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Article

SERVQUAL to Determine Relationship Quality and Behavioral Intentions: An SEM Approach in Retail Banking Service

by
Most. Nirufer Yesmin
1,
Saiful Hoque
2,
Md. Alamgir Hossain
1,
Nusrat Jahan
3,
Yuantao Fang
4,
Renhong Wu
5,* and
Md. Jahangir Alam
6
1
Department of Management, Hajee Mohammad Danesh Science and Technology University, Dinajpur 5200, Bangladesh
2
Department of Mass Communication and Journalism, University of Dhaka, Dhaka 1000, Bangladesh
3
Department of Management Studies, Rabindra University Bangladesh, Sirajgonj 6770, Bangladesh
4
Department of Business, Ningbo University of Finance and Economics, Ningbo 315175, China
5
School of Management, Kyung Hee University, Seoul 02447, Republic of Korea
6
Department of Business Administration, Leading University, Sylhet 3112, Bangladesh
*
Author to whom correspondence should be addressed.
Sustainability 2023, 15(8), 6536; https://doi.org/10.3390/su15086536
Submission received: 26 January 2023 / Revised: 15 March 2023 / Accepted: 6 April 2023 / Published: 12 April 2023
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Abstract

:
Purpose—The aim of the study was to visualize the impacts of the service quality dimensions under the SERVQUAL model regarding the relationship quality and behavioral intentions of consumers in the retail banking services of Bangladesh. Design/Methodology/Approach—In this study, a structured questionnaire was used to conduct a survey, and 234 valid data samples were collected for the quantitative analysis. The measurement and structural models were used to explore the hypothesized connections among variables using the structural equation modeling (SEM) approach. Findings—The empirical results of this research indicated that SERVQUAL dimensions (tangibles, reliability, empathy, assurance, and responsiveness) seemed to be highly valued for measuring service quality. The service quality influences the quality of relationships and behavioral intentions. The relationship quality has a significantly positive impact on behavioral intentions and a mediation effect on service quality and behavioral intentions. Originality/Value—The aim of this research was to develop an advanced connection between relationship structural equation models and managerial implications as a reference and an application for the banking industry.

