2024, Vol. 12, No. 4 10.15678/EBER.2024.120411 Predicting South African consumers’ intention to continue using their preferred retail bank’s services: A model validation Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot A B S T R A C T Objective: The objective of the article is to validate a model of the factors, namely ethical responsibility, social responsibility, bank trust, attitude, and brand loyalty, that influence the behavioural intentions of consumers to continue using banking services. Research Design & Methods: This study focuses on predicting South African consumers’ intention to continue using their preferred retail bank’s services through a validated measurement model. Using confirmatory factor analysis, reliability and validity analyses, correlation assessments and collinearity diagnostics, the study exam- ines a dataset of 500 participants sourced from a reputable global market research database. The measure- ment model comprises six latent factors, namely ethical responsibility, social responsibility, bank trust, atti- tude, brand loyalty and behavioural intention. Findings: Results indicate strong internal consistency (Cronbach’s alpha and CR > 0.85) and convergent validity (AVE > 0.50) across all factors. The model also exhibits good fit indices (PCMIN/DF = 2.610, IFI = 0.943, TLI = 0.937, CFI = 0.943, SRMR = 0.042, RMSEA = 0.057), confirming its psychometric properties. Implications & Recommendations: This research highlights the interactions among the studied factors and their implications for customer retention strategies, providing actionable insights for banking professionals and policymakers. Future research should explore the relationships between these latent factors to enhance customer retention and satisfaction strategies in the banking industry. Contribution & Value Added: Brand loyalty remains one of the biggest challenges facing banks today. As such, there is a need to investigate the factors that influence consumers’ intention to continue using their preferred retail bank’s services to build brand loyalty. This study fills a gap in existing literature regarding banking be- haviours in a unique socio-economic South African context. Article type: research article Keywords: confirmatory factor analysis; measurement model; validation; reliability; model fit JEL codes: M20, M30, M31 Received: 3 August 2024 Revised: 7 October 2024 Accepted: 5 November 2024 Suggested citation: van Deventer, M., Sharp, K-L., Żelazny, R., & Kot, S. (2024). Predicting South African consumers’ intention to continue using their preferred retail bank’s services: a model validation. Entrepreneurial Business and Eco- nomics Review, 12(4), 199-214. https://doi.org/10.15678/EBER.2024.120411 INTRODUCTION Lake (2022) defines retail banks as organisations within the service industry that offer deposit ac- counts, loans, and many banking services to consumers and owners of small businesses. These banks can take on the form of traditional brick-and-mortar organisations which offer consumers bank branches or online banks that provide consumers with a variety of tools and means to manage their money through the use of a mobile app. The South African banking industry is continuously evolving (McInnes, 2024). The current finan- cial channels and banking networks within South Africa provide the country with the opportunity to offer global banking services, which has led to the increased availability of national and world- wide banks in South Africa. Currently, South Africa has a total of 30 registered banks, comprising 200 | Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot 18 domestic banks and 12 foreign banks with local branches within the country (Cowling, 2024). Consequently, South African consumers have access to many alternatives when choosing their pre- ferred banking services (De Visser, 2019). The rapid digital transformation that has transcended organisations in recent years has also im- pacted the retail banking services industry, where customers are expecting more and more from their banks (Humphreys, 2017). Lake (2022) suggests that banks provide consumers with numerous services, ranging from business banking to personal banking, such as deposit, savings, and cheque accounts, to money market accounts, credit cards, personal loans, mortgage loans, automotive loans, wealth man- agement services and insurance. Jackson (2023) highlights that as competition increases between banks, it is becoming more and more prevalent for banks to differentiate themselves from other banks if they wish to remain competitive and to ensure future success. Sang (2023) suggests that brand-loyal consumers are less likely to switch to alternative service pro- viders, such as competing banks. McInnes (2024) theorises that when banks provide a seamless customer experience, they are not only able to build trust, but they are also able to encourage brand loyalty. Du Toit et al. (2023) suggest that brand-loyal consumers spend more with their banks, cost less to serve and are more inclined to recommend their preferred bank to family and friends. As such, brand loyalty is important for the survival, growth, and future success of organisations such as banks. Although brand loyalty is recognised as critical for the success and sustainability of banks and re- mains one of the biggest challenges facing banks today (Sharma, 2024), research has not sufficiently explored the specific factors that influence consumers’ intentions to remain loyal to their retail banks, particularly in the context of South Africa. The increasing competition and the need for differentiation between banks underscore the necessity for more research into how elements like ethical and social responsibility, trust, and customer attitudes foster brand loyalty. While corporate social responsibility (CSR) is a well-established concept in general business research, its specific impact on customer loyalty in the retail banking sector is under-researched. This study aims to address this gap in a banking context. By