Financial Institutions’ Governance Innovation and Credibility Strategy

Štrukelj, Tjaša; Beloglavec, Sabina Taškar; Zdolšek, Daniel; Jagrić, Vita

doi:10.1108/978-1-80117-139-720211011

Cited by 3 publications

(4 citation statements)

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“…The tendency of trust (Poan, Merizka and Komalasari, 2021) and commitment (Mihardjo et al , 2021) is likely to be high in these services as compared to other services in the market. The customers are keen to choose the highest credible financial insurance services available in the market (Štrukelj et al , 2022).…”

Section: Theoretical Background and Concept Developmentmentioning

confidence: 99%

Forging customer satisfaction through commitment-trust factors in financial insurance services: moderating role of corporate image

Saoula

Abid

Ahmad

et al. 2023

JIMA

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Purpose It is widely evident that trust and commitment are important pillars for strengthening the relationship between financial service firms and their customers. However, it has not been explored how the service quality, perceived cost and role of agents are important for financial service firms. To overcome this gap, this study aims to investigate the role of service quality, perceived cost and the role of agents as the commitment–trust factors in the financial insurance service (Takaful) in Malaysia, enhancing customer satisfaction. Design/methodology/approach The study follows a quantitative design in which primary data was collected using a survey instrument. The measurement instrument was adapted from the previous research, and data were collected from 264 customers of the Takaful financial service organizations in Malaysia. The data were analyzed using variance-based structural equational modeling in Smart-PLS software. Findings This research has revealed several useful insights that demonstrate a significant impact on service quality, perceived cost and the agents’ role in forging close relationships with their customers. Corporate image has a moderating role in relationships and has significantly impacted takaful insurance companies. The results imply that regardless of the corporate image of the financial service organizations, customers are concerned about the prices and the quality of the agents’ services. Research limitations/implications In this study, only the predictors such as service quality, perceived costs and agents’ roles as trust–commitment factors were examined to determine customer satisfaction. Other investigations are highly recommended, such as value co-creation in takaful, takaful customer experience and takaful trust. This study offers insights to takaful insurance companies on how to keep up a positive corporate image, which will boost their trust–commitment factors and ultimately increase customer satisfaction. Originality/value By presenting commitment–trust factors and company image in an identifiable framework, the current study has expanded the discussion on takaful financial insurance services. The methodology is developed and rigorously tested to gauge customer satisfaction in takaful financial service organizations’ context.

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Section: Theoretical Background and Concept Developmentmentioning

confidence: 99%

Forging customer satisfaction through commitment-trust factors in financial insurance services: moderating role of corporate image

Saoula

Abid

Ahmad

et al. 2023

JIMA

View full text Add to dashboard Cite

show abstract

“…Achieving sustainable development in an organisation is closely linked to sufficiently comprehensive and integral governance and management, where owners and managers are aware of sustainability issues and where the elements of sustainable development are integrated into the organisation's vision, business policies, core, and other strategies, and their implementation. Therefore, when examining the achievement of sustainable development in an organisation, it is necessary to take as a starting point the individual level (micro-aspect), which, through the organisation (meso-aspect), affects the social, economic, environmental and ecological levels (macroaspect) [7,32], also known as the triple bottom line (TBL) or 3P (people, planet, and profit) concept [33][34][35][36]. This is how individual responsibility (micro-level) and, thus, individual competitive advantages can be achieved (as individuals are the organisation's stakeholders), which results in organisational responsibility (meso-level) and thus in organisational competitive advantages, which consequently leads to economic responsibility (macro-level), including social, environmental, and ecological aspects, and thus in competitive advantages for the economy (Figure 2).…”

Section: Number Of Indicatorsmentioning

confidence: 99%

“…To the extent that the key stakeholders have strong moral values and are interested in the responsible behaviour of their organisation, its vision and business policy (through its mission statement, the definition of its purpose and core goals) provide the consistent basis for the organisation's responsible and sustainable development [31,37,40]. In this way, the foundations are laid for a responsible approach to nature (plants and animals), a careful use of resources, decent treatment of employees and society at large, fair trade, and other aspects of responsible management, i.e., the credibility of the organisation is enhanced [26,27,32]. The owners of the organisation or their authorised representatives, with their ethics and values, are therefore the key foundation of the organisation's responsibility.…”

Section: The Interdependence Between Integral Governance Management A...mentioning

confidence: 99%

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Strategic Transition to Sustainability: A Cybernetic Model

Štrukelj,

Dankova,

Hrast

2023

Sustainability

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As the importance of the transition to sustainable development is increasingly recognised by individuals, organisations, and society as a whole, there is a growing need to examine its impact at micro-, meso-, and macro-levels. There is an urgent imperative to ensure the sustainability of growing economic inequalities, a degraded environment, and people living in uneven conditions in different societies. The authors, therefore, highlight the strategic role and essential contribution of organisations, and universities/higher education institutions in particular, in achieving sustainable development and the United Nations Sustainable Development Goals (SDGs). Universities/higher education institutions play a key role in fostering entrepreneurship and innovation, and they form the crucial architecture of contemporary practices in national economies and beyond. Policy makers, university/higher education institution governors, managers, and professors shape students and create new social contexts, and these must be oriented towards sustainability. This paper aims to explore the strategic role of organisations, in particular, universities/higher education institutions, as a key link between personal and social responsibility and, thus, as a powerful enabler of sustainable development. The authors examine the strategic transition to sustainability of two higher education institutions, the University of Maribor and the University of Economics—Varna, and conduct a qualitative case study research to develop a cybernetic model of the university’s/higher education institution’s transition to sustainability, which reflects the organisation’s growing commitment to achieving the Sustainability Development Goals. The model includes seven successive stages: pre-awareness, awareness, focusing, implementation, reaching out, transparency and disclosure, and continuous improvement. The study shows that sustainable development, i.e., sustainability governance, management, and operations, are indispensable for implementing the strategic concept of sustainability in an organisation and for achieving the strategic transition to sustainability as explained in the proposed cybernetic model.

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Incorporating Sustainability Into Strategic Management for Maintaining Competitive Advantage

Duh

Štrukelj

2023

Strategic Management and International Business Policies for Maintaining Competitive Advantage

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The complex and turbulent contemporary business environment requires an understanding that considering sustainability challenges and issues in the strategic decision-making process is essential for building and maintaining a company's competitive advantage. The authors advocate that incorporating sustainability in the strategic planning process and developing sustainability strategies must be part of a company's transformation and reorientation to “a sustainability company.” They explain the interdependences between the company's sustainability orientation, institutional solutions, and instrumental specifics and emphasize the requisite holism of process, institutional, and instrumental dimensions of strategic management for maintaining a company's competitive advantage. They conclude our chapter by presenting a model of interdependence of strategic management dimensions, sustainability, and competitive advantage of a company.

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Financial Institutions’ Governance Innovation and Credibility Strategy

Cited by 3 publications

References 50 publications

Forging customer satisfaction through commitment-trust factors in financial insurance services: moderating role of corporate image

Forging customer satisfaction through commitment-trust factors in financial insurance services: moderating role of corporate image

Strategic Transition to Sustainability: A Cybernetic Model

Incorporating Sustainability Into Strategic Management for Maintaining Competitive Advantage

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