapted from existing measures, as indicated in Table 1.
Analysing the data
After securing the coding, capturing and editing of the data, the statistical package SPSS version 24 was applied to the study to perform the data analysis. In addition, the validity of the research instrument was determined by confirming that the items in the research instrument were aligned to the study, securing that the study measure what it intends to measure. Furthermore, Cronbach’s alpha was used to determine the reliability of the items in the questionnaire. Inferential statistics and standard multiple regression analysis were used to analyse the results and establish the proposed relationships in the study.
Ethical considerations
The School of Consumer Intelligence and Information Systems (SCIIS) Research & Ethics Committee (No.: 2021SCiiS006) granted ethical approval to conduct this study.
Results
Profile and patronage habits of respondents
In terms of the demographic profile of respondents, the results reflect that sample’s gender was balanced, with 52.3% females and 47.6% males. Moreover, the majority of respondents were aged 25–45 (56.8%) and Indian (72.2%), while 15.8% identified as black. English was the primary language for most respondents (85.7%), followed by isiZulu (4.2%), with the largest portion of respondents (43.2%) being employed full-time within an organisation. Most respondents had a post-school qualification (45%), 39.7% were full-time employed and 23% were self-employed. Furthermore, respondents predominantly possessed bank accounts with FNB (47.9%) and Standard Bank (21.1%), with these accounts representing primarily a savings account (70.5%) or a cheque account (70.5%). Conclusively, nearly half of respondents (49.5%) spent R100 or more on bank charges.
Exploratory factor analysis
An exploratory factor analysis (EFA) was applied to secure the first-order factor analysis. An EFA is a statistical technique employed to reveal the hidden patterns in a comprehensive array of variables. It operates within the broader framework of factor analysis, specifically aiming to unveil the inherent correlations among observed variables (Yong & Pearce 2013). The purpose of this form of data analysis is to establish whether constructs can be applied in their original forms or whether there are constructs that should be included or excluded from further analysis. The Measure of Sampling Adequacy for the Anti-image Correlation obtained from SPSS showed that the communality values for all the items of all seven constructs are in excess of the minimum threshold of 0.377 (Zikmund et al. 2017). As a result, all the constructs (inclusive of all their items) were therefore deemed acceptable for further data analysis.
An EFA was conducted to perform a primary factor analysis, that is crucial given the utilisation of items sourced from prior publications. An EFA is a statistical technique employed to reveal the hidden patterns in a comprehensive array of variables. It operates within the broader framework of factor analysis, specifically aiming to unveil the inherent correlations among observed variables (Yong & Pearce 2013). While the overall Cronbach’s alpha values for the borrowed items and those from existing literature were acceptable (ranging from 0.712 to 0.955), the studies were conducted in diverse contexts and various geographic locations across the world. Consequently, an EFA was employed for this study. The Kaiser-Meyer-Olkin measure of sampling adequacy achieved a value of 0.929, surpassing the minimum threshold of 0.7. Additionally, Bartlett’s test of sphericity yielded a significance level of p < 0.05, affirming the factorability of the correlation matrix (Pallant 2013). Further, the anti-image correlation’s measure of sampling adequacy indicated that communality values for all items across the seven constructs exceeded the minimum limit of 0.377 (ranging between 0.613 and 0.894) with expertise reflecting a value of (0.633), information sharing (0.613), service quality (0.894), perceived value (0.712), affective commitment (0.745), calculative commitment (0.813) and behavioural intention (0.723) (Pallant 2016; Zikmund et al. 2017). A total of seven factors with eigenvalues ≥ 1 elucidated 84.26% of the variance, exceeding the suggested minimum of 60% (Yong & Pearce 2013). Yong and Pearce (2013) argued that an EFA is employed when constructs in a study are applied in their original form or when they undergo inclusion or exclusion during subsequent data analyses. Accordingly, all constructs and their constituent items in this study were deemed suitable for further analysis.