addressing this gap, this study will contribute to a deeper understanding of the factors influencing brand loyalty in South Africa’s retail banking sector and provide valuable insights into the evolving consumer expectations in a highly competitive banking environment. The article is structured to systematically explore and validate a model predicting South African consumers’ intention to continue using retail banking services. The introduction sets the study’s con- text, highlighting gaps in the literature. A detailed literature review follows and develops hypotheses around the six factors, namely ethical responsibility, social responsibility, bank trust, attitude, brand loyalty, and behavioural intention. The research methodology outlines the quantitative approach, in- cluding data collection and analysis techniques like confirmatory factor analysis (CFA). Results and dis- cussion present statistical findings, assess model validity, and explore theoretical and practical impli- cations. The conclusion summarises contributions, discusses limitations, and suggests avenues for fu- ture research. The literature review and development of hypotheses follows next. LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT Ethical Responsibility Khour (2017) theorises that banking ethics encompasses the degree to which banks not only value princi- ples but are honest, faithful, impartial, trustworthy, and transparent. Mehta (2024) suggests that ethical banking involves the integration of moral and ethical principles into banking practices, where the focus is on prioritising people, the planet, and ethical values, as opposed to making a profit. Hurd (2022) adds that ethical banking is the practice of selecting financial institutions, such as retail banks, that are known to engage in socially responsible business practices and implement socially responsible investment policies. Consumers are increasingly in search of financial institutions, namely banks, which have strong ethical reputations, giving consumers the foundation to make informed decisions based on a bank’s values and commitment to ethical conduct (Rasheed, 2024). Moreover, the ethical standards and conduct displayed by banks play a major role in creating mutual trust and confidence among consumers (Khour, 2017). Predicting South African consumers’ intention to continue using their preferred retail… | 201 Safdie (2023) postulates that banks that are ethically responsible are more inclined to be as transparent as possible to develop trust and commitment among their stakeholders, particularly consumers. Khour (2017) suggests that by engaging in ethical banking practices, banks can ensure that they protect consumers’ interests, keep the banking system stable and preserve or even en- hance the reputation of the bank. As consumers are becoming increasingly adept with regard to digital technologies, they are be- coming less trusting. Consequently, organisations such as retail banks, need to ensure that their mar- keting content is a true reflection of their business practices and values (McInnes, 2024). Moreover, banks must ensure that all their dealings and transactions are fair and done in a transparent manner, providing clear and easily comprehensible information regarding not only the services they offer but also any associated benefits and risks for consumers (Khour, 2017). Social Responsibility The idea of CSR has been a fundamental aspect of business operations from the start of modern busi- ness practices. While it was initially viewed as a way for organisations to meet their social obligations, organisations are now increasingly seeing CSR as a pathway to maximise profits (Vo et al., 2020). Man et al. (2021) add that CSR is vital for economic organisations, such as banks, wishing to develop and establish their bank image and reputation. Abou-El-Fotouh (2016) defines CSR as the degree to which retail banks take cognisance of the impact that their daily operational activities have on society. Hurd (2022) suggests that banks deemed as socially responsible illustrate their commitment to social re- sponsibility in several ways. These include the daily organisational operations of banks, the public en- dorsements they make to important causes, the community engagement the bank participates in, and the investment policies the bank possesses. Caporal (2024) indicates that for many consumers, social responsibility is something to consider when choosing their banking services. Consumers want a bank engaged in environmentally friendly practices, diverse in their leadership, and involved in community engagement. Consequently, social responsibility for banks is more than mere charity. It should focus on improving the future of indi- viduals in all communities within which banks operate through social responsibility programs, which will, in turn, sustain these banks and their businesses in the future (Abou-El-Fotouh, 2016). Hurd (2022) suggests that socially responsible banks are banks that are transparent with regard to where they invest customers’ money. In relation to being socially responsible, banks can take advantage of some benefits. These include the development of a strong and positive profile within the communities they serve, enhancing both their local and international economic performance and enabling community development while sim- ultaneously strengthening their profitability (Abou-El-Fotouh, 2016). As such, by engaging in social re- sponsibility, banks can foster an identity and engage with stakeholders, such as their customers, which will go a long way in differentiating them from competitors (Ivascu et al., 2023). Paluri and Mehra (2018) found that although consumers express the need for their banks to engage in social responsibility, this need does not influence their attitude towards their preferred banks. Fur- thermore, consumer perceptions regarding a bank’s involvement in social responsibility were found to be moderate, indicating that banks need to increase their communication about the social