The Effect of Perceived Value and Service Quality on Depositor Loyalty

For a bank, the depositors are the primary assets. Therefore, the bank should maintain a good relationship with them to be loyal to all efforts. If they are faithful, they will always keep putting their money in the bank. Therefore, the bank can execute the intermediate function properly. This study intends to examine the effect of perceived value and service quality on depositor loyalty. Consequently, the depositors of commercial bank H at branch F in Bandung become the population and the samples. This study also uses the Slovin formula, simple random sampling, and survey to calculate the samples, grab them, and accumulate the primary data. Moreover, the gathered data get analyzed by the structural equation model (SEM) based on variance. To sum up, this study proves that the perceived value and service quality positively affect depositor loyalty after examining the proposed hypotheses. To increase depositors to be loyal, the bank has to focus on elevating their perceived value and giving them superior service.


INTRODUCTION
A bank performs as an intermediary financial institution in a state economic (Taswan, 2010). Through this role, the bank distributes money from depositors to borrowers in loans; therefore, it can produce profits (Husnan, 2015). To support this condition, the bank marketing staff needs to maintain a relationship with depositors (Chatterjee & Kamesh, 2019) and attempts to retain them (Narotama, 2019).
As one of the private banks operating in Bandung, Bank H offers something interesting to time depositors to continually desire to place their money. For example, the bank already gives a higher interest and cashback to them if they add their money for a specific duration. However, this effort makes them, especially in the priority segment 1 , withdraw all money in their deposit saving account in branch office F; for that reason, their status becomes the unqualified depositors. Table one shows the increase in the number of unqualified depositors in the priority segment from January to December 2019. During this year, this number gets increased from 628 to 657. The highest of 669 is in October. Conversely, the lowest of 628 is in January. This condition makes the bank lose the opportunity to use at least 500 million rupiahs if this status occurs. This situation makes the research of the determinants of consumer loyalty in the bank to do. According to the evidence of the previous study, they are perceived value (Jumanev, Kumar, & Hanaysha, 2012;Hasan, Kiong, & Ainuddin, 2014;Rahi & Ghani, 2016;Mukerjee, 2018;Fitri, Basrib, & Maryanti, 2019) and service quality (Hidayat, Akhmad, & Mahmud, 2015;Alnaser, Ghani, Rahi, Mansour, & Abed, 2017;Al-Areqi, Al-Hadeq, & Mutahar, 2018;Setiawan, Kusumawati, & Mawardi, 2018). Unfortunately, this indication associated with these determinants does not reach a consensus yet. The purpose of this study attempts to examine and analyze the effect of perceived value and service quality on the depositor loyalty in this bank branch by considering this contrary evidence. By this study, we expect a clear sign of these two effects. Therefore, the study confirmation can be executed, and the results are expected to help this bank upturn their depositor loyalty.
Perceived value is the ratio between consumers' benefits and cost when consuming company services (Kertajaya, 2007). As shown by Jumanev et al. (2012), as a company, ideally, the banks exist to create and deliver a good perceived value is to make their depositors loyal. This explanation obtains support from other scholars, such as Hasan et al. (2014), Rahi & Ghani (2016), Mukerjee (2018), and Fitri et al. (2019). Based on these explanations, the first hypothesis can be proposed like this. H1: Depositor loyalty in the bank will be positively affected by perceived value Service quality is the service conformity to what the firm promises to its customers (Parasuraman, Zeithaml, & Berry, 1985). By referring to this statement, service quality measures something that depositors get based on bank promises. In their study, Hidayat et al. (2015) find that the bank can elevate depositors' loyalty by good service quality. This evidence is also in line with Alnaser et al. (2017) and Al-Areqi et al. (2018), who confirm this evidence. Based on these explanations, the second hypothesis can be proposed like this. H2: Depositor loyalty in the bank will be positively affected by service quality.

