Towards a co-creation framework in the retail banking services industry: a cross-cultural analysis

Abstract

An underlying theme in modern marketing is the notion that value is not solely created within the boundaries of the firm, it is created co-jointly with outside parties. This paper aims to study the outcomes of co-creation from a customer perspective. Specifically, it examines the effects of co-creation on customer satisfaction, loyalty and word-of-mouth (WOM) within the banking services industry. Furthermore, we consider potential differences between consumers from Spain and the UK, thus incorporating cross-cultural aspects in our research. The research demonstrates that firms should not only respond to the differences that exist within different cultural contexts and incorporate these in co-creation initiatives; more importantly, firms should undertake co-creation activities themselves as these can result in customers who are more satisfied, loyal to the company and more likely to carry out positive WOM, which can ultimately lead to new customers.