Validity and reliability
In terms of establishing validity, several researchers reviewed the various items used in the questionnaire for this study. In addition, a pilot study was carried out to assess the reliability of the questionnaire employed for the research. The goal of the pilot study was to ascertain whether the questionnaire needed to be modified before being formally fielded. The results of the pilot study revealed that the questionnaire could be used for official fielding without the need for modification. Construct validity was measured through a focus on convergent validity, discriminant validity and composite trait reliability. Convergent validity was evaluated by checking if the average variance extracted (AVE) for each construct was above 0.5 (Hair et al. 2014). Table 2 clearly shows that the AVEs for all seven constructs surpass 0.5, ranging from 0.630 to 0.812, thereby validating convergent validity. Discriminant validity was assessed by comparing the AVEs of the constructs with their respective interconstruct correlations. As indicated in Table 2, these correlations range between 0.280 and 0.609, which are significantly lower than the lowest variance extracted (0.630%). Hence, discriminant validity is confirmed.
TABLE 2: Average variance extracted and squared interconstruct correlations. |
The reliability of the different constructs used in the study was assessed using Cronbach’s alpha coefficients. In accordance with reliability standards suggested by Ramdan (2019), a Cronbach’s alpha of 0.7 or above is considered reliable. The reliability values for this study’s constructs were as follows: service quality (0.931), expertise (0.940), information sharing (0.892), perceived value (0.923), affective commitment (0.927), calculative commitment (0.712) and behavioural intention (0.955). Accordingly, all seven constructs examined in this study demonstrated strong reliability, with each exceeding the 0.7 threshold.
Assumptions of multiple regression analysis
In this study, the Pearson coefficient was used to determine the relationship between the constructs in the proposed model (refer to Figure 1). To determine whether the correlations between the constructs are significant, the R-value should be between 1 and −1, where 1 indicates a perfect relationship and a value below −1 suggests a negative relationship between the construct or variables. Considering Table 2, the relationships or correlations between the construct or variables are positive, as all the Pearson coefficient values are greater than 0.05 (R > 0.05). This also confirms that none of the construct or variables have a negative relationship. Inconclusion, the relationships between the constructs can be accepted as positive, with the highest relationship being between perceived value and affective commitment, with a Pearson correlation value of 0.609.
In terms of each individual construct in the study, various statistics were calculated in the form of the mean ( ) and standard deviation (σ) as reflected in Table 3.
TABLE 3: The mean ( ) and standard deviation (σ). |
Table 3 indicates that the mean values (X) for all constructs exceeded 4 (ranging from 4.78 to 5.43), suggesting respondents generally leaned towards agreement with statements measuring expertise, information sharing, service quality, perceived value, commitment (affective and calculative) and behavioural intention. Standard deviations ranged from 1.14 to 1.57, reflecting variability in the responses.
Multiple regression analysis
Impact of the independent variables (service quality, expertise and information sharing) on perceived value
From Table 4, it is evident that service quality (p = 0.000) and information sharing (p = 0.011) have a positive and significant impact on perceived value. The table further indicates that expertise illustrates a positive but not significant impact on perceived value, as the p-values for expertise (p = 0.370) in its relationship with perceived value are larger than 0.05. The researchers applied a 95% level of confidence in the analysis of the data. This implies that a p-value of less than 0.05 indicates that it is unlikely the results are the result of chance according to the independent sample t-test.
TABLE 4: Impact of the independent variables (service quality, expertise and information sharing) on perceived value. |
Furthermore, Table 4 shows that both service quality and information sharing indicate approximately 59.2% (R2 = 0.592) of the variance in perceived value. The regression model for the constructs is significant at p < 0.05. As such, two independent variables (i.e. service quality and information sharing) can be perceived as predictors of perceived value. Therefore, the perceived value perceptions of Islamic banking customers are driven twofold. Firstly, by their experience of the service provided and whether such a service was founded on engagement, addressing their service needs and expectations. Secondly, by the comprehensive nature of the information shared as well as the regularity of the time frame by which the information is shared with customers. As a result, it can be argued that 59.2% of a possible change in the level of perceived value of Islamic banking customers in South Africa is the result of service quality and information sharing. Thus, the relationship between the independent variables, service quality, information sharing and perceived value is significant at p < 0.05.
