Heliyon 10 (2024) e36619

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Research article

Understanding customer loyalty in banking industry: A systematic

review and meta analysis
Long Kim a , Teerasak Jindabot b , Sook Fern Yeo c, d, *
a
Center of Excellence in Logistics and Business Analytics (LOGBIZ), School of Accountancy and Finance, Walailak University, Thailand
b
Faculty of Management Sciences, Prince of Songkla University, Thailand
c
Faculty of Business, Multimedia University, Malaysia
d
Department of Business Administration, Daffodil International University, Dhaka, Bangladesh

A R T I C L E I N F O A B S T R A C T

Keywords: To overcome the current competitive market environment, obtaining high customer loyalty is a
Market environment key success of retaining customers as loyal customers display high commitment to continue their
Retaining customers support with the current service providers. Therefore, banks need to continue offering superior
Loyalty
financial products and services to their customers to ensure high customer satisfaction which can
Banking industry
Review
ultimately trigger their customer loyalty. This research aims to enhance comprehension of
customer loyalty in banking industry by conducting a comprehensive literature study. This
research selected 149 published research articles related to customer loyalty in banking industry
indexed by Web of Science and Scopus between 2012 and 2024. Only 44 final research articles
that met the criteria were used for Preferred Reporting Items for Systematic and Meta-Analysis
(PRISMA). Results highlighted that bank customer loyalty was often investigated in India, fol-
lowed by Indonesia, South Africa, Vietnam, Ghana, Brazil, Pakistan, Turkey, Iran, and China.
Meanwhile, results also underscored that satisfaction, trust, service quality, image, commitment,
reliability, perceived value, ethical, perceived usefulness and experience often and significantly
influenced customer loyalty. Finally, results also outlined that consumer research mechanism of
customer loyalty in banking industry evolved frequently and significantly shifting from general to
electronic banking service consumption following banking 5.0 of “how Fintech will change
traditional banks in the new normal or post pandemic”. Moreover, these results were essential to
marketing managers in banking industry in order to analyze, understand and further improve
their existing financial products and services to their customers so that banks can obtain more
customer loyalty.

1. Introduction

In the current competitive market, together with fundamental changes of customer lifestyles, many firms have tried to transform
the way they do their businesses [1,2]. These changes can significantly influence individual buying behaviors which highly alert firms
to adapt and seek all necessary methods to improve their existing products or services suitable for their customers’ needs so that they
can sustain their effective market dominance. Particularly, these days there is an increasing customer demand for superior services
which make firms to rethink of their business environment; otherwise, they may not be able to retain the existing customers. This can

* Corresponding author.
E-mail addresses: [Link]@[Link], songkimryu@[Link] (L. Kim), teerasa.j@[Link] (T. Jindabot), [Link]@[Link] (S.F. Yeo).

[Link]
Received 8 April 2024; Received in revised form 8 August 2024; Accepted 20 August 2024
Available online 22 August 2024
2405-8440/© 2024 The Author(s). Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
([Link]
L. Kim et al. Heliyon 10 (2024) e36619

be a critical issue to all firms which they have to find a way to satisfy their customers to gain more customer loyalty. Making and
maintaining customer loyalty can help firms develop long-term and mutual beneficial relationships with their customers [3]. Customer
loyalty has always remained as a central concept in the marketing field [4]. From practitioners’ perspectives, customer loyalty is
considered as the most enduring assets possessed by firms. Loyal customers show their commitment and attachment toward the current
providers and are not easily attracted by other competitors’ offerings [5]. In addition, they express a high willingness to pay, intention
to buy, and resist to switch the firms [6]. Previous studies also reported that individual loyalty can positively influence the person’s
purchase behavior (e.g., continue to use or repurchase the same brand) [7]. Similarly, loyal customers are seen to show high
commitment to stay with the same service providers, and they will always come back to purchase the services [8]. In this sense, finding
a way to keep loyal customers is an essential task for every firm.
Meanwhile, the banking industry is considered a highly competitive market environment [9] where varieties of financial products
and services are similarly provided to their customers. To remain competitive in this industry, banks must promote and maintain
customer loyalty in their hands as loyalty is a key success to maintaining high number of customers and profits [2]. Therefore, banks
have to differentiate themselves by providing superior services and satisfactory experiences to their customers which can ultimately
enhance customer loyalty so that customers can be retained. So far, banks have recognized the important role of customer loyalty in
promoting business growth and sustainability; thus, investigating all related factors influencing their customer loyalty remains as a
primary mission for every bank. Based on the above evidence, customer loyalty is the essential asset for fruitful banking institutions as
customer loyalty has a strong inspiration to customer behavior (e.g., continue purchasing or repurchase service from the same firms).
This marks customer loyalty as the significant factor that banks have to pay high attention and find the ways to promote it so that their
business success and sustainability can be achieved.
To authors’ best understanding, bibliometric technique has been used by many researchers to outline the potential factors influ-
encing customer loyalty in banking industry (Kittur et al., 2022; Kumar et al., 2022; López-Hernando et al., 2023; Patel & Siddiqui,
2023). However, reviewing bank customer loyalty applying a Preferred Reporting Items for Systematic and Meta-Analysis (PRISMA) in
which analysis outcomes can vary from the above technique has not been extensively applied. To provide an in-depth analysis on the
existing literature, this study aims to provide more detailed analysis regardless of the main factors influencing bank customer loyalty in
various nations using a systematic review technique. Thus, it can offer novel results and insights related to psychological attitudes of
customer loyalty which can enhance the quality of marketing management in banking industry.

