Next Article in Journal
Impact of Mandatory Audits of Small- and Medium-Sized Enterprises on Their Income Tax Compliance: Evidence from the Egyptian Small- and Medium-Sized Enterprise Stock Market
Previous Article in Journal
Blockchain for Accounting and Auditing—Accounting and Auditing for Cryptocurrencies: A Systematic Literature Review and Future Research Directions
 
 
Search for Articles:
Title / Keyword
Author / Affiliation / Email
Journal
Article Type
 
 
Advanced Search
 
Section
Special Issue
Volume
Issue
Number
Page
 
Journals
JRFM
Volume 17
Issue 7
10.3390/jrfm17070277
jrfm-logo
Submit to this Journal Review for this Journal Propose a Special Issue
► Article Menu

Article Menu

share Share announcement Help format_quote Cite question_answer Discuss in SciProfiles thumb_up
...
Endorse textsms
...
Comment
first_page
settings
Order Article Reprints
Font Type:
Arial Georgia Verdana
Font Size:
Aa Aa Aa
Line Spacing:
Column Width:
Background:
Article

Bank Reputation and Trust: Impact on Client Satisfaction and Loyalty for Portuguese Clients

by
António Cardoso
1,* and
Marta Cardoso
2
1
Department of Business and Communication Sciences, University Fernando Pessoa (UFP), 4294-004 Porto, Portugal
2
Faculty of Engineering, University of Porto (FEUP), 4200-465 Porto, Portugal
*
Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2024, 17(7), 277; https://doi.org/10.3390/jrfm17070277
Submission received: 12 June 2024 / Revised: 26 June 2024 / Accepted: 28 June 2024 / Published: 2 July 2024
(This article belongs to the Section Banking and Finance)
Browse Figures
Review Reports Versions Notes

Abstract

:
The aim of this article is to assess the most relevant factors influencing customer trust in the Portuguese banking sector following the Global Financial Crisis. It also aims to evaluate the impact of trust on satisfaction and satisfaction on loyalty. To address the research objectives and the hypotheses posed, a quantitative study with a descriptive design was conducted. Data was collected through an online survey administered to a sample of bank clients residing in Portugal. The findings indicate that respondents generally trust Portuguese banking institutions, although this trust has been affected by the Global Financial Crisis. The bank’s reputation and financial performance were identified as critical factors in the respondents’ choice of bank. Additionally, the results suggest that both global and domestic financial conditions, bank reputation, client satisfaction, and overall trust significantly influence client loyalty to the bank. This study provides valuable insights into client behavior and perceptions of banks, emphasizing the importance of factors such as trust, client satisfaction, and bank reputation in shaping client loyalty.

1. Introduction

Trust is considered fundamental for economic growth, the proper functioning of public institutions, and social cohesion (Johnsen and Sigurgeirsdóttir 2018). The global economic and financial crisis of 2008, with its repercussions on the banking sector as evidenced by various cases of financial fraud, insolvency, and banking scandals (Karadas and Ozdemir 2023), significantly undermined the already low level of trust in the sector (Batalha 2014; Knell and Stix 2015; Afandi and Habibov 2017). This crisis raised concerns about structural flaws in the way banks operate and how they are regulated and supervised (Wehinger 2013; Ogura 2018). Specifically, public trust in banks, investment firms, credit institutions, rating agencies, and government regulators was damaged (Gudlaugsson and Eysteinsson 2012a, 2012b, 2013). Many of these organizations only survived due to state intervention, with examples including UBS, Citigroup, and BNP, which were rescued by government actions. In Portugal, notable cases include BPN, BPP, BANIF, and BES (Lopes and Frade 2012). More recently, in 2023, the bankruptcies of Silicon Valley Bank in the US and Credit Suisse in Switzerland once again brought turbulence and uncertainty to the market. These events created shock waves in the global banking sector, impacting other banks and generating distrust among consumers and investors (Karadas and Ozdemir 2023; Wang and He 2023; Baloğlu et al. 2023; Ozili 2024; Abdelsalam et al. 2024).
The bailout of several countries (e.g., Portugal, Greece, and Cyprus) and the implementation of new bank resolution measures in the European Union significantly shook European consumers’ confidence in the banking sector after 2008 (Lopes and Frade 2012; Batalha 2014; Knell and Stix 2015; Afandi and Habibov 2017; Cabeças 2019). In Portugal, the dissolutions of two major financial institutions had lasting collateral effects on the Portuguese financial framework. The national banking system has borne the cost of bank resolution in the more enigmatic cases of BANIF (2012) and BES (2014), which exacerbated already depressed consumer sentiment in the context of the global financial crisis (Lopes and Frade 2012; Cabeças 2019). Given the problems at Banco Português de Negócios (BPN), the bankruptcy of Banco Privado Português (BPP), the state intervention in the governance of Caixa Geral de Depósitos, the recapitalization of BANIF, the resolution of BES, and the Montepio case, coupled with the successive downgrades of the ratings of banks operating in Portugal, it is legitimate to question whether Portuguese banks can still be trusted.
The financial crisis severely impacted the trust and reputation of the banking sector (Ennew and Sekhon 2007; Roy et al. 2011; Debab and Yateem 2012; Lopes and Frade 2012; Vickerstaff et al. 2012; Carbó-Valverde et al. 2013; Hansen 2014; Batalha 2014; Rodrigues et al. 2014; Knell and Stix 2015; Mansour et al. 2016; Afandi and Habibov 2017; Jonsson and Soderberg 2018; Scalera and Dixon 2018; Karadas and Ozdemir 2023; Wang and He 2023; Baloğlu et al. 2023; Murimbika 2024; Ozili 2024; Abdelsalam et al. 2024). Recent financial scandals further underscore the importance of measuring consumer confidence levels (Payne 2003; Roy et al. 2011; Lopes and Frade 2012; Jonsson and Soderberg 2018; Karadas and Ozdemir 2023; Wang and He 2023; Baloğlu et al. 2023; Murimbika 2024).
In the recovery from the financial crisis, it is important to reflect on the strategies banks use to promote client satisfaction and trust, considering client concerns and values. Despite the World Economic Outlook (IMF 2023) forecasting GDP growth for Portugal, several issues could impact these projections, including trade wars, economic slowdowns, rising inflation, political instability, Brexit, conditions in emerging economies, and geopolitical tensions. These factors contribute to consumer doubt and insecurity.
The Global Risks Report 2023 (World Economic Forum 2023) highlights new risks, such as inflation, trade wars, and geopolitical problems, influencing market uncertainty. A study by Cabeças and Santos (2023) found that despite challenges, client confidence in banking is not as negative as expected, though satisfaction has declined in the past two years.
Consumer confidence indicators in the eurozone have been falling, although above the lows of March 2009. A DECO Proteste (2023) study revealed lower client satisfaction in major Portuguese banks due to a lack of transparency and high costs, while digital banks enjoy higher satisfaction levels due to lower costs, transparency, and good service.
International studies confirm higher trust and satisfaction in digital banking, especially among younger clients (Ramli et al. 2021; Tabrani et al. 2018; Bajwa et al. 2023; Phong and Anh 2023; Ozili 2024). Bajwa et al. (2023) found that trust in online banking is linked to client commitment, though awareness of cyber-attacks negatively impacts this trust.
This study investigates whether clients maintain trust in the Portuguese banking sector post-crisis. The Bank of Portugal recognizes trust as vital for financial stability. According to the Complaints Portal (2023), complaints increased by 34% from January to August 2023 compared to 2022.
This article assesses the trust Portuguese clients have in financial institutions over a decade after the 2007 financial crisis and the 2011 Troika assistance in the context of reduced monetary stimulus and rising interest rates. It evaluates consumer confidence in their preferred banks and the impact of global and domestic financial conditions, bank reputation, and performance on this confidence, as well as the impact of trust on satisfaction and loyalty.
The manuscript is structured into five sections: (1) Literature Review: This section reviews existing research on trust in the financial sector, consumer satisfaction, and loyalty in banking; (2) Methodology: This section outlines the research design, data collection methods, and analytical techniques used in the study; (3) Data Analysis: This section presents the findings from the data collected, including statistical analyses and interpretations; (4) Discussion of the Results: This section discusses the implications of the findings, relating them to the research objectives and existing literature; and (5) Conclusions: This section summarizes the key findings, discusses their implications for theory and practice, and suggests directions for future research.

