2.2 A conceptual model of customer perception of value:
A conceptual frame works that customer expectation and perception is related with the customer value that renders customer priorities to select a bank. Customer value represents a trade of between the perceived benefit of the service to be purchased and the perceived sacrifice in terms of the cost to be paid. Total customer cost includes monetary cost, time cost, energy cost and psychic cost. Monetary cost is paid for service where as other cost reflects the time and trouble the customer has to endure to acquire the service. Similarly total customer value extends beyond product value and includes service, personal value and image value.
Total customer cost is an the indicator sacrifice relative to value, then price will have negative or repelling effect and may reduce demand of a bank. If the signal sent by the price is an indicator of benefit or value, then price will be an attractor and may increase the demand of a bank.
From the literature review discussed in the earlier chapter it is found that the former study conducted in banking sector have ignored the customers’ perceived risk when they consider to gat a bank service. This perceived risk is related with the customer choice factor to bank. The idea of customer perceives risk to bank have been identified based on five different kinds of outcomes such as financial, performance, physical, social and psychological.
Financial risk assume that financial loss could occur if the dealings with a bank goes wrong or fail to operate correctly. Performance risk related to the idea that the item or service of a bank purchase will not perform the task which it was purchased. The physical risk for a service of a bank can emerge if something does go wrong. Social risk suggests that there might be a loss or personal social status associated with a particular purchase. Psychological risk pertains to the influence of the bank service purchase on the individual’s self- esteem.
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