2. Literature review

Loyalty implies a deep commitment to stay with the same service provider that leads to repurchase from the same provider in the
future [6]. To measure individual loyalty, there are two assessment forms of loyalty, namely attitudinal and behavioral loyalty.
Attitudinal loyalty implies that a person attitudinal tendency toward a brand is a function of psychological processes (e.g., intention to
buy and intention to recommend) without any requirement of repeat purchase [10]. On the other hand, behavioral loyalty is defined as
a certain level of a person’ commitment to consistently repurchasing a product/service [11]. To explain how individual loyalty de-
velops, a social exchange theory is applied to explain this phenomenon. In this theory, it explains that all human relationships develop
following a certain degree of subjective cost-benefit analyses in which both sides are trying to compare various options based on the
negotiated exchanges [12]. In principles, these are social exchanges that all related parties must ensure high trust rather than legal
obligations between the parties [13]. In norms of reciprocity, humans normally reply to each other (e.g., returning a favor for a favor
and hatred for hatred) when assessing related consequences and causes of actions of other people [13,14]. Based on the current theory,
the exchange favors between parties do not have to be necessarily equal. A small proportion of favor can sometimes receive bigger
returns (e.g., generosity and loyalty) from other people [15]. In this situation, customers and firms develop their social exchange
relationships when firms can receive the payment from customers by offering a product/service to satisfy their customers’ needs and
wants. In return, customers provide positive feedbacks and reactions toward the firms. Meanwhile, firms can earn customer trust which
can further develop individual loyalty [16]. Furthermore, it ultimately enhances the relationship between customers and firms.
Banking industry is seen as a complex and intense competitive industry where services are similarly produced and provided to their
customers [17]. Therefore, banks have tried to developed various mechanisms and methods to differentiate themselves from their
competitors so that they can maintain their customer satisfaction leading to customer loyalty [18] which can be the ultimate key to
retain high number of customers for their business successes. This is clear evidence that promoting customer loyalty is inevitably
conducted. To response to this issue, various theoretical models of customer loyalty have been developed to investigate and outline the
potential factors influencing customer loyalty in banking industry. In this section, some selected theoretical models of customer loyalty
are provided to demonstrate the factors being tested with customer loyalty as follows. In Fig. 1, relationship effectiveness factors

Fig. 1. Customer Loyalty Model developed by Nguyen and Hoang [19].

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(commitment, experience, process-driven approach and quality of technology application) directly influenced both satisfaction and
loyalty while satisfaction also directly influenced loyalty [19]. In Fig. 2, perceived CSR directly influenced brand credibility, brand
identification and loyalty whilst brand credibility and brand identification directly influenced loyalty [20]. In Fig. 3, corporate social
responsibility and customer satisfaction directly influenced trust and loyalty while trust directly influenced loyalty [21]. In Fig. 4,
interface design directly influenced system quality, quality assurance and service quality. Next, security assurance directly influenced
service quality. Last but not least, system quality and service quality directly influenced loyalty [22]. In Fig. 5, corporate social re-
sponsibility directly influenced e-service quality, customer-company identification, trust and loyalty while e-service quality,
customer-company identification and trust directly influenced customer loyalty [23].
In research analysis, not many researchers have offered an in-depth review of the existing literature, nor they have identified the
potential factors which bank customers are commonly concerned with their loyalty. Consequently, the current literature does not
provide information to uncover necessary data to address the common concerns in consideration with the potential factors influencing
customer loyalty in different nations. This indicates that banks may have low understanding regardless of the common factors con-
cerning their customer loyalty, which in turn makes it hard for them to find and improve those factors. As a result, it can be more
difficult for banks to strengthen their relationships with the current customers.
For this reason, this research paper aims to fill in the current gap by applying a systematic literature review of the factors influ-
encing bank customer loyalty from various nations between year 2012 and 2024. Obviously, all related international literature on
customer loyalty in banking industry are analyzed using the PRISMA (Preferred Reporting Items for Systematic and Meta-Analysis)
technique [24–26]. Particularly, this research uses the PRISMA technique in an attempt to uncover three main objectives.

1) What national contexts is bank customer loyalty frequently investigated?

2) What are significant factors that frequently influenced bank customer loyalty?
3) Is there any significant change which leads to evolve in consumer research mechanism in banking industry?

This research article also concludes with a thorough analysis of the key factors which repeatedly influence bank customer loyalty in
various nations. Therefore, banks can strengthen their customer loyalty as well as their relationships with the current customers by
comprehending and addressing those factors, which can positively influence overall business performance of the banking industry.
Additionally, the findings can be employed to develop effective marketing campaigns and strategies that enhance customer retention
in financial industry.

