Functional and relational value influence on commitment and future intention: The case of banking industry

Abstract

Consumers do differ in the evaluation of value between products and services. This study aims to identify the perceived value dimensions as functional and relational value to investigate the relationship between each dimension of perceived value with the future intention and also to examine the commitment as a mediator role between multi dimensions of perceived value and future intention. Factor analysis indicated six dimensions of perceived value as functional service quality, functional service price, functional service value, relational confidence and relational communication. Step wise regressions analysis further observed that functional service value, functional service quality, relational confidence and relational communications are the better predictors to the future intention. Among these dimensions, relational confidence is fully mediated by the commitment, and leads to future intention. The limitations of this study are discussed and suggestions for future research are also put forward.

Full text

FUNCTIONAL AND RELATIONAL VALUE INFLUENCE ON COMMITMENT AND FUTURE
INTENTION: THE CASE OF BANKING INDUSTRY
Nasreen KHAN
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Abstract
Consumers do differ in the evaluation of value between products and services. This study aims to identify the
perceived value dimensions as functional and relational value to investigate the relationship between each dimension of
perceived value with the future intention and also to examine the commitment as a mediator role between multi
dimensions of perceived value and future intention. Factor analysis indicated six dimensions of perceived value as
functional service quality, functional service price, functional service value, relational confidence and relational
communication. Step wise regressions analysis further observed that functional service value, functional service quality,
relational confidence and relational communications are the better predictors to the future intention. Among these
dimensions, relational confidence is fully mediated by the commitment, and leads to future intention. The limitations of
this study are discussed and suggestions for future research are also put forward.
Key Words: Customer perceived value, customer relationship commitment, functional value and relational
value, banking services
1. INTRODUCTION
The Malaysia financial system had undergone significant transformation since the 1990s and it had
evolved to become more diversified and efficient thus enabling it to effectively perform as a key contributor
to economic growth and changing customer demands. With an average annual growth rate of 7.4% since
2001, the financial sector contributed 10.7% in 2007 to real gross domestic product (GDP). This had been
accompanied by enhanced access to a wider array of financial products, services and delivery channels,
improved quality of customer service and greater technological innovations. The globalization of financial
markets, the changing economic landscape, further technological advancements and greater customer
expectations continued to drive developments in the Malaysian financial sector (Bank Negara Annual Report,
2008). When it came to the year of 2008, the external environment deteriorated with the continued unfolding
of the financial crisis that has erupted in the United States. With no signs of the crisis abating, there had been
increased uncertainty and risk aversion in the financial markets. It is expected that the economic slowdown
will be more pronounced and protracted than earlier anticipated. Malaysia entered the period of global
uncertainty from a strengthened position. In this period of rapid dramatic change, the successful organizations
will be those who able to recognize and identify the forces of change and make a quick response.
Ultimately the quality of customer service is a driving force in ascertaining business survival in the
banking industry (Tang and Zairi, 1998) and the generation of higher value become the source of competitive
advantage in the 21st century (Woodruff, 1997). According to Khong and Richardson (2003), when customer
value is compromised during this crisis time, there is a high possibility that business performance will be
affected as well. Therefore, only with an effective management of customer value through the relationship,
business performance can be improved. Malaysia has been a high growth economy which has focused
companies’ attention on maker share and acquisition; the holistic customer relationship management
throughout the lifecycle takes more importance for the companies operating in Malaysia. Chua (2002)
commented that Malaysia customers are wise when selecting the right products to fulfill their needs and wants
and the intense competition prods them to switch products easily when they are dissatisfied. Therefore there is
a need for customer retention. In order to retain customers, efficient customer service value must be present;
•
Faculty of Management, Multimedia University

