Financial Services Marketing Essay Sample，
Managing perceived risk for credit card purchase through supplementary services
Journal of Financial Services Marketing
INTRODUCTION
Services are intangible dominant products
that cannot be physically possessed. This very
nature of services is represented through
unique characteristics of services, viz.,
intangibility, inseparability of production and
consumption, heterogeneity, perishability and
lack of ownership. 1,2 Further, the traditional
four P marketing-mix is also augmented for
services with the addition of three more Ps
— people, physical evidence and the process. 3
Within the existing literature of services,
efforts have been put forth to understand the
role of all Ps with a vast scope to explore
further. The present study focuses on
understanding the role of supplementary
services (component of fi rst P — Service
Product of the marketing-mix) towards
reducing / managing perceived risk in the
purchase of credit card services in India.
Credit cards come under the umbrella of
fi nancial services. While fi nancial services are
similar to other services in respect of a
common knowledge base, they are considered
relatively complex in nature in comparison to
other services. This is due to the nature of
fi nancial services that are not only intangible
Managing perceived risk for
credit card purchase through
supplementary services
Received (in revised form): 24th July, 2007
Anita Goyal
is presently working as Associate Professor (Marketing) at Management Development Institute, Gurgaon, India. She has 12 years of
experience in academics after being a year in industry. She has an MBA in Marketing Management from University of Poona, India, and
a PhD in Services Marketing and Consumer Behaviour from Jamia Millia Islamia, New Delhi, India. She has exposure of teaching and
supervising projects at the international level. MDI, Gurgaon, where she is presently working, is a renowned B School getting a consistent
ranking among the top fi ve league in India.http://www.ukassignment.org/liuxuezuoyedaixie/xinxilanzuoye/
Abstract The present study aims to understand the signifi cance of supplementary services
as nonpersonal sources of information to consumers to handle perceived risk associated with
the purchase of credit card services. The impact of supplementary services is particularly
studied towards functional risk and psychological risk. The study is based on primary data
collected by a survey with the help of a questionnaire administered through personal
interviews. It is found that supplementary services can play a signifi cant role in controlling#p#分页标题#e#
functional and psychological perceived risk associated with credit card services. Marketers of
credit cards can enhance the value of services to customers and can thus enhance purchase
possibilities by reducing perceived risk through supplementary services that are controllable.
Perceived risk in fi nancial services marketing is an important factor from the consumers ’ point
of view for purchase decisions and is also an issue of signifi cance to service marketers. It is
an original attempt to examine the relationship between perceived risk and supplementary
services.
Journal of Financial Services Marketing (2008) 12, 331 – 345. doi: 10.1057/palgrave.fsm.4760086
Keywords Supplementary services , perceived risk , credit cards , services marketing , fi nancial
services
Goyal
332 Journal of Financial Services Marketing Vol. 12, 4 331–345 © 2008 Palgrave Macmillan Ltd 1363-0539 $30.00
in their physical form; they are also intangible
from a mental point of view as they are not
easily defi ned and may be diffi cult to
understand. 4 Owing to a lack of complete
understanding, uncertainty of purchase
outcome and money involved, consumers
perceive risk in the purchase of fi nancial
services. As a result, pre-purchase perceived
risk with fi nancial services is of concern for
marketers because it is diffi cult for consumers
to evaluate the services prior to purchase.
According to Laroche et al ., 5 the mental
dimension of intangibility is the most
correlated dimension with perceived risk
than the other two dimensions of
intangibility, namely physical intangibility and
generality. Their research has also indicated
that the same is true even when the
customer has knowledge of and involvement
in the purchase. Thus, the challenge for
marketers is to make their offers mentally
tangible. One exploratory study 6 fi nds that
purchasing e-banking services is perceived to
be riskier than purchasing traditional banking
services.
In terms of the credit card as a service
product, every marketer has to provide the
revolving credit facility (core service) without
which the service product would not be
called a credit card. It means that one can
pay the amount spent through the credit card
in installments (as per the conditions
specifi ed by the bank). In addition to the
core service, there are a number of additional
features, that is, supplementary services viz.
credit card with ATM facility and cash
withdrawal, offered by credit card marketers
for enhancing the value of services. This
study looks at these supplementary services,
which might be considered a nonpersonal
source of information, as a tool to handle the
perceived risk associated with credit cards.#p#分页标题#e#
Whereas the existing research shows the
consumer reliance on personal sources of
information to reduce perceived risk with
services purchases, 7 this paper is an original
attempt to study the relationship between
supplementary services and perceived risk.
This study may help marketers to meet the
challenges associated with perceived risk
effectively.
The credit card is one of the known forms
of fi nancial cards in India. The last decade has
seen a signifi cant rise in the number of credit
card users. According to a study commissioned
by Visa International and conducted by the
National Council of Applied Economic
Research, India, payment cards in India (both
credit and debit cards) have grown 55 per
cent annually in the last seven years — from
3m in 1998 to 44m in 2004. 8 Credit card
usage and penetration in India is still low,
however, in comparison to growing affl uence
levels and consumer acceptance of the
payment card system. The average spending
through credit cards by an Indian consumer
is estimated at Rs. 24,000 per annum
(ie US $ 533, considering US $ 1 = Rs. 45). 9 At
the same time, in the present scenario, the
expected growth rate of credit card business
in India is 25 – 30 per cent. 9,10 Thus, the
challenge for the credit card companies is not
only to attract users but also to increase
spending by existing card holders.