Impact of the intervening variable (perceived value) on affective commitment
Table 5 illustrates that perceived value (p = 0.000) has a positive and significant impact on affective commitment. The researchers applied a 95% level of confidence in the analysis of the data. This implies that a p-value of less than 0.05 indicates that it is unlikely the results are the result of chance according to the independent sample t-test.
TABLE 5: Impact of the intervening variable (perceived value) on affective commitment. |
Moreover, Table 5 shows that perceived value secures approximately 36.9% (R2 = 0.369) of the variance in affective commitment. The regression model for the construct is significant at p < 0.05, and, as such, perceived value can be perceived as a predictor of affective commitment.
Therefore, the affective commitment of Islamic banking customers is driven by their perception of the service level received, price as well as the overall quality level of service received. Consequently, a 36.9% of a possible change in the level of affective commitment of Islamic banking customers is guided by their bank service engagement perceptions in South Africa. Thus, the relationship between perceived value and affective commitment is significant at p < 0.05.
Impact of the intervening variable (perceived value) on calculative commitment
As per Table 6, it is evident that perceived value (p = 000) has a positive and significant impact on calculative commitment. The researchers applied a 95% level of confidence in the analysis of the data. This implies that a p-value of less than 0.05 indicates that it is unlikely the results are the result of chance according to the independent sample t-test.
TABLE 6: Impact of the intervening variable (perceived value) on calculative commitment. |
Table 6 further notes that perceived value secures approximately 32.5% (R2 = 0.325) of the variance in affective commitment. The regression model for the construct is significant at p < 0.05, and, as such, perceived value can be perceived as a predictor of calculative commitment. As a result, it can be argued that 32.5% of a possible change in the level of calculative commitment of Islamic banking customers in South Africa is because of perceived value. This is important to note considering that the calculative commitment of Islamic banking customers is driven by their perception of price as well as the overall quality level of service received. Consequently, a 32.5% of a possible change in the level of calculative commitment of Islamic banking customers is guided by their bank cost perceptions in South Africa. In addition, the relationship between perceived value and affective commitment is therefore significant at p < 0.05.
Impact of the intervening variables (perceived value, affective commitment and calculative commitment) on the dependent variable (behavioural intention)
Table 7 illustrates that perceived value (p = 0.000), calculative commitment (p = 0.000) and affective commitment (p = 0.004) have a positive and significant impact on behavioural intention. The researchers applied a 95% level of confidence in the analysis of the data. This implies that a p-value of less than 0.05 indicates that it is unlikely that the results are the result of chance according to the independent sample t-test.
TABLE 7: Impact of the intervening variables (perceived value, affective commitment and calculative commitment) on behavioural intention. |
The intervening variables indicated around 58.3% (R2 = 0.583) of the variance in behavioural intention. The regression model for the constructs was significant at p < 0.05; thus three intervening variables (i.e. perceived value, affective commitment and calculative commitment) could be perceived as predictors of behavioural intention, as one unit increase in perceived value, affective commitment and calculative commitment will increase the behavioural intention of Islamic banking customers in South Africa by 58.3%, considering beta. This implies that for Islamic banking customers to continue in a relationship with their bank, or even recommend their bank to other people, their affective and calculative commitment needs must be satisfied. As such, these customers reflect a need to identify with their bank through a feeling of belonging, that is positively supported when they are happy to engage with the bank. Also, they want to be assured that the economic price that they pay to secure access to the products and services of the bank is aligned to the product and service value received. Table 8 illustrates the outcome of the tested hypotheses for the study.