3. Methods

3.1. Research design

In research method, a literature search using the PRISMA instructions was conducted. In fact, this search technique was popularly
used in many types of academic research [27]. In searching technique of literature system, all related articles published in both Web of
Science and Scopus from year 2012 until present concentrating customer loyalty in banking industry were selected for analysis.
To identify those related articles, some keywords (e.g., loyalty, bank customers and banks) were applied into the search engine of
the two database websites. In some situations, researchers also applied a combination of keywords in the search process to collect as
many articles as possible. For example, the keywords (e.g., customer loyalty) were inserted into the search string. Then, some more
words (e.g., bank or banking industry) were combined with the current “customer loyalty” in the search string. Finally, these search
techniques were used in both Web of Science and Scopus. The above search techniques were demonstrated in Table 1.

3.2. Inclusion/Exclusion criteria

All international literature related to customer loyalty in banking industry were extracted. Those articles that preliminarily
mentioned the keywords following the above search technique were collected. At the same time, peer reviewed articles were also
collected for analysis. However, any research articles published in a language other than English were excluded from the analysis
process. Furthermore, if the academic works contained only theoretical model, master and doctoral theses, book chapters, short report,

Fig. 2. Customer Loyalty Model developed by Fatma and Khan [20].

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Fig. 3. Customer Loyalty Model developed by Leclercq-machado et al. [21].

Fig. 4. Customer Loyalty Model developed by Zhou et al. [22].

Fig. 5. Customer Loyalty Model developed by Raza et al. [23].

Table 1
Database and terms used in the study.
Database Search String

Scopus Title-and-Key (“customer loyalty and bank” or “loyalty and bank customers”)
Web of Science (WOS) Topic (“customer loyalty and bank” or “loyalty and bank customers”)

editorial articles and conference articles were also excluded from the analysis process.
In the article identification processes, 92 articles were collected from Scopus whereas 57 articles were collected from Web of
Science. Next, researchers checked article duplications and removed 23 article duplications. Then, researchers conducted article
screening process and found 59 articles that were excluded because they were out of scope, review papers, and not in English. After
that, researchers further checked the articles eligibility and found 23 articles that did not concentrated specifically on bank customer.
Finally, only 44 eligible articles were accepted for analysis. These article evaluation processes using PRISMA technique were reported
in Fig. 6 while all related information for a systematic review was reported in Table 2.

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3.3. Data analysis

Researchers used mixed methods to extract the results from the existing literature. First, researchers used a qualitative method to
deeply read and analyze the main sentence structure highlighting the critical results of previous papers. In this part, researchers were
able to make short notes on each paper and include them into a summary list. Second, researchers converted the script summary into a
quantitative method in which descriptions along with statistics were constructed following the objectives of the study. For instance,
researchers plotted the statistical tables containing frequencies and percentages representing all investigated countries, focused fac-
tors, and key findings (e.g., Tables 2–4). Each of these sections allowed researchers to diagnose and detect the main findings and
research trends which enabled researchers to compare consumer perspectives and behaviors toward customer loyalty in banking
industry between countries.

4. Results

This research demonstrated results in descriptive analysis that highlighted two main key results such as nationalities and key-
factors of customer loyalty diagnostics in banking industry. These critical statistic results were briefly reported in Tables 3 and 4
Table 3 presented nationalities diagnostics which indicated how frequently customer loyalty was investigated in various countries
where data were collected by researchers to investigate bank customer loyalty. It revealed that there were 20 countries where customer
loyalty was frequently investigated, thus, researchers could rank the countries based on the frequency of investigations allowing
researchers to compare and see the gap of research in other countries. The frequency of statistics (%) revealed that customer loyalty
was conducted in India (16 %) very often, followed by Indonesia (14 %), South Africa (14 %), Vietnam (7 %), Ghana (5 %), Brazil (5
%), Pakistan (5 %), Turkey (5 %), Iran (5 %), and China (5 %). On the other hand, the rest displayed the least frequency of investigated
customer loyalty such as Bangladesh (2 %), Romania (2 %), Greece (2 %), Nigeria (2 %), Thailand (2 %), Mauritius (2 %), Saudi Arabia
(2 %), Peru (2 %), Jordan (2 %), and Columbia (2 %).
Table 4 displayed the key factors influencing customer loyalty in banking industry and how frequently those key factors were
significantly and often concerned by bank customers. In Table 4, there were 45 key factors of customer loyalty; however, bank

Fig. 6. Article assessment for the systematic review using PRISMA.