LITERATURE REVIEW
The study deals with different issues of
perceived risk, supplementary services and
credit card marketing, which are as follows:
Perceived risk
Consumers make decisions regarding what
goods or services to buy and where to
buy them. The outcomes (or consequences)
of such decisions are often uncertain and
the consumer perceives some degree of
‘ risk ’ in making a purchase decision. This
perceived risk 11 is defi ned as the uncertainty
that consumers face when they cannot
foresee the consequences of their purchase
decisions. The degree of risk that consumers
perceive and their own tolerance for risk
taking are factors that infl uence their
purchase strategies. It is important, however,
Managing perceived risk for credit card purchase
© 2008 Palgrave Macmillan Ltd 1363-0539 $30.00 Vol. 12, 4 331–345 Journal of Financial Services Marketing 333
that consumers are infl uenced by risk that
they perceive, irrespective of its actual
existence.
The major types of risk 11 that consumers
may perceive when making product purchase
decisions include functional risk (risk that the
product will not perform as expected),
physical risk (risk to self and to others that
the product may pose), fi nancial risk (risk
that the product will not be worth its cost),#p#分页标题#e#
social risk (risk that a poor product choice
may result in social embarrassment),
psychological risk (risk that a poor product
choice will bruise the consumer ’ s ego) and
time risk (risk that the time spent in product
search may be wasted if the product does not
perform as expected). Perceived risk is
considered a consumer characteristic as well
as a product characteristic as it may be due
to various factors either associated with
personal or product features. 12 – 14
Although there is always some element of
risk that accompanies all purchases, there are
conceptual frameworks 15,16 and empirical
evidence 17,18 that suggest that more risk is
associated with services than goods. It is
identifi ed that services are perceived to be
riskier than goods for all types of perceived
risk. 19 This is due to the experiential nature
of services and its characteristics, which result
in a decrease in pre-purchase information for
the evaluation of service products. Research 20
indicates that a decrease in the amount
and / or quality of information is usually
accompanied by a concomitant increase in
perceived risk. As a result, consumers seek
information from different sources when
faced with risk or uncertainty. 21,22 In highrisk
situations, consumers are likely to engage
in complex information search and
evaluation, and in low-risk situations, they are
likely to use very simple search and
evaluation tactics. The degree of perceived
risk infl uences pre-purchase search for the
decision process. 7,12 – 14
During a pre-purchase search 23 for making
a purchase decision, consumers fi rst tend to
recollect the relevant information from
memory and past experiences (internal
search). If the consumer has had no prior
experience or is unable to reach a solution
through internal search, then the consumer
may engage in an extensive search of the
outside environment for useful information
to make a choice. The information search
focused on external information relevant to
solving the problem is called external search.
This external search includes personal sources
such as friends, family, neighbours and
relatives; independent sources such as
magazines, consumer groups and government
agencies; and marketing sources such as sales
personnel and advertising. Internal
information is the primary source used by
most consumers most of the time. Even that
information in long-term memory, however,
was initially obtained from external sources.
Research evidence shows that as perceived
risk associated with the purchase increases,
the use of personal sources is the most
preferred source of external information 7,24
and the credibility of personal sources#p#分页标题#e#
encourages their use in situations of high
perceived risk. 25 Murray 18 has shown
empirically that in the case of services,
consumers engage in more word-of-mouth
and personal sources of information as a
risk-coping strategy.
Owing to the dominance of experience
and credence qualities in services, consumers
seem to seek and rely more on information
from personal sources than nonpersonal
sources while evaluating services prior to
purchase. 26 According to Freiden and
Goldsmith 27 marketing originated messages — a
nonpersonal source of information — are
found to be of limited direct value in
consumer decisions toward professional
services, which consist mainly of credence
qualities.http://www.ukassignment.org/liuxuezuoyedaixie/xinxilanzuoye/
The focus of the present study is to
understand the role of supplementary
services, as a nonpersonal source of
information being offered and communicated
by the marketer, towards perceived risk in
credit card purchase.
Goyal
334 Journal of Financial Services Marketing Vol. 12, 4 331–345 © 2008 Palgrave Macmillan Ltd 1363-0539 $30.00
Supplementary services
The service as a product is essentially
described as a package or bundle of different
services, tangibles and intangibles, which all
together form the total product. The package
is divided into two main categories: the fi rst
one is the main service, which is called the
‘ core service ’ 28,29 or ‘ substantive service ’ . The
other one is ‘ auxiliary services ’ or ‘ extras ’ ,
which are often referred to as ‘ peripherals ’ or
‘ peripheral services ’ . 29 These are also known
as supplementary services. 30,31
The core service is the basic value
provided by the service product. It is the
reason to purchase or consume services. This
is the reason for which any company is in
business too. Supplementary services are those
that facilitate and enhance use of the core
services. These are services other than core
that companies offer to their customers to
give additional value to their products or to
encourage customer loyalty. 30,31 Augmenting
the service by building extras into the basic
service is also considered as a relationship
marketing strategy. 32 Using ‘ extras ’ as part of
the service product in order to differentiate
the service has also been discussed by
Levitt. 33 In this way, the service is
differentiated from those of the competitors.
