Abstract
Co-creation is a baseline for innovation strategies to increase market share and competitive advantage in the Islamic Banking industry. The purpose of this study is to examine the role of the DART (dialogue, access, risk and transparency) model as a determinant of co-creation activities in Islamic banking. It is the first empirical investigation that tests the DART model in this way. Using Partial Least Squares Structural Equation Modeling, this study analyzes the responses of 192 Islamic bank customers to test four proposed hypotheses. The research result confirms that the dialogue and transparency of the DART model positively support co-creation activities. Our study is based on data from Islamic Banking customers in Indonesia; therefore, it needs to be retested in a broader context. Since we distributed questionnaires among Islamic Banking customers, future studies could compare their responses with those of customers of conventional banks. Further studies are recommended to develop the DART model in other specific contexts. It is important for Islamic Banking managers in Indonesia to prioritize dialogue and information disclosure in serving customers while also allowing customers access to information to and delivering risk assessments honestly.
Highlights
Co-creation is an effort by companies and customers to participate in value creation together [2]
The purpose of this study is to examine the role of the DART model as a determinant of co-creation activities in Islamic banking
Further studies are recommended to develop the DART model in other specific contexts. It is important for Islamic Banking managers in Indonesia to prioritize dialogue and information disclosure in serving customers while allowing customers access to information to and delivering risk assessments honestly
Summary
Co-creation is an effort by companies and customers to participate in value creation together [2]. Its study is useful for developing financial services that are relevant to customer needs [4]. A company's decision to carry out cocreation activities can lead to improving the effectiveness of its product or service offerings to maximize its profits [5]. Co-creation is especially relevant to the banking sector because banking services imply "high involvement," requiring customer care to facilitate the recognition of each product feature. Customers usually use a product for a long time. The involvement of customers in sharing their ideas for the design and product development process to create personalized experiences for themselves is important for banks to remain competitive [6]
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