Abstract:
To overcome the current competitive market environment, obtaining high customer loyalty is a key success of retaining customers as loyal customers display high commitment to continue their support with the current service providers. Therefore, banks need to continue offering superior financial products and services to their customers to ensure high customer satisfaction which can 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, followed 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.
