Role of trust and satisfaction in consumer decision making in the industry of financial services

Dubinyuk, Yuliya
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Industry of financial services, similar to many other industries, has been experiencing a lot of changes within the past decade due to the introduction of the distractive innovation - Internet technology. This, along with the need for more sophisticated methods that allow sustainable growth, directed researchers' and business strategists' attention toward exploring relationship marketing concept and consumer decision making models and finding factors that make the most impact on consumers' final choices. This study proposes a model which includes trust and satisfaction with brokers' services as the two main factors which affect consumers' choice of a channel of the financial services. Even though, studies found during the literature review which were conducted by a number of scholars in the fields on marketing, management, economics, sociology and organizational behavior suggested that variables of competence, integrity, responsiveness, and consistent values had influence on trust and satisfaction in a consumer-services provider relationship, findings of this study showed that only integrity had a statistically significant effect on factors of trust (positive) and dissatisfaction (negative). Competence was found to be negatively affecting only consumers' dissatisfaction with a broker. In the end, both low trust and dissatisfaction were found to result in consumers' intent to use an online channel. Dissatisfaction with a broker was also found to be positively related to consumers' use of an online channel of financial services.