1. Introduction

The banking industry significantly contributes to the development of the economy of any country [1], and the banks in Bangladesh have been steadily and rapidly developing; simultaneously, the financial growth of the country has increased [2]. Currently, the banking system consists of 60 recognized banks: 6 state-owned institutions, 3 specialized establishments, 9 foreign bodies, and 42 private banks are presently working in Bangladesh, along with 5 non-scheduled banks, most of which provide retail banking services [3]. The banking system plays a vital role in the economy by providing a service for individuals who wish to save, and it also has the equally important task of offering financing for businesses [4]. At the end of December 2020, the banking sector’s total assets stood at BDT 18,406.0 billion, which was 12.9 percent higher than those of the previous year, and the total banking sector deposits stood at BDT 13,797.9 billion in 2020, which was 13.6 percent higher than the BDT 12,145.3 billion in 2019 [5].
In the context of service quality (SQ), the banking industry is competing in terms of its development scale, capital resources, distribution network, and technology to ensure consumer satisfaction. Furthermore, both practitioners and academicians recognize SQ as a contributor to consumer satisfaction and market share [6,7,8]. Undoubtedly, the quality of customer satisfaction in banking services has a sophisticated link with the manner of the evaluation of SQ [9]. Hence, an excellent level of SQ needs to be provided by the banking personnel in order to establish and sustain customer satisfaction. Chen and Shen [10] described the SQ as representing the consumer’s satisfaction with services that could be ascertained by the differences between the experience and previous expectations. The SQ measurement in the banking area generally focuses on two variables: purposeful quality and technical quality [10,11]; these are also accompanied by several factors regarding relationship quality (REQ) and behavioral intentions (BVI). A thorough review of the service marketing literature demonstrates that the majority of the prevailing connections between SQ and customer loyalty are based on samples obtained from developed Western countries. Interestingly, this study anticipates that SQ characteristics dominate both the REQ and BVI.
Previous researchers have empirically analyzed the interrelationships among some marketing constructs (e.g., SQ, customer satisfaction, perceived value, corporate image, and switching costs) and BVI in the banking industry by using “partial” models [12,13,14]. Moreover, several studies have been accomplished on SQ in the banking industry using the SERVQUAL model and one of its derivatives [15,16,17]. On the contrary, some studies have been criticized on both theoretical and operational grounds for using the SERVQUAL model [18,19]. In addition, Ranasinghe’s [20] studies have adapted the SERVQUAL model, despite problems associated with its dimensionality and its strength in various contexts, to measure SQ. However, there are still some limitations; for example, this model is not designed to include all possible influences on consumer decision making in the banking sector. Consequently, our study explores empirical support for the use of a SERVQUAL modeling approach to SQ, as perceived by retail bank customers in Bangladesh. Generally, the SERVQUAL model (with five dimensions: tangibles, reliability, empathy, assurance, and responsiveness) is the most extensive model for globally evaluating SQ around in numerous domains [17,21].
Clients have more power than ever before due to better education and easy access to banking systems. For this reason, people expect more amenities from the products and services they require [22]. Customer satisfaction and loyalty are extensively identified as a consequential source for all financial services in the banking industries, which are currently assigned to the dimensions of SQ, customer satisfaction, and customer loyalty for businesses in the services sector [23]. Researchers have experimented with the impact of SQ dimensions and the construct of consumer satisfaction, with the most supporting evidence of the significant contribution quality of service in predicting customer satisfaction [24,25]. A limited number of studies have been conducted to examine the relationship between different SQ dimensions and self-reported loyalty intentions, particularly those based on consumers’ decision-making processes in emerging countries [26]. Ryu et al. [27] show that customer perceived value is indeed a significant determinant of customer satisfaction, and customer satisfaction is a significant predictor of BVI. However, Estrada et al. [28] found that the REQ is a concept consisting of trust, satisfaction, and loyalty. In addition, Parasuraman et al. [29] also explored the connection between SQ and REQ. The SQ is one of the elements that drive customers [30] and is associated with efficient BVI [31]. Similarly, Kusumawardani [32] and Rajaguru [30] stated that SQ could encourage customers to repurchase and recommend services, and consequently, it can be inferred that SQ impacts BVI. Depending on the prior research, this study’s objective is to investigate the connection between SQ, REQ, and BVI and also evaluate the effect of SERVQUAL on REQ and BVI in retail banking service, which is discerned by structural equation modeling (SEM).
Therefore, the literature has discussed the impact to observe the numerous antecedents to SQ, REQ, and BVI. Through this extension, the study addresses these research questions:
(1)
How do SQ dimensions under the SERVQUAL model influence REQ and BVI in retail banking?
(2)
How does REQ directly affect BVI and mediate the association between SQ and BVI?
This paper consists of the following: after this introduction, the subsequent section surveys the prior literature and presents the hypothesis that perceived SQ has a substantial influence on REQ and BVI. The next section recounts the methodology of the empirical investigation of retail banking services using the SEM approach, and the sampling procedure and the composition of the questionnaire are presented. The paper then provides the results of the empirical study and concludes with a discussion of its major limitations and implications, along with future research directions.

2. Literature Review

2.1. Service Quality (SQ)

SQ is a perfection characteristic, and it is predicted to be supported by broad-based exploration studies such as those proposed by Parasuraman et al. [7]. The SQ dimension approach SERVQUAL is used to evaluate the expectations of consumers before using the service [33]. Additionally, Parasuraman et al. [7] developed the widely accepted measures of SQ, which consist of 10 dimensions (e.g., tangibility, reliability, responsiveness, communication, credibility, security, competence, courtesy, appreciation, and access), and these 10 dimensions later redefined into 5 beneficial dimensions [29] (e.g., tangibility, responsiveness, reliability, assurance, and empathy). Several kinds of research have centered on accessibility, discrimination, regulations, and the model of RSS (residual sum of squares) to determine SQ and consumer satisfaction [34,35,36]. With the increasing significance of services and the development of competition, both customers and managers should pay specific attention to SQ [37]. Using the SERVQUAL model, Abdelghani [38] described that responsiveness, assurance, and empathy are the three essential dimensions that customers always consider when measuring SQ. Consequently, SQ is an essential approach for research and applications that regulate the dimensions and objects of the SERVQUAL model. This paper uses the SERVQUAL model with five dimensions (e.g., tangibility, responsiveness, reliability, assurance, and empathy), which are modified depending on the questionnaire design.

2.2. Relationship Quality (REQ)

REQ is the dimension that measures customer satisfaction over time, with the average partnership determined by product quality, SQ, and value for the money [39]. A study by ref. [40] determined that REQ is a second-order aspect that impacts emotional and calculative engagement, and this research used the REQ dimension to develop the questionnaire in the retail banking environment. The REQ construct is also significant in relationship marketing literature because no single relational mediator can efficiently capture the whole abstract of the connection between industry and consumer satisfaction [41]. Likewise, in this study, REQ is measured through fundamental dimensions such as satisfaction, confidence, and dedication.