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hence an effective customer service management becomes necessity (Khong and Richardson, 2003). The
research shows that there are considerable opportunities for improvement in customer relationship
management across the Malaysia industry; banking is one of the sectors performing particularly poorly
(Starkey et al, 2002). Their research further criticized that these companies do not improve in customer
management will in future face major difficulties with increasing competition. Hence, Wei and Nair (2006)
recommended to all the banks and finance companies in Malaysia to give high priority to the implementation
of customer management through the key drivers of customer satisfaction, assessment and handling of
customers. Kassim et al., (2009) also had highlighted the relationship management elements that improve the
efficiency of financial service providers in Malaysia. Perceived value, the essential result of marketing
activities, is an element of the first order within relationship marketing (Peterson, 1995; Huber et al., 2001;
Callarisa et al., 2002) and therefore is necessary to be focused especially when banks are trying to retain their
customers in order to benefit from their loyalty and participation (Berry, 1983). However, improving
customer value will be achieved only with careful measurement in customer value (Asser et al., 1990).
Therefore, this research is trying to explore on the multi dimensional nature of customer perceived
value and also examine the relationship between dimensions of perceived value, relationship commitment and
future intention. The objectives of the research are:
• Investigate the effect of perceived functional value and perceived relational value on the future
intention.
• Investigate the effect of perceived functional value and perceived relational value on the
commitment.
• Investigate the commitment as a mediator role between perceived functional value & future intention
and perceived relational value & future intention.
This paper is fundamentally structured in five parts. The first part explains the literature review on
perceived value, relationship commitment and future intention. In the second part, the research methodology
is presented. The third section explains the data analysis and the fourth section covers the discussion and
conclusion. The final section sets out the limitation of the study and future research.
2. LITERATURE REVIEW
2.1 Perceived value
Perceived value is defined as the customers’ overall assessment of the utility of a product, based on
perception of what is received and what is given (Zeithaml, 1988). It is also a tradeoff between perceived
quality and its affordability within a choice setting (Monroe and Krishnan, 1985). Zeithaml suggested that all
the costs that are incurred to customers, such as monetary price and non-monetary price (e.g. time and effort)
should be incorporated as perceived costs where as the benefit components of perceived value should include
perceived quality, and other intrinsic and extrinsic attributes. Then Zeithaml synthesized the customer value
in overall concept. McDougall and Levesque (2000) followed Zeithaml’s approach in considering the
perceived value to be consumer’s overall evaluation of what is given and received. However, Bolton and
Drew (1991) pointed out that perceived value should not be viewed as the outcome of a trade-off between a
single overall value quality and sacrifice, because perceived value is complex in nature. Thus, many
researchers recommended that perceived value should be measured in terms of multiple-item scale (Sweeney,
1996). Cronin et al. (1997) also further challenged that more benefits and sacrifices need to be added to be
more ‘natural’ process because not all the customers have a share meaning of value (Petrick, 2004) and it
would be problems to assume different types of customers have same perceived value (Sweeney, 2003).
Furthermore, uni-dimensional measure of customer perceived value lacked validity (Bolton and Drew, 1991;
Woodruff and Gardial, 1996).
Due to the complex nature of perceived value, there were number of studies attempted to construct
customer perceived value as a multi-dimensional construct (for instance, Hartman, 1967; HolBrook &

