7. Summary and conclusions
6.4. Study limitations and future research
This research can add some value and desirable insight for customer experience management after a big organizational change. And it can be used as a guideline to future mergers within the OP Financial Group and might be helpful in daily customer experience management within the Group. However, it is important to consider limitation in this study.
Firstly, the theoretical framework is drawn from several previous studies. It was used partly as a guideline for this study. The findings did not argue notably with the framework but its generalizability can be problematic. Therefore, it would be intriguing to find out how the customer experience is being managed in some other bank within the group?
Secondly, one needs to remember that this is case study which is only been conducted in one bank. All banks have different managerial protocols, and most importantly every merger process is unique. Therefore, this can be copied as such for future mergers, yet used as guideline. It would be interesting to find out can this research inspire larger merger or customer experience studies within the group?
Thirdly, as mentioned in the study there are differences between the views of the employees working in the bigger receiving bank and the ones working in the smaller banks. Therefore, in this study the interviewees were picked form different branches.
Another limitation was the number of interviewees, one might be able to get even more comprehensive findings if more employees were interviewed. Maybe in the future there could be a study about customer experience management after a merger and if it varies relating to the size or number of merging banks?
Another future research ideas that can be derived from this study is that how has the customers experienced the bank mergers within the Group. This could be conducted by using the NPS data and gather it before and after the merger. Another future research idea is to research the employee experience after a merger. This could be also beneficial for banks merging in the future.
References
Alasuutari, P. 1999. Laadullinen tutkimus. Tampere: Vastapaino.
Anderson, A. & Havila, V., & Holström J. 2003. Are Customers and Suppliers part(icipants) of a Merger or an Acquisition. 19th Annual IMP Conference. Lugano. 4-6.9.2003
Berry, L.L. & Carbone, L.P. 2007. Build Loyalty Through Experience Management.
Quality progress. 40(9), 26.
Creswell, J. W. 1994. Research design: qualitative & quantitative approaches.
Thousands Oaks (Calif.): SAGE.
Daymon, C. & Holloway, I. 2011. Qualitative research methods in public relations and marketing communications. New York NY: Routledge.
Eskola, J. & Suoranta, J. 1998. Johdatus laadulliseen tutkimukseen. Tampere:
Vastapaino.
Eskola, J. & Vastamäki, J. 2010. Teemahaastattelu: Opit ja opetukset. Teoksessa Aaltola, J. & Valli, R. (Toim.) 2010. Ikkunoita tutkimusmetodeihin 1: Metodin valinta ja aineistonkeruu: Virikkeitä aloittelevalle tutkijalle. Jyväskylä. PS-kustannus.
Farquhar. J. 2012. Case study research for business. SAGE publications.
Fiordelisi, F. 2009 mergers and Acquisitions in European banking. Palgarve Macmillina. 2009.
Focarelli, D & Panetta, F. 2003. Are mergers beneficial to consumers? Evidence from the market for bank deposits. The American economic review.
Focarelli, D., Panetta, F. & Salleo, C. 2002. Why do banks merge?
Journal of money, credit and banking. 34 (4).
Frow, P. & Payne, A. 2007. Towards the "perfect" customer experience. Journal of Brand Management (15), 89-101.
Gentile, C., Spiller, N. & Noci, G. 2007. How to sustain the customer experience.
European Management Journal. 25, (5) 395-410.
Gibbert, M &Ruigkok, W. 2010. The ‘‘What’’ and ‘‘How’’ of Case Study Rigor:
Three Strategies Based on Published Work. Organizational Research Methods 13(4) 710-737. SAGE publications.
Grönroos, C & Ravald, A. 2009. Marketing and the Logic of Service: Value Facilitation, Value Creation and Co-creation, and Their Marketing Implications Hirsjärvi, S. & Hurme, H. 2008. Tutkimushaastattelu : teemahaastattelun teoria ja käytäntö. Helsinki: Gaudeamus Helsinki University Press.
Hirsjärvi, S., Remes, P. & Sajavaara, P. 2009. Tutki ja kirjoita. (15. uud. p. painos) Helsinki: Tammi.
Holbrook, Morris B. (1994b), The Nature of Customer Value: An Axiology of Services in the Consumption Experience
Homburg, C., Jozic, D. & Kuchnl, C. 2017. Customer experience management:
toward implementing an evolving marketing concept. Journal of the academic marketing science. 45 377-401.
Hwang, J. & Seo, S. 2016. A critical review of research on customer experience management. Theoretical, methodological and cultural perspectives. International Journal of Contemporary Hospitality Management. 28 (10) 2218-2246.
Johnson, C. & Mathews, B. 1997. The influence of experience on service
expectations. International Journal of Service Industry Management. 8 (4), 290-305.
Johnston, R. & Kong, X. 2011. The customer experience: a road-map for improvement. Managing Service Quality 21 (1), 5-24.