TABLE 8: Outcome of the proposed hypotheses tested. |
Discussion
The results reveal that expertise (β = 0.070, p = 0.370) does have a positive but not significant impact on perceived value. These findings are not in agreement with previously published research as it confirms the significant impact of employee knowledge on customers’ perceived value in a B2C context (Solakis, Pena-Vinces & Lopez-Bonilla 2022; Zygiaris et al. 2022). However, service quality (β = 0.555, p = 0.000) and information sharing (β = 0.209, p = 0.011) do have a positive and significant impact on perceived value. This finding is consistent with research by Kim and Tang (2020), Wijaya, Surachman and Mugiono (2020) and Zygiaris et al. (2022), which established that service quality and information sharing positively influence perceive value. As such, customers’ overall service quality perceptions and perception of information shared with them by their bank directly impact their value perceptions when engaging with service providers (e.g. banks). These findings are grounded within the relationship marketing theory realm arguing that factors such as information sharing and service quality are critical to the fostering of long-term relationships in the future (Dwilianingsih & Indradewa 2022; Fernando & Karunanithy 2015). Similarly, perceived value has a positive and significant impact on both affective commitment (β = 0.434, p = 0.000) and calculative commitment (β = 0.434, p = 0.000). Marketing scholars (e.g. Roberts-Lombard et al. 2022; Van Tonder & Petzer 2018) confirm the positive relationships between perceived value and affective and calculative commitment in multiple contexts. As such, customers’ emotional attachment to their Islamic bank and their views on banks’ costs versus benefits are strongly impacted by the perceived value received from their Islamic bank. Perceived value also has a positive and significant impact on behavioural intention (β = 0.434, p = 0.000). This finding is confirmed by Farzin et al. (2021) and Ojeme et al. (2018), who stated that perceived value and calculative commitment have a positive and significant relationship with customers’ behavioural intentions towards their service providers in different settings. Social exchange theory and relationship marketing theory further also confirm how perceived value and commitment fuel long-term relationships. By emphasising continuous value and mutual benefit, these theories show that strong, enduring connections are built on consistently rewarding interactions and sustained engagement, leading to greater loyalty and investment from both parties (Cook et al. 2013; Roig, Guillén & Coll 2013; Yoganathan, Jebarajakirthy & Thaichon 2015).
Therefore, service quality and information sharing are perceived by Islamic banking customers as drivers of perceived value in South Africa. As such, Islamic banking customers will develop an enhanced perception of the overall value offered to them by their bank if the following aspects are positively addressed by their bank. Firstly, when the overall quality of the service provided by the bank is of a high standard that provides a superior customer experience. Secondly, when information is shared with customer segments on a regular basis to keep them informed of new product developments and service innovation strategies. Furthermore, perceived value is viewed as a stimulant towards strengthening both the affective and calculative commitment of Islamic banking customers. Consequently, when customers perceive the service engagement with their bank to be interactive and of a high quality, and the bank costs are reasonable compared to the overall product and service quality received, their sense of belonging to the bank and willingness to remain with their bank are strengthened.
Considering the discussion above, it can be argued that from a theoretical standpoint, the findings of this study elucidate the relevance of the two selected theoretical frameworks in explicating the relationships among information sharing, service quality and perceived value, as well as the subsequent impact of perceived value on affective commitment, calculative commitment and behavioural intention. The study further investigates how affective and calculative commitment mediates the relationship between perceived value and behavioural intention specifically within the context of Islamic banking customers. This research therefore contributes to theoretical discourse as requested by scholars in marketing such as Van Tonder et al. (2018). Its contribution is contextualised in its proposition of a comprehensive model that delineates the B2C dynamics between perceived value, its antecedents and its outcomes (namely affective commitment, calculative commitment and behavioural intention) within the South African Islamic banking sector. By integrating these theoretical perspectives, the study provides a robust framework for understanding the intricate interplay between perceived value and various forms of customer commitment, thereby offering valuable insights into how these constructs collectively influence customer behavioural intentions. This model not only enhances theoretical understanding but also offers practical implications for strategic management in the Islamic banking industry as referred to in the ‘practical implications’ discussion below.
Theoretical implications
The study proposes numerous theoretical and practical contributions. These are discussed in the subsections below.
Enhanced knowledge of service quality and information sharing as stimulants of perceived value
The study’s findings support the link between service quality and information sharing as antecedents to perceived value. Therefore, understanding service quality and information sharing as precursors to customers’ perceived value is important to foster future commitment, thereby positively stimulating customers’ future behavioural intentions. Perceived value is likely to increase whether customers believe banks deliver exceptional service quality, which stimulates their intent to remain committed to their bank (Van Tonder et al. 2018). The importance of service quality and information sharing as prerequisites to perceived value has been substantiated by numerous B2C research studies in different settings. These studies confirm that when customers perceive the overall quality of the service offered by their provider to be of a high standard, they are engaged in a professional manner that enhances their overall experience and information is shared that contributes positively to the overall decision-making ability of banking customers, they will develop an enhanced perception of the value received from the service provider (Devi & Yasa 2021; Habibi & Rasoolimanesh 2021; Kumari & Biswas 2023; Özkan et al. 2020). However, this research advances understanding of the role of service quality and information sharing in driving customers’ value perceptions by emphasising its importance as stimulants of value creation.
