Exploring The Influence of Electronic Word-Of-Mouth (eWOM) On Intention to Share-Wallet: A Study of UK Retail Banking Customer Using the Theory of Planned Behaviour (TPB)

This research explores the influence of electronic word of mouth (eWOM) on intention to share wallet of UK retail banking customers using the Theory of Planned Behaviour (TPB). eWOM is one of the most useful information sources when making purchasing decisions. This highlights both the increasing importance of social networks/media and the rise of internet users. Several studies have been conducted using the TPB to predict consumer behaviour in various sectors. However, in the retail banking sector, the TPB has not been applied to understand how eWOM influences customers‟ behaviour in the UK retail banking sector, where products and services are intangible and difficult to evaluate before use. Thus, this study aims to fill this gap. This study utilises both quantitative and qualitative methods. The first phase was through interview (N=12). The researcher applied attitudes, subjective norms and perceived behavioural control to explore the different factors of eWOM that influence human intention/behaviour with considerable precision. From the empirical results emerged twelve different related themes that form the basis of the investigation and motives for engaging in eWOM. The second phase (n=280) explored the factors that influence consumers by measuring the TPB construct and the themes that emerged from the first phase. The analysis applied structural equation modelling (SEM) to examine the influence of eWOM on the TPB construct. Analysis of variance (ANOVA) was used to ascertain if there is a significant relationship between the TPB constructs and the demography. The path analysis in the SEM shows direct impact of eWOM on attitude, intention to share wallet, subjective norms, and perceived behavioural control. Furthermore, there is also an indirect impact of eWOM on intention that is mediated through attitude, subjective norm and perceived behavioural control. It also revealed that eWOM drives firms‟ long-term customer retention, financial performance and business continuity.