King, B. 2010. Bank 2.0 How customer behaviour and technology will change the future of financial services
Klaus, P. & Maklan, S. 2012. EXQ: a multiple-item scale for assesing service experience. Journal of Service Management. 23(1), 5-33.
Korkiakoski, K. & Gerdt. B. 2016. Ylivoimainen asiakaskokemus. Talentum. 2016.
Helsinki.
Kovacs, G & Spens, K. 2005. Abductive reason in logistics research. Swedish School of Economics and Business Administration, Helsinki, Finland. International Journal of Physical Distribution & Logistics Management Vol. 35 No. 2, 2005 pp. 132-144.
Emerald Group Publishing Limited
Kristensen K. & Eskildsen J. 2013. Is the NPS a trustworthy performance measure?
The TQM Journal. Vol. 26 No. 2, 2014. pp. 202-214. Emerald Group Publishing Kumar, R. 2012. Mega mergers and acquisitions. Case studies from Key industries.
Palgrave McMillian.
Laforest, J. 2009. Guide to organizing semi-structured interviews with key informant.
Institut national de santé publique du Québec. INSPQ publication Number: 1004
Lemon, K & Verhoef, P. 2016. Understanding Customer Experience Throughout the Customer Journey. Journal of Marketing 80 , 69-96.
Lovelock, C., Vandermerwe, S., & Lewis, B. 2001. Services marketing: a European perspective. London: Prentice Hall.
Löytänä, J. & Kortesuo, K. 2011. Asiakaskokemus. Palvelubisneksestä kokemusbisnekseen. Helsinki: Talentum.
Maison. D. 2019. Qualitative marketing research: understanding consumer behavior.
Taylor and Francis Group.
Maklan S., Antobetti, P. & Whitty, S. 2017. A better way to manage customer
experience: Lessons from the Roya; Bank of Scotland. California Management review 2017. 59 (2), 92-115.
Meyer, C & Schwager, A. 2007. Understanding customer experience. Harvard business review.
Milbour, Todd T., Arnaud W. A. Boot, and Anjan V. Thakor. "Megamergers and Expand Scope: Theories of Banks Size and Activity Diversity." Journal of Banking and Finance 2 (1999), 195-21
Miles, L. & Rouse, T. 2011. Keeping customers first in merger integration.
https://www.bain.com/insights/keeping-customers-first-in-merger-integration/
Reviewed 28.2.2020
OP Financial Group. 2020. Business sectors. Corporate Banking
https://www.op.fi/op-financial-group/about-us/op-financial-group-in-brief/business-divisions 10 Reviewed 10.4.2020
OP Financial Group 2020 Structure of OP Financial Group
https://www.op.fi/op-financial-group/about-us/corporate-governance/group-structure Reviewed 10.4.2020
OP Financial Group 2020. Strategy.
https://www.op.fi/op-financial.group/about-us/op-in-brief/strategy Reviewed 10.4.2020
Palmer, A. 2010. Customer experience management: a critical review of an emerging idea. Journal of services marketing. 24 (3), 196-208.
Parandker, S. R. & Lokku, D. 2012. Customer experience management. Third international conference on services in emerging markets.
Patton, M. Q. 2002. Qualitative research & evaluation methods. Thousand Oaks (CA): Sage.
Phillips. J. 1999. Mergers and Acquisitions shape today’s industry. Paperboard packaging.
Pine, J & Gilmore, J. 1999. The Experience Economy. Harward business scholl press, Boston, Massachusetts. 1999.
Rawson, A., Duncan, E. & Jones, C, 2013. The truth about customer experience.
Harward Business Review. 90-98.
Reichheld F. 2003. The number you need to grow. Harvard Business Review.
Dec2003, Vol. 81 Issue 12, p46-54.
Ryder, I. 2007. Customer Experience. Journal of Brand Management. 15 (2), 85-88.
Schmitt, B. 1999. Experimental Marketing. Journal of Marketing Management. 15:1-2, 53-67.
Vargo, S. L., & Lusch, R. F. (2004a). Evolving to a new dominant logic for marketing. Journal of Marketing, 68, 1–17, (January).
Verhoef, P. C., Lemon, K. C., Parasuraman, A., Roggeveen, A., Ysiros, M. &
Schlesinger, L. A. 2009. Customer experience creation: determinants, dynamics and management strategies. Journal of Retailing. 85 (1), 31-41.
Wealth and Finance. 2020. https://www.wealthandfinance-news.com/how-the-finance-industry-has-evolved/. Reviewed 11.4.2020
Woodruff. R. 1997. Customer value: The next source for competitive advantage.
Journal of the Academic of Marketing Science. 25 (2), 139-153.
Yin. R. 2009. Case Study research. Design and methods. Thousand Oaks: Sage Publications.
Zeithaml, Valarie A. 1988. "Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence." Journal of Marketing52 (July): 2-22.