responsibility initiatives that they are engaged in. Ha et al. (2024) conclude that the extent to which banks engage in social responsibility positively influences consumers’ bank selection. By increasing CSR activities, organi- sations, such as banks, are expected to positively impact customer loyalty (Vo et al., 2023). Bank Trust According to Kour (2017), banking is based on trust. Consumers entrust their funds to their pre- ferred bank of choice for safety and investment. One of the biggest challenges facing retail banks is building trust (McInnes, 2024). To build trust and awareness, banks must use their marketing and advertising platforms to en- gage customers in a way that clearly communicates to customers the bank’s ability to provide them with the banking services they need and want (De Visser, 2019). Banks that wish to remain com- 202 | Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot petitive need to ensure that their marketing strategies incorporate tailored content that speaks directly to the needs, wants, and situations relevant to consumers, which is an effective tool for building trust through transparency (McInnes, 2024). Banks are expected to operate professionally, ethically, and transparently to build confidence among consumers with regard to the banking system (Kour, 2017). Consequently, if banks want to build trust and customer appreciation that goes beyond their product and service offerings, they must develop an emotional connection with customers (McInnes, 2024). Jones (2024) suggests that if banks want to earn consumers’ trust, it is imperative for them to understand the anxieties consumers face, particularly with regard to persistently high levels of inflation and ever-increasing interest rates and take proactive measures to reduce these anxieties. Furthermore, banks need to ensure they act in a responsive manner to their customers and their subsequent needs, conducting continuous research to determine if customers are happy with their products and services on offer, if customers are proud and willing to repurchase the products and services already purchased and if the products and services meet or exceed the expectations of their customers (Khowjoy et al., 2023). Crossett (2024) adds that developing consumers’ trust assists in building loyalty among consumers towards their preferred bank of choice. Consequently, when consumers have a high degree of trust in a bank, banks can reap the rewards of reputational, financial and competitive benefits, which can be used to expand and extend their customer relationships (Clarke, 2022). Crossett (2024) theorises that the trust consumers have with regard to their preferred banks drives their behaviour. Clarke (2022) adds that when consumers trust their banks, it influences their behav- iour in terms of their willingness to open additional accounts with their preferred bank of choice and recommend the bank to family and friends. Attitude Given the ever-increasing use of Internet technology within our everyday lives, consumers have wit- nessed significant changes within the banking industry, with the introduction of numerous technology- orientated services, including Internet banking, EFT, branchless banking, mobile banking and the like (Shrestha et al., 2020). As such, Safari et al. (2022) propose that, given a particular technology, atti- tudes encompass consumers’ assessments regarding the benefit of using such a technology. Given that attitudes are not permanent and change as services change, it has become increas- ingly important for organisations within the service industry, such as retail banks, to measure con- sumer attitudes (Sarker et al., 2012). According to Ajzen (2011), consumer attitudes may be used to predict the behavioural intentions of consumers. The same can be said regarding products and ser- vices. As such, based on the theory of planned behaviour (Ajzen, 1991), consumers’ attitudes to- wards banking services from their preferred retail banks may serve to predict their behavioural in- tentions towards the continued use of their preferred retail bank’s services. According to Mansour et al. (2016), attitudes towards Internet banking influence the behavioural intentions of consumers to use Internet banking. Consequently, banks need to strive towards deliv- ering quality services to ensure that consumers are satisfied with the services they receive, which will lead to consumers developing positive attitudes towards the services provided by their preferred retail banks (Sarker et al., 2012). A consumer’s satisfaction with a service alters their subsequent attitudes towards the service, which aids in developing customer brand loyalty. Positive attitudes lead to customer brand loyalty. Therefore, banks must deliver service quality, providing customer satisfaction, which will then develop positive attitudes towards the bank, and ultimately lead to cus- tomers becoming brand loyal (Zia, 2020). Brand Loyalty Dubina et al. (2020) highlight the importance of the concept of brand loyalty within the banking industry. Sang (2023) indicates that to create brand loyalty among digital banking consumers, banks must both increase customer retention and motivate them to spend more with their preferred bank. Similarly, the degree to which consumers are loyal to their preferred bank significantly influences a bank’s ability to Predicting South African consumers’ intention to continue using their preferred retail… | 203 retain their customers (Zungu & Mason, 2017). Crossett (2024) suggests that the more purpose-orien- tated, pre-emptive, and transparent banks become, the more likely they are to build brand loyalty. Zungu and Mason (2017) highlight the necessity for retail banks to ensure that their employees are adequately equipped with the necessary social skills to serve young customers, as young customers are still in the process of developing loyalty to their chosen banks. As such, it becomes quite easy for them to switch banks if dissatisfied. Sang (2023) suggests that the more brand-loyal