<p>Banking services are a value co-creation process that includes information sharing, trust-building, and joint learning by professionals and customers alike; however, the efforts in value co-creation may be perceived differently by certain customer groups depending on their activism. Information collection and unauthorized secondary use may suppress positive e-WOM, even if a given bank has an excellent corporate reputation among customers with different market-shaping behaviors. This study aims to analyze the mediating effect of consumer-based corporate reputation in the relationship between information collection, unauthorized secondary use of information, and positive e-WOM in banking services and the moderation roles of boycott participation and participation frequency in the model. Data from 1157 participants who showed no, average, and high market-shaping behaviors were collected through snowball and convenience sampling, and the research model was tested by the partial least squares structural equation modeling approach. The results reveal that corporate reputation has a strong complementary mediating role in gaining positive e-WOM in banking services. Even though information collection negatively affects the corporate reputation, owning a solid reputation suppresses the negative effect of information privacy concerns. Lastly, though, if a customer is predisposed to participating in boycotts, unauthorized secondary use of information damages the strength of the corporate reputation.</p>