2.3. Behavioral Intentions (BVI)

BVI in standard and digital environments are fairly comparable to repurchase intentions and effective word-of-mouth [42]. Bakar et al. [43] described that BVI allows clients to stay with their leading bank over a long duration by using proper banking methods as indicators of customer retention (e.g., repurchasing and recommendation, WOM communication, and intention to purchase) to measure the approach. In addition, Kim and Yang [44] expressed that elements of internal and external behavior determination have a tremendous impact on repurchase intentions and loyalty, which specially referred to maintaining loyalty in any product promotion for attracting and enhancing the customer’s repurchase intentions. If a consumer has a desirable intention that is loyal to a product, brand, and organization, they will be inclined to share this with others [44]. Thus, dimensions of loyalty in this paper illustrate the consequences of consumer BVI regarding whether service companies and clients have a beneficial relationship.
Table 1 presents research on the theory or model of SERVQUAL around the world, together with the purpose of the cited study, the context, and the major findings therein.

3. Hypothesis Development

To deal with robust competition, the SERVQUAL model is a significant model for measuring the banking SQ that consists of six dimensions: effectivity and security, access, price, tactility, portfolio service, and reliability [49]. Meanwhile, considering the dimensions of SQ and the bank customer’s satisfaction, our study concluded that five dimensions (e.g., tangibility, responsiveness, reliability, assurance, and empathy) of the SERVQUAL model [29] have a statistically essential impact on consumer satisfaction, BVI, and REQ. In the first dimension, the tangibles are made up of the real-world facilities, tools, and employees of the company. In contrast, reliability refers to the performance of services as promised. Additionally, responsiveness assures timely assistance to consumers, and assurance is the efficiency of the personnel of an organization in conveying self-assurance and confidence. Lastly, empathy requires a company to put itself in the shoes of its customers [50].
Ultimately, the SQ dimensions of tangibility, reliability, assurance, responsiveness, empathy, access, financial aspects, and employee competencies are utilized to evaluate the effect of the development of the SQ of the banking service on customer satisfaction [17,33]. Hadid et al. [51] investigated the relationship among the five dimensions of digital banking service quality (reliability, tangibility, empathy, responsiveness, and assurance), customer satisfaction, and loyalty in the commercial banking sector in order to increase banking digitization strategies and developments. To conclude, Othman et al. [52] and Kumar [16] found that dimensions of SQ such as reliability, responsiveness, and customization have an advantageous effect on the general consumer satisfaction of banks and their individual consumer satisfaction elements. Boshoff and Du Plessis [53] contend that SERVQUAL permits an organization’s consumers to provide comments regarding their satisfaction with the service and offers an insight into the service performance of the organization. This information can then be used as a benchmark for enhancing the SQ. From the discussion above, hypotheses H1 can be posited:
H1. 
Tangibility (H1a), reliability (H1b), empathy (H1c), assurance (H1d), and responsiveness (H1e) are the key dimensions of retail banking SQ.
In order to survive in the current competitive world, specifically in the service sector, banks need to appear more creative; to increase the effectiveness in the market, organizations must enhance their overall service performance [54]. Moreover, Crosby et al. [55] explained that service company professionalism has a tremendous influence on REQ. Kim et al. [54] described tangible and intangible predictors of REQ and even observed the appreciation of the equity rate that influences client confidence and satisfaction. The company relationship is promoted when the consumer’s perceptions of SQ are high and BVI is favorable [55,56]. In contrast, when the realization of SQ is low, the BVI of consumers is unfavorable [55]. Tran [57] confirmed that SQ influences the experience values, REQ, and BVI. In addition, Tran and Le [44] suggested that consumers’ positive BVI come from their satisfaction, while this satisfaction provides the impact of the proper SQ. Thus, the findings add value to the assertion of Cronin et al. [58] that SQ and satisfaction can all be directly connected to BVI, if all of these dimensions of the service company (tangibles, reliability, responsiveness, assurance, and empathy) are taken into account at the same time. Roberts et al. [59] also demonstrated that SQ is positively connected with REQ and BVI. Based on the literature, it is hypothesized that SQ will have an effective influence on REQ and BVI. Based on these scenarios, this study proposes hypothesis H2:
H2. 
SQ has a significant positive impact on REQ and BVI.
In many studies, satisfaction has been revealed to be correlated both directly and indirectly with SQ and BVI. REQ often mediates between the consumer’s perception of SQ and BVI [18,58]. Roberts et al. [59] observed that REQ is not only positively correlated with BVI, but is also better than SQ in predicting BVI, which similarly reflects its significant difference with SQ [57]. Likewise, Lee et al. [60] found that relationship-marketing investment had a significant impact on REQ, which affected BVI. The indirect consequences of SQ and value constructs have an increased influence on BVI, particularly regarding the relationship between SQ, consumer satisfaction, and BVI, for which consumer satisfaction is a necessary mediator [58]. While satisfaction was found to be an effective predictor of BVI, as it illustrates a conventional assessment and customary attitudinal assembly [61], the appreciation of the connection between SQ and the BVI was less concrete. Additionally, Woodside et al. [62] observed an indirect relationship between SQ and BVI. However, Howat and Assaker [63], in an outside aquatic center context, observed that satisfaction completely mediates the influence of perceived quality on BVI. As mentioned earlier, in the standard service context, some researchers have described the connection between SQ and BVI, while others have examined the relationship between REQ and BVI. It must be clarified whether the REQ can convey the positive influence between SQ and BVI in regards to the performance of retail banking, on which the H3 hypothesis is based, as follows:
H3. 
REQ has a significant positive impact on BVI and has a mediation effect between SQ and BVI.