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Corfman, 1985; Sheth et al. 1991, Holbrook, 1994; Woodruff, 1997). Mattson (1991) developed two
dimensional structures of perceived value as the cognitive and affective aspects of perceived value and apply
to the service context in particular. Later, Sweeney and Soutar (2001) introduced functional value as cognitive
base and emotional and social value as affective base. Authors such as Gale (1994) developed economic
value (products and services) and affective value (emotional and social) to manage the customer value in
service. Furthermore Sanchez et al (2006) developed perceived value as more extensively in terms of
functional value as installation, contact personnel, purchase quality, emotional value, social value and apply
these dimensions in the area of perceived value in purchasing a tourism product. There were quite number of
empirical research studies on the perceived value dimensions of Sanchez et al., (2006) and related to the
service sector. For instance, Cengiz (2007) analyzed the dimensions of perceived value in health and divided
into eight dimensions as functional value (installation), functional value (service quality), functional value
(price), functional value (professionalism), emotional value (novelty), emotional value (control), emotional
value (hedonics), and social value. Lastly, Roig et al., (2006) used these dimensions and measured to the
customer perceived value in retail banking.
Services are complex that relationship should be included when talking about value perception
(Gronroos, 1996). Most of the research focused on the value of the physical product and neglected the
relational dimensions of customer perceived value (Dwyer & Tanner, 1999). Thus, it is necessary to
understand the dynamic nature of value creation in relationship (Eggert et al., 2006) instead of just the
(augmented) product (Gronroos, 2000; Ravald & Gronroos, 1996). Kandampully and Duddy (1999)
commented that it is the relationship that sets the value of the service and relationship must be included when
there is value perception is discussed (Grönroos, 1996). Lindgreen & Wynstra (2005) recommended future
researchers to look into two main perspectives: one should be focused on the value of products and the other
one should be looked into the value of relationships. Based on this critical reviews and recommendations,
authors proposed the multidimensional perceived value as functional and relational value.
Functional value: it is referred as the rational and economic valuations of individuals. The quality of
the product and quality of service form this dimensions (Woodruff, 1997; DeRuyter et al., 1997 and 1998;
Sweeney and Soutar, 2001; Sanchez et al., 2006). Functional value is related to responsiveness (Schmenner's,
1986, 2004; Parasuraman et.al., 1988; Lapierre 2000), flexibility (Lapierre, 2000; Ivens, 2004), reliability
(Schmenner's, 1986, 2004; Parasuraman et al., 1988; Lapierre, 2000), empathy (Schmenner's, 1986, 2004;
Parasuraman et al., 1988; Lapierre, 2000), and price (Anderson and Narus, 1998, 1999; Yadav and Monroe,
1993; Lapierre, 2000).
Relational value: it is referred to how customers assess the benefits and effectiveness of the working
relationships with one supplier relative to alternative suppliers (Ulaga, 2003; Wilson et al., 1995). Relational
value is related to image (Lapierre, 2000), conflict (Rusbult, et al., 1988, Lapierre, 2000), solidarity (Heide
and John, 1992; Macneil, 1980, Kaufmann and Stern, 1988, Lapierre, 2000), trust (Schurr and Ozanne, 1985,
Lapierre, 2000) and communication (Cunningham and Turnbull 1982; Håkansson 1982; Anderson and Weitz
1989; Dwyer, Schurr and Oh 1987).
2.2 Commitment
Commitment can be described as a partner’s desire to develop a stable relationship and a willingness
to make short-term sacrifices to maintain it (Anderson and Weitz, 1992; Jap and Ganesan, 2000).
Commitment also can be demonstrated that the partner’s ultimate goal is to make the relationship work.
Commitment has been identified as one of the key characteristics of successful relationships (e.g. Dwyer et
al., 1987; Morgan and Hunt, 1994). It is also a way of responding to customer needs (Kohli and Jaworski,
1990), help customers to develop positive intentions towards new categories of products of existing brand
(Gurviez, 1999) and also reduce negative information about the brand (Ahluwalia et al., 2001). In the
relationship marketing literature, the concept of relationship commitment was defined as customers’ general
intentions to maintain the business relationship (Moorman et al. 1993), it was accompanied by their
willingness to make efforts to maintain it and able to overcome the obstacles (Dick and Basu 1994). In some
of the situation, buyer will commit the relationship with the seller due to the financial cost, psychological and

