Transformations of customer loyalty attitude in marketing: Key components of modern loyalty

To survive in the ever-increasing competition in the financial market, commercial banks need successful innovative strategies. However, there is insufficient information on appropriate innovative strategies required by banks. Primary data were obtained through a structured questionnaire. It was distributed among 1,200 bank employees and 300 bank customers of all eight systematically important banks (Access, Diamond, Eco, First, GTB, Polaris, UBA and Zenith) out of 21 deposit money banks in Nigeria as of December 31, 2016 by random sampling and stratified sampling techniques. The data were fitted to the regression-based model. The identified marketing innovation adopted by banks include innovative service provision (4.02), generation of new product with quality (3.65), entrance into new markets (3.60) and adoption of technological tools (3.57). Performance indicators considered are customer satisfaction and customer retention. Results showed that marketing innovation strategies of the banks significantly (p < 0.05) improve customer satisfaction. Improved service and product quality, introduction of new products and entrance to new market exert a positive and significant effect on outcomes of the banks. The estimated regression on customer retention showed that in a competitive environment, improved service exerts positive and significant (p < 0.05) influence. Furthermore, the impact of reduction in service cost is also positive and significant (p < 0.05), which is similar to the effect development of new banking products. The findings suggest that the pathway to raising performance of financial institutions in a competitive environment is diverse. There is a need for deployment of a modern banking technology, innovations around banking products and associated services.

The article is dedicated to the development of services and conditions of cooperation directed to insurance in the premium circle of clients under globalization. The circle of premium customers in addition to their requirements was described. Extended types of insurance are disposed in the article in order to develop the relationship between customer and insurer for most efficient partnership. The main reasons which caused the low level of insurance market development in Ukraine were proposed both with theoretical variety of their decisions. Proposals about methodical necessity of separating life and non-life insurance companies in the domestic market are disposed due to recommendations of the strategical development of insurance company. Methodological approach to the customer attraction procedure is represented for insurance sales management improvement.

Digital banks must promote on social media to attract tech-savvy young consumers who use social media extensively. Creating brand loyalty among digital banking customers is necessary to increase retention and motivate them to spend more with the preferred financial brand. This study investigates the impact of social media marketing on brand loyalty and continued usage intentions among young Vietnamese digital banking service consumers. This study employed a quantitative methodology, with a five-point Likert scale questionnaire administered online via non-probability sampling. The sample comprised 244 Vietnamese consumers aged 18 to 35, representing the young consumer segment. The data were analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicate that exposure to social media marketing substantially positively impacts brand loyalty. It was discovered that brand loyalty positively influences the intention to continue using the same digital banking provider. However, social media marketing did not influence continued usage intentions directly. Instead, brand loyalty mediated the positive relationship between social media marketing and future digital banking service usage intentions. The findings have important implications for digital banks’ customer engagement and branding strategies to establish long-lasting relationships with the crucial youth demographic via social media platforms.

Acknowledgment
The author wishes to express sincere appreciation to all respondents who completed the survey. In addition, profound appreciation is extended to all involved parties, as well as the Ho Chi Minh University of Banking, for their tremendous support and assistance, which contributed significantly to the completion of this research.