2. Literature Review

The financial system is an essential pillar in promoting the efficiency of developed economies. The banking sector is one of the main driving forces within the financial sector, as evidenced by its primary activities: capturing savings and channeling them via credit to the economy (Johnsen and Sigurgeirsdóttir 2018; Murimbika 2024). The existence of banks is fundamental due to their role in promoting an efficient allocation of resources between economic agents (Merton 1995), playing a key role in the economic development of countries (Merton and Bodie 1995; Khan and Senhadji 2003; Christopoulos and Tsionas 2004; Levine 2005; Loayza and Rancière 2006; Zhu et al. 2020; Nguyen et al. 2022; Abdelsalam et al. 2024).
The banking system comprises various institutions that fulfill specific fiduciary functions. In the case of retail banks, the essence of their business lies in their primary activity, which involves holding individuals’ funds in the form of deposits and lending these funds by granting credit (Levine 2005; Khan and Senhadji 2003; Rodrigues et al. 2014).
The literature highlights that a crisis is a low-probability, high-impact event that threatens the viability of the organization and institutional orders (Pearson and Clair 1998). Guo et al. (2020) describe public crises as unexpected and disruptive external events that require organizations to make critical decisions under high pressure. For the authors, the outbreak of the crisis is unexpected, requiring quick responses from companies. The crisis is highly uncertain, making it difficult to predict its impact, and its impact is widespread.
An economic crisis is a state of instability that can severely impact an economic system and influence the confidence of consumers, institutions and markets (Roubini and Mihm 2010). A financial crisis is a specific type of crisis that involves a rapid and significant loss of value of financial assets, such as the 2008 crisis (Kindleberger and Aliber 2011).
Financial risk is the probability of incurring financial losses due to unpredictable events and can be classified as external (e.g., inflation, interest, currency) or internal (e.g., insolvency, liquidity) (Popkov and Filippov 2023). A financial crisis, on the other hand, is a situation where the financial system experiences a significant disruption, leading to severe economic downturns. It can be caused by factors such as sharp fluctuations in asset and credit markets and can manifest as currency, sudden stop, debt, or banking crises (Claessens and Kose 2013). The transition from financial risk to financial crisis is influenced by various factors, including the degree of financial risk and the mechanisms through which it develops (Li 2012).
Financial risk is a central concept in financial management, referring to the possibility that events or actions may result in financial losses (Matz and Neu 2006; Jorion 2007; Colquitt 2007; Kenett and Raanan 2011; Mishkin and Eakins 2018). There are several types of financial risks: (1) Market Risk, which refers to the possibility of losses due to adverse movements in market prices, such as shares, interest rates and exchange rates (Jorion 2007); (2) Credit Risk, which refers to the risk associated with the chance that a borrower will not meet its financial obligations (Colquitt 2007); (3) Liquidity Risk, which refers to the difficulty that a company or individual may face when trying to meet its financial obligations due to the inability to sell assets quickly without a significant loss in value (Matz and Neu 2006); (4) Operational Risk, which refers to the results of failures in internal processes, people, systems or external events (Kenett and Raanan 2011); (5) Legal Risk, which involves losses arising from legal or regulatory processes (Mishkin and Eakins 2018).
The financial crisis that originated in 2007 in the USA evolved into a global phenomenon, impacting global, European (Roy et al. 2011), and Portuguese financial institutions (Lopes and Frade 2012; Cabeças 2019). In September 2008, the bankruptcy of the US bank Lehman Brothers, triggered the global financial crisis, known as the subprime crisis, which paralyzed the financial systems of several countries and primarily affected retail banking (Freitas 2009; Lopes and Frade 2012; Oliveira et al. 2012; Carbó-Valverde et al. 2013; Knell and Stix 2015; Rodrigues et al. 2014; Mansour et al. 2016; Jonsson and Soderberg 2018; Scalera and Dixon 2018; Murimbika 2024; Ozili 2024), leading to customer withdrawals and redemptions of their deposits.
Following a period of recovery, in 2023, the bankruptcies of Silicon Valley Bank in the US and Credit Suisse in Switzerland once again brought uncertainty to the market (Karadas and Ozdemir 2023; Wang and He 2023; Baloğlu et al. 2023; Sandri et al. 2023; Ozili 2024), creating distrust among clients and investors. One of the primary catalysts for banking crises arises from consumer panic, driven by fears regarding the financial system’s ability to fulfill its commitments. This panic translates into bank runs, where depositors hastily withdraw funds from their accounts, thereby pressuring banks that are in weaker financial situations (Sandri et al. 2023).
Financial conditions refer to the terms under which money is borrowed and invested, including interest rates, access to credit, and financial regulations (Mishkin 2018).
A study by Mudd et al. (2010), conducted between 2008 and 2009, indicated that clients who have experienced negative events resulting in significant monetary losses during previous banking crises tend to increase their expectations of future crisis events. Consequently, they are more likely to redeem their funds in the event of a new crisis.
The Bank of International Settlements (1997) emphasizes the importance of reputational risk, which, given the fiduciary nature of banks, necessitates the trust of depositors, creditors, and the broader market. Soprano et al. (2009) considered reputational risk to be one of the most damaging risks for financial institutions. Brown (2007) suggested that maintaining a financial institution’s reputation is one of the primary risk management challenges faced by boards of directors. However, it should be noted that reputational risk is a secondary risk derived from other primary risks, according to the Bank of International Settlements (1997).
The reputation of banks is crucial for public and market trust. Dowling (2001) discusses the importance of corporate reputation, highlighting how public perception can affect the financial stability of an institution. The terminology utilized in prior literature varies, encompassing corporate reputation (Özkan et al. 2020), company reputation (Ikhsana and Simarmata 2021), and bank reputation (Osakwe et al. 2020). For this particular research, the term “bank reputation” is adopted, given the focus on the banking sector. Bank reputation is highly valued within the financial services industry and serves as a significant credit metric for investors (Fang 2005).
The success of a lasting relationship between banking institutions and their clients depends on credibility and mutual trust. Trust is the belief that a financial entity will fulfill its promises and obligations and is vital to the stability of the financial system (Dupuy 2005).
Therefore, building trust-based relationships is essential for the stability of financial systems (Zoega 2018; Johnsen and Sigurgeirsdóttir 2018; Kidron and Kreis 2020; Agarwal et al. 2023; Murimbika 2024). Skvarciany and Iljins (2015) have also demonstrated that trust in commercial banks is a determining factor in the success of commercial relationships.
Ensuring the security of financial institutions and fostering appropriate levels of trust is crucial for the sustainability of the financial ecosystem. Behavioral regulation and supervision practices have become increasingly relevant in promoting trust among bank clients and safeguarding the financial system (Zoega 2018; Johnsen and Sigurgeirsdóttir 2018; Murimbika 2024; Ozili 2024). Recognizing the importance of maintaining certain thresholds of trust has always been central to the functioning of financial organizations and society as a whole.
The concept of trust extends to credibility and belief across various dimensions: between individuals (interpersonal), organizations (inter-organizational), individuals within the same organization (intra-organizational), and between individuals and organizations (institutional) (Galland 2002; Vickerstaff et al. 2012; Carbó-Valverde et al. 2013; Rodrigues et al. 2014; Cabeças 2019). In the context of trust in the banking sector, the concept is directly linked to the fiduciary role of financial institutions (Capet 1998; Abdelsalam et al. 2024).
Trust is a extensively studied concept in various areas of human and organizational behavior, regarded as a crucial component in the quality of personal and institutional relationships as well as in the relationship between organizations and their stakeholders (Mayer et al. 1995; Payne 2003; Roy et al. 2011; Vickerstaff et al. 2012; Knell and Stix 2015; Mansour et al. 2016; Cabeças 2019; Gaspar et al. 2020). It is a multidimensional concept influenced by various cognitive, emotional, and behavioral factors that shape individuals’ perceptions of trust (Payne 2003; Roy et al. 2011).
In this context, trust is depicted as a mechanism for managing uncertainty (Bidault 1998), stemming from the lack of knowledge regarding future events. It operates on the premise that in unforeseen situations, amidst uncertainty and unpredictability, the counterpart will act and adhere to agreed-upon rules of conduct, assuming an ethical and deontological character (Fukuyama 1995; Baillette and Lebraty 2002).The study conducted by Roy et al. (2011) to assess trust and trustworthiness in retail banking in India revealed that integrity/honesty, communication/appearance, shared values, knowledge, and competence serve as predictors of trustworthiness in retail banking. Similarly, the study found that ‘willingness to trust’, ‘affective trust’, and trustworthiness predict trust in retail banking. Loyalty, on the other hand, represents a client behavioral perspective and is associated with repeat purchases (Keiningham et al. 2008), stemming from a satisfactory relationship with an organization, which may also lead to recommendations (Vilares and Coelho 2005; Helgesen and Nesset 2007; Melewar et al. 2017; Menidjel et al. 2017; Esmeilpour et al. 2017). The literature reviewed demonstrates a positive relationship between trust and loyalty among bank clients (Gill et al. 2006; Hazra and Srivastava 2009; Deb and Chavali 2010; Hoq et al. 2010; Kantsperger and Kunz 2010; Gudlaugsson and Eysteinsson 2013; Carbó-Valverde et al. 2013; Hansen 2014; Mansour et al. 2016; Tabrani et al. 2018; Kidron and Kreis 2020; Ramli et al. 2021). The results of the study by Deb and Chavali (2010) indicate that ‘shared values’ and ‘opportunistic behavior’ play relevant roles in determining client trust. Trust, in turn, plays a moderating role concerning lack of price sensitivity, investment intention, and investment behavior.
Customer satisfaction refers to the degree of contentment with a financial institution’s products and services (Grigoroudis and Siskos 2009). Vilares and Coelho (2005) consider two types of definitions for customer satisfaction: one as a result and another as a process. As a result, the authors justify it as a final stage, which results from the consumption experience, and as a process, the perception, evaluation, and psychological aspects that contribute to consumer satisfaction are emphasized. It is a judgment or evaluation about a specific purchase or transaction, as well as a cumulative process, which represents a global assessment that is based on the entire experience, over time, of purchasing and consuming products or services.
Customer loyalty is the ongoing commitment to maintaining a relationship with a financial institution (Griffin 2002). Loyalty is one of the most important indicators, given its nature as an advanced indicator in relation to the company’s profitability; therefore, increasing the loyalty index constitutes the central objective of the entire strategy aimed at customer satisfaction (Vilares and Coelho 2005). It is worth highlighting that the relationship between these variables is not necessarily positive and that, in addition to satisfaction, customer loyalty is also explained by image and complaints.
Several studies carried out in Iceland after the collapse of the national banks (Gudlaugsson and Eysteinsson 2010, 2012a, 2012b, 2013; Guðlaugsson and Eysteinsson 2013; Zoega 2018; Johnsen and Sigurgeirsdóttir 2018) show that client trust in banks has decreased considerably without, however, a concomitant reduction in customer loyalty. The work of Zoega (2018) and Johnsen and Sigurgeirsdóttir (2018) shows that after a decade, Icelandic banks have still not fully regained client confidence.
The 2013 ‘European Trusted Brands’ report revealed that despite the prevailing climate of instability across Europe, the banks and financial institutions that received the most votes had largely remained consistent since 2001. However, there were fluctuations, with NatWest Bank in the UK emerging as the most trusted bank for the first time in 2010. In Portugal, Caixa Geral de Depósitos (CGD) has been the most trusted institution since 2001 (33%), followed by BPI (2%) and Millennium BCP (13%).
In contrast, the Edelman Trust Barometer, an annual global study on trust, indicated a decline in trust in banking (36% compared to 35% the previous year) and financial services (32% compared to 29% in 2012) in 2013. The technology sector, however, appeared to be leading in terms of trust, with 84% in 2013 and 81% in the previous year.
By 2018, the same benchmark study showed a notable recovery in confidence, but by 2024, confidence levels stagnated and even experienced double-digit declines following the COVID-19 pandemic and new financial crises. The Global Edelman Trust Report (Edelman Trust Barometer 2024) warned of worsening trust issues despite the promise of prosperity from economic and societal transformation and technological evolution, potentially leading to increased market turbulence and social instability.
According to monthly data from the European Commission, confidence in the financial services sector in the eurozone has been deteriorating since the beginning of 2018, falling below average levels observed since 2006. Forrester’s European Banking Trust report (Forrester 2023) projected continued low levels of client confidence in banks in France, Italy, Spain, and the United Kingdom in 2023. In Portugal, similar to its European counterparts, consumer confidence has experienced a decline throughout 2018, albeit remaining above historic lows recorded in 2012. The results of the Best European Customer Experience study (BECX 2023), continuing the ECSI Project (European Customer Satisfaction Index), indicated that Crédito Agrícola had the best customer experience in the banking sector in Portugal. Additionally, CA Seguros and BPI Vida e Pensões were recognized as leading brands in non-life and life insurance, respectively. Analysis of the ECSI model dimensions in 2017 (ECSI Portugal 2018) highlighted perceived value (6.22) and complaints (7.27) as the areas with the poorest banking results.
A study by Knell and Stix (2015) evaluating the evolution of trust in Austrian banks during and after the global financial crisis noted a significant decline in trust during the crisis. However, the lowest level of trust observed (60%) remained higher than that for other institutions. The decline in confidence was attributed to subjective perceptions of the economic situation and experiences of bank failures. The study also found that deposit insurance played a stabilizing role in banking confidence, acting as a buffer effect. Similarly, Kattel and Shah (2020) identified reputation, service quality, and financial gain as factors that influence clients’ choice of banks.The consistent performance of brands in topping consumer polls over time often correlates with their ability to build and maintain client loyalty, indicating sustained trust (Eysteisson and Gudlaugsson 2011, 2013). However, the effectiveness of supervision and control by the Bank of Portugal has come under scrutiny, particularly in predicting the collapse of major national public institutions, which has eroded client confidence in regulatory bodies (Mendes 2016). Behavioral supervision of Portuguese retail banks is among the functions associated with the Bank of Portugal. According to the 2017 Behavioral Supervision Report, which marked a decade since its inception, the Bank of Portugal’s primary objective is to ensure the robustness and stability of the financial system and consumer confidence, fostering a balanced relationship among stakeholders based on high standards of conduct and appropriate financial guidance (Banco de Portugal 2018).
In this context, Ogura (2018) emphasizes the significance of government-controlled banks during financial crises, prioritizing welfare over profit maximization while contributing to economic efficiency. Similarly, Jonsson and Soderberg (2018) found that the perception of risk during financial crises decreased with trust in banks, with deposit guarantee being a major concern.
Examining consumer trust pre and post-financial crisis, Hansen (2014) revealed that trust acted as a mediator of satisfaction and loyalty in the post-crisis period, driven by banks’ efforts to rebuild client relationships and enhance satisfaction. Conversely, Batalha (2014) demonstrated that Portuguese clients lacked trust in banks and perceived them as acting improperly, expressing concerns about profit maximization at the expense of well-being. Afandi and Habibov (2017) suggested that high levels of trust in financial markets could facilitate recovery and enhance perceived credibility post-crisis, as the absence of trust could exacerbate panic and worsen the crisis (Jonsson and Soderberg 2018). Scalera and Dixon (2018) found that high levels of optimism about economic recovery, coupled with consumer willingness to trust the European Central Bank (ECB), significantly impacted trust and the delegation of powers to the ECB.

