**5. Results**

The six hypotheses formulated above were contrasted using a SEM model [71]. The fit indices of the model were well above the minimum acceptable values: IFI = 0.956, CFI = 0.956, RMSEA = 0.072, Normed χ<sup>2</sup> 5.11. As can be observed through the standardized β-coefficients (**Figure 2**), the functional benefit (β = 0.81; p < 0.001), as well as the hedonic (β = 0.16; p < 0.008) and symbolic benefit (β = 0.02; p < 0.001) have a direct and positive effect on the satisfaction of the private bank customer (R<sup>2</sup> = 0.72). It would be advisable to observe in detail the strong impact that functional benefit has on satisfaction, a value clearly higher than those obtained for hedonic and symbolic benefit. The affective evaluation made by the customer in turn has a direct and positive effect on the functional (β = 0.57; p < 0.001; and R<sup>2</sup> = 0.32), hedonic (β = 0.72; p < 0.001; and R<sup>2</sup> = 0.52), and symbolic (β = 0.64; p < 0.001; and R<sup>2</sup> = 0.41) benefit obtained by the customer.

From the results obtained by the [74–76] tests, the presence is deduced of a strong mediating

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All of the mediation structures yield significant values for the β-coefficients (p < 0.001). In the presence of the mediating variables (benefit triad), a reduction is confirmed in the impact

role of the triad of benefits between affective evaluation (VI) and satisfaction (VD) [77].

**Table 5.** Correlation matrix.

**Table 6.** Mediation hypothesis of the proposed model.

All of the correlations obtained between the constructs had a positive sign (see **Table 5**).

This benefit triad can play a mediating role between affective evaluation and satisfaction. If indirect effects are considered as a special case [72], the mediating effect occurs when a third variable, called the mediating variable (VMe), can influence the relationship between an independent variable (VI) and another, dependent variable (VD) [73]. To confirm this role of the triad, three mediation structures are proposed: (1) affective evaluation—functional benefit satisfaction, (2) affective evaluation—hedonic benefit—satisfaction, and (3) affective evaluation—symbolic benefit—satisfaction.

These structures were evaluated using a two-path analysis [73], as indicated in **Table 6**. For this analysis, must be confirmed, both in isolation and as a whole, the extent to which incorporating a mediating variable produces less impact of the independent variable on the dependent variable.

**Figure 2.** SEM results.

From the results obtained by the [74–76] tests, the presence is deduced of a strong mediating role of the triad of benefits between affective evaluation (VI) and satisfaction (VD) [77].

All of the mediation structures yield significant values for the β-coefficients (p < 0.001). In the presence of the mediating variables (benefit triad), a reduction is confirmed in the impact


**Table 5.** Correlation matrix.


**Table 6.** Mediation hypothesis of the proposed model.

**Figure 2.** SEM results.

**5. Results**

104 Marketing

the customer.

RMSEA = 0.072, Normed χ<sup>2</sup>

tion—symbolic benefit—satisfaction.

The six hypotheses formulated above were contrasted using a SEM model [71]. The fit indices of the model were well above the minimum acceptable values: IFI = 0.956, CFI = 0.956,

(**Figure 2**), the functional benefit (β = 0.81; p < 0.001), as well as the hedonic (β = 0.16; p < 0.008) and symbolic benefit (β = 0.02; p < 0.001) have a direct and positive effect on the satisfaction of the private bank customer (R<sup>2</sup> = 0.72). It would be advisable to observe in detail the strong impact that functional benefit has on satisfaction, a value clearly higher than those obtained for hedonic and symbolic benefit. The affective evaluation made by the customer in turn has a direct and positive effect on the functional (β = 0.57; p < 0.001; and R<sup>2</sup> = 0.32), hedonic (β = 0.72; p < 0.001; and R<sup>2</sup> = 0.52), and symbolic (β = 0.64; p < 0.001; and R<sup>2</sup> = 0.41) benefit obtained by

All of the correlations obtained between the constructs had a positive sign (see **Table 5**).

This benefit triad can play a mediating role between affective evaluation and satisfaction. If indirect effects are considered as a special case [72], the mediating effect occurs when a third variable, called the mediating variable (VMe), can influence the relationship between an independent variable (VI) and another, dependent variable (VD) [73]. To confirm this role of the triad, three mediation structures are proposed: (1) affective evaluation—functional benefit satisfaction, (2) affective evaluation—hedonic benefit—satisfaction, and (3) affective evalua-

These structures were evaluated using a two-path analysis [73], as indicated in **Table 6**. For this analysis, must be confirmed, both in isolation and as a whole, the extent to which incorporating a mediating variable produces less impact of the independent variable on the dependent variable.