4. Research Methodology

The current study is empirical and exploratory. The approach used quantitative data, which was required for descriptive research and was generally primary. First, exploratory research was performed to acquire in-depth expertise regarding the SQ, REQ, and the BVI of customers in the retail banking services of Bangladesh. The literature section of the paper is generally based on secondary information gathered from various websites and journals. Next, descriptive research was undertaken to analyze the data, as the descriptive research format has been beneficial in accomplishing the determined research goals [64].

4.1. Survey Procedures and Data Collection

As this paper is primarily based on hypothesis testing, a quantitative approach was adopted, and the online survey method was used, with a structured questionnaire for data collection. The online survey has become a popular, realistic, and dependable research tool; hence, this study developed a Google Docs Forms to collect the primary data [65] because of the time limit as well as cost constraints to develop the research. The questionnairewas a voluntary survey conducted in December 2019. However, we stated at the beginning of the questionnaire that participants’ responses would be kept strictly confidential and would only be used for research purposes. Moreover, participants were completely free to opt out of submitting a response, if they wish to withdraw their submission. The self-administered questionnaires were then disseminated online, and data were accumulated over two weeks, accompanied by preliminary data screening and successive data cleaning; a total of 234 valid samples were used for the major research. The survey of the retail bank’s SQ was adapted from the SERVQUAL framework by Parasuraman et al. [29]. All items were measured on a five-point Likert scale, ranging from 1 (strongly disagree) to 5 (strongly agree), and were used to measure REQ and BVI [55,58,66].

4.2. Data Analysis

Data analysis was performed with AMOS and SPSS software; first, descriptive statistics, including the mean, standard deviation, reliability, and correlation analysis, were determined with SPSS. Then, the relationship between SQ, BVI, and REQ was determined via correlation analysis. Additionally, multi-group structural equation modeling (SEM) helped us to comprehend whether the consequences were extensively distinctive in any way relative to SEM. For research purposes, the variables were divided into independent variables, particularly REQ, BVI, and SQ.

4.3. Demographic Results

The demographic of respondents included 77% women and 23% men. Among them, 88% of respondents used the traditional banking system, and 12% utilized the Islamic banking system. Overall, 56% of respondents employed state-owned banks, and 43% used privately owned institutions.

5. Empirical Results

5.1. Common Method Variance

We investigated common method variance (CMV) to guarantee the study’s validity because the data we collected were both perceptual and from a single source. The antecedents of both regressive and explanatory models may be over- or under-estimated as a result of CMV issues. In order to evaluate CMV issues, this study used Harman’s single-factor test. If all indicators come under one concept, or if that construct accounts for the majority of the variance in the data, CMV problems may occur. Nonetheless, the test findings showed that the first component accounted for 37.7% of the variance, and several factors had eigenvalues larger than one, indicating that any CMV issues had been resolved.

5.2. Testing of the Measurement Model: Construct Reliability and Validity

The measurement model results are described in Figure 1 and Table 2, whichwereexamined using SPSS and AMOS-24. This survey used CR (composite reliability) for measuring the degree to which the objects were free from random error and consequently, yielded constant outcomes, which were then used to evaluate the reliability. The CR in this study measurement model ranged from 0.695 to 0.886. According to previous research, the element of convergent validity was loaded properly greater than 0.60 and the extracted average variance component was not less than 0.50. As proven in Table 2, all items contained substantial aspect loads of more than 0.60. In this study, the extracted average variances ranged from 0.467 to 0.661, revealing sufficient convergent validity. Regarding the research dimensions, we conducted pre-test questionnaires and applied SPSS statistical analysis to determine the coefficients. The coefficient alphas for SERVQUAL measures (five dimensions: tangibles, reliability, responsiveness, assurance, and empathy) were 0.869, 0.773, 0.755, 0.720, and 0.662, respectively, while the scores for REQ, α = 0.886, and BVI, α = 0.873, were both greater than 0.7; therefore, the measurement of the reliability dimensions of SERVQUAL, REQ, and BVI were determined to be acceptable.

