Abstract
PurposeCo-creation fosters customer’s involvement for innovation in products/services and is used as a tool to develop competitive edge for better entrepreneurship. Based on limited evidence, the study aims to examine the factors contributing to the co-creation and the relationship of co-creation with customer satisfaction.Design/methodology/approachA sample of 384 customers from selected banks in Pakistan was selected. The study adopted quantitative, explanatory and cross-sectional research design. Structural equation modeling is used for analysis.FindingsThe results revealed a positive and significant relationship between co-creation with customer satisfaction. Further results revealed that access to information, risk assessment and transparency have a positive relationship with co-creation for innovation. The study is significant for customers and management of banks to understand the implications of co-creation to increase customer satisfaction.Research limitations/implicationsFew banks with a small number of customers were selected for the study.Practical implicationsManagers must consider customer’s access to information, risk assessment and transparency of information as necessary factors for co-creation that foster innovation and entrepreneurial opportunities because co-creation strengthens customer satisfaction.Social implicationsAdopting the co-creation process brings long-lasting harmony between customers and banks, and customers may consider the banks as being socially responsible by inviting the opinions of their customers.Originality/valueModel is re-tested in the context of Pakistani banks with selected variables affecting co-creation for innovation. Moreover, the relationship of co-creation with customer satisfaction is examined.
Highlights
A general consensus exists that co-creation with customers is beneficial for introducing innovativeness, but there is a lack of agreement regarding how and why
The current study considered three private and three public sector banks for examining the Banking sector contributions of co-creation towards customer satisfaction
This study revealed that “Access”, “Risk Assessment” and “Transparency” are positively related with co-creation for innovation and co-creation has a positive link with customer satisfaction
Summary
A general consensus exists that co-creation with customers is beneficial for introducing innovativeness, but there is a lack of agreement regarding how and why. For any organization, it is important to develop and monitor strategies that enhance customer satisfaction and foster profitability (Chen et al, 2018; Kim et al, 2003). This may be possible through addressing customer preferences (Carù and Cova, 2015), not an easy task to address. The customers are continuously looking for enriched purchase experience through integration (Jaakkola et al, 2015; Prahalad and Ramaswamy, 2004)
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