CHAPTER 8: RESULTS AND DISCUSSION
8.7 Limitations of the study and directions for further research
The thesis presents with some limitations, which also could be used as stepping stones for future
research. One limitation to this study would be that there were only three product types tested for
high-involvement and low-involvement. Further studies could add to the overall knowledge base if
product types such as mortgages, investments and insurance were also investigated. Additionally,
interaction terms between the constructs could be reviewed to acknowledge any change in those
relationships.
Switching costs were found not to have a direct effect on loyalty, however it is noted that switching
costs may have had a moderating role on the antecedents to loyalty (Aydin et al., 2005, Patterson et
al., 2001, Patterson and Smith, 2003, Blut et al., 2014) and further studies could investigate the
moderating role.
Smaller banks, credit unions and other financial organisations such as investment and insurance
agencies were excluded from this study. Therefore, further research could include these other types
of financial institutions to test the fit of the model. Furthermore, this model has a wide range of
Chapter 8: Results and discussion
offerings. Additionally, since tangibility did not relate to this study out of the service quality
dimensions, perhaps future studies could change tangibility to cater more for online tangibility and
appearance and functionality of websites and mobile or smart phone applications.
Other questions were asked in the questionnaire about ethical investing. These questions were not
used in the overall analysis of the thesis but were asked to gauge where customer interest was
heading for banks and to perhaps set up future research.
The responses became even more interesting with the onset of the Banking Royal Commission
investigating the financial industry. These questions were only given to those who had selected
superannuation accounts as their primary account with the banks.
Respondents were asked about how interested they were in investments that considered: (a)
society, (b) corporate governance and (c) the environment. For the results, 67 percent of
respondents were interested in investments which considered the effects on the overall society, 60
percent of respondents thought it was important that their investments were aligned with
appropriate organisations which showed positive corporate governance and 63 percent were
interested in investments that considered organisations which exhibited more sustainable practices.
These questions open up a new type on investment vehicle to banks which offer not only
superannuation but any long-term investment options, such as mutual funds and trusts. Further
investigation would be required to gain a true understanding of the intent of a customer and
whether or not they would think it is worth their time to switch to a more ethical investment choice.
However, with the damaging results already being presented about the top four banks, now is the
time for marketing decision makers to seize the opportunity by rebranding some investment vehicles
and focusing on the ethics and perceived corporate governance behind the companies or industries
Chapter 8: Results and discussion
As mentioned briefly in section 8.4, perceived value responded differently in the two models.
Although the results were clearly dissimilar, the multigroup analysis did not show any significance.
This should be retested with perhaps other product types to see if there is a true difference.
Since the Banking Royal Commission, it would also be a direction for future study to retest the
confirmed model in an attempt to measure any differences the findings had on overall
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