5.3. Model Fit Testing

This research evaluated the model fit of (the measurement model before the analysis of the structural model The following measurement model (Table 3) is performed well, as all indices values determined by a standard fit of the measurement model (CMIN/DF = 1.848, RMSEA = 0.060, CFI = 0.940, TLI = 0.927, and AGFI = 0.829).

5.4. Hypothesis Testing

After proving the quality, reliability, and validity of the measurement model, this research created a structural model (see Figure 2). Using the structural model, the estimated model fits (Table 3) the data moderately well, with values of CMIN/DF = 1.928, CFI = 0.930, AGFI = 0.829, TLI = 0.920, and RMSEA = 0.063, all of which are acceptable. The suitability of the model, as indicated through these indexes, was regarded as satisfactory, since the structural model explained 22% of the variance in the relationship quality and 37% of the variance in the behavioral intention of the retail banking customers. The results suggest that the standardized directional coefficients or t-values are correlated with the hypothetical relationships. All hypotheses results were supported (Table 4), which were analyzed by using AMOS to test the SERVQUALmodel. Table 4 shows the testing results of the hypotheses and the estimated SEM. First, it is clear from this table that TAN (β = 0.84, p < 0.001), REL (β = 0.58, p < 0.001), EMP (β = 0.705, p <0.001), ASS (β = 0.736, p < 0.001), and RES (β = 0.579, p < 0.001) were positively associated with SQ, consequently indicating support for hypotheses H1a, H1b, H1c, H1d, and H1e. Second, the influence of SQ on REQ was substantial (β = 0.919, p < 0.001), which supports H2a. Moreover, the influence of SQ on BVI was significant (H2b; β = 0.313, p < 0.01), and the impact of REQ on BVI was also important (β = 0.698, p < 0.001); thus, H3a was accepted. Finally, the advantages of SQ, REQ, and BVI were tremendous (β = 0.64, p < 0.01); thus, H3b was additionally mediated. Here, it was found that REQ mediates the connection between SQ and BVI. This result suggests that SQ, REQ, and BVI are significant determinants of a banking system; similarly, the practical consequences illustrated that SQ and BVI indirectly influence REQ. Table 4 provides a summary of the hypothesis testing.

6. Discussion and Implications

The acceptance of hypotheses H1a, H1b, H1c, H1d, and H1e indicated that the dimensions of tangibles, reliability, responsiveness, assurance, and empathy of the SERVQUAL model had an essential impact on the level of satisfaction with the quality of retail banking services. Similarly, this finding was supported by the previous study of Pakurár et al. [17], Hadid et al. [51], and Othman et al. [52]. In a business environment, banks should focus their endeavors on enhancing the dimensions of the SERVQUAL model, and the SQ has become an important strategy for measuring the REQ and BVI. The scale of the SERVQUAL model is sufficiently reliable if all constructive dimensions are saved and the consequences are statistically essential, leading to valuable insights contributing significantly to the discipline of marketing and human behavior [46]. According to the results, it was identified that the five dimensions of the SERVQUAL model are essential components of SQ in the retail banks of Bangladesh.
Some prior research (e.g., Akintan et al. [55], Tran [57], Tran and Le [46], and Roberts et al. [59]) has supported this result, showing an essential connection among SQ, REQ, and BVI. This fact suggested that hypotheses H2a and H2b are accepted. SQ is considered an essential part of organizational advancement, where SQ represents the effort made by a company through the combination of the needs and desires of customers and the accuracy of its delivery in terms of balancing or exceeding the expectations of these customers [55]. From the result, it can be determined that the research targets are achieved, and the SQ, REQ, and BVI are positively and essentially connected.
This study has shown the REQ is significantly connected with BVI, as was hypothesized in H3a. Some prior research (e.g., Lee et al. [60] and Roberts et al. [59]) has supported this result, noting that REQ is an essential driver of future intended repurchasing behavior and the intention to use particular banking services.
Concerning mediating or indirect effects, the results found mediation between the studied interactions. The implication of SQ on BVI was indirect [62] and entirely mediated through REQ; this fact suggests that hypothesis H3b has been mediated. Several prior studies have presented incompatible results regarding the nature of the connection between SQ and BVI, with researchers recommending that SQ could influence consumer BVI by REQ directly, indirectly, or both [57,58,62]. These outcomes are consistent with those of Howat and Assaker [63], who emphasize that REQ has an integral intervening role in the mediated connection between SQ and BVI. Hence, the conceptualization of BVI is a crucial part of the model in terms of measuring SQ and specifically, the SQ has a direct influence on the REQ.