3. Materials and Methods

In general terms, this article aims to analyze the factors affecting client trust in retail banks and their subsequent behavior when trust is compromised. The research questions guiding this study, based on Pestana and Gageiro (2014) and Malhotra (2019), include inquiries about the level of trust in Portuguese retail banks, the impact of the global financial crisis on client trust, factors influencing trust, and the relationship between trust, satisfaction, and loyalty.
Building upon the literature review, eleven hypotheses were formulated. The initial six hypotheses, drawing from Debab and Yateem (2012), Setiawan and Sayuti (2017), Setyawati and Raharija (2018), Tabrani et al. (2018), and Phong and Anh (2023), proposed that global financial conditions, domestic financial conditions, bank reputation, political factors, loyalty strength, and client satisfaction significantly influence trust in retail banking:
H1. 
Global financial conditions influence clients’ trust in banks.
H2. 
Domestic financial conditions influence clients’ trust in banks.
H3. 
Bank reputation and rating affect client trust in banks.
H4. 
Political factors influence clients’ trust in banks.
The fifth hypothesis stems from Roy et al. (2011), suggesting a positive correlation between a disposition to trust, cognitive trust, affective trust, and general trust:
H5. 
Disposition to trust, cognitive trust, and affective trust are significantly and positively correlated with general trust.
Vilares and Coelho (2005, p. 324) attest that one of the immediate effects of increased client satisfaction is increased loyalty. In line with research by Tabrani et al. (2018), Phong and Anh (2023), and others, this hypothesis suggests that trust plays a significant role in fostering client loyalty toward their primary bank. Hence, hypothesis 6:
H6. 
Client trust positively influences loyalty to their main bank.
Numerous scientific studies have demonstrated the significant impact of trust on customer satisfaction in the banking sector (Roy et al. 2011; Deb and Chavali 2010; Phong and Anh 2023).
H7. 
Client trust positively influences satisfaction with their main bank.
Based on findings from Vilares and Coelho (2005), Tabrani et al. (2018), and Phong and Anh (2023), this hypothesis proposes that satisfaction with banking services leads to higher intentions of loyalty among clients. Drawing from Lee and Wong (2016), Melewar et al. (2017), Menidjel et al. (2017), Setiawan and Sayuti (2017), Setyawati and Raharija (2018), Tabrani et al. (2018), and Phong and Anh (2023), this hypothesis posits that satisfied clients are more likely to exhibit loyalty towards the company.
H8. 
Client satisfaction with banks has a positive and significant impact on loyalty intention.
Stemming from the research by Guimarães and Vieira (2015), this hypothesis implies that global financial conditions, particularly those stemming from events like the 2008 financial crisis, have a notable impact on the financial conditions of domestic markets, including factors such as GDP growth.
H9. 
Global financial conditions significantly influence the financial conditions of the domestic market.
A quantitative approach with a descriptive design will be employed to conduct the empirical study, and data will be collected using an online questionnaire (Lakatos and Marconi 2006; Pestana and Gageiro 2014; Malhotra 2019). The questionnaire will contain general inquiries aimed at assessing whether clients’ trust in their primary bank has changed since the financial crisis, as well as their perception of the current performance of retail banking in Portugal.
When constructing the questionnaire, reference will be made to trust scales identified in the literature and utilized in similar studies (Ennew and Sekhon 2007; Roy et al. 2011; Debab and Yateem 2012; Mansour et al. 2016; Setyawati and Raharija 2018; Tabrani et al. 2018; Phong and Anh 2023). The questionnaire will be structured into six blocks: (1) A block dedicated to assessing general trust in retail banking in Portugal; (2) A block to evaluate trust in the participant’s preferred bank, supported by the dimensions of ‘willingness to trust’, ‘cognitive trust’, and ‘affective trust’ (Roy et al. 2011; Vickerstaff et al. 2012); (3) A block focusing on assessing financial conditions in the global and domestic markets (Debab and Yateem 2012); (4) A block dedicated to evaluating satisfaction with the bank (Debab and Yateem 2012; Setyawati and Raharija 2018; Tabrani et al. 2018; Phong and Anh 2023); (5) A block to assess loyalty (Debab and Yateem 2012; Setyawati and Raharija 2018; Tabrani et al. 2018; Phong and Anh 2023), and (6) A block to evaluate the influence of political conditions (Debab and Yateem 2012).
As can be seen in the following table (Table 1), the questionnaire comprises eight dimensions, totaling 37 variables.
Drawing from the literature review and the 11 hypotheses formulated earlier, Figure 1 outlines a conceptual model aiming to explore the impact of trust on client satisfaction and loyalty. The model depicts the determinants of trust, serving as the dependent variable. These determinants encompass Global Financial Conditions, Domestic Financial Conditions, Bank Reputation and Performance, Political Factors, as well as various dimensions of trust, such as disposition to trust, cognitive trust, and affective trust. The outcomes of general trust in banks are reflected in client loyalty and satisfaction.
In accordance with recommendations from established literature (Aaker and Day 1990; Lakatos and Marconi 2006; Pestana and Gageiro 2014; Malhotra 2019), respondents were asked to indicate their level of agreement using a five-point Likert scale, ranging from ‘Strongly Disagree’ (1) to ‘Strongly Agree’ (5). Following the construction of the questionnaire on Google Forms, a pre-test involving a small sample of bank customers (15 individuals) was conducted to ensure its operability. As no issues were detected regarding question interpretation or completion, the questionnaire was subsequently distributed online between February and May 2023 to a non-probabilistic convenience sample recruited through popular social media platforms (Facebook, Instagram, WhatsApp) and email networks of the researchers, as recommended by Pestana and Gageiro (2014) and Malhotra (2019). To enhance respondent participation, periodic reminders were sent, consistent with the approach suggested by Harindranath and Sivakumaran (2023).
Data analysis will be conducted using both univariate (frequency, mean, standard deviation) and bivariate analyses in order to explore the relationships and impact between dependent and independent variables (Hill and Hill 2002; Pestana and Gageiro 2014), thereby addressing the research objectives and hypotheses.

4. Data Analysis

The data collected from 198 questionnaires were explored and analyzed using SPSS statistical software version 25 (Statistical Package for Social Science). A reliability analysis conducted on all items/dimensions comprising the scale revealed good internal consistency (Cronbach’s alpha = 0.867).

4.1. Sample Characterization

The sample comprises 198 respondents, with 100 (50.5%) being male and 98 (49.5%) female (Table 2).
The majority of respondents fall within the younger age brackets, with 46.5% belonging to the ‘18 to 30 years old’ category and 22.2% falling into the ‘31 to 40 years old’ group. A smaller proportion of respondents, only 12.1%, are aged ‘51 to 60’, while just 4% are over 60 years old.
In terms of income, the data reveals that 27.3% of respondents earn a net monthly income between ‘EUR1001 and 1500’, followed closely by 23.2% reporting incomes ‘above EUR 2500’. Overall, 57.6% of respondents earn monthly net incomes ranging from ‘EUR 750 to 1500’, while 42.4% have incomes exceeding EUR 1501.
Respondents identified a total of 15 banking institutions with which they maintain commercial relationships (see Table 3). Caixa Geral de Depósitos (CGD) emerged as the most mentioned bank, accounting for 28.3% of responses, followed by Santander (16.2%), BPI (12.1%), Novo Banco (10.1%), and BCP (9.1%).
As depicted in Table 4, the majority of respondents (142) indicated a change in their confidence levels following the global financial crisis, accounting for 71.7% of the total. Furthermore, the evaluation of current national bank performance yielded responses indicating sufficiency from 74.7% of respondents, while 19.2% rated it negatively.
It is noteworthy that 84 respondents (42.4%) perceive foreign banks as the safest, closely followed by public Portuguese banks (35.4%), particularly Caixa Geral de Depósitos (CGD). This perception aligns with respondents’ banking preferences, as evidenced by 28.3% selecting CGD as their preferred bank in the previous item.
The majority of respondents (58.5%) believe that there are investment alternatives to bank term deposits. Nonetheless, it is notable that 30 respondents (15.2%) hold the view that there are no alternatives, while 52 (26.3%) expressed uncertainty or lack of knowledge on the matter (refer to Table 5).
The primary alternatives to bank term deposits mentioned include Real Estate Investment (14 responses), Investment Funds (12 responses), shares (10 responses), and Gold Commodities (8 responses).