5.11. As can be observed through the standardized β-coefficients

(value of β-coefficient) of affective evaluation (VI) on satisfaction (VD). For example, when functional benefit is not present in the relationship "affective evaluation—functional benefit—satisfaction," the effect of affective evaluation on satisfaction is (β = 0.56 and p < 0.001), whereas incorporating functional benefit as mediating variable reduces this impact by nearly 0.5 points (β = 0.09 and p < 0.001; Δ = 0.47). The same occurs in the relationship "affective evaluation—hedonic benefit—satisfaction," when one does not consider hedonic benefit (β = 0.56; p < 0.001); incorporating hedonic benefit in the model decreases the impact by 0.3 points (β = 0.26; p < 0.001; Δ = 0.3). For the relationship "affective evaluation—symbolic benefit—satisfaction," in the absence of symbolic benefit, the impact of affective evaluation on satisfaction is β = 0.56 (p < 0.001), and incorporating symbolic benefit, the relationship decreases by nearly 0.2 points (β = 0.39; p < 0.001; and Δ = 0.17). Therefore, the benefit triad absorbs a large part of the impact of affective evaluation on satisfaction, showing clearly the important mediating role that the triad plays in this kind of relationship. The statistical tests of [74–76] with their respective values of Z ≠ 0 and associated p-values, show the presence of strong mediation exercised by the benefit triad, in the relationship between affective evaluation and satisfaction of the customers of financial entities.

The benefits triad exercises a mediating influence in the indirect relationship between affective evaluation and satisfaction. In this instance (although it is not always the case), the coincidence was found that the mediating effect and the indirect effect occur between a VD and a VI.

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This study demonstrates that it is very important for banking service customers to associate their satisfaction with the functional, hedonic, and symbolic benefits obtained. This connection shows that the consumer is buying not only a basic service but also the various benefits this service can provide. That is, it is no good for the customer to make a favorable affective evaluation of a service if the service does not obtain the functional, hedonic, and symbolic benefits desired. For a financial institution to be perceived as an institution capable of granting acceptable standards of satisfaction, it must offer customers experiences that lead them to obtain the triad of benefits expected. Obtaining the benefits indicated will help customers better to connect the affective evaluation they make to their satisfaction. Obtaining this state of satisfaction will facilitate the decision-making process. The customer will also possess the arguments needed to become a truly loyal promoter of the banking institution, able to recommend it to others, thereby improving its reputation. Marketing executives should try to guarantee that customers obtain the triad of benefits they expect as a way of achieving the

The banking institution should strive to make the customer perform the most favorable affective evaluation possible of the financial services offered. This evaluation will form the basis for obtaining the triad of benefits expected, which will be received hierarchically, starting with functional benefit, followed by hedonic and symbolic benefit. A good example would be that bank executives and employees should strive to provide good reception of the customer, personalized attention oriented to delivering the financial services available such that the customer feels the emotional comfort needed to make financial decisions. A relaxed environment

The financial institution could also provide financial services differentiated by unique tangible components to achieve the functional benefit the customer expects. Although the results of this study show that it is very important for the customer to obtain the functional benefit expected, he or she also hopes to obtain the hedonic and symbolic benefit that the financial institution can offer. When an institution succeeds in helping customers find the financial services they seek with greater efficiency than at other institutions, giving customers, the attention required and useful for them, the institution will definitely be viewed as able to grant better functional benefits that those of the competition. The institution must also be able to offer financial services in an environment in which the customer has "a pleasant experience." In this sense, both the setting of the installations and the good mood of employees are necessary, as both are oriented to providing the customer with a unique experience, which becomes almost a genuine social need or a stimulating adventure and avoids the tension inherent in financial decision-making. The institution should have the means necessary to create an

**6. Conclusions and implications**

satisfaction desired with the financial serviced offered.

will help to decrease the tension caused by eminently rational decisions.

Taking the theoretical model into account, it also calculated the indirect effects that might have arisen from the intervention of a third variable mediating any given relationship [72]. The standardized β-coefficients (see **Table 7**) show the presence of an indirect, significant impact of affective evaluation on satisfaction. For this case, the indirect effect of affective evaluation is so intense that it not only affects the construct satisfaction but also significantly affects the observable variables of functional benefit, hedonic benefit, and symbolic benefit.


**Table 7.** Indirect effects.

The benefits triad exercises a mediating influence in the indirect relationship between affective evaluation and satisfaction. In this instance (although it is not always the case), the coincidence was found that the mediating effect and the indirect effect occur between a VD and a VI.