6.1. Theoretical Implications

The study findings may additionally contribute to the area of retail banking service theoretically, methodologically, and practically. In the case of the theoretical contribution, this research uses the SERVQUAL model that enriches and improves the literature in terms of our understanding of SQ, REQ, and BVI.
From a methodological perspective, the use of SERVQUAL dimensions in analyzing the SEM approach provides future researchers with some insights regarding research design. For this reason, 234 valid data samples were collected via a structured questionnaire; the SPSS and AMOS software was applied to evaluate the collected data. The study findings validate all variables, along with the concept of the measurement scales used to analyze the retail banking service. As a result, the paper provides a rigorous understanding of the influence of SQ on REQ and BVI from the perspective of the retail banking industry in Bangladesh.
The study findings have theoretical implications in that the SQ is significant for the organization of banking services and BVI to meet client expectations and goals. From this study, it is evident to us that these five elements (tangibles, reliability, responsiveness, assurance, and empathy) have a potential impact on the retail banking services of Bangladesh. The conception of SQ is not consistently applied to all types of organizations, for example, the type of service in the aviation sector is different from that in the banking sector, but SQ and BVI are prerequisites for both the sectors. Therefore, our study can create a search of the whole service industry regarding further study on basis of their respective service types.
Furthermore, this study can motivate policymakers and high officials to pursue a conceptual and structural change over the traditional SQ and BVI, since the SERVQUAL dimensions seem to be more satisfactory to the customers. If a retail bank wants to extend its branch network, the bank should concentrate on the SERVQUAL model dimensions, rather than on client satisfaction. Elements such as REQ and BVI are also more influential for new branches that already have many retail bank clients. As a result, our study can be a guideline for researchers, academicians, and policymakers to contribute to the knowledge base and SQ improvement. Additionally, these research findings develop strategies for retail banking service providers that promote positive BVI and REQ, encouraging consumer satisfaction and avoiding negative responses.

6.2. Managerial Implications

From a managerial aspect, the current study’s results have implications for the management of retail banks in Bangladesh and have an essential influence on banks in terms of improving SQ, REQ, and BVI. Consequently, managers should consider responses to the five dimensions of SERVQUAL (tangibles, reliability, responsiveness, assurance, and empathy) to increase REQ, BVI, and customer satisfaction in the retail banking system. These findings may additionally assist managers in constructing and implementing business programs to increase SQ.
According to the latest annual report of Bangladesh banks, 35% of the people in the country do not use any banking services, which is considered a major drawback for attaining an inclusive economy. The SERVQUAL model can create a positive perception of the people regarding banking services, which may encourage them to participate in the formal banking system. In addition, Bangladeshi commercial banks offer almost similar types of products and services at a similar price, so there has not been enough room to gain competitive advantages using the diversified products and prices. Here, quality service can be the most productive instrument for harvesting competitive advantages. These study results will create a standard in which SQ will represent an essential decision-making criterion for customers.
Practically, bank managers may also gain insights to improve the experience of their consumers with respect to the SERVQUAL dimensions and reduce service-related deficiencies, with a particular focus on the reliability and assurance dimensions. On the contrary, if managers prefer to enhance the discretion of BVI, they will not only target SQ enhancement, but they should also engage in thorough strategic planning to improve their REQ.

7. Conclusions

Bangladesh is acknowledged as an emerging developing country, and the current banking system is one of the predominant service-providing sectors. This research answered the following research questions: RQ1: Under the SERVQUAL model, how do SQ dimensions influence REQ and BVI in retail banking? RQ2: How does REQ directly affect BVI and mediate the association between SQ and BVI?
This research aims to visualize the impacts of the SERVQUAL model on the REQ and BVI of customers using the retail banking services of Bangladesh. The interconnectivity between variables in the research model shows the significance of this paper. This research result confirmed that all eight hypotheses were upheld, and one was mediated; this shows that SQ has an indirect influence (0.64) on the BVI via the REQ. However, it can be concluded that, in the banking industry of Bangladesh, the customer’s BVI, REQ, and quality of service are governed by the recognition of these items by the banking system.
While the current study results are in significant agreement with the above literature, even so, there are some limitations and guidelines for future research.