Variable definition
The variable employed consists of two kinds. First, the explanatory variable: perceived value and service quality. Second, the explained variable: depositor loyalty. The measure of depositor loyalty refers to Widowati & Tsabita (2017). Meanwhile, the proxy of perceived value and service quality denotes Roic et al. (2006) and Tjiptono, Chandra, & Diana (2004), respectively.
• According to Widowati & Tsabita (2017), depositor loyalty has three items, i.e., I always utilize this bank services (DL1); I want to suggest this to my working partner as the place of the financial transaction (DL2); unlike the others, this bank gives me something unique (DL3).

•
According to Roic et al. (2006) and Tjiptono et al. (2004), perceived value and service quality have some dimensions and indicators. Moreover, they can be seen in Tables 2 and 3. Facilities offered by this bank reinforce the transaction secret and privacy (FFV1) The system in this bank has good order and working management (FFV2). The waiting room for depositors to transact is large, modern, and spotless (FFV3). The facilities can be professionally utilized (FFV4). Functional personal value The employees know their job well (FPERV1). The knowledge of employees is updated well (FPERV2). The employees can provide valuable information (FPERV3). The information about the product offered by the employees is all-inclusive (FPERV4).

Functional service value
The quality of this bank is verified well (FSV1) This bank retains its quality continually (FSV2) The quality of this bank is better than that of others (FSV3) This bank always realize its promises (FSV4) Functional price value The interest payment for depositors is determined (FPRV1). I am ready to pay for the bank service charges (FPRV2) The total charges of this bank make me reasonably think (FPRV3). Emotional value I am glad about the financial contract offered by this bank (EV1).
I am comfortable with bank services (EV2).
The employees of this bank give me a positive value (EV3). The employees of this bank do not disturb me during the service (EV4). Overall, I am relaxed with all the bank service (EV5).

Social value
Society assumes the services of this bank is good (SV1) My coming to this bank is assumed satisfactory by the people who recognize me (SV2) Source: Roic et al. (2006)  This bank has modern transaction devices (T1). The facilities owned by this bank are visually eye-catching (T2) The employees of this bank wear their uniforms neatly (T3). The services in this bank are written (T4). Empathy The employees of this bank give special attention to me (EMP1). Banks have operating hours to make customers feel comfortable (EMP2). These bank employees pay special attention to their customers (EMP3). The employee of this bank prioritizes the interests of its customers (EMP4) The employees of this bank understand the unique needs of their customers (EMP5).

Responsiveness
The employees of this bank inform me about when the services are given (RES1). The employees of this bank serve me quickly (RES2). The employees of this bank are always ready to assist me (RES3). The employees of this bank take their time to serve me (RES4).

Reliability
This bank always fulfills its promises to me (REL1). This bank gives solutions to me (REL2). This bank gives the service to me according to the time established (REL3).

Method to collect data
The survey becomes the method to bring the data together. In this way, according to Hartono (2012), the distribution of questionnaires is essential. Furthermore, the 5 points of the Likert scale are used to quantify the reactions of customer loyalty and two dimensions of perceived value and service quality items

Population and Samples
The depositors of bank H at branch FA become the population (N) with their sum of 1000. The Slovin formula with the residual margin (RM) of 5% is utilized to decide the sample size (SS) by mentioning Suliyanto (2009

Method to analyze the data
By referring to the number of respondents of 60, this study uses the structural equation model based on variance to analyze the data. This model can be found in Figure 1, as shown below.
The confirmatory factor analysis (CFA) and Cronbach Alpha (CA) analysis are utilized to test validity and reliability, one to one. The CFA attempts to know how accurate the answers of the respondents. To be precise, the loading factor of items should be higher than the cut-off point of 0.5 (Ghozali 2008). Meanwhile, the CA analysis intends to detect the consistency of respondents to answer the indicators. To be consistent, the CA coefficient of valid indicators has to be bigger than the cut-off value of 0.6 (Ghozali, 2006).

Perceived value
Service quality Depositor loyalty  Table 4 presents the demographic properties of the respondents joining this survey. They cover gender, age, duration to be a depositor, and occupation. Moreover, the frequency and its percentage are used to describe them.