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emotional cost that will incur with another party (Morgan and Hunt, 1994). Likewise, if the buyers are
unaware of attractive offers, proximity location and lower fees from the alternative sellers, they may decide to
stay in the current relationship. Hence, there is the risk of loosing the customers when they are attracted to the
competitors offerings. When customers are lost, new ones must be captured to replace them, and replacing
them is expensive (Fornell and Wernerfelt, 1987).
Therefore, it is better for a company to spend resources to keep the existing customers than to attract
new ones. Also it was suggested that relationship management to be effective, company must always active,
inform, surprise and appreciate to the customers by different ways (Alberts and Buitendijk, 1995). Therefore,
the banks must identify what make customers to continue stay and what they are expecting from them. It has
been shown (Sheth and Parvatiyar, 1995) that customers who have been with their bank for five years are
much more profitable than those in the first year of their relationship. Further findings (Reichheld and Kenny,
1990) indicated that an average retail bank retains between 80 and 85 percent of its depositors, and that even a
small improvement in this rate leads to higher margins. Therefore, longer customer relationships are worth
more to the bank than new customers.
2.3 Future Intention
Behavioral-intention, frequently measured as conative loyalty, is an important goal in consumer
marketing community. Customer loyalty was assessed by both attitudinal and behavioral measures. The
attitudinal measure of customer loyalty referred to a specific desire to continue a relationship with a service
provider while the behavioral perspective refers to the concept of repeat patronage. According to Oliver
(1999), customer loyalty can be identified into four stages: cognitive loyalty, affective loyalty, conative
loyalty and action loyalty. In practice, action loyalty is difficult to measure and most researchers employ
behavioral-intentions, i.e. conative loyalty as a compromise of action loyalty (Yang & Peterson, 2004).
According to Smith et al., (1999), customer behavior intention can be grouped into two categories: economic
behavior intentions such as repeat purchase behavior (Anderson and Mittal, 2000), willingness to pay more
and switching behavior (Zeithaml et al., 1996), and social behavior intentions such as complaint behvaiour
(Johnston, 1998, Nyer, 1999) and word of mouth communication (Szymanski and Heanrd, 2001; Wright et
al., 1996). In most of the research, the variables intention to re-purchase (or revisit) and willingness to
recommend to others have been used as indicators of behavioral intentions (Chen & Tsai, 2007).
However, numbers of researchers have emphasized the importance of measuring the future
behavioral intentions of customers to assess their potential to remain with or leave the organization. In the
earlier research done by Parasuraman et.al (1988), they suggested that customers’ favorable behavioral
intentions are associated with the service provider’s ability to get them to remain loyal to them. When the
customers are loyal to the firm, they may not look for the alternative service, they are insensitive to the price,
spread positive word-of mouth to other customers (Desai and Mahajan 1998, Reichheld and Sasser, 1990;
Reichheld, 1996) and even they are willing to purchase other products from the firm (Shani and Chalasani,
1992). As a result, customer loyalty strongly affects profitability (Reichheld and Sasser, 1990; Rust and
Zahorik, 1993; Rust et al., 2000; Verhoef, 2003). There are simply no rich intentions theories to date;
intentions appear to be one of the most under defined constructs in consumer behavior (So¨derlund and O¨
hman, 2005). While customer loyalty increases the economic attractiveness of existing customers, positive
word-of-mouth communication helps to attract new customers as relational partners to a company’s offerings.
Both retention and attraction are critical to the company performance because it contributes the long-term
economic success.
2.4 Perceived Value, Commitment and Future Intention
The services marketing and industrial marketing shift towards exchange, commitment and long-term
focus (Holmlund and Kock, 1996) as commitment was investigated as one of the key characteristics of
successful relationships (e.g. Dwyer et al., 1987; Morgan and Hunt, 1994; Parasuraman et al., 1985).
Although satisfaction has been traditionally seen as an important antecedent of loyalty, maintaining high

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levels of satisfaction will not, ensure customer loyalty (Rust and Zahorik, 1993) and satisfied customers may
even switch to other service provider (Hallowell, 1996). The literature on buyer–seller relationships has
established both theoretical and empirical reasons to suggest that customer perceived value results in
behavioral consequences favorable for the supplier (Ulaga and Eggert, 2006, Gassenheimer et al., 1998).
According to Bagozzi (1995), reciprocity is a basic quality of buyer–seller relationships, and one way to
reciprocate perceptions of superior value is to externally promote the supplier. Crosby et.al (1990) argued that
service quality is necessary but not sufficient condition for building the quality in the relationship. For
instance, a person may satisfy with the bank’s services but it does not mean that he will build the relationship
with the bank. In order to create the relationship, he may look for other benefits as well. Venetis and Ghauri
(2004) supported Crosby ideas and proved that service factor alone cannot be locked in to a relationship and
thus customer perceived need to be identified to build long-term commitment.
On the other hand, the research findings from Gwinner et.al (1998) revealed that, customers might
remain in the relationship even if they perceive the core service attributes less than superior as long as they
are receiving important relational benefits. Therefore, it has to be noted that customers are looking for not
only in terms of core service quality but also other benefits as well. Gwinner’s point of view was aligned with
Bolton and Drew (1991) findings’ and they further suggested that what important in motivating the
customers to build the relationship is the value not only the quality, in which the value is the overall
assessment of product and service based on perception of what is received and what is given. Roberts, Varki
and Brodie (2003) supported this view by encouraging future researchers to measure the value associated with
maintaining the relationship quality. Direct influence of dimensions of perceived value on commitment have
not been received much attention yet but there is very few research has been done (Pura, 2005). For instance;
Henning-Thurau et al., (2002) suggested that social value is positively related to the commitment. However
Wang et al., (2004) explored that both social and functional value effect on behavior. Where as Butz and
Goodstein (1996) investigated that emotional value direct influence on customer loyalty.
Several researchers have confirmed that commitment and behavioral intentions are both loyalty
related concepts, yet by definition distinct construct (Beatty et al., 1988; Pritchard et al., 1999). Therefore,
they should be measured as individual constructs. Earlier research supported the importance of commitment
in relationship marketing and the need to understand the reasons behind the behavior (Dwyer et al., 1987;
Gundlach et al., 1995; Morgan and Hunt, 1994; Roos et al., 2005). Due to that, many research areas were
examined the influence of customer commitment on various types of customer responses (e.g. purchase
intentions, Garbarino and Johnson 1999; service recovery expectations, Kelly and Davis 1994; resistance to
change to another provider; Pritchard et.al. 1999). Those customers who are committed to a relationship
might have a greater propensity to act because of their need to remain consistent with their commitment
(Moormand, Desphande, and Zaltman, 1993). Empirical findings from Morgan and Hunt (1994) supported the
relationship between customers’ commitment and acquiescence, propensity to leave, and cooperation, all of
which are the behavior outcome of relationship.
Although researchers has attempted to integrate the concept of customer commitment to further
understand the behavior of loyal customers (Zins, 2001), the number of relationship marketing literature
clearly demonstrated that perceived equity and commitment are major influencing factors to maintain the
relationship, to repurchase products and to recommend its products (Morgan and Hunt, 1994; Garbarino and
Johnson, 1999). Pura (2005) analyzed the direct effect of customer perceived value on attitudinal and
behavioral components of loyalty, in a service context. His findings suggested that behavioral intentions were
significantly influenced by multidimensional perceived value. Moreover, Fullerton (2005) has investigated
relationship commitment as a key mediator of the relationship between the customer’s evaluations of a firm’s
performance and the customer’s intentions regarding the future relationship with the firm (Fullerton, 2005).
Based on the earlier conceptualization of each construct and the relationship between value, commitment and
future intention, the research model is illustrated the hypothesized relationships in figure 2.1