Limitations and Further Research

While this research contributed significantly to the literature, it has some limitations. Firstly, only SERVQUAL dimensions are used to explore the SEM method regarding retail banking service satisfaction in Bangladesh. Thus, future studies should include other SERVQUAL dimensions, or work could be performed on the extension of SERVQUAL dimensions.
Secondly, this research is focused on one type of service in the retail banks of Bangladesh, and an essential issue for future researchers would be to compare the retail banking system with that of other conventional banks in the Bangladeshi market. According to terms of the banking policy and participants, REQ and BVI may be separate in other countries, so researchers should exercise some caution when citing these findings in other settings.
This research was limited to the observation of the connections between BVI, REQ, and SQ, so other extensive variables (such as consumer loyalty, consumer satisfaction, perceived value, and company image) may be introduced to the hypothesized research model in future work. This study was focused on retail banking services, and it is suggested that other banking and e-banking services may be integrated into the study to enable the better generalize the results. It is expected that this study will include a more in-depth exploration by incorporating various variables and increasing the diversity of the variables examined, which is likely to improve research models and modern problems and be supported by theoretical principles.
Finally, the direct connection among the dimensions of SERVQUAL, BVI, and REQ was not observed in this paper, since the essential part of this research investigated the direct and indirect relationship among SQ, BVI, and REQ. Consequently, future studies should investigate both direct and indirect relationships among the dimensions of SERVQUAL, BVI, and REQ. Thus, these limitations can provide some directions for additional research. In the future, it is hoped that future research will be able to use this study as basis to improve subsequent studies with specific models or scales to acquire various results.
Furthermore, the banking sector of Bangladesh is suffering from a deposits crisis, bad loans, and various frauds over the last decades. These problems are quite deep, especially for the new generation banks. There are a few banks that specifically reflect these problems, whereas nowadays these banks are trying to build a new image for retrieving from this crisis. To this end, the five key dimensions of SERVQUAL (tangibles, reliability, responsiveness, assurance, and empathy) could reveal a pathway to solve this crisis. By applying these elements, the managers, as well as employees, will be granted the opportunity get to know their customers well, which will lead to the development of fruitful policies regarding customer activities, including deposits, loans, and other services. In this way, customers will find the bank’s services to be satisfactory and will be more attracted to the bank, which will also reduce the job stress of the bank managers.

Author Contributions

M.N.Y. and R.W. designed the study and drafted the initial manuscript. M.A.H. and N.J. collected the data, performed statistical analyses, and drafted the initial manuscript. Y.F., S.H. and M.J.A. contributed to the revised manuscript. All of the authors discussed the results and contributed to the final manuscript. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Institutional Review Board Statement

Not applicable.

Informed Consent Statement

Informed consent was obtained from all subjects involved in this study.

Data Availability Statement

The data used to support the findings of this study are available from the corresponding author upon request.

Conflicts of Interest

The authors declare no conflict of interest.