The test result of validity and reliability
After removing invalid items, the final test result of the dimension of perceived value's validity and reliability is displayed in Table 5. In this table, the item loading factor is between 0.622 and 0.996, which is higher than 0.5. Hence, the validity test is already reached. The Cronbach α coefficient of accurate items is from 0.675 to 0.990, which is above 0.6. Therefore, the reliability test is already attained.  When examining the validity and reliability of service quality, fortunately, we find that all the service quality dimension items are valid and reliable. This circumstance happens because all loading factor is between 0.635 and 0.962, which is higher than 0.5, and the Cronbach Alpha is from 0.844 until 0.951, which is above 0.6 (see Table  6). When testing the validity and reliability of depositor loyalty, we obtain that the loading factor of DL1, DL2, and DL3 exceeds 0.5, i.e., 0.946, 0.967, and 0.982. Also, Cronbach Alpha for these items is 0.963, higher than 0.6 (see Table 7). Because of this situation, the validity and reliability tests are confirmed.

Discussion
From the research hypothesis examination, it is proven that perceived value positively influences depositor loyalty. The acceptance of this hypothesis supports the study result of Jumanev et al. (2012), Hasan et al. (2014), Rahi & Ghani (2016), Mukerjee (2018), and Fitri et al. (2019). In this study context, to get the depositors' dedication, the bank needs to pay attention to the facility, employee, service, price, emotional, social values with a low valid and reliable agreeing response, that is lower than 60%, as shown in Tables 8, 9, 10, 11, and 12.
• The survey associated with functional facility value displays that the agreeing response percentage is between 28.75% and 81.250, considered low to high (see Table 8). The small is on FFV1, FFV2, and FFV4. Therefore, the bank must create them to support depositors to transact (FFV1) and be effortlessly utilized by depositors (FFV4). Additionally, the bank essentially provides an excellent operating system to serve depositors (FFV2). The survey associated with functional personal value illustrates that the agreeing response percentage is between 17.50% and 28.75%, considered low (see Table 9). Therefore, the bank should train staff members and equip them with valuable information to serve depositors. • The survey associated with functional service value demonstrates that the agreeing response percentage is 28.75% to 30.00%, considered low (see Table 10). Therefore, the bank should rebuild its quality so that depositors can trust it.

•
The survey associated with emotional value expresses that the agreeing response percentage is between 28.75% and 52.50%, considered low (see Table 11). Therefore, the bank has to make virtuous financial contact for depositors (EV1) and depositors comfortable with the provided service (EV2). Besides, the bank must train the staff members to positively value depositors (EV3).

•
The survey associated with social value shows that the agreeing response percentage is 76.25% until 81.50%, considered high (see Table 12). It means the bank already effectively implements functional social value. From the research hypothesis examination, it is proven that service quality positively influences depositor loyalty. The acceptance of this hypothesis supports the study result of Hidayat et al. (2015), Alnaser et al. (2017), and Al-Areqi et al. (2018). In this study context, to get the depositors' dedication, the bank needs to pay attention to the list of valid and reliable service quality dimension indicators with the inadequate agreeing response (< 60%) (see Table 13). In this table, the intended answers are REL3, RES1, RES2, RES3, and A4, ranged from 42.50% to 57.5%. Hence, the bank should be on time to give the service to the depositors (REL3), train and equip the staff members with the product knowledge to provide a speedy response to serve the depositors (RES1, RES2, RES3, and A4).

IV. CONCLUSION
This research aims to investigate and analyze the effect of perceived value and service quality on depositor loyalty. By hypothesis testing on the perception of 60 respondents as the sample, this study successfully proves that a positive impact of two determinants is available. This research is not faultless because of owning several borders: the two determining variables and the few respondents as samples consisting of 60 depositors. a.
Regarding the first issue, the next scholars can add the bank social responsibility, bank image, depositor satisfaction, commitment, trust, switching cost, relationship marketing to their model as the other determinants. b.
Regarding the second issue, the next scholars can use all depositors in some branches for the same bank locating in a city or some cities to be the population. Therefore, they will own big sample size. By large sample, the result of hypothesis testing will be more precise.