4.2. Descriptive Statistics and Results of Validity Analysis

To evaluate internal consistency, we employed Cronbach’s Alpha. Additionally, to gauge dimensionality and ascertain the validity of each set of questions in the questionnaire, we conducted a Factor Analysis using the Principal Component Analysis (PCA) method (Pestana and Gageiro 2014; Malhotra 2019).
The Cronbach alpha values for the 11 dimensions range from 0.616 (Political Conditions—PC) to 0.949 (Disposition to Trust—DT), indicating varying levels of consistency: reasonable (PC, CL), good (DFC, RBP, CS), and very good (GT, DT, CC, AT) (see Table 6). Factor analysis revealed a single factor per dimension, with the Kaiser-Meyer-Olkin (KMO) measure exceeding 0.634 (ranging between 0.634 and 0.838), ensuring data interpretability without issues due to strong variable correlations (Bartlett with sig = 0.000), consistent with literature recommendations (Pestana and Gageiro 2014; Malhotra 2019).
Regarding the assessment of overall trust (General Trust), it appears that on average (M = 3.19; SD = 1.355), respondents globally trust Portuguese banking institutions (Table 7). On average, respondents’ perception of the three dimensions of trust is positive, with levels of agreement higher than the arithmetic averages (M > 2.5). However, in the “Cognitive Trust” dimension, the average value is higher (M = 3.37; SD = 1.053), followed by the “Disposition to trust” dimension (M = 3.225; SD = 1.001) and, finally, the dimension, “Affective trust” (M = 3.19; SD = 0.991).
The majority of respondents consider that many banks were affected by the last global financial crisis (M = 4.37; SD = 0.897), with 118 total agreements (59.6%), and that any international financial news will end up affecting the national financial system (M = 3.86; SD = 0.987).
Furthermore, the majority of respondents agree that the Portuguese banking system was affected by the global financial crisis (M = 4.17; SD = 0.924), with 94 agreements (47.5%) recorded with the preposition presented.
Respondents consider the bank’s financial results as the most important indicator when choosing a bank to work with (M = 3.19; SD = 0.920). Likewise, respondents agree that determining the best bank is influenced by the bank’s reputation among friends and family (M = 2.79; SD = 1.115).
Regarding client loyalty (Table 7), respondents agree that the impact of the last global financial crisis affected their trust in their preferred bank (M = 3.29; SD = 1.097) and believe that their main bank rewards them for the various products they have (M = 2.55; SD = 1.020). It is worth noting that the majority of respondents (114) completely disagree (57.6%) with the proposition, “During the financial crisis, I changed my main bank” (M = 1.94; SD = 1.281), indicating that even during the financial crisis, clients remained loyal to their preferred bank.
The majority of respondents (66.7%), as can be seen in the table, agree that their preferred bank offers convenience for transactions from anywhere (M = 3.95; SD = 1.021) and provides professional services (M = 3.65; SD = 0.905), with 58.6% agreement. Additionally, most respondents (70.8%) agree that the country’s political situation affects the national banking system (M = 4.00; SD = 0.934) and political instability impacts the bank’s ability to negotiate with customers (M = 3.40; SD = 0.976).

4.3. Hypothesis Testing

A correlation coefficient, such as the Pearson correlation coefficient, reflects the relationship between the values of two variables, ranging between −1 and +1 (Hill and Hill 2002). To test the hypotheses, linear regression analysis will be conducted using the data (Pestana and Gageiro 2014), as shown in Table 8.
For the first hypothesis (H1: Global financial conditions influence clients’ trust in banks), it can be observed that there is a positive but weak (R = 0.168) and significant (p = 0.018 < 0.05) linear association. Considering the value of R-squared (R2), the adopted model explains only 2.8% (0.028) of the variance in general confidence. Interpreting the B coefficients, it can be deduced that for every one-unit increase in global financial conditions, general confidence increases by an average of 0.159.
For the second hypothesis (H2: Domestic financial conditions influence clients’ trust in banks), there is a positive and moderate linear relationship (R = 0.459), which is significant (p = 0.000 < 0.05). The model explains 21.1% (0.211) of the variance in general trust. Each unit increase in domestic financial conditions leads to an average increase of 0.466 in general confidence.
Regarding the third hypothesis (H3: Banking reputation and its classification affect clients’ trust in banks), a positive linear relationship is observed, albeit with low strength (R = 0.337), and it is significant (p = 0.000 < 0.05). The adopted model accounts for 11.4% (0.114) of the overall trust. An increase of one unit in banking reputation results in an average increase of 0.341 in general trust.
For the fourth hypothesis (H4: Political factors influence clients’ trust in banking), a very low and insignificant linear relationship (R = 0.092, p = 0.196 > 0.05) is evident. An increase of one unit in political factors leads to an average decrease of −0.082 in general trust.
Regarding the fifth hypothesis (H5: There is a positive and significant impact of the three dimensions of trust—disposition to trust (H5a), cognitive trust (H5b), affective trust (H5c)—on general trust), a positive and significant linear relationship is observed (p = 0.000), with moderate correlations between the three dimensions of trust and overall trust: Disposition to trust (R = 0.513), Cognitive trust (R = 0.426), Affective trust (R = 0.409).
For the seventh hypothesis (H7: Client trust influences satisfaction), there is a positive and significant linear relationship (R = 0.308, p = 0.000). Each unit increase in general trust results in an average increase of 0.283 in satisfaction.
Concerning the sixth hypothesis (H6: Client trust positively influences loyalty towards their main bank), there is a positive and significant linear relationship (R = 0.339, p = 0.000). Each unit increase in general trust leads to an average increase of 0.294 in loyalty.
For the eighth hypothesis (H8: Client satisfaction with banks has a positive and significant impact on loyalty intentions), there is a positive and significant linear relationship (R = 0.300, p = 0.000). Each unit increase in client satisfaction results in an average increase of 0.283 in loyalty.
Regarding the ninth hypothesis (H9: Global financial conditions significantly influence the financial conditions of the internal market), there is a positive and significant linear relationship (R = 0.183, p = 0.010 < 0.05). Each unit increase in global financial conditions leads to an average increase of 0.170 in domestic financial conditions.
In summary, out of the nine hypotheses proposed, all were confirmed except for hypothesis 4 (H4: Political factors influence customers’ trust in banking).
Therefore, considering the conceptual model initially presented, the following figure (Figure 2) illustrates the impact of the variables under study.

5. Discussion

This study fills significant research gaps in understanding the determinants and consequences of trust within the Portuguese banking sector following the 2007 global financial crisis. Drawing from the insights gained through a comprehensive literature review, which underscores the necessity for contemporary and longitudinal investigations to assess the effectiveness of measures implemented by central banks, governmental interventions, and bank strategies in rebuilding trust in financial institutions, this research delves into the impact of global and domestic financial conditions, banks’ reputation, and political factors on the restoration of trust in banks. Additionally, the study examines how trust in banks influences consumer satisfaction and loyalty (Ennew and Sekhon 2007; Roy et al. 2011; Debab and Yateem 2012; Lopes and Frade 2012; Vickerstaff et al. 2012; Carbó-Valverde et al. 2013; Hansen 2014; Batalha 2014; Rodrigues et al. 2014; Knell and Stix 2015; Mansour et al. 2016; Afandi and Habibov 2017; Johnsen and Sigurgeirsdóttir 2018; Karadas and Ozdemir 2023; Wang and He 2023; Baloğlu et al. 2023; Ozili 2024; Abdelsalam et al. 2024; Murimbika 2024).
Although the existing literature extensively assesses the impact of the 2007 global financial crisis (Freitas 2009; Mudd et al. 2010; Lopes and Frade 2012; Oliveira et al. 2012; Carbó-Valverde et al. 2013; Batalha 2014; Knell and Stix 2015; Rodrigues et al. 2014), there are few studies, particularly in Portugal, that analyze whether the banking sector, along with other financial institutions, managed to regain credibility and improve trust levels. Despite more than a decade having passed since the global financial crisis, recent years have seen some turbulence in financial markets due to factors such as the COVID-19 pandemic crisis, war conflicts (the war in Ukraine, the conflict between Israel and Hamas), rising inflation and interest rates, and the bankruptcies of Silicon Valley Bank and Credit Suisse in 2023, which have reintroduced uncertainty into the market (Karadas and Ozdemir 2023; Wang and He 2023; Baloğlu et al. 2023; Sandri et al. 2023), leading to distrust among clients and investors. Additionally, the fall of the Portuguese government led by the Socialist Party in 2023 and the subsequent call for new legislative elections in 2024, resulting in a new minority government led by the “Aliança Democrática” (AD) coalition, has further heightened uncertainty in the markets.
Therefore, our study aims to bridge this gap by examining trust in the Portuguese banking sector, providing valuable insights for financial institutions, sector regulators, and marketers seeking to enhance client satisfaction and loyalty.
All of our hypotheses were confirmed except for one. Specifically, hypothesis “H4: Political factors influence clients’ trust in banking” was not supported by our findings. This contradicts previous studies (Debab and Yateem 2012; Setyawati and Raharija 2018; Tabrani et al. 2018; Johnsen and Sigurgeirsdóttir 2018; Phong and Anh 2023; Murimbika 2024), which suggested that government intervention in banking matters could influence trust. These studies emphasized the role of political stability and government interventions in recapitalizing banks to ensure financial stability and rebuild confidence in the banking system, particularly during times of financial distress or crises (Ogura 2018).
The study revealed that global financial conditions significantly influenced client trust in banks (H1), aligning with existing literature (Debab and Yateem 2012; Setyawati and Raharija 2018; Tabrani et al. 2018; Cabeças and Santos 2023; Phong and Anh 2023). The aftermath of the global financial crisis and subsequent economic shifts globally impacted client perceptions of stability and reliability within Portugal’s banking sector (Batalha 2014; Cabeças 2019). Conversely, efforts toward recovery post-crisis played a pivotal role in fostering client confidence (Phong and Anh 2023; Murimbika 2024).
Similarly, in line with findings in the literature (Zoega 2018; Johnsen and Sigurgeirsdóttir 2018; Cabeças and Santos 2023; Murimbika 2024), our study affirmed that domestic financial conditions also significantly influenced client trust in banks (H2). The performance and stability of Portugal’s domestic financial system post-crisis shaped client perceptions and trust in the banking sector, as noted by Batalha (2014) and Cabeças (2019). Factors such as interest rates, inflation, and domestic economic growth played significant roles in shaping client sentiments toward the banking industry.
The reputation and performance of banks emerge as pivotal factors influencing clients’ trust in banks (H3). This finding aligns with the conclusions drawn in studies by Knell and Stix (2015) and Kattel and Shah (2020), which revealed that reputation and bank performance significantly impact clients’ decisions regarding their banking preferences. Positive perceptions of a bank’s reputation and financial performance play a vital role in fostering trust and confidence among clients. Conversely, poor performance or negative publicity may undermine client confidence.
Moreover, the study establishes a positive and noteworthy correlation between trust and satisfaction in the banking sector (H7). Heightened levels of trust correlate with heightened levels of satisfaction among clients. This underscores the significance of banks delivering quality services and meeting client expectations to instill trust and ensure client satisfaction (Hansen 2014; Batalha 2014; Afandi and Habibov 2017; Jonsson and Soderberg 2018).
A positive and significant correlation was observed between satisfaction and loyalty (H6), aligning with findings from studies identified in the literature (Vilares and Coelho 2005; Lee and Wong 2016; Melewar et al. 2017; Tabrani et al. 2018; Kidron and Kreis 2020; Phong and Anh 2023; Agarwal et al. 2023). Increased client satisfaction was associated with higher levels of loyalty to the bank. Satisfied clients showed a greater propensity to remain loyal to their preferred bank (H8), underscoring the importance of delivering a positive client experience.
On the other hand, H9 (Global financial conditions significantly influence the financial conditions of the domestic market) was confirmed, even though it obtained a low correlation (r = 0.183). As Guimarães and Vieira (2015) mentioned, global financial conditions, especially those resulting from events such as the 2008 financial crisis, have an impact on the financial conditions of domestic markets.
Trust emerged as a significant factor influencing client loyalty to banks (H6), consistent with studies by Vilares and Coelho (2005), Skvarciany and Iljins (2015), and Agarwal et al. (2023). Clients who exhibited higher levels of trust in their banks were more inclined to demonstrate loyalty to the institution. Trust played a pivotal role in nurturing long-term relationships and retaining clients. Building and fostering trust, ensuring client satisfaction, and fostering loyalty have been identified as crucial elements for banks to maintain a robust and loyal client base following the global financial crisis, as evidenced by the literature review (Vilares and Coelho 2005; Hansen 2014; Batalha 2014; Afandi and Habibov 2017; Cabeças and Santos 2023; Phong and Anh 2023; Agarwal et al. 2023; Murimbika 2024; Abdelsalam et al. 2024).
Overall trust in the banking sector, encompassing factors such as reputation, performance, and client satisfaction, emerged as a pivotal determinant of customer loyalty to banks. Trust was recognized as a fundamental element in nurturing enduring relationships between clients and banks. Additionally, our findings corroborate the observed decline in trust, client satisfaction, and loyalty among bank clients with their primary bank, as documented in the study by Cabeças (2019).
These factors collectively influenced client confidence in the Portuguese banking sector after the Global Financial Crisis, underscoring the intricate interplay between global economic conditions, domestic financial stability, bank reputation, client satisfaction, and overall trust in shaping client perceptions and behaviors.