Having been offered these extras, the
customers fi nd them attractive as well as
benefi cial and therefore, prefer doing business
with the company that supplies them.
Gronroos 34 has identifi ed the need to#p#分页标题#e#
breakdown supplementary services into
facilitating services and supporting services
from the managerial view to develop the
service package effectively. Facilitating
services are mandatory to the service product.
If they are left out, the service package
collapses. At the same time, these can be
designed in such a way that they differ from
the facilitating services of competitors and
can become a competitive tool and, thus,
help to differentiate the service offer. For
example, bill statements and swipe machines
are facilitating services in the case of credit
cards. On the other hand, if supporting
services are lacking, the core service can be
used nevertheless. The total service package,
however, may be less attractive and perhaps
less competitive. Thus, supporting services do
not facilitate the consumption or use of the
core service, but are used to increase the
value and / or to differentiate the service from
the competitors. For example, ATM access
and cash withdrawal outside the credit limit
can be considered supporting services /
supplementary services in credit cards.
Related research shows 35 that facilitating
services are considered by consumers while
deciding for a credit card purchase and
supplementary services are signifi cant in
providing help to consumers for pre-purchase
evaluation of credit cards and to make credit
card purchase decisions in the Indian
environment.
Credit card marketing
Previous research in the area of credit card
marketing and consumer behaviour covers
issues related to the identifi cation of ways
and means to face the saturation situation of
credit card markets. There are studies on the
identifi cation and analysis of consumers ’ use
patterns and to explore various opportunities
to grow and expand credit card business.
To identify an opportunity due to near
saturation of Asian and Hispanic markets in
USA, consumers were identifi ed with their
credit card usage patterns towards rent
payments, clothing and shoe purchases. 36
Duffy 37 identifi ed the marketing strategies
for introducing affi nity cards and providing
value-added features like frequent user
programmes, to hold on to existing card
holders and to attract new ones due to the
maturing credit card market.
Researchers have considered the role of
demographic factors towards credit card
marketing like, the relationship between age
and knowledge of credit cards among
students. 38 Kara et al . 39 identifi ed and
analysed the various factors, namely brand
Managing perceived risk for credit card purchase
© 2008 Palgrave Macmillan Ltd 1363-0539 $30.00 Vol. 12, 4 331–345 Journal of Financial Services Marketing 335#p#分页标题#e#
name, credit line, type of card, annual fee and
interest, to develop marketing strategies for
the potential youth market. The important
factors infl uencing credit card selection
behaviour of college students were
determined. Mathur and Moschis 40 studied
the market of older Americans to understand
their use of credit cards on the basis of
expenditures, lifestyles and circumstances.
Chan 41 identifi ed income as an important
variable to infl uence the credit card usage rate.
The research also indicated a positive
relationship between the attitude of credit card
holders and usage rate. Meidan and Dimitris 42
investigated the main dimensions and
attributes that Greek card holders consider
important while selecting a credit card or a
charge card. These factors include convenience
to use the card in Greece, security, economy,
prestige and shopping abroad. Other studies
are related to the manufacture of plastic
cards, 43 affi nity cards, 44,45 retail credit cards 46
and other issues of card market that are not of
relevance to this particular study.
Thus, the review of existing knowledge
shows that in the case of services, consumers
depend more on personal sources of
information rather than on nonpersonal
sources of information in order to evaluate
service product prior to purchase and to
handle the perceived risk. The present study
investigates whether supplementary services
available with a credit card (as an external:
nonpersonal source of information being
offered by the marketer) help in reducing the
perceived risk, especially in terms of
functional risk and psychological risk that are
identifi ed to be associated with the credit
card purchase. It also analyses whether age
and gender, as demographic factors, have any
infl uence on consumers ’ perceptions of
considering supplementary services as a
means of reducing perceived risk.
OBJECTIVES
1. To understand the perception of consumers
regarding the role of supplementary services
towards functional and psychological
perceived risks associated with credit card
services.
2. To understand the function of age and
gender categories towards objective one.
Objective 1 is to determine whether
consumers can perceive the functional
viability of the supplementary services offered
with credit cards (functional risk) and also
whether consumers can be satisfi ed with
their credit card purchase decision based on
supplementary services (psychological risk).
Objective 2 is the extension of objective 1,
where an attempt has been made to analyse
the impact of age and gender on consumer
perceptions of supplementary services towards
functional and psychological perceived risks#p#分页标题#e#
with credit card purchases. As per the
previous studies on credit cards, consumption
patterns may differ on the basis of the age
factor. Further, the changing role of women
in India in terms of working status and of
becoming fi nancially independent provide a
basis to consider gender as another
demographic factor.