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H1: Perceived functional value has both a positive and direct influence on future
intention.
H2: Perceived relational value has both a positive and direct influence on future
intention.
H3: Commitment mediates the relationship between perceived functional value
and future intention.
H4: Commitment mediates the relationship between perceived relational value
and future intention.
3. METHODOLOGY
3.1 Measurement
The questionnaire consists of three sections. The first section is to evaluate the perceived functional
and perceived relational value. Functional value is proposed to compose of six indicators with twenty four
items. These indicators are: responsive, reliability, empathy, price, accessibility and flexibility. The first three
indicators of functional values (responsive, reliability, and empathy) are measured with 12 items. These items
are developed by Parasuraman et al., (1988) and later adapted by Parasuraman et al., (1991) in SERVQUAL
model, Cronin and Taylor, (1992) in SERVPERF model, Lapierre (2000) in PERV model. These items are
also consistently used by other researchers such as Brown, (1993), Bernes & Howlett (1998), Beerli & Martin
(2004) and Flavian et al., (2004) in service context in particular. The four and fifth indicators (price and
flexibility) are adapted from Lapierre (2000). These two indicators are measured with four items each. The
last indicator (accessibility) with four items is adapted from Flavian et al., (2004). All these indicators with
items have been used to measure the relationship in banking sector. All scales are reported with high
Cronbach α.
In terms of relational value, it is proposed to compose of six indicators with twenty two items. These
indicators are: conflict, trust, solidarity, image, interdependence and communication. The first indicator of
conflict with three items were developed by Dwyer et al (1987) and later adopted by Kumar et al. (1992) &
Ndubisi & Wah (2005) in banking context. These scales evidenced with high reliability measure. The second
indicator of trust with four items was developed by Moorman et al., (1993) and was empirically tested these
scale to capture the relationship between businesses to customers in banking sector. The third indicator of
solidarity with four items was adopted from Lapierre (2000) because this indicator was considered as an
Perceived
Relational
Value
Commitment
Future
intention
Perceived
Functional
Value
Fig.2.1. Conceptual model: dimensions of perceived value to the commitment
and future intention