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Table 2
Related information of a systematic review in the bank customer loyalty.
No. Author, Year Journal Publication Type of Country Focused Factors Key Findings
House Research

01 Narteh [28] TQM Journal Emerald Quantitative Ghana Service Quality, Bank ✓ Image, satisfaction,
Research Image, Satisfaction, and and electronic banking
Electronic Banking influenced loyalty.
02 European et al. Central European Central and Quantitative Bangladesh Basic Service, Advanced ✓ Satisfaction
[29] Business Review Eastern Research Service, Cost & Prestige, influenced loyalty.
European and Satisfaction
Online Library
03 Phan and International Emerald Quantitative Vietnam Functional Brand ✓ Trust, corporate-
Ghantous [30] Journal of Bank Research Associations, Corporate- based associations and
Marketing based Brand Associations, personnel-based brand
Personnel-based Brand associations influenced
Associations, and Trust loyalty.
04 Henrique and International Emerald Quantitative Brazil Perceived Value and ✓ Perceived value
Matos [31] Journal of Bank Research Demographic Factors influenced loyalty.
Marketing (gender, age, education & ✓ Gender, age and
income) income moderated the
relationship between
perceived value and
loyalty.
05 Vasumathi and International Inderscience Quantitative India Servqual Dimensions ✓ Satisfaction,
Subashini [32] Journal Services Enterprises Research (tangibility, reliability, reliability,
and Operations Ltd. responsiveness, empathy, responsiveness and
Management & assurance) and tangibility influenced
satisfaction loyalty.
06 Pratihari and Journal of Product Emerald Quantitative India Corporate Social ✓ Economic, legal,
Uzma [33] & Brand Research Responsibility Dimensions ethical and corporate
Management (economic, legal, ethical branding influenced
and philanthropic) and loyalty.
corporate branding
07 Saleem et al. [34] International Emerald Quantitative Pakistan Market Orientation, Social ✓ Satisfaction, service
Journal of Bank Research Influence, Service Quality, quality, and market
Marketing Customer Satisfaction and orientation influenced
Emotional Intelligence loyalty.
✓ Satisfaction mediated
the relationship
between social
influence and loyalty.
08 Empirical et al. Scientific Annals Central and Quantitative Romania Responsibilities toward: ✓ All responsibilities
[35] of Economics and Eastern Research customers, shareholders, toward (customers,
Business European employees, environment, shareholders,
Online Library community and public employees,
authorities environment,
community and public
authorities) influenced
loyalty.
09 Bapat [36] International Emerald Quantitative India Perceived Ease of Use, ✓ Satisfaction
Journal of Bank Research Service Quality, and influenced loyalty.
Marketing Satisfaction
10 Koutsothanassi International Emerald Quantitative Greece Interactive Features, ✓ Interactive and
et al. [37] Journal of Quality Research Physical Features and physical features
and Service Neuroticism influenced loyalty.
Sciences ✓ Neuroticism
moderated the
relationship between
physical features and
loyalty.
11 Izogo et al. [38] African Journal of Emerald Quantitative Nigeria Customer Orientation, ✓ Satisfaction and Trust
Economic and Research Expertise, Information influenced Loyalty.
Management Sharing, Trust and
Studies Satisfaction
12 Tabrani et al. [39] International Emerald Quantitative Indonesia Trust, Commitment, and ✓ Commitment and
Journal of Bank Research Customer Intimacy customer intimacy
Marketing influenced loyalty.
✓ Commitment
mediated the
relationship between
trust and loyalty.
(continued on next page)

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Table 2 (continued )
No. Author, Year Journal Publication Type of Country Focused Factors Key Findings
House Research

13 Igbudu et al. [40] Sustainability MDPI Quantitative Turkey Sustainable Banking, ✓ Trust and corporate
Research Corporate Image and Trust image influenced
loyalty.
✓ Corporate image
mediated the
relationship between
sustainable banking and
loyalty.
14 Mosavi et al. [6] Service Industries Talor & Francis Quantitative Iran Switching Barriers, ✓ Satisfaction and trust
Journal Group Research Perceived Value, Trust and influenced loyalty.
Satisfaction
15 Bhat et al. [41] VIKALPA: The Sage Quantitative India Customer Knowledge ✓ Trust influenced
Journal for Research Management, Satisfaction loyalty.
Decision Makers and Trust
16 Boonlertvanich International Emerald Quantitative Thailand Service Quality, ✓ Service quality,
[42] Journal of Bank Research Satisfaction, and Trust satisfaction and trust
Marketing influenced loyalty.
17 Garepasha et al. Journal of Islamic Emerald Quantitative Iran Utilitarian Quality, ✓ Satisfaction, trust and
[43] Marketing Research Hedonic Quality, commitment influenced
Commitment, Trust, loyalty.
Satisfaction and ✓ Relationship lifecycle
Relationship Lifecycle moderated
relationships:
1. between satisfaction
and loyalty.
2. between trust and
loyalty. between
commitment and
loyalty.
18 Kant et al. [44] Global Business Sage Quantitative India E-service Quality, E- ✓ E-Service quality, e-
Review Research perceived Value, E- perceived value and
satisfaction and Corporate corporate image
Image influenced loyalty.
19 Siyal et al. [45] SAGE Open Sage Quantitative China Resistance to Change, ✓ Perceived usefulness,
Research Perceived Risk, Awareness, attitude and perceived
Perceived Benefits, benefits influenced
Perceived Usefulness, loyalty.
Perceived Ease of Use and
Attitude
20 Omoregie et al. International Emerald Quantitative Ghana E-service Quality, ✓ E-service quality, e-
[46] Journal of Bank Research Corporate Image, E- satisfaction and e-trust
Marketing perceived Value, E-trust influenced loyalty.
and E-satisfaction ✓ E-satisfaction
mediated the
relationship between
corporate image and
loyalty.
21 Ibe-enwo et al. Sustainability MDPI Quantitative Turkey Green Banking, Green ✓ Green banking, green
[47] Research Image, and Trust image and trust
influenced loyalty.
22 Raza et al. [23] Management Emerald Quantitative Pakistan Corporate Social ✓ Service quality,
Research Review Research Responsibility, Service customer-company
Quality, Trust, Customer- identification and trust
company Identification influenced loyalty.
✓ Trust mediated the
relationship between
corporate social
responsibility and
loyalty.
23 Mainardes et al. International Emerald Quantitative Brazil Integration Interaction, ✓ Integration
[48] Journal of Bank Research Perceived Fluency, interaction, perceived
Marketing experience and Control fluency, experience,
Variables (income, account bank and income
type, bank and service influenced loyalty.
channel) ✓ Experience mediated
the relationship
between service channel
and loyalty.
(continued on next page)