6. Conclusions

The study’s conclusions on client trust in the Portuguese banking sector post-global financial crisis underscore the pivotal role of trust in shaping client behavior. Trust, influenced by factors such as banking reputation, performance, and global/domestic financial conditions, emerges as a critical determinant of client decisions.
The research findings indicate a shift in client confidence following the global financial crisis, with national banks’ current performance perceived as adequate or subpar. Interestingly, respondents expressed greater trust in foreign banks, while domestically, CGD emerged as the preferred and trusted bank among Portuguese clients.
Moreover, the study highlights the interconnectedness of trust, satisfaction, and loyalty, emphasizing the significance of building trust to enhance client satisfaction and foster loyalty. Understanding clients’ perceptions and trust in banks is essential for the industry to adapt and enhance services. Additionally, the challenges traditional banks face in maintaining client trust are contrasted with the success of digital banks in offering transparency, cost-effectiveness, and superior customer service.
The current study is subject to several notable limitations. Firstly, it was conducted in Portugal using a non-probability convenience sample, thereby limiting the generalizability of findings to the broader population. Future research endeavors could overcome this limitation by employing representative samples that encompass diverse demographic groups within the Portuguese populace. Additionally, exploring cultural variations across different countries and comparing traditional banking with digital banking could offer valuable insights into consumer behavior.
Moreover, external factors such as economic conditions, regulatory changes, or unforeseen events in the banking sector may have influenced client confidence but were not accounted for in this study. Despite being conducted in the post-global financial crisis period, the study did not address subsequent developments like rising inflation, the war in Ukraine, or increasing interest rates, which could have impacted client confidence in banking institutions. Future longitudinal studies could provide a more comprehensive understanding of client confidence dynamics amidst both stability and financial crises.
On the other hand, the quantitative approach that uses a self-administered questionnaire to assess a complex reality, such as trust, is definitely insufficient to collect an adequate amount of data and produce reliable results that can be subsequently generalized. Self-administration of questionnaires has limitations, especially in research that requires a deeper understanding of individual experiences and perceptions.
Therefore, the use of cross-methodologies and the benefits of the complementarity of quantitative and qualitative approaches, such as interviews, can provide a richer and more detailed perspective and improve the validity and reliability of the results.
Furthermore, the conceptual model in this study only considered four determinants of trust in banking institutions (GFC, DFC, BRP, and PC). It is plausible that other factors like risk perception, bank image, and past experiences could also influence client trust and satisfaction as determinants or mediators. Hence, future research endeavors should incorporate these factors to enhance the conceptual model and provide a more comprehensive understanding of consumer behavior in the banking sector.
The implications of this study hold significance for policymakers, regulators, and banking institutions alike. For policymakers and regulators, the findings underscore the importance of implementing regulatory frameworks that prioritize consumer protection, transparency, and fair practices. By fostering an environment conducive to trust and transparency, policymakers can enhance client confidence in the banking sector and promote financial stability. Strategic recommendations for banks include focusing on bolstering reputation, enhancing performance, and prioritizing client satisfaction to cultivate trust and loyalty. Initiatives aimed at improving the customer experience, increasing transparency, and addressing cost concerns can help traditional banks remain competitive in the face of growing digitalization within the industry.
Moreover, this study lays the groundwork for future research endeavors aimed at deeper exploration of customer trust, satisfaction, and loyalty dynamics in the banking sector. Longitudinal studies can offer insights into the evolving nature of consumer behavior following the global financial crisis, while comparative analyses across different countries and banking models (traditional and digital) can shed light on cross-cultural variations and emerging trends. By delving into these areas, future research can contribute to a more comprehensive understanding of customer behavior and inform strategic decision-making within the banking industry.

Author Contributions

Conceptualization, A.C. and M.C.; methodology, A.C. and M.C.; software, A.C and M.C.; validation, A.C. and M.C.; formal analysis, M.C.; investigation, A.C. and M.C.; resources, A.C. and M.C.; data curation, A.C. and M.C.; writing—original draft preparation, A.C. and M.C.; writing—review and editing, A.C; visualization, M.C.; supervision, A.C.; project administration, A.C and M.C. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Data Availability Statement

The data presented in this study are available on request from the corresponding author.

Conflicts of Interest

The authors declare no conflicts of interest.