METHODOLOGY
The research study is based on primary data
collected through a survey with the help of a
questionnaire. The questionnaire was
administered by meeting the respondents on
a one-to-one basis primarily in malls and
shopping complexes (place of usage of credit
card).
With regard to sampling design, the
sampling unit was derived from a two-stage
sampling process. First, a sample of six banks
was identifi ed as they provide credit cards
and similar types of supplementary services.
Then, within these six selected banks a
quota sample of credit card holders was
taken. Two control characteristics were taken
care of — credit card holders from the
identifi ed banks and gender of the credit card
holders. As per the fi rst characteristic, 720
respondents were taken from the identifi ed
Goyal
336 Journal of Financial Services Marketing Vol. 12, 4 331–345 © 2008 Palgrave Macmillan Ltd 1363-0539 $30.00
banks (120 respondents from each bank).
In relation to the second characteristic,
the sample size for each individual bank
was determined on a proportionate basis
(60 male respondents and 60 female
respondents from each identifi ed bank).
Thus, there are a total of 360 male
respondents and 360 female respondents. For
the age factor of the respondents, with
respect to the second objective of the study,
actual responses are taken for each age
group, that is, 18 – 24, 25 – 34, 35 – 44, 45 – 54
and 50 + years as 239, 200, 115, 116 and 50,
respectively. A large sample was considered to
ensure the adequate coverage of the
characteristics including banks, gender
categories and age categories.
The research plan for the study has taken
into consideration the following aspects: fi rst,
the perception of consumers regarding the
role of supplementary services is studied only
with reference to functional and
psychological risk — as revealed through
pre-research interviews with selected service
providers and customers. Secondly, the
supplementary services identifi ed with credit
cards include services of ‘ credit card
acceptability for buying railway / airline tickets
and for buying petrol ’ . This is because credit
card companies in India still have to tie up
with operators for the acceptance of their
card. Thirdly, equal sample sizes of male and#p#分页标题#e#
female respondents are taken for the study to
draw unbiased inferences about gender
perceptions towards the objective. In other
words, with equal representation of both
genders in the sample — similarity or
differences in gender perception can be relied
upon. Fourthly, in the Indian context, many
people in the 55 + years of age group do not
make purchases on credit. They live with
whatever they can purchase within their
income in hand and consider this as a matter
of pride (shared by the respondents of the
55 + year age group during the questionnaire
development stage). This could be the reason
why only 50 people responded in the age
group of 55 + years.
DEVELOPMENT OF CONSTRUCTS
FOR MEASURING ASSOCIATION
BETWEEN PERCEIVED RISK AND
SUPPLEMENTARY SERVICES
As per Dowling, 47 the perceived risk
construct has been conceptualised and
operationalised at different levels of generality
or abstraction. Low-level measures focus on
risk perception of (the attributes of) a single
product. Medium-level measures focus on the
product category and high-level measures
resemble a personality trait. Dowling 47
believes that perceived risk at a low level of
abstraction should be a more powerful
predictor of consumer behaviour because
fewer other variables intervene in between
the risk and behaviour. Dowling and Staelin 48
develop the model of perceived risk and
risk-handling activity based on a low level of
abstraction using attributes of a product
(ie, dress — a general product category).
Mitchell 49 analyses the various models
towards perceived risk measurement and
shows a high reliability of the model,
developed by Dowling and Staelin, 48 based
on product attributes.
Further, Dowling 47 indicates that the set of
adverse consequences of the product
attributes chosen is part of the basic structure
of any perceived risk measure because it
measures the presence of perceived risk and
is of prime theoretical importance. No
empirical evidences are available, however, for
the same. Goyal 35 shows that consumers
consider supplementary services for making
credit card purchase decisions and also have
positive attitudes towards supplementary
services in post-purchase evaluation. It further
identifi es a signifi cant association between
consideration of supplementary services
before purchase and the importance of
supplementary services perceived after
purchase.
The present study takes into consideration
the low level of measures as focused on the
attributes (supplementary services) of a single
product (credit card). As per the inputs given
Managing perceived risk for credit card purchase
© 2008 Palgrave Macmillan Ltd 1363-0539 $30.00 Vol. 12, 4 331–345 Journal of Financial Services Marketing 337#p#分页标题#e#
by the experts in the related fi eld of study
(viz., service providers, academicians) and the
stated objectives of the study, the construct
was not based on the perceived adverse
consequences of the attributes but rather on
ascertaining whether the attributes
(supplementary services with credit cards)
help in eliminating the perceived risk.
Two constructs of ten statements each
were developed ( Appendix A ): one for
measuring association between supplementary
services and functional risk and the other for
measuring the association between
supplementary services and psychological risk.
These two constructs were put to experts ’
evaluation and after consolidating the experts ’
advice, fi ve statements were identifi ed under
each construct for fi nal collection of data. In
the absence of any pre-developed validated
scales, experts ’ opinions were identifi ed as a
reliable method to achieve an evaluation.
