Customer Experience and Its Marketing Outcomes in Financial Services: A Multivariate Approach

The purpose of this paper is twofold: first, to validate the customer experience quality (EXQ) scale in Indian sector, across financial products in Indian settings. And second, to assess EXQ impact on the marketing outcomes, that is customer satisfaction, word-of-mouth, loyalty intentions and service value. The respondents comprised of customers of Jammu City, India, who have experienced one of the three services, that is Banking or Insurance or Investment from the public and private sectors. The customer experience quality scale is assessed through validity and reliability analysis assuring the validation of EXQ scale in Indian settings. It is validated as four-dimensional scale, that is peace of mind, moment of truth, outcome focus and product experience. Also, the findings suggest that all the four individual dimensions have positive and significant impact on the marketing outcomes. First, the study is based on three financial services such as banking, investment and insurance only, and for further research, it is suggested to adopt other services comprehensively to understand customer experience from their perspective. Secondly, the major limitation of the research is related to the presence of subjective responses of the customers with respect to customer experience constructs in the study. This study contributes to the extant marketing literature by validating the domain of consumer experience quality in financial service sector operating in emerging economies, that is India, and its impact on marketing outcomes.