References

  1. Aaker, David, and George Day. 1990. Marketing Research. New York: John Wiley. [Google Scholar]
  2. Abdelsalam, Omneya, Antonios Chantziaras, Nathan Joseph, and Nikolaos Tsileponis. 2024. Trust matters: A global perspective on the influence of trust on bank market risk. Journal of International Financial Markets, Institutions and Money 92: 101959. [Google Scholar] [CrossRef]
  3. Afandi, Elvin, and Nazim Habibov. 2017. Pre-and post-crisis trust in banks: Lessons from transitional countries. Journal of Economic Development 42: 73–94. [Google Scholar] [CrossRef]
  4. Agarwal, J., Yamini Agarwal, Manju Agarwal, and Aman Agarwal. 2023. Trust as a Financial Value. Uttar Pradesh: Finance India, Indian Institute of Finance, vol. XXXVII, pp. 665–78. Available online: https://financeindia.org/data/2023/FI373/FI-373-Art01.pdf (accessed on 12 September 2023).
  5. Baillette, Pamela, and Jean-Fabrice Lebraty. 2002. De la gestion des relations dansl’équipevirtuelle: La place de la confiance", 7ème Colloque de l’Association Information et Management (AIM), 30 Mai–1 Juin/02, en Tunisie–Hammamet. Available online: https://www.researchgate.net/publication/317719933_De_la_gestion_des_relations_dans_l'equipe_virtuelle_la_place_de_la_confiance (accessed on 12 May 2020).
  6. Bajwa, Ishtiaq Ahmad, Shabir Ahmad, Maqsood Mahmud, and Farooq Ahmad Bajwa. 2023. The impact of cyberattacks awareness on customers’ trust and commitment: An empirical evidence from the Pakistani banking sector. Information and Computer Security 31: 635–54. [Google Scholar] [CrossRef]
  7. Baloğlu, Gürol, Kaan Ramazan Çakalı, Nazan Güngör Karyağdı, and Kadir Gökoğlan. 2023. Managing and Reporting Liquidity Risks: Silicon Valley Bank Case. Journal of Accounting Institute/Muhasebe Enstitüsü Dergisi, 67–89. [Google Scholar] [CrossRef]
  8. Banco de Portugal. 2018. Relatório de Supervisão Comportamental 2018. Ed. Available online: https://www.bportugal.pt/sites/default/files/anexos/pdf-boletim/rsc_2018_pt.pdf (accessed on 9 March 2022).
  9. Bank of International Settlements. 1997. Core Principles for Effective Banking Supervision. Bank of International Settlements. Basel Committee on Bank Supervision. Available online: https://www.bis.org/publ/bcbsc102.pdf (accessed on 9 March 2022).
  10. Batalha, Inês. 2014. The Portuguese Citizens Trust State on Existing Banks in Portugal and Their Concerns When Choosing a Bank. Master dissertation on Science Business Administration, ISCTE Business School, Instituto Universitário de Lisboa, Lisboa, Portugal. Available online: https://repositorio.iscte-iul.pt/bitstream/10071/10247/1/master_ines_ferreira_batalha.pdf (accessed on 15 May 2022).
  11. BECX—Best European Customer Experience Study. 2023. Best European Customer Experience Study. Available online: https://becx.pt (accessed on 15 May 2024).
  12. Bidault, François. 1998. Comprendre la confiance: La nécessité d’unenouvelle problématique. Economies et Sociétés 32: 33–46. [Google Scholar]
  13. Brown, William. 2007. Understanding Reputational Risk: Identify, Measure, and Mitigate the Risk. Available online: www.philadelphiafed.org/bank-resources/publications/src-insights/2007/fourth-quarter/q4si1_07 (accessed on 12 May 2020).
  14. Cabeças, António. 2019. Trust of Portuguese Customers in Banks During the Economic Crisis Period. Proceedings of 2100 Projects Association Joint Conferences 7: 195–203. [Google Scholar]
  15. Cabeças, António, and António Santos. 2023. An approach to customer trust in the portuguese banking system. Brazilian Journal of Business, Curitiba 5: 459–81. [Google Scholar] [CrossRef]
  16. Capet, Marcel. 1998. La confiance des salariésdans le patron. Economies et Societes 32: 155–16. [Google Scholar]
  17. Carbó-Valverde, Santiago, Eduardo Maqui-López, and Francisco Rodrígue-Fernandéz. 2013. Trust in Banks: Evidence from the Spanish Financial Crisis. Paper presented at 22nd Annual Meeting European Financial Management Association (EFMA), Henley Business School, University of Reading, Greenlands, UK, June 26–29; Available online: https://ssrn.com/abstract=2310273 (accessed on 15 May 2021).
  18. Christopoulos, Dimitris, and Efthymios Tsionas. 2004. Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests. Journal of Development Economics 73: 55–74. [Google Scholar] [CrossRef]
  19. Claessens, Stijn, and Mr Ayhan Kose. 2013. Financial Crises: Explanations, Types, and Implications. ERN: Business Fluctuations; Cycles (Topic). IMF Working Paper, WP/13/28. pp. 1–66. Available online: https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Financial-Crises-Explanations-Types-and-Implications-40283 (accessed on 12 May 2020).
  20. Colquitt, Joetta. 2007. Credit Risk Management: How to Avoid Lending Disasters and Maximize Earnings. New York: McGraw-Hill. [Google Scholar]
  21. Deb, Madhurima, and Kavita Chavali. 2010. Significance of trust and loyalty during financial crisis: A study of customer behavior of Indian banks. South Asian Journal of Management 17: 43–60. [Google Scholar]
  22. Debab, Nassima, and Hamad Abdulla Yateem. 2012. Assessing the Factors that Influence Trust in the Bahraini Retail Banking after the Financial Crisis. International Journal of Business Management & Economic Research 3: 546–65. [Google Scholar]
  23. DECO Proteste. 2023. Clientes Insatisfeitos com os Maiores Banco. Available online: https://www.deco.proteste.pt/dinheiro/contas-ordem/noticias/clientes-insatisfeitos-maiores-bancos (accessed on 12 January 2020).
  24. Dowling, Grahame. 2001. Creating Corporate Reputations: Identity, Image, and Performance. Oxford: Oxford University Press. ISBN 0199252203/9780199252206. [Google Scholar]
  25. Dupuy, Jean. 2005. The Economy of Trust in the Information Age. In The Handbook of Social Capital. Edited by Eric Uslaner. Oxford: Oxford University Press, pp. 150–66. [Google Scholar] [CrossRef]
  26. ECSI Portugal—European Customer Satisfaction Index. 2018. Available online: http://www.ecsiportugal.pt/site/assets/files/1019/apres_13_dezembro_ecsi_2017-1.pdf (accessed on 8 December 2021).
  27. Edelman Trust Barometer. 2024. Report. Available online: https://www.edelman.com/sites/g/files/aatuss191/files/2024-02/2024%20Edelman%20Trust%20Barometer%20Global%20Report_FINAL.pdf (accessed on 12 January 2021).
  28. Ennew, Christine, and Harjit Sekhon. 2007. Measuring trust in financial services: The Trust Index. Consumer Policy Review 17: 62–68. [Google Scholar]
  29. Esmeilpour, ajid, Amrollah Sayadi, and Mahnaz Mirzaei. 2017. Investigating the Impact of Service Quality Dimensions on Reputation and Brand Trust. International Journal of Business and Economic Sciences Applied Research 10: 7–17. [Google Scholar]
  30. Eysteisson, Friðrik, and Þórhallur Örn Gudlaugsson. 2011. How the banking crisis in Iceland affected the image of its banking sector and individual banks. Journal of International Finance Studies 11: 34–39. [Google Scholar]
  31. Eysteisson, Friðrik, and Þórhallur Örn Gudlaugsson. 2013. The effects of perceived harm on customer forgiveness and trust. Journal of International Management Studies 13: 37–42. [Google Scholar]
  32. Fang, Lily. 2005. Investment Bank Reputation and the Price and Quality of Underwriting Services. The Journal of Finance 60: 2729–61. [Google Scholar] [CrossRef]
  33. Forrester. 2023. Forrester: European Customers Continue to Distrust Banks in 2023. Available online: https://www.forrester.com/press-newsroom/forrester-european-customers-continue-to-distrust-banks-in-2023/ (accessed on 18 January 2024).
  34. Freitas, Maria. 2009. Os efeitos da crise global no Brasil: Aversão ao risco e preferência pela liquidez no mercado de crédito. Estudos Avançados 23: 125–45. [Google Scholar] [CrossRef]
  35. Fukuyama, Francis. 1995. Trust: The Social Virtues and the Creation of Prosperity. New York: Free Press. [Google Scholar]
  36. Galland, Olivier. 2002. Les Dimensions de la Confiance. Futuribles 277: 15–39. [Google Scholar]
  37. Gaspar, Raquel M., Paulo Lopes Henriques, and Ana Rita Corrente. 2020. Trust in financial markets: The role of the human element. Revista Brasileira de Gestão de Negócios 22: 647–68. [Google Scholar] [CrossRef]
  38. Gill, Amarjit S., Alan B. Flaschner, and Mickey Shachar. 2006. Factors that affect the trust of business clients in their banks. International Journal of Bank Marketing 24: 384–405. [Google Scholar] [CrossRef]
  39. Griffin, Jill. 2002. Customer Loyalty: How to Earn It, How to Keep It, 2nd ed. Hoboken: Jossey-Bass. ISBN 0787908606/9780787908607. [Google Scholar]
  40. Grigoroudis, Evangelos, and Yannis Siskos. 2009. Customer Satisfaction Evaluation: Methods for Measuring and Implementing Service Quality. Berlin/Heidelberg: Springer. [Google Scholar] [CrossRef]
  41. Gudlaugsson, Þórhallur Örn, and Friðrik Eysteinsson. 2010. How the economic crisis affects the image of the retail banks. Paper presented at European Institute of Retailing and Services Studies Conference on Recent Advances in Retailing and Service Science, Istanbul, Turkey, July 3; pp. 2–5. [Google Scholar]
  42. Gudlaugsson, Þórhallur Örn, and Friðrik Eysteinsson. 2012a. Bank’s image restoration following a banking crisis: Empirical evidence from Iceland. International Journal of Business Research 12: 52–58. [Google Scholar]
  43. Gudlaugsson, Þórhallur Örn, and Friðrik Eysteinsson. 2012b. Customers’ trust towards their own bank and the effect of a banking collapse. International Journal of Business Research 12: 27–34. [Google Scholar]
  44. Gudlaugsson, Þórhallur Örn, and Friðrik Eysteinsson. 2013. What is the Effect of a Change in Customers’ Trust, Following a Banking Collapse, on Their Loyalty towards Their Own Bank? International Journal of Business and Social Science 4: 49–56. [Google Scholar]
  45. Guðlaugsson, Þórhallur Örn, and Friðrik Eysteinsson. 2013. Repairing customer trust following a banking crisis. International Journal of Business Strategy 13: 5–12. [Google Scholar]
  46. Guimarães, Thais, and Flávio Vieira. 2015. Os determinantes do impacto da crise financeira internacional sobre a taxa de crescimento do PIB. Estudos Econômicos 45: 725–52. [Google Scholar] [CrossRef]
  47. Guo, Hai, Zhuen Yang, Ran Huang, and Anqi Guo. 2020. The digitalization and public crisis responses of small and medium enterprises: Implications from a COVID-19 survey. Frontiers of Business Research in China 14: 19. [Google Scholar] [CrossRef]
  48. Hansen, Torben. 2014. The role of trust in financial customer-seller relatioinships before and after the financial crisis. Journal of Consumer Behaviour 13: 442–52. [Google Scholar] [CrossRef]