Consumer perception is recorded using a
fi ve-point scale.
ANALYSIS
Objective 1
Table 1 reveals that on average a signifi cant
number of respondents, that is, 79.26 per
cent agree (32.94 per cent strongly agree and
46.32 per cent agree) with the idea that
supplementary services provide operational
value. In other words, consumers perceive
functional viability of the additional benefi ts
with the card. Only 11.7 per cent of
respondents disagree and a very small
percentage of respondents, that is, 1.82 per
cent strongly disagree with the supporting
nature of supplementary services towards the
functional aspect of credit cards.
Individual analysis of statements gives the
clear understanding that respondents have
perceived the maximum functional utility of
those supplementary service features that are
associated with providing fi nancial benefi ts.
Importance has been given to ATM access,
cash advance and cash withdrawal facility
Table 1 Consumer perception regarding supplementary services in managing functional risk with credit cards
S.N. Statements Response
mean
Chi-square test Responses on fi ve-point scale (%)
Chisquare*
d.f. Signifi cance Strongly
agree
Agree Undecided Disagree Strongly
disagree
F1 ATM access, cash advance, and cash withdrawal and
other facilities help to meet my fi nancial requirements
effectively.
4.04 474.847 4 0.000 42.5 36.5 6.4 11.3 3.3
F2 I do not face the problem of inadequate cash because of
ATM access, cash advance, and cash withdrawal
facilities with my credit card.
3.92 534.958 4 0.000 28.9 49.6 8.8 10.6 2.2
F3 Through add-on card other family members can also
use the credit card.
3.98 821.569 4 0.000 24.4 59.7 6.4 8.8 0.7
F4 Buying airline/railway tickets by using credit card at#p#分页标题#e#
special counters save time.
3.94 432.694 4 0.000 36.8 38.9 6.5 17.1 0.7
F5 Additional facilities with credit card increase its usage
value.
3.96 510.236 4 0.000 32.1 46.9 8.1 10.7 2.2
Average of percentages 32.94 46.32 7.24 11.7 1.82
*Chi-square value is signifi cant at the 0.05 level
* * Total respondents=720
Goyal
338 Journal of Financial Services Marketing Vol. 12, 4 331–345 © 2008 Palgrave Macmillan Ltd 1363-0539 $30.00
(F1 — mean 4.04), add-on card features
(F3 — mean 3.98), as these features meet the
fi nancial requirement. Next in the order comes
the facility of card acceptance at railway / airlines
ticket counters (F4 — mean 3.94).
Further, chi-square values are signifi cant
for all the statements ( p < 0.05). Thus, it can
be inferred that there are signifi cant
differences in the frequency of perceptions
towards the statements indicating the
functional utility of supplementary services
available with credit cards. The examination
of responses, as stated above, also reveals that
supplementary services play a signifi cant role
in controlling the functional risk via
performing the functional capability of credit
cards. The results show that people largely
agree with the statements.
On average, Table 2 shows that 46.82 per
cent of respondents agree and 23.82 per cent
strongly agree that supplementary services
with credit cards help them to take care of
psychological risk. In other words,
supplementary services with credit cards give
them satisfaction in making the right
purchase decision. Only 4.52 per cent of
respondents strongly disagree with the belief
and 13.86 per cent responses are in
disagreement. The remaining 11.02 per cent
respondents gave no decisive view.
A closer look at the responses for
statement P5 (mean 4. 090) indicates that
respondents have a high positive perception
towards making a credit card purchase
decision with additional facilities, which
shows that respondents feel satisfaction by
keeping additional facilities as the basis for
making purchase decisions for credit cards.
84.5 per cent of responses show agreement
with statement P4 (mean 4.10) that zero /
limited lost card liability as a supplementary
feature gives a sense of security to the
consumer. There is also a high perception for
statement P1 (83.5 per cent and mean 3.95),
which reveals that consumers feel good as the
add-on card facility gives independence to
family members to make purchases as and
when required and thus helps one to take care
Table 2 Consumer perception regarding supplementary services in managing psychological risk with credit cards
S. N. Statements Response
mean#p#分页标题#e#
Chi-square test Responses on fi ve-point scale (%)
Chisquare*
d.f. Signifi cance Strongly
agree
Agree Undecided Disagree Strongly
disagree
P1 My family members are not dependent on me to
use credit card due to add-on card availability.
3.95 823.097 4 0.000 23.1 60.4 7.1 6.9 2.5
P2 Additional facilities like ATM access, cash
withdrawal etc. with credit card provides me a
sense of security.
3.64 384.389 4 0.000 17.6 46.3 22.5 9.9 3.8
P3 I prefer to have recognition and attention, if
purchases are made through credit card.
2.79 198.167 4 0.000 17.5 16.8 9.3 40.1 16.3
P4 I feel myself in safe hands due to zero/limited lost
card liability.
4.10 402.244 3 0.000 32.1 52.4 9.3 6.3 —
P5 I feel good about my decision to have additional
facilities with my credit card.