consumers be- come, the less likely consumers will be to switch to alternative service providers, such as competing banks. McInnes (2024) adds that when banks provide a seamless customer experience, they are not only able to build trust, but they are also able to encourage brand loyalty. According to Sang (2023), banks can increase brand loyalty among consumers by creating content that is engaging and personalised. Du Toit et al. (2023) add that banks can enhance their customer engagement through personalised product and service offerings, as well as marketing efforts. The de- gree to which consumers feel that their preferred bank personalises the services they offer, the more inclined consumers will be to remain brand loyal and advocate for the bank. Waqar and Nabeel (2021) found that social networking significantly influences customer loyalty. Moreover, Sang (2023) found that for banks to develop consumer brand loyalty within the digital banking space, it is imperative that banks develop social media content for their social media market- ing strategies that is interactive, valuable, and pertinent to the needs and desires of their target audi- ences. Not only will improving a bank’s social media marketing activities increase consumers’ inten- tions to use digital banking services, but it will also create favourable impressions and increase cus- tomer brand loyalty, which, as Kita et al. (2022) rightly note, is important for business continuity. Behavioural Intention Safdie (2023) suggests that banks that engage in ethical, responsible behaviours can encourage con- sumers to open an account and ultimately take better control of their finances. Rasheed (2024) adds that financial institutions, such as banks, that are built on a foundation of ethically responsible behav- iour are able to earn the trust and loyalty of consumers. Moreover, consumers who trust their banks are more likely to maintain long-term relationships with their preferred banks, engage in repeat busi- ness and recommend their preferred bank to family and friends. Banks can create stable and predict- able revenue streams when engaging in ethically responsible behaviour. Hinson et al. (2016) found that bank’s CSR activities significantly influence both consumers’ atti- tudes towards their preferred retail banks, as well as consumers’ behavioural intentions towards their preferred retail banks. Furthermore, Shah and Khan (2019) suggest that when consumers have positive perceptions towards the social responsibility activities of service providers, such as banks, they are encouraged to remain with the service provider, such as their chosen bank. De Leon (2019) suggests that trust has a significantly positive influence on consumers’ behavioural intention to use mobile banking among retail banking clients. Furthermore, Ngan and Khoi (2020) found trust to be the strongest contributing factor regarding the intention of consumers in Vietnam to accept and use mobile banking services. Nkoyi et al. (2019) highlight that attitudes strongly influence the behavioural intentions of indi- viduals to use a particular technology. If customers have a positive attitude towards e-banking or their preferred banks in general, they will want to continue to use it. Safari et al. (2022) found that in the Democratic Republic of Congo the more positive consumers’ attitudes are towards the ser- vices offered by their preferred retail banks, the higher their intentions are to continue using the services of their preferred retail banks. Brand loyal consumers spend more with their banks, cost less to serve, and are more inclined to recommend their preferred bank to family and friends (du Toit et al., 2023). Furthermore, Sang (2023) found that brand loyalty directly impacts the likelihood of consumers using digital banking in the fu- ture. Jackson (2023) suggests that through the implementation of a robust customer engagement pro- gram, banks can demonstrate to their customers how well they understand their needs and how will- ing they are to assist their customers. This has a significant impact on a bank’s ability to cultivate stronger brand loyalty and repeat business. 204 | Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot By including these six factors, we offer a comprehensive, multi-dimensional framework for under- standing consumer behaviour in the retail banking sector. Each factor contributes a unique element to the consumer-bank relationship, where ethical and social responsibility address corporate conduct, trust bridges these factors to emotional connection, attitude shapes cognitive evaluations, brand loyalty re- flects long-term engagement, and behavioural intention captures future actions. This integrative approach advances both theoretical understanding and practical insights, offering a robust framework for predicting consumer behaviour in modern banking environments. Based on the literature review, this article aims to address the following research question: Is the behavioural intention to continue using banking services a six-factor model that comprises the factors of ethical responsibility, social responsibility, bank trust, atti- tude, brand loyalty and behavioural intention? Thus, the first hypothesis was as follows: H1: Behavioural intention to continue using banking services is a six-factor model that com- prises the factors of ethical responsibility, social responsibility, bank trust, attitude, brand loyalty, and behavioural intention. Figure 1 illustrates the specified measurement model. Figure 1. Specified measurement model Source: own elaboration. Predicting South African consumers’ intention to continue using their preferred retail… | 205 This model integrates Ajzen’s (1991) theory of planned behaviour to explain how consumer atti- tudes toward banking services predict their behavioural intentions to continue using retail banking services. By aligning attitudes with variables such as bank trust, ethical and social responsibility, and brand loyalty, the model links the cognitive and emotional