  49. Harindranath, R. M., and Bharadhwaj Sivakumaran. 2023. Promotional Inputs and Selling: Evidence from India. Journal of Business & Industrial Marketing 38: 1000–14. [Google Scholar] [CrossRef]
  50. Hazra, Sandip Ghosh, and Kailash B. L. Srivastava. 2009. Impact of service quality on customer loyalty, commitment and trust in the Indian banking sector. The IUP Journal of Marketing Management 8: 74–95. [Google Scholar]
  51. Helgesen, Øyvind, and Erik Nesset. 2007. What Accounts for Students’ Loyalty? Some Field Study Evidence. International Journal of Educational Management 21: 126–43. [Google Scholar] [CrossRef]
  52. Hill, Manuela, and Andrew Hill. 2002. Investigação por Questionário. Lisboa: Edições Sílabo. [Google Scholar]
  53. Hoq, Mohammad Ziaul, NigarSultana, and Muslim Amin. 2010. The effect of trust, customer satisfaction and image on customers’ loyalty in Islamic banking sector. South Asian Journal of Management 17: 70–93. [Google Scholar] [CrossRef]
  54. Ikhsana, Ridho, and Juliater Simarmata. 2021. SST-Servqual and customer outcomes in service industry: Mediating the rule of corporate reputation. Management Science Letters 11: 561–76. [Google Scholar] [CrossRef]
  55. International Monetary Fund—IMF. 2023. World Economic Outlook: Navigating Global Divergences. Washington: IMF. ISBN 979-8-40024-677-7. Available online: https://reliefweb.int/report/world/world-economic-outlook-update-october-2023-navigating-global-divergences?gad_source=1&gclid=CjwKCAjw5v2wBhBrEiwAXDDoJVtEpV00aDJF1srtdaLYC0fwa2PbHc0P-aNRX_AEt0itet4Nn5CRGxoCpyQQAvD_BwE (accessed on 12 January 2021).
  56. Johnsen, Gudrún, and Sigurbjorg Sigurgeirsdóttir. 2018. Public Trust in Institutions in Pre- and Post-Crisis Iceland (I): Take the Lift Down, But Use the Stairs Up. In The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis. Edited by Throster Olaf Sigurjonsson, David L. Schwarzkopf and Murray Bryant. Leeds: Emerald Publishing Limited, pp. 53–76. [Google Scholar] [CrossRef]
  57. Jonsson, Sara, and Inga-Lill Soderberg. 2018. Investigating explanatory theories on laypeople’s risk perception of personal colapse in a bank crisis—The Cyprius case. Journal of Risk Research 21: 763–79. [Google Scholar] [CrossRef]
  58. Jorion, Philippe. 2007. Financial Risk Manager Handbook. New Jersey: John Wiley & Sons. ISBN 978-0-470-47961-2. [Google Scholar]
  59. Kantsperger, Roland, and Werner E. Kunz. 2010. Consumer trust in service companies: A multiple mediating analysis. Managing Service Quality 20: 4–25. [Google Scholar] [CrossRef]
  60. Karadas, Serkan, and Nilufer Ozdemir. 2023. Does Public Corruption Affect Bank Failures? Evidence from the United States. Journal of Risk and Financial Management 16: 451. [Google Scholar] [CrossRef]
  61. Kattel, Manisha, and Ajay K. Shah. 2020. Bank Attribute Factors in Determining Customers’ Choice of Commercial Banks. Journal of Business and Social Sciences Research 5: 51–62. [Google Scholar] [CrossRef]
  62. Keiningham, Timothy L., Lerzan Aksoy, Bruce Cooil, and Tor Wallin Andreassen. 2008. Linking customer loyalty to growth. MIT Sloan Management Review 49: 50–58. [Google Scholar]
  63. Kenett, Ron, and Yossi Raanan. 2011. Operational Risk Management: A Practical Approach to Intelligent Data Analysis. Hoboken: John Wiley & Sons. ISBN 978-1-119-95672-3. [Google Scholar]
  64. Khan, Mohsin, and Abedelhak Senhadji. 2003. Financial Development and Economic Growth: A Review and New Evidence. Journal of African Economies 12 Suppl. S2: ii89–ii110. [Google Scholar] [CrossRef]
  65. Kidron, Aviv, and Yvonne Kreis. 2020. Listening to bank customers: The meaning of trust. International Journal of Quality and Service Sciences 12: 355–70. [Google Scholar] [CrossRef]
  66. Kindleberger, Charles, and Robert Aliber. 2011. Manias, Panics, and Crashes: A History of Financial Crises, 6th ed. New York: Palgrave Macmillan. [Google Scholar]
  67. Knell, Markus, and Helmut Stix. 2015. Trust in Banks during normal and Crisis Times—Evidence from Survey Data. Economica, London School of Economics and Political Science 82: 995–1020. [Google Scholar] [CrossRef]
  68. Lakatos, Eva, and Marina Marconi. 2006. Metodologia Cientifica. São Paulo: Ed Atlas. [Google Scholar]
  69. Lee, Weng Onn, and Lai Soon Wong. 2016. Determinants of mobile commerce customer loyalty in malaysia. Procedia—Social and Behavioral Sciences 224: 60–67. [Google Scholar] [CrossRef]
  70. Levine, Ross. 2005. Finance and Growth: Theory and Evidence. In Handbook of Economic Growth—Volume 1A, 1st ed. Edited by Philippe Aghion and Steven Durlauf. North Hollan: Elsevier, pp. 865–934. [Google Scholar] [CrossRef]
  71. Li, Wang. 2012. Causes and Transition Mechanisms from Financial Risk to Financial Crisis. Paper presented at International Conference on E-Business and E-Government, Beijing, China, October 20–21; Available online: https://api.semanticscholar.org/CorpusID:155628031 (accessed on 3 March 2021).
  72. Loayza, Norman, and Romain Rancière. 2006. Financial Development, Financial Fragility, and Growth. Journal of Money, Credit, and Banking 38: 1051–76. [Google Scholar] [CrossRef]
  73. Lopes, C. Abreu, and Catarina Frade. 2012. The Way into Bankruptcy: Market Anomie and Sacrifice Among Portuguese Consumers. Journal of Consumer Policy 35: 477–96. [Google Scholar] [CrossRef]
  74. Malhotra, Naresh. 2019. Pesquisa de Marketing, 7th ed. São Paulo: Atlas. ISBN 9788582605097. [Google Scholar]
  75. Mansour, Walid, Leila Hajlaoui, Fadhul Abdulkarim, and Mahmamed Nassief. 2016. Trust Crisis in Islamic Banking: Empirical Evidence Using Structural Equations Modeling. International Journal of Business 21: 158–177. [Google Scholar]
  76. Matz, Leonard, and Peter Neu. 2006. Liquidity Risk Measurement and Management: A Practitioner’s Guide to Global Best Practices. Hoboken: John Wiley & Sons. [Google Scholar]
  77. Mayer, Roger C., James H. Davis, and F. David Schoorman. 1995. An integrative model of organizational trust. Academy of Management Review 20: 709–34. [Google Scholar] [CrossRef]
  78. Melewar, T. C., Pantea Foroudi, Suraksha Gupta, Philip J. Kitchen, and Mohammad M. Foroudi. 2017. Integrating identity, strategy and communications for trust, loyalty and commitment. European Journal of Marketing 51: 572–604. [Google Scholar] [CrossRef]
  79. Mendes, Carolina. 2016. Regulação Financeira e Supervisão Bancária. Análise critica das problemáticas do BPN, BPP, BES e BANIF. Dissertação de Mestrado em Direito, Especialização em Ciências Jurídico-políticas/Menção em Direito Administrativo, Faculdade de Direito da Universidade de Coimbra. Available online: https://estudogeral.sib.uc.pt/bitstream/10316/42979/2/Carolina%20Mendes.pdf (accessed on 20 May 2022).
  80. Menidjel, Houkri, Abderrezzak Benhabib, and Anil Bilgihan. 2017. Examining the moderating role of personality traits in the relationship between brand trust and brand loyalty. Journal of Product & Brand Management 26: 631–49. [Google Scholar] [CrossRef]
  81. Merton, Robert K. 1995. Merton, Robert K. 1995. The Thomas Theorem and The Matthew effect. Social Forces 74: 379–424. [Google Scholar] [CrossRef]
  82. Merton, Robert, and Zvi Bodie. 1995. A Conceptual Framework for Analyzing the Financial Environment. In The Global Financial System: A Functional Perspective. Boston: Harvard Business School Press, pp. 3–31. [Google Scholar]
  83. Mishkin, Frederic. 2018. The Economics of Money, Banking, and Financial Markets, Global Edition, 12th ed. Upper Saddle River: N.J. Pearson. [Google Scholar]
  84. Mishkin, Frederic, and Stanley Eakins. 2018. Financial Markets and Institutions, 9th ed. Karlow: Pearson. [Google Scholar]
  85. Mudd, Shannon, Konstantin Pashev, and Neven T. Valev. 2010. The effect of loss experiences in banking crisis on future expectations and behavior. The B.E. Journal of Macroeconomics 10: 32. [Google Scholar] [CrossRef]
  86. Murimbika, Samson. 2024. Surveying the reputation-regulation interface in the SABI industry: Perspectives of private banking customers. South African Journal of Business Management 55: a3901. [Google Scholar] [CrossRef]
  87. Nguyen, Ha, Quan Le, Chi Ho, Thang Nguyen, and Duc Vo. 2022. Does financial development matter for economic growth in the emerging markets? Borsa Istanbul Review 22: 688–98. [Google Scholar] [CrossRef]
  88. Ogura, Yoshiaki. 2018. The objective function of government-controlled banks in a financial crisis. Journal of Banking and Finance 89: 78–93. [Google Scholar] [CrossRef]
  89. Oliveira, Raquel, Rafael Schiozer, and Lucia Barros. 2012. Financial Crisis and Cross-Border Too Big to Fail Perception. Midwest Finance Association 2012, Annual Meeting. Available online: http://ssrn.com/abstract=1787661 (accessed on 12 May 2020).
  90. Osakwe, Christian Nedu, Belém Ruiz, Hayford Amegbe, Nathalie B. Chinje, Jun-Hwa Cheah, and T. Ramayah. 2020. A multi-country study of bank reputation among customers in africa: Key antecedents and consequences. Journal of Retailing and Consumer Services 56: 102182. [Google Scholar] [CrossRef]
  91. Ozili, Peterson K. 2024. Causes and consequences of the 2023 banking crisis. In Governance and Policy Transformations in Central Banking. Hershey: IGI Global. Available online: https://mpra.ub.uni-muenchen.de/120153/1/MPRA_paper_120153.pdf (accessed on 5 April 2024).
  92. Özkan, Pinar, Seda Süer, Istem KKoymen Keser, and İpek Kocakoç. 2020. The effect of service quality and customer satisfaction on customer loyalty: The mediation of perceived value of services, corporate image, and corporate reputation. International Journal of Bank Marketing 38: 384–405. [Google Scholar] [CrossRef]
  93. Payne, Katie Delahaye. 2003. Guidelines for Measuring Trust in Organizations, The Institute for Public Relations. Available online: www.instituteforpr.com (accessed on 5 March 2018).
  94. Pearson, Christine, and Judith Clair. 1998. Reframing crisis management. Academy of Management Review 23: 59–76. [Google Scholar] [CrossRef]
  95. Pestana, Maria, and João Gageiro. 2014. Análise de Dados para Ciências Sociais. A complementaridade do SPSS, 6th ed. Lisboa: Edições Sílabo. [Google Scholar]
  96. Phong, Vo, and Vo Anh. 2023. Impact of the Bank’s Image and Reputation on Customer’s Loyalty through Customer’s Trust: A Case of Commercial Banks in Ho Chi Minh City. Open Journal of Business and Management 11: 2652–85. [Google Scholar] [CrossRef]
  97. Popkov, Aleksey, and David Filippov. 2023. Financial Risks in the Era of Crisis. In Ekonomika i Upravlenie: Problemy, Resheniya. Moscow: Scientific Library Publishing House. [Google Scholar] [CrossRef]
  98. Portal, da Queixa. 2023. Portal da Queixa Regista Mais de 4.600 Reclamações Dirigidas à Banca. Available online: https://portaldaqueixa.com/news/portal-da-queixa-regista-mais-de-4600-reclamacoes-dirigidas-a-banca-aumento-de-34-face-a-2022 (accessed on 12 January 2024).
