Bancassurance in East Asia: Cultural impact on customers’ cross-buying behaviour

Abstract

Amid rapid growth of bancassurance in East Asian countries, particularly in South Korea and Taiwan, the article examines the determinants of this growth in these two countries, by testing the influence of ‘collectivism’ as a proxy for national culture on the relationship between cross-buying determinants and customers’ cross-buying intentions. The interviews were conducted during 2011 and 2012 with 13 professional senior managers and academics engaged in customers’ cross-buying activities of bancassurance in South Korea and Taiwan. ‘Perceived value’, ‘trust’, ‘image’ and ‘satisfaction’ were found to be the key determinants of customers’ cross-buying intentions on bancassurance in South Korea and Taiwan, among which ‘trust’ and ‘satisfaction’ were significantly influenced by ‘collectivism’. The article confirms that, even between countries with similar levels of ‘collectivism’, the influence of ‘collectivism’ can differ because of the determinants of cross-buying intentions on bancassurance.