Customer Retention Model for Remittance Service Providers in Thailand: A Path Analysis Approach

Joefrey B. Geroche

doi:10.32890/ijms2026.33.1.9

Authors

Joefrey B. Geroche Faculty of Business Administration, Kasetsart University, Thailand

DOI:

https://doi.org/10.32890/ijms2026.33.1.9

Keywords:

Customer retention model, customer satisfaction, SERVQUAL, switching intentions, remittance, trust

Abstract

The remittance industry is hindered by challenges in retaining customers, including high transfer fees, security risks, long wait times, and variable service quality. This research aims to develop a model of customer retention for remittance providers in Thailand and investigate the inter-relationships between service quality, trust, perceived value, customer satisfaction, retention, perceived risk, and customer switching intentions. A survey of 480 Overseas Filipino Workers (OFWs) who transferred money from Thailand to the Philippines was used to collect data through a purposive sampling methodology. PLS Path Modeling analysis was applied to determine the inter-relationships between variables. Service quality has a significant positive effect on trust, perceived value, and customer satisfaction. Customer satisfaction and trust are key determinants of retention and switching intention. Service quality has a direct positive effect on retention and switching intention via customer satisfaction and trust. Perceived risk moderates the effect of trust on retention but does not affect satisfaction or trust on switching intentions. To build retention, providers must offer high-quality services that meet customer needs. In addition, managing the perceived risks in relation to security and being transparent are also critical; high perceived risk can reduce the impact that satisfaction and trust have on customer retention. In addition, this study highlights the importance for the remittance industry to develop high-quality, personalization and transparency into their services and utilize digital payment infrastructures to provide OFWs with secure, cost-effective, and convenient ways to transfer funds, resulting in higher customer satisfaction and trust to ultimately enhance long-term loyalty.

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