A perspective on perceived value as a driver of affective and calculative commitment
This study’s findings support previous academic research conducted in multiple settings, which perceived that value impacts affective and calculative commitment in the relationship-building process (Indrawati 2021; Krishen et al. 2023; Roberts-Lombard et al. 2022). Scholars, such as Krishen et al. (2023) and Kungumapriya and Malarmathi (2018), have argued that perceived value is a fundamental driver for commitment, highlighting the importance of understanding value as an important driver of commitment. As such, in-depth knowledge of customers’ value expectations in terms of their expectations of positive and engaging customer experiences as well as the cost-benefit ratio towards products and services received becomes increasingly important to stimulate future commitment (Kim & Jindabot 2021; Taleghani & Dlejani 2021).
Accordingly, businesses (e.g. Islamic banks in South Africa) need to develop enhanced knowledge of the antecedents of affective and calculative commitment. This deeper understanding will allow businesses to develop an improved understanding of the stimulants of bank customers’ commitment that drive customers’ intent to remain in the relationship based on a positive cost-benefit analysis and a feeling of belonging to their bank.
A perspective on perceived value, affective commitment and calculative commitment in strengthening behavioural intention
The research results support the role of perceived value, affective commitment and calculative commitment as stimulants to customers’ behavioural intentions (Ahamed & Noboa 2022; Batool et al. 2023; Kungumapriya & Malarmathi 2018). According to scholars like Alzadjal et al. (2022) and Petzer and Roberts-Lombard (2022) perceived value, affective commitment and calculative commitment are important drivers of consumers’ future behavioural intentions.
Nevertheless, more research is required on what drives customers’ perceptions of value and how value is linked to customers’ intent to remain in a relationship with a service provider. Through this study, a greater understanding of customers’ perceptions of costs and their impact on product and service quality perception is secured. Furthermore, the critical importance of service convenience and service engagement foundations of both emotional commitment and calculative commitment is emphasised. These findings align with the research by Rather et al. (2021) and Yesmin et al. (2023) and Karami, Eyüpoğlu and Ertugan (2023), which stated that customers’ relational cost and service engagement perceptions are imperative to stimulating future behavioural intentions.
The practical strategies proposed below to strengthen the overall behavioural intention of Islamic banking customers in an emergent market setting such as South Africa are developed from the items used in the questionnaire. These items are related to the different constructs in the study and reflect a focus on multiple aspects, such as the knowledge and competence of employees, the sharing of banking information with customers in a timely and professional manner, the overall level of service value experienced, the ability to have a feeling of belonging with the bank founded on principles of emotional attachment and economic benefit, as well as an intention to continue using the products and services of the bank in the future. These aspects provided guidance towards the development of the different practical implications referred to in the following section.
Practical implications
To enhance customer service quality and information sharing, Islamic banks (and banks offering Islamic banking windows) should adopt several practical strategies focused on streamlining processes and optimising user experiences. Firstly, banks can significantly improve service quality by simplifying and expediting the account opening process. This can be achieved by integrating account opening functionalities into mobile apps, minimising the number of steps required, implementing digital verification systems and reducing the amount of information needed from customers. Such measures would create a smoother, more efficient onboarding experience. Secondly, banks should focus on refining the online payment experience. A well-designed user interface is essential for facilitating smooth transactions. Incorporating gamification elements and promotional offers can make the payment process more engaging. Additionally, ensuring rapid notifications and swift resolution of errors will enhance customer fulfilment by addressing issues promptly.