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element of relational value and was applied in the banking context. The fourth indicator of reputation with
three items was adopted from Flavian et al., (2004) study, which was based on the study of LeBlanc and
Nguyen (2001) in the context of banking service reputation. The fifth indicator of communication with four
items was originally developed by the Morgan & Hunt (1994) and later adopted by Ball et al., (2004) in the
banking context. The last indicator of interdependence with four items was adapted from Jap and Ganesan,
(2000). All the scales are supported with high Cronbach α.
The second section is to measure the relationship commitment and future intention. Relationship
commitment scale consists of seven items are adapted from Morgan and Hunt (1994), Mowday et.al (1979)
and Bettencourt (1997). Future intention scale consists of six items are adapted from Zeithaml (1988).Later
his scales have been adapted by Gill (2007) and Maxham and Netemeyer (2002), Sirohi et al. (1998). All the
scales have been developed for the purpose to be used in retail banking industry and considered relatively
high reliable value. All the items in both section used the 7 point Likert scale ranging from strongly disagree
(1) to strongly agree (7). The last section is about the demographic background of the respondents. Data has
been furnished through relevant statistical methods.
3.2 Data collection
This research was based on the extensive review of past literature and also carried out the survey
using the structured questionnaire to meet the current objectives. The sample group was the customers from
Klang Valley, Malaysia who have accessed to the banking services and must have at least two different bank
accounts. The totals of 600 questionnaires were collected from the survey. Of those collected, 171
questionnaires were removed because some were unreturned and some were incomplete data. After
elimination, 429 questionnaires were coded for the data analysis. Among the analyzed samples, 55% of the
respondents were female, 35% were Chinese, 48% were holding the bachelor degree and 30% of the
respondents belong to the income range of RM 2001 to RM 3000 per month.
4. ANALYSIS
4.1 Factor Analysis:
To assess the dimensionality of the customer perceived functional and relational value in the banking
context, factor analysis (principal component, varimax rotation) was conducted on the items listed in Table I
and II. The indicators related to functional perceived value were responsiveness, reliability, empathy, price,
flexibility and accessibility. The four items to measure the empathy were eliminated from the further analysis
as these items have very low loading. The twenty items related to the indicators of the reliability, responsive,
accessibility, price and flexibility are entered for the factor analysis, which further grouped the reliability and
responsive as one factor, price as one factor and accessibility and flexibility as one factor. An analysis of the
Eigen values and the screen plot for functional perceived value suggested that three factors exist related to the
functional perceived value (see table I). The total variance extracted by the three factors were 60.25 percent
(Kaiser-Meyer-Olkin = 0.92, Bartlett’s test of sphericity was significant at p = 0.000 level). The first factor
was termed as perceived functional service quality (reliability and responsive) and the second factor was
termed as perceived functional price (price) and the third factor was termed as perceived functional value
(accessibility and flexibility).

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Table I: Factor analysis for perceived functional value
Customer perceived functional value items Factor 1
Functional
service quality
Factor 2
Functional
service price
Factor 3
Functional
service value
• Deliver its services at the times it promises
• Show a sincere interest in solving it.
• Promise to do something by a certain time.
• Always willing to help me.
• Give me a prompt service.
• Always perform the service right the first time.
• Charges are justified.
• Almost same with other bank charges.
• Worth for the service that is provided.
• Reasonably charged.
• Provide emergency product and service deliveries.
• Change the way handle things easily.
• Adjust the products and services to meet the customer’s unforeseen
needs.
• Schedule for opening hours are according to the customers needs.
• The bank services locations (branches/ATMs) are at convenient places.
• The bank opens the flexible time to carry out the transactions.
0.634
0.770
0.827
0.776
0.786
0.670
0.709
0.787
0.741
0.629
0.621
0.665
0.656
0.615
0.710
0.670
The indicators related to perceived relational values are conflict, trust, reputation, solidarity,
interdependence and communication. The reputation, solidarity and interdependence indicators were
eliminated from the further analysis as the items have very low loading values and also cross loading with
other values. The eleven remained items are related to the indicators of conflict, trust and communication.
The factor analysis grouped the conflict and trust as one factor and communication as one factor. For the
analysis of the Eigen values and screen plot for perceived relational value suggested that two factors exist
related to the perceived relational value (see table II). The total variance extracted by the two factors were
65.69 percent (Kaiser-Meyer-Olkin = 0.906, Bartlett’s test of sphericity was significant at p = 0.000 level).
The first factor was termed as perceived relational confidence (conflict, trust) and the second factor was
termed as perceived relational communication (communication).
Table II: Factor analysis for perceived relational value
Customer perceived relational value items Factor 1
Relational confidence Factor 2
Relational
communication
• Honest way in every transaction.
• Provides accurate information.
• Keeps its promises made to me.
• Confidence that the bank is telling the truth.
• Ability to openly discuss solutions.
• Problems do not arise in our working relationship.
• Provides clearness and transparency information.
• Provides personal service and advice
• Constantly informed of new products and services that could be my
interest
0.651
0.718
0.788
0.786
0.803
0.736
0.764
0.787
0.835