4.09 518.033 3 0.000 28.8 58.2 6.9 6.1 —
Average of percentages 23.82 46.82 11.02 13.86 4.52
*Chi-square value is signifi cant at the 0.05 level
* * Total respondents=720
Managing perceived risk for credit card purchase
© 2008 Palgrave Macmillan Ltd 1363-0539 $30.00 Vol. 12, 4 331–345 Journal of Financial Services Marketing 339
of near and dear ones. The least preference is
for statement P3 (mean 2.97), which indicates
that people do not use credit cards to gain
attention and to show their status.
An analysis of the responses suggests that
supplementary services are able to handle
psychological risk with credit card holders.
The chi-square values are also signifi cant for
all the statements ( p < 0.05). This infers that
there are signifi cant differences in the
frequency of perceptions towards the
statements indicating the psychological utility
of supplementary services with credit cards.
Objective 2
The perception of consumers, according to
their age groups, towards the role of
supplementary services for controlling the
functional risk perceived to be associated
with credit cards is evaluated through the
analysis of Table 3 with the Kruskal – Wallis
one-way analysis of variance test. The chisquare
values show that there are signifi cant
differences in perception ( p < 0.05) among
respondents belonging to different age
categories. The age group of 18 – 24 years sees
more utility for ATM access, cash withdrawal
facilities (mean rank 425.39 for statement F1
and 387.95 for statement F2), followed by
the age group of 45 – 54 years (mean rank
386.69 for statement F1 and 378.72 for
statement F2). The age group of 45 – 54 years
gives more utility to add-on cards, followed
by the 35 – 44 age group. Buying airline /
railway tickets are found to be of maximum
Table 3 Kruskal – Wallis one-way analysis of variance for differences among age categories towards perception of#p#分页标题#e#
supplementary services in managing functional risk with credit cards
S. No. Statements Age
(in years)
N Meanhttp://www.ukassignment.org/liuxuezuoyedaixie/xinxilanzuoye/
rank*
Chi-square d.f. Signifi cance
F1 ATM access, cash advance and cash
withdrawal facilities help to meet my
fi nancial requirements effectively.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
425.39
309.94
316.72
386.69
292.51
54.259
4 0.000*
F2 I do not face the problem of
inadequate cash because of ATM
access, cash advance, and cash
withdrawal facilities with my credit
card.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
387.95
353.20
295.36
378.72
366.06
19.497
4
0.001*
F3 Through an add-on card other family
members can also use the credit
card.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
351.56
343.94
364.55
413.09
338.16
12.636
4
0.013*
F4 Buying airline/railway tickets by using
credit card at special counters save
time.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
348.78
371.08
403.66
316.63
376.72
13.196
4
0.010*
F5 Additional facilities with credit card
increase its usage value.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
370.32
357.66
344.25
367.80
345.37
1.949
4
0.745
*Mean Rank difference is signifi cant at the 0.05 level
Goyal
340 Journal of Financial Services Marketing Vol. 12, 4 331–345 © 2008 Palgrave Macmillan Ltd 1363-0539 $30.00
utility by the age group 35 – 44 years,
followed by the age group 55 + years.
The chi-square value for statement F5
is not signifi cant ( p >0.05). As per the
statement F5, however, the result shows
that all age group respondents see the
functional value of supplementary services
with credit cards as they have near equal
preference for the additional facilities. Thus,
results infer that different age categories
have preference for different supplementary
services to fulfi l their functional needs
from credit cards.
Perception of consumers, on the basis of#p#分页标题#e#
their age groups, towards the role of
supplementary services for handling the
psychological risk perceived to be associated
with credit card services is analysed with the
help of Table 4 with the Kruskal – Wallishttp://www.ukassignment.org/liuxuezuoyedaixie/xinxilanzuoye/
one-way analysis of variance test. Examination
of the chi-square value indicates that the age
groups differ signifi cantly ( p < 0.05) in their
perception towards statements P2, P3 and P5.
For statements P2 and P3, the 55 + year age
group perceives more psychological value,
followed by the age group 35 – 44 years and
25 – 34 years, respectively. For statement P5,
the age group 18 – 24 years prefers additional
benefi ts with credit cards, followed by the
age group 45 – 54 years.
It can be inferred that respondents in
the age group of 55 + years show a more
Table 4 Kruskal – Wallis one-way analysis of variance for differences among age categories towards perception of
supplementary services in managing psychological risk with credit cards
S. No. Statements Age
(in years)
N Mean
rank*
Chi-square d.f. Signifi cance
P1 My family members are not
dependent on me to use credit card
due to add-on card availability.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
342.19
370.92
382.46
357.48
362.89
4.784
4
0.310
P2 Additional facilities like ATM
access, cash withdrawal, etc. with
credit card provides me with a
sense of security.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
331.22
358.72
382.14
358.56
462.28
20.356
4
0.000*
P3 I prefer to have recognition and
attention, if purchases are made
through credit card.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
346.19
394.14
362.78
293.90
443.63
28.539
4
0.000*
P4 I feel myself in safe hands due to
zero/limited lost card liability.