processes that underly consumer decision- making with loyalty behaviours. This contributes to the literature by expanding the Theory of Planned Behaviour’s application within the banking industry, particularly in the banking services context, where attitudes toward services play an important role in determining continued usage. RESEARCH METHODOLOGY The primary method used to analyse the captured data was quantitative in nature. The study focused on a sample size of 500 banking participants aged 18 years and older, which was drawn from reputable global market research and public opinion data supplier’s database, who adhere to ethical standards and POPI Act regulations during their data-gathering process. The focus on a sample size of 500 en- hanced both the reliability and generalisability of the study’s findings while supporting rigorous statis- tical analysis. While a non-probability convenience sample may limit generalisability, its use in this study is justified by practical constraints, the exploratory nature of the research, and the focus on model validation. The relatively large sample size of 500 helps offset some limitations by providing a more robust dataset for analysis. Furthermore, while participants were not randomly selected from the entire population but rather chosen based on accessibility and availability from the existing data- base, the risk of selection bias increases where segments of the population may be overrepresented while others are underrepresented. Although this bias cannot be fully eliminated in convenience sam- pling, the sample size is adequate to help increase the diversity within the sample. Moreover, partici- pants drawn from a market research panel may be prone to response bias, particularly social desira- bility bias, where respondents may answer questions in a way that they think is socially acceptable or favourable. In an effort to mitigate response bias, the survey instrument was carefully designed, en- suring that questions were neutrally phrased and designed to elicit honest responses. All information captured in the study remained confidential and was only reported in aggregate statistical form. Moreover, SPSS and AMOS served to conduct the statistical procedures, namely CFA, reliability and validity analysis, correlation analysis and collinearity diagnostics. The research instrument for this study was a self-administered electronic questionnaire. The questionnaire included a cover letter explaining the study’s intention, a request for participants’ informed consent, a section dedicated to gathering participants’ demographic information for sam- ple description purposes, and questions about the participants’ bank background information. Fi- nally, we also included a section of scaled questions measuring participants’ intention to continue using their preferred retail bank’s services, which constituted the remainder of the questionnaire. We adapted these scaled-response items from published studies and included ethical responsibility (seven items, Shah & Khan, 2019), social responsibility (five items, Shah & Khan, 2019), bank trust (seven items, Aren et al., 2013), attitude (four items, Hsu et al., 2006), brand loyalty (five items, Yoo et al., 2000; Cheung et al., 2020), and behavioural intention (four items, Aren et al., 2013; Hsu et al., 2006; Khalifa & Liu, 2007). Participants’ responses to these scaled questions were measured on a six-point Likert-type scale. We decided to use a 6-point Likert-type to offer more granularity, allow- ing respondents to express nuanced opinions more precisely than they could with a 5-point scale. This enhanced sensitivity is valuable for capturing subtleties in their responses. Furthermore, a 6- point scale helps mitigate the issue of participants defaulting to the neutral midpoint when unsure or indifferent, as it encourages more thoughtful consideration in their selections. RESULTS AND DISCUSSION The sample consisted of 500 participants, with 47.8% males and 52.2% females. The age range was quite broad, ranging from 18 to 55 years. The largest age groups were around the mid-20s to early 30s. Of the nine provinces in South Africa, Gauteng (53.4%) was represented the most, followed by Kwa- 206 | Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot Zulu-Natal (13.8%) and the Western Cape (14.6%). The Northern Cape was the least represented prov- ince in the sample (0.8%). Although English was the most spoken language (39.6%), followed by IsiZulu (16.4%), all 11 official South African languages were represented in the sample. In terms of banking information, Capitec Bank was the most preferred (33.2%) bank, followed by First National Bank (26.4%). Other banks like ABSA (11.2%), Standard Bank (10.6%) and Nedbank (10.6%) were also represented, but to a lesser extent. Most participants have been with their bank for 3 to 6 years (27.8%), followed by those banking for more than 10 years (20.6%) and 1 to 3 years (25.4%). The measurement model specified for CFA tests the intention of South African consumers to con- tinue using their preferred retail bank’s services. The model was a six-factor structure encompassing the following latent factors, namely ethical responsibility, social responsibility, bank trust, attitude, brand loyalty and behavioural intention to continue using banking services. Before conducting the CFA, it is important to establish nomological validity and check for multicollinearity issues. Nomological va- lidity ensures that the constructs within the model are related in a theoretically predictable manner. We used Spearman’s Rho correlation coefficients to test this. Furthermore, we performed collinearity diagnostics using tolerance and variance inflation factor (VIF) values to identify potential multicolline- arity problems, which could compromise the validity of the regression results. Table 1. Correlation coefficients, tolerance, and VIF values Factor 1 2 3 4 5 6 Collinearity diagnostics Tolerance VIF Eth_Resp (1) 1.00 – – – – – 0.32 3.09 Soc_Resp (2) 0.70* 1.00 – – – – 0.44 2.26 Bank trust (3) 0.68* 0.54* 1.00 – – – 0.26 3.86 Attitude (4) 0.58* 0.48* 0.67* 1.00 – – 0.34 2.93 Brand_Loy (5) 0.60* 0.52* 0.69* 0.71* 1.00 – 0.35 2.89 Behave_Int (6) 0.59* 0.53* 0.76* 0.69* 0.70* 1.00 0.30 3.36 Note: Significant codes: p < 0.001; Eth_Resp = ethical responsibility; Soc_Resp = social responsibility; Brand_Loy = brand loyalty; Behave_Int = behavioural intention. Source: own study. As Table 1 reports, the correlation coefficients between the factors ranged from 0.52 to 0.76. These values indicate moderate to strong relationships between the factors, supporting the theo- retical linkages among them. Moreover, the behavioural intention to continue using the retail bank- ing services model’s nomological validity was inferred, given the statistically significant positive re- lationships between each pair of factors included in the model (Hair et al., 2018). Tolerance values ranged from 0.26 to 0.44, all of which were above the commonly accepted threshold of 0.10. This suggests that there was no severe multicollinearity in the model. Moreover, with an average VIF of 3.07, multicollinearity in the dataset was not a concern (Pallant, 2020). The results from the correlation matrix and collinearity diagnostics suggest that the model was appropriate for CFA. The moderate to strong correlations between latent factors confirm their the- oretical relationships and the absence of multicollinearity issues ensures the reliability of the re- gression estimates. Consequently, the six-factor model can be confidently tested using CFA to vali- date the measurement model of South African consumers’ intention to continue using their pre- ferred retail bank’s services. We did this using AMOS. The first loading on each of the six latent factors was fixed at 1.0, resulting in an over-identified model with 560 distinct sample moments and 111 distinct parameters to be estimated. This equated to 449 degrees of freedom (df), based on a chi-square value of 1171.890 and a probability level equal to 0.001. Given the chi-square value’s known sensitivity to large sample sizes (Byrne, 2010), we utilised additional model fit indices to assess fit, including the incremental-fit index (IFI), the Tucker-Lewis in- dex (TLI), the comparative-fit index (CFI), the standardised root mean square residual (SRMR), and the root mean square error of approximation (RMSEA). We also used the PCMIN/DF to assess model fit. For the fit indices, IFI, TLI, and CFI values above 0.90, SRMR and RMSEA values below 0.08 (Malhotra, Predicting South African consumers’ intention to continue using their preferred retail… | 207 2020), and a PCMIN/DF between one and five (StatWiki, 2022) indicated acceptable model fit. Internal- consistency reliability and composite reliability (CR) require a Cronbach’s alpha (α) and a CR value of 0.70 or above (Malhotra, 2020), while convergent validity requires latent factor loading estimates and average variance extracted (AVE) values of 0.50 or above. Table 2 presents the computed estimates for the measurement model, showcasing standardised loading estimates, squared multiple correlation values (R²), Cronbach’s alphas, composite reliability (CR), and average variance extracted (AVE) values. Table 2. Measurement model estimates Factor Standardised loading R² Cronbach’s Alpha CR AVE Eth_Resp 0.69 0.48 0.85 0.89 0.54 0.77 0.59 0.79 0.63 0.74 0.54 0.79 0.63 0.70 0.45 0.71 0.51 Soc_Resp 0.77 0.59 0.88 0.90 0.63 0.81 0.65 0.80 0.64 0.79 0.63 0.80 0.64 Bank trust 0.83 0.69 0.90 0.93 0.67 0.83 0.70 0.84 0.71 0.86 0.74 0.76 0.57 0.78 0.61 0.83 0.69 Attitude 0.86 0.74 0.89 0.93 0.77 0.89 0.80 0.88 0.78 0.88 0.80 Brand_Loy 0.74 0.55 0.92 0.88 0.56 0.63 0.39 0.81 0.65 0.80 0.63 0.79 0.62 Behave_Int 0.88 0.78 0.91 0.89 0.67 0.87 0.75 0.76 0.58 0.76 0.58 Note: Eth_Resp = ethical responsibility; Soc_Resp = social responsibility; Brand_Loy = brand loyalty; Behave_Int = behavioural intention. Source: own study. The standardised loadings set out in Table 2 range from 0.63 to 0.89, exceeding the threshold of 0.50. Moreover, the AVE values were all above 0.50, with the lowest being 0.54 for ethical responsibil- ity and the highest being 0.77 for attitude. This indicates that more than half of the variance in the observed variables was captured by the latent factors, which is a good indicator of convergent validity (Fornell & Larcker, 1981). The Cronbach’s alpha and CR values for all factors were above 0.85, indicat- ing high internal consistency and reliability of the scales used to measure the factors and confirming that the factors are reliable (Malhotra, 2020). The R² values indicate the proportion of variance in each 208 | Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot observed variable explained by the latent factor. Values ranged from 0.39 to 0.80, suggesting a mod- erate to high explanatory power of the latent factors over their indicators. The Heterotrait-Monotrait (HTMT) ratio of correlations serves to assess discriminant validity in structural equation modelling. It compares the heterotrait-heteromethod correlations (correlations between different constructs) to the monotrait-heteromethod correlations (correlations within the same construct). For good discriminant validity, the HTMT values should be below 0.90 (Hensler et al., 2015). Table 3 reports the results. Table 3. HTMT ratio of correlations Factor 1 2 3 4 5 6 Eth_Resp (1) 1.00 – – – – – Soc_Resp (2) 0.72 1.00 – – – – Bank trust (3) 0.73 0.59 1.00 – – – Attitude (4) 0.66 0.55 0.74 1.00 – – Brand_Loy (5) 0.67 0.59 0.74 0.73 1.00 – Behave_Int (6) 0.62 0.59 0.79 0.73 0.72 1.00 Note: Eth_Resp = ethical responsibility; Soc_Resp = social responsibility; Brand_Loy = brand loyalty; Behave_Int = behavioural intention Source: own study. All HTMT values outlined in Table 3 are below 0.90, indicating good discriminant validity among the factors. The relationships between different constructs were strong but not excessively high, suggesting that each factor measured a distinct aspect of consumer behaviour related to