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Table 2 (continued )
No. Author, Year Journal Publication Type of Country Focused Factors Key Findings
House Research

24 Kamath et al. [49] International Emerald Quantitative India Experience, Brand Equity, ✓ Brand equity,
Journal of Bank Research Satisfaction and experience, and
Marketing Demographics (age, satisfaction influenced
gender, education, and loyalty.
income) ✓ Age moderated the
relationships: (1) 1.
between experience and
loyalty.
(2) 2. between brand
equity and loyalty.
✓ Gender moderated
the relationships: (1) 1.
between experience and
loyalty.
(2) 2. between brand
equity and loyalty.
✓ Education moderated
the relationship
between experience and
loyalty.
25 Zhou et al. [22] Journal of Elsevier Quantitative China Mobile banking (MB) ✓ MB system quality
Retailing and Research System Quality, MB and MB service quality
Consumer Services Interface Design, MB influenced loyalty.
Security Assurance and MB
Service Quality
26 Supriyanto et al. Cogent Business & Taylor & Quantitative Indonesia Service Quality and ✓ Satisfaction
[50] Management Francis Group Research Satisfaction influenced loyalty.
Satisfaction mediated
the relationship
between service quality
and loyalty.
27 Teeroovengadum European Business Emerald Quantitative Mauritius Gender, Environment, ✓ Satisfaction
[51] Review Research Interaction, Reliability, influenced loyalty.
and Satisfaction
28 Althuwaini [52] Administrative MDPI Quantitative Saudi Social Media Marketing ✓Social media
Sciences Research Arabia Activities and Trust marketing activities and
trust influenced loyalty.
29 Leclercq-machado Sustainability MDPI Quantitative Peru Corporate Social ✓ Corporate social
et al. [21] Research Responsibility, responsibility,
Satisfaction, and Trust satisfaction and trust
influenced loyalty.
30 Indrasari et al. International Growing Quantitative Indonesia Reliability, Privacy & ✓ Reliability and design
[53] Journal of Data Science Research Security, Design of Website of website & app
and Network & App, and Customer influenced loyalty.
Science Service & Assistance
31 Fatma and Khan Sustainability MDPI Quantitative India Corporate Social ✓ Brand credibility and
[20] Research Responsibility, Brand brand identification
Identification, and Brand influenced loyalty.
Credibility
32 Elareshi et al. [54] Electronics MDPI Quantitative Jordan Social Media Marketing, ✓ Perceived usefulness
Research Perceived Usefulness, and behavioral
Perceived Ease of Use and intention influenced
Behavioral Intention loyalty.
33 Redda [55] Banks and Bank Business Quantitative South E-service Quality and E- ✓ E-service quality and
Systems Perspectives Research Africa satisfaction e-satisfaction influenced
loyalty.
34 Bisschoff and Els Banks and Bank Business Quantitative South Customer Service, ✓ Customer service,
[56] Systems Perspectives Research Africa Satisfaction, Reputation satisfaction and trust
and Trust influenced loyalty.
35 Xuan et al. [57] International Emerald Quantitative Vietnam Perceived Fluency, ✓ Brand engagement
Journal of Bank Research Integration Quality, and trust influenced
Marketing Assurance Quality, Brand loyalty.
Engagement, Trust, and ✓ Education and
Demographics (age, research context
gender, job, education, moderated the
prior experience, and relationships between
research context) brand engagement and
loyalty.
(continued on next page)

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Table 2 (continued )
No. Author, Year Journal Publication Type of Country Focused Factors Key Findings
House Research

