Customer Well-Being in Banking Industry: Conceptualization and Antecedences

The current study aimed to apply the psychological life space theory to provide a comprehensive framework for the conceptualization of customer well-being in the banking field. A grounded theory including open, axial, and selective coding was employed. Theoretical sampling was applied to select candidates for an in-depth interview, and data gathering was done by purposive sampling followed by selective sampling. By following a qualitative approach, a deeper insight was provided about the role of banks in different domains of customers' lives. The obtained results revealed that primary brand associations could enhance customer well-being by affecting six subdomains of customers' lives, including consuming, social, communal, business, religious, and daily life spheres. Besides, it was found that five different images, namely, brand image, self-image, user image, bank's employee image, and bank's competitor image inside customers' mind, could contribute to the changes in the customer well-being. This study contributes to the literature by proposing a new framework including new concepts and consequently, new relationships. Finally, managerial implications along with limitations are discussed.