An examination of economic and non-economic satisfaction among micro-enterprise business banking customers in South Africa
Tinashe Tsungai Raphael Ndoro, Pierre Mostert, Michelle Caroline van der Merwe, Tinashe Chuchu, Göran SvenssonPurpose
Drawing on the business-to-business (B2B) relationship perspective, this study reconceptualises satisfaction as both an antecedent and an outcome within micro-enterprise banking relationships. Specifically, it examines how economic satisfaction influences non-economic satisfaction through the relational mechanisms of trust and commitment and assesses the mediating roles of these constructs.
Design/methodology/approach
Structural equation modelling was used to analyse the data through testing the proposed relationships. Data were collected from a sample of 381 micro-enterprise business banking customers in South Africa.
Findings
The results indicate that economic and non-economic satisfaction play distinct roles in shaping relationship quality. Economic satisfaction significantly predicts trust and commitment, whereas non-economic satisfaction is influenced by both trust and commitment. Bootstrapped mediation analysis further shows significant indirect effects of economic satisfaction on non-economic satisfaction through both trust and commitment. As the direct effect of economic satisfaction on non-economic satisfaction remains significant when the mediators are included, the findings indicate partial rather than full mediation. Thus, economic satisfaction influences non-economic satisfaction both directly and indirectly through relational mechanisms.
Research limitations/implications
The study is limited by its cross-sectional design and non-probability sampling. Future research could adopt longitudinal and comparative approaches across industries to validate and extend these findings.
Practical implications
Banks serving micro-enterprises should focus on enhancing customers' economic satisfaction (e.g. competitive pricing, business growth support) to build trust and long-term commitment. The findings suggest that economic satisfaction contributes directly to non-economic satisfaction and indirectly strengthens it through trust and commitment. Banks should therefore combine the delivery of economic value with relationship-building initiatives that foster trust and commitment, thereby enhancing emotional and relational satisfaction, loyalty and relationship continuity.
Originality/value
This study extends B2B relationship theory, commitment-trust theory and social exchange theory by empirically demonstrating the dual role of satisfaction and the partial mediating roles of trust and commitment in an under-researched context, specifically financial services for micro-enterprises in an emerging market context. It provides novel insights into relationship dynamics characterised by economic and non-economic exchanges between micro-enterprise customers and financial service providers in an emerging market context.