36 Els and Bisschoff Banks and Bank Business Quantitative South Image, Banking Services, ✓ Image, banking
[58] Systems Perspectives Research Africa and Satisfaction services and satisfaction
influenced loyalty.
37 Deventer and Innovative Business Quantitative South Service Quality, ✓ Switching cost,
Redda (2023) Marketing Perspectives Research Africa Commitment, Trust, commitment, trust and
Switching Cost and satisfaction influenced
Satisfaction loyalty.
38 Athief and Ma’ruf Banks and Bank Business Mixed Indonesia Asymmetric Dynamics, ✓ Perceived risk,
[59] Systems Perspectives Methods Interest Rate, Religiosity religiosity and interest
and Perceived Risk rate influenced loyalty.
39 Karim et al. [60] Journal of Islamic Emerald Quantitative Indonesia Love, Commitment, Trust ✓ Awareness influenced
Marketing Research and Awareness loyalty.
✓ Awareness mediated
relationships:
1. between love and
loyalty.
2. between commitment
and loyalty. between
trust and loyalty.
40 Deventer and Innovative Business Quantitative South Service Quality, ✓Service quality and
Redda [61] Marketing Perspectives Research Africa Satisfaction, Commitment satisfaction influenced
and Trust loyalty.
41 Bisschoff and Els Banks and Bank Business Quantitative South Service Quality, ✓Reputation,
[56] Systems Perspectives Research Africa Satisfaction, Reputation satisfaction and trust
and Trust influenced loyalty.
42 Nguyen and Hoang Gadjah Mada Universitas Quantitative Vietnam Commitment, experience, ✓ Satisfaction,
[19] International Gadjah Mada Research Reliability, Quality of commitment, reliability
Journal of Technology Application, and processed-driven
Business Process-driven Approach approach influenced
and Satisfaction loyalty.
✓ Satisfaction mediated
the relationship
between experience and
loyalty.
43 Adiani et al. [62] Cogent Business & Taylor & Quantitative Indonesia Brand Advocacy, Social ✓ Commitment
Management Francis Group Research Pressure, Financial influenced loyalty.
Benefits, Network ✓ Commitment
Externalities, and mediated relationships:
Commitment 1. between social
pressure and loyalty.
2. between brand
advocacy and loyalty.
Between financial
benefits and loyalty.
44 Rico et al. [63] Innovative Business Quantitative Columbia Social Media, ✓ Marketing strategy,
Marketing Perspectives Research Personalization, Marketing word of mouth and
Strategy, Word of Mouth, confidence influenced
and Confidence loyalty.

customers were highly concerned with only 10 key factors, namely satisfaction (21 %), trust (15 %), service quality (8 %), image (5 %),
commitment (5 %), reliability (3 %), perceived value (2 %), ethical (2 %), perceived usefulness (2 %) and experience (2 %). On the
other hand, the remaining key-factors (e.g., corporate-based, word of mouth, responsiveness and etc.) were at the least frequency on
customer loyalty.

5. Discussion and managerial implications

This research aims to answer three main research questions: (1) What national contexts is bank customer loyalty frequently
investigated? (2) What are significant factors that frequently influenced bank customer loyalty? (3) Is there any significant change
which leads to evolve in research mechanism of customer loyalty in banking industry? The detailed discussions responding to these
questions were provided below.
First, the investigation of customer loyalty in banking industry was conducted in 20 countries. However, loyalty among bank
customers was repeatedly investigated in India, followed by Indonesia, South Africa, Vietnam, Ghana, Brazil, Pakistan, Turkey, Iran,
and China whereas the rest were the least frequently investigated. The high frequencies of investigations highlighted a better un-
derstanding of customer loyalty attitudes in banking industry of the above countries. Meanwhile, it also resulted in better customer
retention management in those countries where bank managers could look for appropriate measures to develop and promote a better

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Table 3
Investigated nationalities diagnostics.
No. Country Frequency Percentage

1 India 7 16 %
2 Indonesia 6 14 %
3 South Africa 6 14 %
4 Vietnam 3 7%
5 Ghana 2 5%
6 Brazil 2 5%
7 Pakistan 2 5%
8 Turkey 2 5%
9 Iran 2 5%
10 China 2 5%
11 Bangladesh 1 2%
12 Romania 1 2%
13 Greece 1 2%
14 Nigeria 1 2%
15 Thailand 1 2%
16 Mauritius 1 2%
17 Saudi Arabia 1 2%
18 Peru 1 2%
19 Jordan 1 2%
20 Columbia 1 2%
Total 44 100 %