  99. Ramli, Yanto, Yuli Harwani, Mochamad Soelton, Swarmilah Hariani, Fadlil Usman, and Fatchur Rohman. 2021. The Implication of Trust that Influences Customers’ Intention to Use Mobile Banking. Journal of Asian Finance, Economics and Business 8: 353–61. [Google Scholar] [CrossRef]
  100. Rodrigues, Jorge, Fernando Seabra, and Carlos Mata. 2014. Reputação e imagem dos bancos portugueses do PSI20. Revista Universo Contábil 10: 155–71. [Google Scholar] [CrossRef]
  101. Roubini, Nouriel, and Stephen Mihm. 2010. Crisis Economics: A Crash Course in the Future of Finance. New York: Penguin Press. [Google Scholar]
  102. Roy, Sanjit Abdolreza Eshghi, and Vaibhav Shekhar. 2011. Dimensions of trust and trustworthiness in retail banking: Evidence from India. The Marketing Management Journal 21: 97–110. [Google Scholar]
  103. Sandri, Damiano, Francesco Grigoli, Gorodnichenko Yuriy, and Olivier Coibion. 2023. Keep Calm and Bank on: Panic-Driven Bank Runs and the Role of Public Communication. BIS Working Papers No 1119, Bank for International Settlements, ISSN 1682-7678. Available online: https://www.bis.org/publ/work1119.pdf (accessed on 19 January 2024).
  104. Scalera, Jamie, and Melissa Dixon. 2018. Crisis of Confidence: The 2008 global crisis and public trust in the European Central Bank. European Politics and Society 17: 388–400. [Google Scholar] [CrossRef]
  105. Setiawan, Heri, and A. Jalaluddin Sayuti. 2017. Effects of Service Quality, Customer Trust and Corporate Image on Customer Satisfaction and Loyalty: An Assessment of Travel Agencies Customer in South Sumatra Indonesia. IOSR Journal of Business and Management 19: 31–40. [Google Scholar] [CrossRef]
  106. Setyawati, Seri Murni, and Mahardhika Cipta Raharija. 2018. Trust Dimensions Model in Creating Loyalty Stage for Service Consumers of Sharia Rural Banking. European Research Studies Journal 21: 507–18. [Google Scholar] [CrossRef]
  107. Skvarciany, Viktorija, and Juris Iljins. 2015. The role of change management in trust formation in commercial banks. Theory and Practice 16: 373–78. [Google Scholar] [CrossRef]
  108. Soprano, Aldo, Bert Criellard, Fabio Piacenza, and Daniele Ruspantini. 2009. Measuring Operational and Reputational Risk—A Practitioner’s. Approach: John Wiley & Sons, ISBN 0470742119/9780470742112. ISBN 0470742119. [Google Scholar]
  109. Tabrani, Mirza, Muslim Amin, and Ahmad Nizam. 2018. Trust, commitment, customer intimacy and customer loyalty in Islamic banking relationships. International Journal of Bank Marketing 36: 823–48. [Google Scholar] [CrossRef]
  110. Vickerstaff, Sarah, Jan Macvarish, Peter Taylor-gooby, Wendy Loretto, and Tina Harrison. 2012. Trust and Confidence in Pensions: A Literature Review. Working Paper n° 108, Department for Work and Pensions. Available online: http://research.dwp.gov.uk/asd/asd5/rrs-index.asp (accessed on 10 May 2022).
  111. Vilares, Manuel, and Pedro Coelho. 2005. Satisfação e Lealdade do Cliente: Metodologias de Avaliação, gestão e análise. Lisboa: Escolar Editora. [Google Scholar]
  112. Wang, Jingnan, and Yugang He. 2023. Assessing the Macroeconomic Consequences of External Financial Upheavals on China: A Caution of a Silicon Valley Bank’s Collapse. Axioms 12: 755. [Google Scholar] [CrossRef]
  113. Wehinger, Gert. 2013. Banking in a challenging environment: Business models, ethics and approaches towards risks. OECD Journal: Financial Market Trends 2012: 79–88. [Google Scholar] [CrossRef]
  114. World Economic Forum. 2023. Global Risks Report 2023. ISBN 978-2-940631-36-0. Available online: https://www.weforum.org/reports/globalrisks-report-2023/ (accessed on 12 May 2020).
  115. Zhu, Xiaoyang, Stylianos Asimakopoulos, and Jaebeom Kim. 2020. Financial development and innovation-led growth: Is too much finance better? Journal of International Money and Finance 100: 102083. [Google Scholar] [CrossRef]
  116. Zoega, Gilf. 2018. Restoring Confidence in the Aftermath of Iceland’s Financial Crisis. In The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis. Edited by Throstur Olaf Sigurjonsson, David L. Schwarzkopf and Murray Bryant. Leeds: Emerald Publishing Limited, pp. 3–28. [Google Scholar] [CrossRef]
Jrfm 17 00277 g001
Figure 1. Conceptual model. Source: Authors.
Figure 1. Conceptual model. Source: Authors.
Jrfm 17 00277 g001
Jrfm 17 00277 g002
Figure 2. Conceptual model. Source: Authors.
Figure 2. Conceptual model. Source: Authors.
Jrfm 17 00277 g002
Table 1. Dimensions, categories, and items used in the questionnaire.
Table 1. Dimensions, categories, and items used in the questionnaire.
DimensionsSubdimensionN° of Items
Bank General Trust (BGT) 4
Trust in the bank Disposition to Trust (DT)4
Cognitive Trust (CT)3
Affective Trust (AT)3
Global financial conditions (GFC) 5
Domestic financial conditions (DFC) 4
Banking Reputation and Performance (BRP) 4
Consumer satisfaction (CS) 4
Consumer loyalty (CL) 4
Political Conditions (PC) 2
Source: Authors.
Table 2. Sample data.
Table 2. Sample data.
ItemF%
GenderMale10050.5
Female9849.5
Age groups18–30 years old9246.5
31–40 years old4422.2
41–50 years old3015.2
51–60 anos years old2412.1
>60 years old84.0
Income<EUR 7502211.1
EUR 751–10003819.2
EUR 1001–15005427.3
EUR 1501–20002211.1
EUR 2001–2500168.1
>EUR 25004623.2
Table 3. Main Bank.
Table 3. Main Bank.
BankF%
Activo Bank42.0
Banco CTT21.0
Bankinter84.0
BBVA21.0
BCN21.0
BCP189.1
BPI2412.1
CGD5628.3
Crédito Agrícola84.0
Eurobic84.0
Montepio84.0
Novo Banco2412.1
Privado21.0
Santander3216.2
Table 4. Trust, performance, and banking security.
Table 4. Trust, performance, and banking security.
ScaleF%
Confidence levels have changed
since the global financial crisis		Yes14271.7
No4221.2
I don’t no147.1
Assessment of the current
performance of national banking		Great42.0
Very Good84.0
Enough14874.7
Bad3819.2
Safer retail banksPortuguese Private Banks4422.2
Portuguese Public Banks7035.4
Foreign Banks8442.4
Table 5. Investment alternatives to bank term deposits.
Table 5. Investment alternatives to bank term deposits.
F%
Yes11658.6
No3015.2
I don’t no5226.3
Table 6. Investment alternatives to bank term deposits.
Table 6. Investment alternatives to bank term deposits.
F%
Actions105.1
Savings Certificates42.0
Commodities—Gold84.0
Financial Consulting21.0
Crowdfunding21.0
ETF’s42.0
Investment Funds126.1
Real estate147.1
Other21.0
Private Equity21.0
Yes, but I’m not informed42.0
Direct titles21.0
Mobile values42.0
Table 7. Descriptive statistics and results of validity analysis.
Table 7. Descriptive statistics and results of validity analysis.
VariableItensMSdtComponentPCA
12345678910
Bank General trust
(BGT)
Cronbach’s α = 0.874		GT1
GT2
GT3
GT4		2.81
3.32
3.32
3.31		0.875
0.965
1.174
1.128		0.725
0.775
0.678
0.736		 Variance explains factor 1 = 80,801
KMO = 0.740
Bartlett Test
  χ2 = 318,878
  df = 3
  Sig. = 0.000
Disposition to trust (DT)
Cronbach’s α = 0.949 		DT1
DT2
DT3
DT4		2.84
2.98
3.14
3.23		0.994
1.037
1.008
0.965		 0.905
0.898
0.875
0.783		 Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Cognitive Trust (CC)
Cronbach’s α = 0.939		CT1
CT2
CT3		3.45
3.32
3.34		0.990
1.093
1.077		 0.779
0.904
0.903		 Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Affective trust (AT)
Cronbach’s α = 0.943		AT1
AT2
AT3		3.56
3.24
2.78		0.904
1.019
1.052		 0.865
0.796
0.631		 Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Global financial conditions (GFC)
Cronbach’s α = 0.638		GFC1
GFC2
GFC3
GFC4
GFC5		4.37
3.41
1.89
2.99
3.86		0.897
1.131
1.121
1.188
0.987		 0.983
0.737
0.413
0.596
0.743		 Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Domestic financial conditions (DFC)
Cronbach’s α = 0.696		DFC1
DFC2
DFC3
DFC4		2.75
4.17
2.71
2.18		1.187
0.924
0.948
1.011		 0.595
0.925
0.541
0.618		 Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Reputation and Banking Performance (RBP)
Cronbach’s α = 0.701		RBP1
RBP2
RBP3
RBP4		2.79
2.24
2.41
3.19		1.115
1.028
1.008
0.920		 0.584
0.572
0.545
0.735		 Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Client satisfaction (CS)
Cronbach’s α = 0.712		CS1
CS2
CS3
CS4		3.95
3.65
2.76		1.021
0.905
0.856		 0.743
0.865
0.677
0.556		 Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Client loyalty (CL)
Cronbach’s α = 0.634		CL1
CL2
CL3
CL4		3.29
2.55
1.94
2.45		1.097
1.020
1.281
1.169		 0.753
0.643
0.578
0.621		 Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Political Conditions (PC)
Cronbach’s α = 0.616		PC1
PC1		4.00
3.40		0.934
0.976		 0.901
0.845		Variance explain factor 1 = 47,241
KMO = 0.838
Bartlett Test
  χ2 = 634,259
  df = 21
  Sig. = 0.000
Table 8. Regression analyses.
Table 8. Regression analyses.
RR2Std ErrorBt-ValueSig
General Trust/
Global Financial Conditions (a)		0.168 a0.0280.8950.1592.3840.018
General Trust/
Domestic Financial Conditions
(a)		0.459 a0.2110.8070.4667.2290.000
General Trust/
Bank Reputation
(a)		0.337 a0.1140.8540.3415.0190.000
General Trust/
Political Factor
(a)		0.092 a0.0090.904−0.082−1.2970.196
General Trust/
Client loyalty
(a)		0.339 a0.1150.8540.3915.0460.000
General Trust/
Client Satisfaction
(a)		0.308 a0.0950.7930.3364.5370.000
General Trust/
Disposition to trust
(a)		0.513 a0.2630.7790.4798.3650.000
General Trust/
Cognitive trust
(a)		0.426 a0.1810.8210.3656.5840.000
General Trust/
Affective trust
(a)		0.409 a0.1670.8280.3486.2750.000
General Trust/
Client loyalty
(a)		0.339 a0.1150.7400.2945.0460.000
Customer satisfaction/Client loyalty
(a)		0.300 a0.0900.7510.2834.4050.000
Global Financial Conditions/Domestic Financial conditions
(a)		0.183 a0.0330.8780.1702.6010.010
(a). Predictors; a constant.
Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

Share and Cite

MDPI and ACS Style

Cardoso, A.; Cardoso, M. Bank Reputation and Trust: Impact on Client Satisfaction and Loyalty for Portuguese Clients. J. Risk Financial Manag. 2024, 17, 277. https://doi.org/10.3390/jrfm17070277

AMA Style

Cardoso A, Cardoso M. Bank Reputation and Trust: Impact on Client Satisfaction and Loyalty for Portuguese Clients. Journal of Risk and Financial Management. 2024; 17(7):277. https://doi.org/10.3390/jrfm17070277

Chicago/Turabian Style

Cardoso, António, and Marta Cardoso. 2024. "Bank Reputation and Trust: Impact on Client Satisfaction and Loyalty for Portuguese Clients" Journal of Risk and Financial Management 17, no. 7: 277. https://doi.org/10.3390/jrfm17070277

APA Style

Cardoso, A., & Cardoso, M. (2024). Bank Reputation and Trust: Impact on Client Satisfaction and Loyalty for Portuguese Clients. Journal of Risk and Financial Management, 17(7), 277. https://doi.org/10.3390/jrfm17070277

Article Metrics

Back to TopTop