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4.2 Reliability Analysis:
The Cronbach alpha results listed in table III were all the retained items and offer strong support for
the reliability of five customer perceived value dimensions derived from the factor analysis (functional
service quality α = 0.87, functional service price = 0.81, functional service value α = 0.82, relational
confidence α = 0.88, relational communication α = 0.80). The reliability for the commitment was α = 0.92 and
future intention α = 0.90.
Table III: Reliability Analysis
Variables drivers Number of
items Cronbach α
Perceived functional value
Perceived relational value
• Functional Service quality
• Functional service price
• Functional Service value
• Relational confidence
• Relational communication
6
4
6
6
3
0.87
0.81
0.82
0.88
0.80
Commitment 7 0.92
Future Intention 6 0.90
4.3 Hypothesis results
Hypotheses 1 and 2:
Regression analysis was used to test the future intention as the dependent variable and perceived
functional service quality, service price, service value, relational confidence and relational communication as
the independent variables. The obtained results showed that all independent variables together explain 57
percent of the variance (R
2
) in future intention, which is significant at F value 96.54. Among these five
dimensions, an examination of the t-value indicates that perceived functional service quality (2.151),
functional service value (3.987), perceived relational confidence (3.379) and perceived relational
communication (7.197) contribute as the best predictor to the customer future intention. However, perceived
functional service price (1.808) was not significant, as indicated by non-significant t-value (p>0.05). Results
are shown in Table IV. The model confirmed the positive and direct influence of perceived functional value
and relational value on future intention. Therefore, both H1 and H2 were accepted.
Table IV: Regression
Dependent variables Independent variable Βeta t-value significance
• Functional service quality
• Functional service price
• Functional service value
0.107 2.151 0.032
0.086 1.808 0.071
0.201 3.987 0.000
Future intention
• Relational confidence
• Relational communication 0.188 3.379 0.001
0.327 7.197 0.000
To identify the positive and direct relationship between perceived functional and relational value
with the commitment, the five dimensions of customer perceived value were then entered into a multiple
regression model for the overall strength of the predictability of each of the dimensions to the commitment.
Results indicated an adjusted R-square of 51 percent, which is significant, as indicated by the F-value of
163.826 Among these five dimensions, an examination of the t-value indicates that perceived relational

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communication (9.315) and perceived relational confidence (6.827) made a significant contribution to the
commitment (see table V). However, perceived functional service quality (1.651), functional price (0.643)
and functional service value (1.356) was found to be insignificant and was excluded from further analysis.
Table V: Regression analysis
Dependent variables Independent variable Βeta t-value significance
• Functional service quality
• Functional service price
• Functional service value
0.082 1.651 0.099
0.030 0.643 0.521
0.069 1.356 0.176
Commitment
• Relational confidence
• Relational communication 0.311 6.827 0.000
0.424 9.315 0.000
Hypotheses 3 and 4:
H3 proposed that commitment mediates the relationship between perceived functional value and
future intention. Where as, H4 proposed that commitment mediates the relationship between perceived
relational value and future intention. According to Baron and Kenny (1986), to establish the mediation
between the independent and dependent variable, there are certain conditions need to be demonstrated. Firstly,
regarding to perceived functional value impacts on commitment and future intention, the results in table V
indicated that the perceived functional service quality, perceived functional price and perceived functional
service value do not have a significant positive impact on the commitment. The results in table IV indicated
that only the perceived functional service value and perceived functional service quality have a significant
positive impact on future intention. Secondly, regarding to perceived relational value impacts on commitment
and future intention, the results in table V indicated that both perceived relational confidence and perceived
relational communication have a significant positive impact on the commitment. The results in table IV
indicated that both perceived relational confidence and perceived relational communication have a significant
positive impact on future intention.
Finally, the five dimensions of functional service quality, functional price, functional service value,
relational confidence, relational communication and commitment were regressed onto future intention. The
results in table VI showed that although perceived functional service value was significant, the results on table
V showed that perceived functional service value was insignificant and did not impact on the commitment.
According to Baron and Kenny’s (1996) mediator rule, all the dimensions of perceived functional value do
not meet the criteria. The model showed that commitment does not mediate the relationship between
perceived functional value (functional service quality, functional service price and functional service value)
and future intention. Therefore H3 was rejected. On the other hand, when it was compared to the table IV and
V with table VI, the significant level of perceived relational communication to future intention has been
reduced and perceived relational confidence to future intention became insignificant due to the introduction of
commitment. The commitment was still statistically significant in the contribution to the future intention. It
could be explained that commitment was partially mediate the relationship between perceived relational
communication and future intention. Commitment fully mediates the relationship between perceived
relational confidence and future intention. Thus, H4 was accepted.
Table VI: Multiple Regression analysis
Model fit Adjusted
R2 Standard
error Standard coefficient
Β t Sig ANOVA
F Sig
Model 1
(perceived relational
value Commitment
Future Intention)
0.63
4.223
99.810 0.000

