Literature review of the concept of services: the case of the banking sector

Abstract

The transition of modern economies toward service-based models and digital transformation has profoundly reshaped academic debates surrounding the concept of service. However, the literature remains fragmented between traditional service marketing approaches and more recent theoretical perspectives focused on value co-creation, customer experience, and digital transformation.

This article provides a narrative and analytical literature review aimed at examining the evolution of the service concept and analyzing its implications for the banking industry.

The findings highlight three major developments. First, the concept of service has evolved from a perspective centered on intrinsic service characteristics toward a value co-creation involving both firms and customers. Second, the digitalization of banking services fostering new forms of interaction, personalization, and customer empowerment. Third, Service-Dominant Logic and Customer-Dominant Logic, provide valuable lenses for understanding ongoing changes in banking services.

This study offers an integrative perspective on major service theories applied to the banking sector and by highlighting emerging challenges associated with the digital transformation of financial services.

JEL Classification: M31; G21; O33.

Paper Type: Theoretical Literature Review.