18 – 24
25 – 34
35 – 44
45 – 54
55+
Total
239
200
115
116
50
720
372.92
356.03
367.12
331.55
370.96
4.176
4
0.383
P5 I feel good about my decision to
have additional facilities with my
credit card.
18 – 24
25 – 34
35 – 44
45 – 54#p#分页标题#e#
55+
Total
239
200
115
116
50
720
400.47
352.09
256.02
389.82
375.40
52.317
4
0.000*
*Mean Rank difference is signifi cant at the 0.05 level
Managing perceived risk for credit card purchase
© 2008 Palgrave Macmillan Ltd 1363-0539 $30.00 Vol. 12, 4 331–345 Journal of Financial Services Marketing 341
Table 5 Mann – Whitney U -Test for differences among gender categories towards perception of supplementary
services in managing functional risk with credit cards
S. No. Statements Gender
category
N Mean
rank*
U Z Signifi cance
F1 ATM access, cash
advance and cash
withdrawal and other
facilities help to meet my
fi nancial requirements
effectively.
Male
Female
Total
360
360
720
337.00
384.00
56341.50
− 3.245
0.001*
F2 I do not face the
problem of inadequate
cash because of ATM
access, cash advance and
cash withdrawal facilities
with my credit card.
Male
Female
Total
360
360
720
338.14
382.86
56751.00
− 3.125
0.002*
F3 Through an add-on card
other family members can
also use the credit card.
Male
Female
Total
360
360
720
369.05
351.95
61723.00
− 1.255
0.209
F4 Buying airline/railway
tickets by using credit card
at special counters saves
time.
Malehttp://www.ukassignment.org/liuxuezuoyedaixie/xinxilanzuoye/
Female
Total
360
360
720
359.87
361.13
64572.50
− 0.087
0.931
F5 Additional facilities with
credit card increase its
usage value.
Male
Female
Total
360
360
720
344.23
376.77
58943.00
− 2.261
0.024*
*Mean Rank difference is signifi cant at the 0.05 level
Table 6 Mann – Whitney U -test for differences among gender categories towards perception of supplementary
services in managing psychological risk with credit cards
S. No. Statements Gender
category
N Mean
rank*
U Z Signifi cance
P1 My family members are not
dependent on me to use credit
card due to add-on card
availability.
Male
Female
Total
360
360
720
367.31
353.69
62348.00
− 1.004
0.316
P2 Additional facilities like ATM
access, cash withdrawal, etc.
with a credit card provides
me a sense of security.
Male
Female
Total
360
360
720
397.47
323.53
51491.00
− 5.075#p#分页标题#e#
0.000*
P3 I prefer to have recognition and
attention, if purchases are made
through credit card.
Male
Female
Total
360
360
720
378.04
342.96
58486.50
− 2.359
0.018*
P4 I feel myself in safe hands due to
zero/limited lost card liability.
Male
Female
Total
360
360
720
382.99
338.01
56702.00 − 3.200 0.001*
P5 I feel good about my decision to
have additional facilities with my
credit card.
Male
Female
Total
360
360
720
352.91
368.09
62066.00 − 1.110 0.267
*Mean Rank difference is signifi cant at the 0.05 level
Goyal
342 Journal of Financial Services Marketing Vol. 12, 4 331–345 © 2008 Palgrave Macmillan Ltd 1363-0539 $30.00
positive perception towards the effective
role of supplementary services to control
psychological risk associated with credit
cards.
The perception of respondents, on the
basis of their gender, towards the role of
supplementary services for handling the
functional risk associated with credit cards is
analysed with the help of Table 5 with the
Mann – Whitney U-test. The results indicate
that females favour the functional viability of
supplementary services more than males in
general as per statement F5 (signifi cant at
p < 0.05) and also indicate more perceived
utility of ATM access, cash advance and cash
withdrawal facility than males as per
statements F1 and F2 (signifi cant at p < 0.05).
Both males and females have near equal
preference for facilities of add-on card and
airline / railway ticket purchase through credit
card.
Table 6 presents the role of gender in
determining the function of supplementary
services in controlling the psychological risk
with credit card purchase — with the Mann –
Whitney U-test. It can be inferred that males
perceive more psychological security with
additional features as per the signifi cance
( p < 0.05) of statements P2, P3 and P4.
Further, the results show that additional
facilities are perceived to provide more sense
of security, safety and of recognition to males
than females. Both genders, however, have
near equal perception about feeling good to
have additional benefi ts with their credit
cards as per statement P5.
CONCLUSION
It is examined whether the supplementary
services are helpful in controlling the
functional risk and psychological risk
perceived to be associated with credit cards.
Respondents perceive that supplementary
services provide and enhance the functional
viability and operational value of credit cards.
In other words, consumers show positive#p#分页标题#e#
perceptions regarding the ability of
supplementary services to meet their fi nancial
requirements and manage functional risk.