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Factor constant
- Functional service value
-Relational confidence
-Relational
communication
-Commitment
0.156 3.359 0.001
0.065 1.267 0.206
0.139 3.132 0.002
0.435 10.400 0.000
5. Discussion & Conclusion
This study was aimed to investigate the effect of perceived value dimensions on the commitment and
future intention of consumers in retail banks. It also aimed to diagnose the commitment as an important
mediator between dimensions of perceived value and future intention. The results confirmed the past findings
of Kandampully and Duddy (1999), Gronroos (1996), Lindgreen & Wynstra (2005) as all have commented
that both the value of service and relationship related elements must be included when there is value
perception is discussed. The findings of this study revealed that multi dimensional measure of customer
perceived value are functional service value, functional service quality, functional service price, relational
confidence and relational communication. Hence, bank managers would therefore be advised to offer the
value related to both functional and relational to improve the consumers’ value perceptions of the retail banks.
In addition, the result is consistent with the previous conclusion of Gill et al., (2007), Ulaga and
Eggert (2006), Gassenheimer et al., (1998) and showed that the multi-dimensional value measure explained
better to both affective and behavior compare to single measure of value. The results confirmed that the
functional service value and functional service quality impact positively on behavior intentions. Functional
service value could be improved through providing flexibility and accessibility in the service offers and
functional service quality could be improved through reliability and responsiveness in providing the service to
the customers. However, it was surprised to find that functional service price does not impact on the future
intention. These findings are not totally same with previous researchers’ (Sweeney and Soutar, 2001; Sanchez
et al., 2006; Roig et al., 2006) findings. These researchers had earlier claimed that the functional service, price
and quality are the significant predictor in customer future intention.
Regarding the perceived relational confidence and relational communication impact positively on the
future intention, it was considered as a new finding as the previous researchers has neglected on the
importance role of relational value. Thus it is an important finding for the bank managers to take the actions
regarding the customer commitment in the relationship. Bank managers have to understand that if they want
their customers to commit in the relationship, they have to ensure that their employees are full committed in
their jobs. Only if the customer perceived the bank’s employees commit in providing the service, they are
willing to commit in their relationship with the bank. Although nowadays customers have more frequent
contact with the technology rather than personnel, this study revealed the fact that it is still a must for the
banks to continuously communicate to the customers and maintain the level of confidence so that customers’
perceived relational value will be increased and that will lead to commitment and future intention.
This study also confirmed the partial mediating nature of commitment between perceived relational
communication and future intention. It also confirmed the full mediator role of commitment between
perceived relational confidence and future intention. These results were somehow reflected to Fullerton
(2005) findings in which he had investigated relationship commitment as a key mediator of the relationship
between the customer’s evaluations of a firm’s performance and the customer’s future intentions with the
firm. Basically, from this study we can conclude that perceived value dimensions is not fixed and it will be
changed over time due to the changing nature of customer learned perceptions, preference and evaluations
(Woodruff, 1997).

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6. LIMITATIONS AND FUTURE RESEARCH
The limitations of the study are mainly three kinds. Firstly, the proposed hypothesis was tested in
specific banking area- Malaysia banks. Targeting others or non-local banks should be made in order to
generate a more solid relationship among the constructs examined in the study. Such application will help
researchers to identify reliable indicators to measure bank customers’ perceived value.
Secondly, the present research has focused on relationship between two major dimensions of
perceived value as functional value and relational value with the commitment and future intention. Other
related constructs such as customer satisfaction was not investigated in this study. Hence, further research
should be directed towards investigation the linear relationship between perceived functional & relational
value dimensions with its related outcomes such as satisfaction, relationship commitment and future intention.
Lastly, the reliable and validity measurement of perceived value dimensions scales are still questionable. Very
few value studies have focused on the banking industry that consider the importance of value and its
measurement. Hence, future research should verify a reliable and valid measurement scale of the customer
value in the banking industry.
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