Assessing the Impact of Marketing Innovation, Financial Accessibility, and Corporate Reputation on Customer Retention in the Financial Services Industry

Abstract

This study assesses the impact of marketing innovation, financial accessibility, and corporate reputation on customer retention in the financial services industry. With increasing competition and consumer expectations, financial institutions must focus on retaining customers through effective strategies that emphasize innovation, accessibility, and reputation. The objective of this research is to examine how these three factors influence customer retention in the financial services sector. Data was collected from 300 participants using a survey questionnaire. The independent variables (IVs) are marketing innovation, financial accessibility, and corporate reputation, while the dependent variable (DV) is customer retention. A quantitative approach was used to analyze the data, utilizing SPSS and PLS-SEM for data analysis. The findings indicate that marketing innovation, such as the development of new financial products and services, has a positive effect on customer retention. Financial accessibility, particularly the ease of accessing financial services through digital platforms, was also found to significantly enhance retention. Moreover, corporate reputation, shaped by factors such as trustworthiness, reliability, and ethical practices, was found to be a strong predictor of customer retention.