References

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Sustainability 15 06536 g001 550
Figure 1. Measurement model.
Figure 1. Measurement model.
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Sustainability 15 06536 g002 550
Figure 2. Structural model.
Figure 2. Structural model.
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Table
Table 1. Review summary of significant studies.
Table 1. Review summary of significant studies.
AuthorsPurposeCountry and ContextDimensionsEssential Findings
Veloso and Sousa [45]This paper determined customer satisfaction and loyalty, as well as the relationship with the perceived quality of service in traditional retail stores and proposed a conceptual model to analyze whether perceived SQ (five dimensions of SERVQUAL) directly contribute to customer satisfaction and customer-perceived value.South and Island regions of PortugalSQ, customer loyalty, Portugal, retail stores, consumer behaviorThe findings show that SQ significantly influences corporate image, perceived value, and customer satisfaction. Furthermore, perceived value and quality of service are the main determinants of customer satisfaction. Additionally, customer satisfaction, corporate image, and perceived value significantly affect BVI towards the act of buying.
Ranasinghe [20]The empirical research aimed to determine the relationship between SQ and customer loyalty with special reference to state banks.Sri LankaCustomer loyalty, SQ, reliable, empathy, accuracy, responsivenessThe results show the significant impact of the service tangibility dimension and customer loyalty; they also indicate that the service reliability dimension is the most effective connection to customer loyalty.
Tran and Le [46]This research examines the association among product quality, SQ, perceived value, customer satisfaction, and BVI.VietnamProduct quality, SQ, perceived value, customer satisfaction, BVIThe findings illustrate the direct relationship between product quality and perceived value regarding customer satisfaction and BVI. For the indirect path, SQ has a positive influence on BVI through customer satisfaction.
Mpwanya and Letsoalo [47]The study explores the relationship between SQ, customer satisfaction, and BVI in South Africa’s mobile telecommunications industry.South AfricaSQ, customer satisfaction, and BVIThe results demonstrate that tangibles, customer relations, real network quality, and image quality, as well as customer satisfaction, are meaningfully correlated in the South African mobile telecommunications industry, additionally showing the connection between the constructs of SQ, reasonably influencing customer satisfaction.
Boonlertvanich [48]This study aims to create a comprehensive model representing the connections among SQ, customer satisfaction, trust, and loyalty in retail banking service.ThailandSatisfaction, trust, SQ, loyalty, customer wealth, main-bank statusThe results show that customer-perceived service quality directly and indirectly affects, via satisfaction and trust, attitudinal and behavioral loyalty. SQ influences customer loyalty less if the customer holds main-bank status.
Bakar et al. [43]This paper uses comprehensive hierarchical modeling to synthesize the effects of SQ, customer satisfaction, perceived value, corporate image, and switching costs on the BVI of retail bank customers.MalaysiaRetail banking, Structural equation modeling, BVI, comprehensive hierarchical modelingThe results explain that customer satisfaction is the most significant element of BVI, followed by switching costs, corporate image, and perceived value. SQ is indirectly related to BVI, and customer satisfaction mediates the relationship between the two constructs.
Source: Review of literature.
Table
Table 2. Validity statistics.
Table 2. Validity statistics.
CRAVEAlphaREQTANRELEMPASSRESBVI
REQ0.8860.6610.8860.813
TAN0.8710.6270.8690.7650.792
REL0.7750.5370.7730.4900.4770.733
EMP0.7580.5140.7550.6650.5570.5350.717
ASS0.7240.4670.7200.6910.5850.5290.5150.683
RES0.6950.5350.6620.4940.3660.2070.3990.5740.732
BVI0.8740.6340.8730.2960.6330.5420.6480.6270.5520.796
Note: Bold diagonal values are the square roots of the AVEs. CR: composite reliability; AVE: average variance extracted; REQ: relationship quality; TAN: tangibles; REL: reliability; EMP: empathy; ASS: assurance; RES: responsiveness; and BVI: behavioral intentions.
Table
Table 3. Model fit statistics.
Table 3. Model fit statistics.
IndicesRecommended ValueMeasurement ModelStructural Model
CMIN/DF<31.8481.928
CFI≥0.900.9400.930
AGFI≥0.800.8290.829
TLI≥0.800.9270.920
RMSEA≤0.080.0600.063
Notes: CMIN/DF: Chi-square degrees of freedom; CFI: comparative fit index; AGFI: adjusted goodness of fit index; TLI: Tucker–Lewis index; RMSEA: root mean square error approximation.
Table
Table 4. Hypothesis results.
Table 4. Hypothesis results.
HypothesesPathsStd. Coefficient
(t-Value)		Result
H1aTangibility--->Service quality0.84 (fixed) ***Accepted
H1bReliability--->Service quality0.58 (6.89) ***Accepted
H1cEmpathy--->Service quality0.705 (8.07) ***Accepted
H1dAssurance--->Service quality0.736 (7.40) ***Accepted
H1eResponsiveness--->Service quality0.579 (5.71) ***Accepted
H2aService quality--->Relationship quality0.919 (10.05) ***Accepted
H2bService quality--->Behavioral intentions0.313 (1.92) **Accepted
H3aRelationship quality--->Behavioral intentions0.698 (4.28) ***Accepted
Mediating results (Bootstrapping bias-corrected model with 95% confidence interval)
Indirect effectLower boundUpper boundp-value
H3bService quality --->Relationship quality ---> Behavioral intentions0.640.050.17**Mediated
Note: *** p < 0.001, ** p < 0.01.
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Yesmin, M.N.; Hoque, S.; Hossain, M.A.; Jahan, N.; Fang, Y.; Wu, R.; Alam, M.J. SERVQUAL to Determine Relationship Quality and Behavioral Intentions: An SEM Approach in Retail Banking Service. Sustainability 2023, 15, 6536. https://doi.org/10.3390/su15086536

AMA Style

Yesmin MN, Hoque S, Hossain MA, Jahan N, Fang Y, Wu R, Alam MJ. SERVQUAL to Determine Relationship Quality and Behavioral Intentions: An SEM Approach in Retail Banking Service. Sustainability. 2023; 15(8):6536. https://doi.org/10.3390/su15086536

Chicago/Turabian Style

Yesmin, Most. Nirufer, Saiful Hoque, Md. Alamgir Hossain, Nusrat Jahan, Yuantao Fang, Renhong Wu, and Md. Jahangir Alam. 2023. "SERVQUAL to Determine Relationship Quality and Behavioral Intentions: An SEM Approach in Retail Banking Service" Sustainability 15, no. 8: 6536. https://doi.org/10.3390/su15086536

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