To improve information sharing, Islamic banks (and banks offering Islamic banking windows) should focus on enhancing digital communication channels by developing an integrated mobile app and online portal that provide real-time updates and easy access to account details. Personalising communication through data analytics can help tailor interactions based on customer preferences, offering relevant financial advice and updates. Transparency can also be increased by presenting clear, jargon-free information about products, fees and policies using infographics and videos. Finally, leveraging social media for engaging with customers, sharing updates and addressing queries helps in maintaining an active and responsive presence. By adopting these strategies, banks can significantly enhance their information-sharing practices, leading to improved customer gratification and the building of stronger long-term relationships.
Furthermore, Islamic banks (and banks offering Islamic banking windows) should focus more on explaining to consumers the differentiating benefits of their products and service offerings. Banks can increase consumers’ perceptions of value by emphasising the connection of their product offerings with Islamic values as well as focusing on the moral and financial advantages of using the products and services on offer by the Islamic bank. For example, increased marketing communication campaigns can be launched to inform Islamic banking customers that product and service offerings are developed to embrace the religious and financial needs of customer segments. This is especially important since a focus on ethical banking principles that are founded on sharia banking practices (e.g. sharia compliance, an interest-free profit mark-up system, profit and loss risk sharing between the lender and the borrower and Islamic ethical projects and transactions) can positively enhance future relational intent.
Finally, the perceived value perception of Islamic banking customers can be enhanced by offering them competitive interest rates, personalised financial products and exclusive benefits that align with their needs and expectations. Strengthening commitment can involve creating emotional connections through personalised service, engaging loyalty programmes and recognising customer milestones, which foster a sense of belonging and appreciation. It can also entail demonstrating clear, tangible benefits of maintaining the banking relationship, such as cost savings, rewards and convenient services that highlight the practical advantages of staying with the bank. Additionally, banks should ensure a seamless omni-channel experience, where customers receive consistent and high-quality service across digital platforms and physical branches. Implementing regular feedback mechanisms to gather insights and address customer concerns can also reinforce both affective and calculative commitment, thereby stimulating their future behavioural intention in a positive manner.
Conclusion, limitations and areas of future research
The primary aim of this research was to explore the impact of information sharing, expertise and service quality on perceived value, the impact of the latter (perceived value) on affective and calculative commitment, as well as the impact of perceived value and calculative commitment on behavioural intention. The research reveals that both service quality and information sharing have a positive and significant impact on perceived value, that perceived value has a positive and significant impact on commitment (affective and calculative) and that perceived value and both affective and calculative commitment have a positive impact on customer behavioural intention. Consequently, Islamic banks in developing countries must gain an awareness of the elements that contribute to the service quality, perceived value, affective commitment and calculative commitment of banking customers, subsequently determining their long-term commitment to a given bank.
The research is constrained in that only three antecedents of perceived value are investigated in a single service setting, namely expertise, information sharing and service quality on affective and calculative commitment, and then the relationships between perceived value, affective commitment and calculative commitment are investigated as well as the relationships between affective commitment, calculative commitment and behavioural intention. Nevertheless, the study provides detailed insights into the antecedents of perceived value and calculative commitment in an Islamic banking environment, as well as the extent to which calculative commitment drives behavioural intention. Future research could explore different factors influencing perceived value or investigate affective and calculative commitment as mediators in diverse industry contexts or comparative studies across emerging markets in various geographical locations. Additionally, further studies could enhance the current model by comparing perceptions of Islamic banking customers in both established and emerging markets. Also, studies in marketing could also delve into understanding how perceived value and/or affective commitment can influence consumers’ behavioural intentions across different sectors such as retail, travel and tourism, insurance and healthcare schemes.
Acknowledgements
Competing interests
The authors declare that they have no financial or personal relationships that may have inappropriately influenced them in writing this article.
Authors’ contributions
M.R-L., A.V., I.B., and R.C. all contributed on an equal basis to the research study.
Funding information
This research received no specific grant from any funding agency in the public, commercial or not-for-profit sectors.
Data availability
The data set is available from the corresponding author, M.R-L., upon request.
Disclaimer
The views and opinions expressed in this article are those of the authors and are the product of professional research. It does not necessarily reflect the official policy or position of any affiliated institution, funder, agency or that of the publisher. The authors are responsible for this article’s results, findings and content.
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