With respect to gender categories, females
place more functional value on
supplementary services than males. In case of
the age categories, however, a particular age
group does not perceive more functional
utility of all additional benefi ts over other
age groups. Different age categories have
preferences for different supplementary services
to fulfi l their functional needs from credit cards.
The results indicate, however, that younger
people associate more functional value to
supplementary services with credit cards.
There is a favourable perception of
supplementary services in controlling the
psychological risk too. Respondents feel
mental satisfaction to have supplementary
services with credit cards. Here, contrary to
the perception towards functional benefi ts
from supplementary services, in gender
categories males perceive more psychological
utility than females and in age categories
older people draw more psychological value
than younger people.
MANAGERIAL IMPLICATIONS
1. The study has revealed that presence of
supplementary services can manage
consumer perceptions towards functional
risk and psychological risk. It is reviewed
from past studies that, in the case of
services, due to lack of pre-purchase
search options, there is an increase in the
level of perceived risk. As a result,
marketers can provide suffi cient
information about various supplementary
services to potential consumers, which
may function as a reliable source of
information and can help them to make
reduced risk-based decisions. In other
words, more potential buyers may be
converted into actual buyers.
2. The age group 18 – 25 years shows a
positive response for the functional aspect
of supplementary services, although
Managing perceived risk for credit card purchase
© 2008 Palgrave Macmillan Ltd 1363-0539 $30.00 Vol. 12, 4 331–345 Journal of Financial Services Marketing 343
ranked low on psychological risk
perception. The present supplementary
service features, however, may not be of
direct relevance to this age group like
insurance for spouse and an add-on card
due to their lifestyle. Marketers, therefore,
can develop relevant supplementary
services for this age group and can tap
nontraditional users for growth.
3. One of the signifi cant applications can be
derived from the fact that supplementary
services are able to address the
psychological risk associated with credit
card purchase for the 55 + year age
group market. Thus, the 55 + year age
group can be satisfi ed for psychological#p#分页标题#e#
benefi ts of supplementary services with
credit card purchase. This can result in
increased usage of credit cards by this age
group. This can be a signifi cant
understanding for marketers due to the
fact that it is diffi cult to break the set
traditional ways of carrying out one ’ s
activities by this age group, especially
traditional ways of spending money and
doing banking.
4. An interesting fi nding is that males
perceive more psychological benefi t and
females perceive more functional benefi ts
with supplementary services for credit
cards. This can be a useful fi nding for
marketers to offer credit cards as well as
associated additional features. This can,
however, be seen with existing female
credit cards where more functional
benefi ts are provided in terms of making
purchases for ladies ’ items.
5. Marketers can target the segment of the
24 – 35-year age group by further
understanding their needs and requirements
and providing attractive added features with
the credit cards. This is the age group
where people start their career, look
forward to growth opportunities, increase
efforts to enhance living standards and also
expand families. Owing to the growing
needs, a credit card can provide the
required fi nancial support.
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APPENDIX A
Set of Statements Used for Developing
Required Constructs for the Study#p#分页标题#e#
I Statements for measuring association
between supplementary services and
functional risk
1. Separate charges for some extra facilities
are worth their value like petrol and
railway ticket purchases.
2. Additional benefi ts help in meeting all
my fi nancial needs.
3. Additional benefi ts are appropriately
designed to meet fi nancial requirements.
4. Additional facilities with a credit card
meet my expectations.
5. I would prefer to have added benefi ts
with my credit card.
Managing perceived risk for credit card purchase
© 2008 Palgrave Macmillan Ltd 1363-0539 $30.00 Vol. 12, 4 331–345 Journal of Financial Services Marketing 345
6. * Additional facilities with a credit card
increase its usage value.
7. * Buying airline / railway tickets by using a
credit card at special counters save time.
8. * Through an add-on card other family
members can also use the credit card.
9. * I do not face the problem of inadequate
cash because of ATM access, cash
advance and cash withdrawal facilities
with my credit card.
10. * ATM access, cash advance and cash
withdrawal and other facilities help to
meet my fi nancial requirements
effectively.
* These statements were judged to be of
high value by the experts and considered as
major components of the construct towards
association of functional risk and
supplementary services.
II Statements for measuring association
between supplementary services and
psychological risk
1. Protection against loss or damage from
fi re for items purchased through credit
card provides me with a sense of security.
2. People give recognition and attention,
if purchases are made through credit
card.
3. I feel proud while making purchases
through credit cards.
4. It is easy to make a purchase decision on
the basis of additional benefi ts.
5. I feel delighted to have extra benefi ts
with my credit card.
6. * * I feel good about my decision to have
additional facilities with my credit card.
7. * * I feel myself in safe hands due to
zero / limited lost card liability.
8. * * I prefer to have recognition and
attention, if purchases are made through
credit card.
9. * * Additional facilities like ATM access,
cash withdrawal, etc with credit card
provides me with a sense of security.
10. * * My family members are not dependent
on me to use credit card due to add-on
card availability.
* * These statements were judged to be of
high value by the experts and considered as
major components of the construct towards
association of psychological risk and
supplementary services.
|