financial products and services for their customers. Though, previous studies argued that individuals who were living in specific
nations were affected by their living environments, namely geographic locations, culture, living standards, politics and economic
conditions [64,65]; thus, those individuals’ perspectives toward the degree of customer loyalty in banking industry were not likely to
be the same. In this sense, the current results of those countries may have had some drawbacks in the academic and managerial
perspectives by repeating investigations too often in specific countries. In particular, an extensive information regardless of loyalty
among bank customers in other nations remained missing in the current literature (e.g., Cambodia, Myanmar, Laos, Singapore and
etc.). This missing information outlined a low awareness of how customers in other nations demonstrated their attitudes of loyalty
toward the current banking services. As a result, it could be difficult to make a wider generalization toward other countries which were
at the least frequency of investigation or were not investigated yet. Consequently, in other countries, this possibly causes some dif-
ficulties for bank managers to read, analyze and understand their bank customers’ insights which can be hard to implement the right
marketing strategies to trigger their customer loyalty in their own market environments.
Second, the results of this systematic review highlighted ten factors of customer loyalty (e.g., satisfaction, trust, service quality,
image, commitment, reliability, perceived value, ethical, perceived usefulness and experience) which were frequently concerned by
bank customers. First, customer satisfaction demonstrated the highest frequencies influencing customer loyalty. It could be said that
happy customers always enjoyed shopping and using the services with the banks. At the same time, high customer satisfaction could
significantly promote individual trust and willingness to pay for the future consumption. In some situations, they did not mind about
the any changes in price while they were happy with the current service providers. Previous studies also outlined that the higher
satisfaction among customers enhances a better relationship between banks and customers leading to a significant improvement of
customer loyalty [28,29]. Second, trust significantly influenced bank customer loyalty. Trust indicated a positive sign of relationship
between two parties. In some critical circumstances, despite some degree of risk was seen by the individuals, they could take the risk
and invest when they already felt trusted. In consumer perspectives, any service that could gain customer trust would be a significant
foundation of constructing the relationship between customers and firms [21,57]. Some customers revealed that they at least felt safe
to further invest their time and money with the same firms if they already trusted the services. Therefore, increasing customer trust
possibly promote high customer loyalty in banking industry. Third, service quality significantly influenced bank customer loyalty. The
quality outlined accurate information and high performance of the services. Service quality was seen as the necessity for consumers’
consumption which many consumers required and expected to receive from the firms. In consumer views, high service quality could
make customers feel less frustrated and stressed; thus, it led to a better trust which ultimately promoted their intention to continue
purchasing in the future. Similarly, previous studies also agreed that service quality had a direct positive impact on customer loyalty as
customers were seen to show high willingness to remain supporting and buying services under the same brand [22,50]. Fourth, image
significantly influenced bank customer loyalty. Image was one of the factors that was hidden inside individuals’ memory as well as
emotion. In consumer perspectives, customers were likely to react positively to the products when they saw good firms’ images.
Previous studies also highlighted that customers felt good and came to purchase the services next time when they used services
containing better image [44,47]. Fifth, commitment significantly influenced customer loyalty. In psychological perspectives,
commitment outlined an individual determination to overcome and accomplish the person’ goal (Deventer & Redda, 2023; [43]). High
commitment could result in a continuous support and willingness to take action. In consumer attitudes, when customers had high
commitment with the same brand, they always came back to support or purchase the services again. In other words, customers
remained loyal to the same brand when they have high commitment. Sixth, reliability significantly influenced bank customer loyalty.
Reliability played a huge role in increasing individuals’ confidences in using the services with the firms. Meanwhile reliability could

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L. Kim et al. Heliyon 10 (2024) e36619

Table 4
Key-factors and their Frequencies on Customer Loyalty Diagnostics.
No. Significant Factors of Customer Loyalty Frequency Percentage

1 Satisfaction 21 21 %
2 Trust 15 15 %
3 Service quality 8 8%
4 Image 5 5%
5 Commitment 5 5%
6 Reliability 3 3%
7 Perceived value 2 2%
8 Ethical 2 2%
9 Perceived usefulness 2 2%
10 Experience 2 2%
11 Electronic banking 1 1%
12 Corporate-based association 1 1%
13 Personnel-based brand association 1 1%
14 Responsiveness 1 1%
15 Tangibility 1 1%
16 Economic 1 1%
17 Legal 1 1%
18 Market orientation 1 1%
19 Interactive feature 1 1%
20 Physical feature 1 1%
21 Intimacy 1 1%
22 Attitude 1 1%
23 Perceived benefits 1 1%
24 Customer-company identification 1 1%
25 Integration interaction 1 1%
26 Perceived fluency 1 1%
27 Brand equity 1 1%
28 System quality 1 1%
29 Corporate social responsibility 1 1%
30 Design of website & app 1 1%
31 Brand credibility 1 1%
32 Brand identification 1 1%
33 Behavioural intention 1 1%
34 Customer service 1 1%
35 Customer engagement 1 1%
36 Banking services 1 1%
37 Switching cost 1 1%
38 Religiosity 1 1%
39 Interest rate 1 1%
40 Awareness 1 1%
41 Reputation 1 1%
42 Processed-driven approach 1 1%
43 Marketing strategy 1 1%
44 Word of mouth 1 1%
45 Confidence 1 1%
Total 100 100