their in- tention to continue using their preferred retail bank’s services. After we confirmed the model’s reliability and construct validity, we evaluated the model fit indices using AMOS. The results indicated a good model fit, with a PCMIN/DF of 2.610, an IFI of 0.943, a TLI of 0.937, a CFI of 0.943, a SRMR of 0.042, and a RMSEA of 0.057. Based on these find- ings, we confirmed that the six-factor measurement model demonstrates the psychometric prop- erties of construct validity, reliability, and appropriate model fit. Ethical responsibility had a significant positive relationship with consumers’ behavioural intention to continue using their retail banks. This suggests that when banks prioritise ethical practices, they are more likely to retain customers. For bank managers, this highlights the importance of promoting transparent and fair practices. From a policy perspective, regulators can emphasise ethical banking as a pathway to consumer protection, fostering trust and long-term financial stability. Similarly, social responsibility and behavioural intention were significantly related but to a lesser extent. This implies that while consumers appreciate banks’ social responsibility efforts, such initiatives alone may not be enough to ensure loyalty. Bank managers could integrate social responsibility into their overall business strategy but should not rely solely on it for customer retention. Policymakers may encourage the incorporation of social initia- tives, such as community outreach, but these should complement a bank’s ethical and customer-centric practices. Moreover, trust in the bank emerged as a key predictor of behavioural intention, underlining that trust is central to maintaining long-term relationships between consumers and banks. Practically, bank managers should continue to build trust through reliable service, transparent communication and safeguarding customer data. For policymakers, promoting strong consumer protection laws, such as the POPI Act in South Africa, can further strengthen trust in the banking sector. We found attitude towards the bank’s services to have a significant relationship with customers’ behavioural intentions. Positive consumer perceptions of banking services foster loyalty. This suggests that banks should continuously improve the quality of their services, ensuring that they meet and ex- ceed customer expectations. Training staff to provide excellent customer service and enhancing user experience on digital platforms can strengthen customer attitudes. Brand loyalty had a strong relationship with the intention to continue using the bank’s services. This underscores the importance of cultivating brand loyalty through consistent brand messaging, personalised services and rewards programs. Banks that invest in brand loyalty programs are likely to see higher retention rates. Predicting South African consumers’ intention to continue using their preferred retail… | 209 An unexpected finding was the somewhat weaker relationship between social responsibility and behavioural intention compared to other factors like trust and attitude. This could be due to con- sumers perceiving social responsibility as a secondary factor, prioritising direct experiences with the bank over broader social initiatives. Furthermore, while social responsibility campaigns are im- portant, their impact may be less immediate or tangible in influencing consumer decisions compared to how well a bank fulfils its direct service promises or builds trust. The findings of this study also align with previous research findings. For example, Safdie (2023) found that banks that engage in ethically responsible behaviours are more likely to encourage con- sumers to open an account and ultimately take better control of their finances. Moreover, Rasheed (2024) proposes that financial institutions, such as banks, that are built on a foundation of ethically responsible behaviour can earn the trust and loyalty of consumers. Moreover, consumers who trust their banks are more likely to maintain long-term relationships with their preferred banks, engage in repeat business and recommend their preferred bank to family and friends. Banks can create stable and predictable revenue streams when engaging in ethically responsible behaviour. Similarly, the find- ings of this study indicate a strong relationship between ethical responsibility and consumers’ inten- tion to continue using their preferred retail bank’s services. Hinson et al. (2016) found that CSR activities undertaken by banks have a significant effect on both consumers’ attitudes towards their preferred retail banks as well as consumers’ behavioural intentions towards their preferred retail banks. Furthermore, Shah and Khan (2019) suggest that when consumers have positive perceptions towards the social responsibility activities of service pro- viders, such as banks, they are encouraged to remain with the service provider, such as their chosen bank. As such, the findings of this study are in line with these findings, given that the relationship between social responsibility and consumers’ intention to continue using their preferred retail bank’s services is strong, albeit not very high. De Leon (2019) found that trust has a significantly positive influence on consumers’ behavioural intentions to use mobile banking among retail banking clients. Furthermore, Ngan and Khoi (2020, pp. 398) found trust to be the strongest contributing factor regarding the intention of consumers in Vietnam to accept and use mobile banking services. As such, the findings of this study indicate that trust does indeed have a strong, although not very high, relationship with consumers’ intention to continue using their preferred retail bank’s services. Nkoyi et al. (2019) highlight that attitudes strongly influence the behavioural intentions of individ- uals to use a particular technology. Consequently, this study’s findings indicate that there is a strong, although not very high, relationship between consumers’ attitudes towards their banks’ services and their intentions to continue using their preferred retail bank’s services. Sang (2023) found that brand loyalty directly impacts the likelihood of consumers using digital bank- ing in the future. Based on the findings of this study, it is evident that a strong relationship does exist between brand loyalty and consumers’ intention to continue using their preferred retail bank’s services. CONCLUSIONS The study aimed to explore and validate a measurement model assessing the intention of South African consumers to continue using their preferred retail bank’s services. The six-factor model included the latent factors of ethical responsibility, social responsibility, bank trust, attitude, brand loyalty, and be- havioural intention. This model demonstrated high reliability and construct validity, with Cronbach’s alpha, CR, and AVE values for all factors exceeding the recommended thresholds, thereby confirming the robustness of the measurement scales. Moreover, the model fit indices computed using AMOS indicated a good fit. Therefore, the study concludes and provides strong evidence that the six-factor measurement model is a valid and reliable tool for understanding and assessing the factors influencing South African consumers’ intentions to continue using their preferred retail banks. The study has several limitations. Firstly, it focused solely on South African retail banking con- sumers, limiting the generalisability of the findings to other contexts or countries. Secondly, the data was collected at a single point in time, preventing analysis of changes in consumer behaviour 210 | Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot over time. Thirdly, the reliance on self-reported data may have introduced bias, as participants’ responses might not have fully reflected their actual behaviour. Finally, while the study identified relationships between factors, it did not establish causality. Future research is necessary to clarify the relationships between these six factors. Specifically, it is important to investigate whether ethical and social responsibility enhances bank trust and whether bank trust influences consumer attitudes. Further examination is needed to determine if these attitudes con- tribute to brand loyalty and if brand loyalty ultimately drives the intention to continue using the bank’s services. Understanding these dynamics will reveal how a bank’s ethical and social practices impact con- sumer trust, the role of trust in shaping positive attitudes, the significance of these attitudes in fostering loyalty, and how loyalty affects customer retention. By exploring these relationships, future studies can provide a detailed understanding of the interactions between these factors, leading to more effective strategies for improving customer retention and satisfaction in the banking industry. 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His research areas focus on consumer behaviour, bank marketing, and digital deci- sion-making, with a particular interest in understanding how these factors influence modern business strate- gies and consumer interactions in the financial sector. Correspondence to: Marko van Deventer, Ph.D., Associate Professor, North-West University, Faculty of Eco- nomic and Management Sciences, Workwell, South Africa. 11 Hoffman Street Potchefstroom 2531, South Af- rica. e-mail: marko.vandeventer@nwu.ac.za ORCID https://orcid.org/0000-0002-0000-4699 Kirsty-Lee Sharp Kirsty-Lee Sharp, PhD, is an associate professor in the School of Management Sciences at North-West Univer- sity, South Africa. Her research areas focus on online marketing communication, simulated leisure and tourism marketing and consumer behaviour. Correspondence to: Kirsty-Lee Sharp, Ph.D., Associate Professor, North-West University, Faculty of Economic and Management Sciences, Workwell, South Africa. 11 Hoffman Street Potchefstroom 2531, South Africa. e- mail: kirstyleesharp@nwu.ac.za ORCID https://orcid.org/0000-0002-4858-9593 Rafał Żelazny Rafał Żelazny – Associate Professor at University of Economics in Katowice; economist, lecturer, researcher; President of the Board at Katowice Special Economic Zone, business and public administration consultant, manager. Author of many publications in the field of knowledge-based economy and information society (in Polish and English languages); also author of: development strategies, expertises, research reports. Correspondence to: Rafał Żelazny, Ph.D., Associate Professor, University of Economics in Katowice, Depart- ment of Economics, ul. 1 Maja 50, 40-287 Katowice, Poland. e-mail: rafal.zelazny@ue.katowice.pl ORCID https://orcid.org/0000-0002-4710-3483 Sebastian Kot Sebastian Kot, PhD, is an associate professor in the Faculty of Management, Czestochowa University of Tech- nology as well as extraordinary professor in the School of Management Sciences at North-West University, South Africa. His research areas focus on supply chain management, logistics and entrepreneurship. Correspondence to: Sebastian Kot, Ph.D., Associate Professor, Czestochowa University of Technology, Faculty of Management, Armii Krajowej 19B, 42-201 Częstochowa, Poland and North-West University, Faculty of Eco- nomic and Management Sciences, Workwell, 11 Hoffman Street Potchefstroom 2531, South Africa. e-mail: sebastian.kot@pcz.pl ORCID https://orcid.org/0000-0002-8272-6918 214 | Marko van Deventer, Kirsty-Lee Sharp, Rafał Żelazny, Sebastian Kot Acknowledgements and Financial Disclosure The authors would like to thank the anonymous referees for their useful comments, which allowed to increase the value of this article. Conflict of Interest The authors declare that the research was conducted in the absence of any commercial or financial relation- ships that could be construed as a potential conflict of interest. Copyright and License This article is published under the terms of the Creative Commons Attribution (CC BY 4.0) License http://creativecommons.org/licenses/by/4.0/ Published by Krakow University of Economics – Krakow, Poland