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<p>This paper examines the role of emotional responses, as framed by the Pleasure-Arousal-Dominance (PAD) model, in mediating the relationship between customer experience (CX), satisfaction, and loyalty within the U.S. retail banking sector, addressing a critical gap in understanding the affective mechanisms through which customer experience influences satisfaction and behavioral outcomes. A quantitative survey was administered to 395 active U.S. banking customers recruited through the Prolific platform using purposive sampling, employing covariance-based structural equation modeling (CB-SEM) where emotional dimensions (Pleasure and Dominance) mediate the influence of customer experience, measured by the EXQ scale (Klaus and Maklan, 2013), on satisfaction and loyalty. Rigorous validity assessments were conducted, including Heterotrait-Monotrait ratio (HTMT) analysis, bootstrapping for mediation effects, and control variable analysis. The results show that emotions, particularly Pleasure, significantly mediate the CX-satisfaction link, accounting for 37.80% of the indirect effect, while Dominance also serves as a significant mediator (4.40%). Satisfaction strongly predicts loyalty (β = 0.65, p &lt; 0.001) and recommendation (β = 0.72, p &lt; 0.001). While Arousal was influenced by CX, its contribution to satisfaction was marginal (ΔR<sup>2</sup> = 0.59%), leading to its exclusion from the final model. The study establishes discriminant validity through HTMT analysis (all values &lt; 0.85) and confirms model robustness against common method bias and demographic controls. The findings underscore that enhancing satisfaction and loyalty requires emotional engagement, with strategies prioritizing pleasurable and empowering service interactions. This study empirically validates the mediating role of the PAD model in U.S. retail banking, an area where emotional drivers are often overlooked. By integrating the EXQ and PAD frameworks within a Stimulus-Organism-Response logic, it offers a more holistic understanding of customer behavior and provides actionable insights for enhancing retention and advocacy in an increasingly competitive banking marketplace.</p>

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Customer experience and emotional drivers of satisfaction and loyalty in U.S. banking: An application of the EXQ model

  • 期刊论文

  • 发表日期：

    2026年2月11日

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  • Carlos Alberto Espinosa Fernandez,
  • Iñigo Tejera Martin,
  • Ainhoa Rodriguez Oromendia,
  • Phil Klaus,
  • Van-Ha Luong

摘要

This paper examines the role of emotional responses, as framed by the Pleasure-Arousal-Dominance (PAD) model, in mediating the relationship between customer experience (CX), satisfaction, and loyalty within the U.S. retail banking sector, addressing a critical gap in understanding the affective mechanisms through which customer experience influences satisfaction and behavioral outcomes. A quantitative survey was administered to 395 active U.S. banking customers recruited through the Prolific platform using purposive sampling, employing covariance-based structural equation modeling (CB-SEM) where emotional dimensions (Pleasure and Dominance) mediate the influence of customer experience, measured by the EXQ scale (Klaus and Maklan, 2013), on satisfaction and loyalty. Rigorous validity assessments were conducted, including Heterotrait-Monotrait ratio (HTMT) analysis, bootstrapping for mediation effects, and control variable analysis. The results show that emotions, particularly Pleasure, significantly mediate the CX-satisfaction link, accounting for 37.80% of the indirect effect, while Dominance also serves as a significant mediator (4.40%). Satisfaction strongly predicts loyalty (β = 0.65, p < 0.001) and recommendation (β = 0.72, p < 0.001). While Arousal was influenced by CX, its contribution to satisfaction was marginal (ΔR2 = 0.59%), leading to its exclusion from the final model. The study establishes discriminant validity through HTMT analysis (all values < 0.85) and confirms model robustness against common method bias and demographic controls. The findings underscore that enhancing satisfaction and loyalty requires emotional engagement, with strategies prioritizing pleasurable and empowering service interactions. This study empirically validates the mediating role of the PAD model in U.S. retail banking, an area where emotional drivers are often overlooked. By integrating the EXQ and PAD frameworks within a Stimulus-Organism-Response logic, it offers a more holistic understanding of customer behavior and provides actionable insights for enhancing retention and advocacy in an increasingly competitive banking marketplace.