also promote trust which in turn developed into a commitment to stay with the same firms. Previous studies also raised that increasing
service reliability could influenced customers to continue buying the products with the same firms [19,53]. Therefore, high service
reliability could also increase customer loyalty. Seventh, perceived value significantly influenced customer loyalty. The value of
services was the fundamental benefits perceived by customers. Furthermore, it could be said that the services become important to
their lives [31,44]. If customers saw that banks offered high service value to them, they felt satisfied and trusted. As a result, they
displayed their loyalty toward the same banks. Eighth, ethical standard significantly influenced customer loyalty. Ethical standard
showed how services were served correctly and following the standard of the firms. Furthermore, customers perceived it as the right
way of serving techniques which emphasized the professionalism of the service offerings [33]. Consumers felt great with high ethical
standard of the services and were likely to come back again next time. If the bank services contained high ethical standard, customers
possibly showed high loyalty. Nineth, perceived usefulness significantly influenced bank customer loyalty. In consumer behavior
toward technology consumption, perceived usefulness outlined the significant role of technology in supporting and benefiting the
users’ tasks [54]. Moreover, it positively influenced the user attitudes such as trust, loyalty, and continued intention. In particular, if
electronic banking services were considered as usefulness to customer uses, they were highly loyal or willing to continue using the
services with the current banks. Finally, experience significantly influenced customer loyalty. Experience could influence individual
perceptions and attitudes. Great experience in using the services indicated satisfactory moment of the customers who enjoyed using the
services and wanted to come back to rebuy from it from the same firms [49]. Therefore, providing good banking service experiences to
customers possibly created high customer loyalty.
Finally, in an evolution of consumer research mechanism of customer loyalty in banking industry, results also revealed that there

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L. Kim et al. Heliyon 10 (2024) e36619

was potential research shifting of consumer loyalty attitudes in banking industry from general banking services to electronic banking
services, especially from year 2021–2024. Particularly, those studies [19,22,52,54,55,62,63] tried to include new factors together with
previous information system factors (e.g., interface design, security assurance, social media marketing, perceived usefulness, perceived
ease of use, quality of technology application, process-driven approach, social media, and personalization) and investigate their im-
pacts on customer loyalty. This could be a significant change in research trend where those studies caught up with the upcoming
banking 5.0 in banking sector which was paralleling with prediction of “how Fintech will change traditional banks in the new normal
or post pandemic” by Nicoletti [66]. Therefore, this could mark the significant journey of consumer research in banking sector where
emerging factors influencing e-banking user behavior (e.g., e-loyalty) could be further examined in various nations and industries. As a
result, this could also provide more knowledge to academic and practical implications in the current marketing in digital era.
From managerial perspectives to enhance customer loyalty, banks need to improve the above factors as follows. First, banks need to
continue satisfying their customers by providing more service care and quick solutions to their customers whenever they have
questions or face some difficulties related to service functions and other financial information. Second, banks need to ensure high
service trust to their customers by minimizing service risk (e.g., zero/minimal service errors in e-banking application) so that banks can
make customers feel confident and motivated to continue using the services. Third, banks have to improve service quality by providing
customers with accurate financial information and high professional service offerings to their customers. Fourth, banks must continue
maintaining their good image to their customers by welcoming any complains and solve them professionally to their customers so that
customers can see and remember how banks really take good care and treat them well while accessing the services. Fifth, banks need to
ensure high service reliability to their customers by delivering all solutions to their customers’ service problems on time following their
promises so that customers do not feel wasting their time, effort and trust with the banks. Sixth, banks should also promote perceived
value to their customers by ensuring more service value which benefits their customers such as quick access, convenient transactions
and high service performances. Seventh, banks must provide ethical service standard by increasing know-how and willingness to help
among their workers, particularly front-line workers, to provide accurate flow of service offerings and information with sincerity to
their customers complying with regulations of banking industry so that there will be no unethical issue happing after service settle-
ments. Eighth, banks need to promote perceived usefulness to their customers by giving highly convenient and trusted electronic
service performances to their customers such as high security to debit and credit balance, safe deposit and transfer through QR code
and internet banking services, and high advanced technology of microchip with a great sensor in master, visa and credit cards. Finally,
banks need to offer a satisfactory service experience to their customers by training bank workers to show high willingness to serve their
customers with care, give a smooth service transaction and continue offering service assistant to customers both online and onsite.

Limitations and future Research directions

This research is not without limitations. First, this research applied the PRISMA technique which contained mixed qualitative and
quantitative method to construct the data analysis on the existing literature. To further justify the analysis outcomes, future research
may apply new technique focusing on pure statistics (e.g., meta with bibliometric analysis). Next, this research only focused on the
existing literature which ranged from 2012 to 2024 allowing researchers to explore and outline the results which were applicable to
the last decade of research implications. Future research should further extend its literature review further to justify the results and
new conclusions. Last but not least, this research analyzed abroad ranged of key factors influencing customer loyalty. Future research
may consider using only meta-analysis to analyze to focus on analyzing the impacts of key factors influencing customer loyalty based
on the existing weighted and standard beta scores of factors in previous publications. This may allow the researchers draw the sig-
nificant factors which easily help the people working at the managerial levels to issue an appropriate solution to enhance their
customer loyalty.

CRediT authorship contribution statement

Long Kim: Writing – review & editing, Writing – original draft, Validation, Methodology, Formal analysis, Data curation,
Conceptualization. Teerasak Jindabot: Supervision, Formal analysis, Data curation, Conceptualization. Sook Fern Yeo: Writing –
review & editing, Investigation, Formal analysis, Data curation, Conceptualization.

Declaration of competing interest

The authors declare that they have no known competing financial interests or personal relationships that could have appeared to
influence the work reported in this paper.

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