Perceived value has been defined as “based on perceptions of what is received and what is given” [9] . Zeithaml [9] explained four meanings of value such as: value is low price, value is whatever one wants in a product, value is that consumer receives for the price paid, and value is what the consumer gets for what they give. Although there has been a lot of previous literature in marketing on conceptualizing and measuring customer perceived value, most of these have been done in the context of products. Like in products, understanding the customer perceptions of value they derive from availing a service is considered crucial. However, till date, not much work has been done to operationalize and measure value in the context of services [10] unlike in products where the concept of perceived value has been measured through existing, established scales. Petrick [10] developed the SERV-PERVAL scale to measure perceived value by including dimensions such as emotional response, reputation, monetary price and behavioral price and quality in a tourism service context. They have been defined in following ways:

The descriptive judgement regarding the pleasure that a product or service delivered to a consumer is called as Emotional response. The price of a service encoded by the consumer is called monetary price. The non-monetary price such as time and effort used to search for the service is called as Behavioral Price [9] . The prestige or status of a product or service, as perceived by the purchaser, based on the image of the supplier is called as Reputation. A consumer’s judgement about a product or service’s overall excellence or superiority is called as Quality [9] . According to Ganesh, Aronold & Reynolds [11] consumer value perceptions and preferences vary across contexts. MacDougall & Levesque [12] also studied the differential impacts of service value on customer behavioral intentions in four different service setups or contexts.

Just like all other financial services, the banking industry is rapidly changing with new technologies being introduced. Growing competition as well as more demanding customers and the changing vulnerable climate due to economic uncertainties also present an unprecedented set of challenges [6] . As banking is totally a customer-oriented services industry, the customers are the central point of all decisions and thus customer service has to be a clearly distinguishing factor. Most banks face the challenges of lowering costs and increasing efficiency, besides improving service quality and subsequently customer satisfaction [13] . This makes it necessary to have the loyal customers or the customers to be retained for a long term, which is more economical than attracting new customers [14] . So, the managers of retail banks are concerned in increasing their satisfied customer base together with making them loyal and attracting new customers. In order to do so, managers need to concentrate on the antecedents of customer loyalty and service value in its multidimensional nature is one of the most comprehensive and exhaustive measures of that.

Customer Experience (CE) is defined as the cognitive acknowledgment or perception that follows from stimulated motivation of a customer who observes or participates in an event. These acknowledgment or perception consequently augments the value of products and services. Marketers use both intangible services accompanied with tangible products to create memorable events for customers. CE is crucial as it creates the psychological perception in the hearts of customers, provides a memorable experience for the customer, and influences subsequent usage behaviors in a great way. Enlightening CE can help marketers to identify niche markets than does maintaining competitive prices or superior product functions and features. The perceived value of a product or service can be an antecedent of Word of mouth [15] and lead to a better service experience to the consumer. In different service context consumer got different service experience based on the particular perceived value.

Current study uses Stimulus-Organism and Response S-O-R framework [16] as a basis to formulate the conceptual model. The S-O-R framework states that stimuli (S) are antecedents that affect consumers’ emotional and cognitive states of an organism (O), which in turn result in response (R), such as consumers’ behavior related outcomes. The stimuli are represented by a set of attributes that affect consumer perception. These attributes are considered to be the basis for the development of consumer behavior related outcomes, i.e., these attributes work as cues or signals which influence the observing customers’ cognition and affection and will lead them to act consciously or subconsciously towards a given action. Marketing literature further classifies these stimuli as “informational” versus “transformational” [17] ; “utilitarian” versus “value-expressive” [18] , and “hard-sell” versus “soft-sell” [19] . While the former stimuli can be classified under functional stimuli, the latter are considered as experiential stimuli. The organism (i.e. cognitive state) works as a process of internal intervention between the stimuli and the response of the consumer. In this process, the consumer transforms the stimuli into meaningful information while developing perceptions of such information. Perception(s) can cause a change in individuals’ affective and cognitive states, leading to response (R). The response is the reaction (behavioral) of the consumer in (intending to) undertaking specific course(s) of action(s).

Service brand experience is an emerging concept in services marketing literature that refers to the customer encounter with a service brand which creates a cognitive, emotional, and behavioral response in consumers’ memory. It refers to the broader set of customer-brand interactions and encompasses the total experience with the service brand before, during, and after the service purchase. Thus, service brand experience is a multidimensional construct that is the sum total of sensations, cognitions, feelings, and behavioral responses evoked by customer interaction with the service brand, involving an integrated interaction with the services cape, service employees and their interactions, communications, service delivery process, and environments.

Service experiences vary in strength and intensity; such as, some brand experiences are stronger or more intense than others; some are more positive and some experiences may even be negative. Moreover, some experience occurs spontaneously without much reflection and are short-lived; others occur more deliberately and last longer. Over time, these long-lasting service experiences, stored in consumer memory, should affect consumer satisfaction and loyalty [20] . As compared to customer delight, service experiences don’t happen only after consumption; they happen whenever there is a direct or indirect interaction with the brand. Thus, we conceptualize service experience as subjective, internal consumer responses (sensations, feelings, and cognitions) and behavioral responses. Thus, service managers are becoming increasingly aware of the quality and value of services that are required in order to create a memorable experience for customers and that leads to behavioral intentions [21] . Providing persuasive CE can set a firm ahead of its competitors, and superior CE has been acknowledged as key to gaining customer loyalty.

From a marketing perspective, customers are the reason for the firm’s existence. There exists plenty of evidence in marketing literature that suggests that perceived value is an antecedent to both customer satisfaction and customer loyalty [22] . According to Tam [23] the degree by which customers’ perception of the quality of service exceeds the perceived costs of obtaining the service; the higher is their perceptions of the value of the service, which leads to greater satisfaction. There are also other studies which have shown that perceived value exhibits a significant impact on customer satisfaction [24] [25] [26] [27] . Roig, Garcı’a & Tena [28] also found that the perceived value of a service has a direct positive effect on the loyalty of the consumers.

Berkman, Lindquist & Sirgy [29] define customer loyalty as “the feeling of attachment, affection, or commitment to a service provider”. Customer loyalty basically is the consumer bias and commitment towards a particular product or a service provider [30] . Andreassen & Lindestad [31] , as well as MacDougall & Levesque [13] , argue that the effect of value on behavioral intents like loyalty is mediated by customer satisfaction. Studies have been conducted to show the direct impact of perceived value on customer loyalty too [1] . Practioners have confirmed customer experience (CE) as one of the most promising approaches for consumer industries. Customer experience (CE) shows the customer’s journey through all communications with the firm—pre-consumption, consumption, and post-consumption. But there are comparatively lesser studies which have investigated the effect of customer experience as a mediator between perceived value and behavioral intention.

Customer Experience influences subsequent usage behaviors and it can help marketers to identify niche markets. The perceived value of a product or service can lead to a better service experience for the consumer which is different in various service contexts based on the particular perceived value. Long-lasting service experiences, affect consumer satisfaction and loyalty and they happen whenever there is a direct or indirect interaction with the brand. Thus, service managers are becoming increasingly aware of the quality and value of services that are required in order to create a memorable experience for customers and that leads to behavioral intentions. Providing persuasive CE can set a firm ahead of its competitors, and is a key to gaining customer loyalty. The degree by which customers’ perception of the quality of service exceeds the perceived costs of obtaining the service; the higher is their perceptions of the value of the service, which leads to greater satisfaction as well as loyalty. Practioners have confirmed customer experience (CE) as one of the most promising approaches for consumer industries but there are comparatively lesser studies which have investigated the effect of customer experience as a mediator between perceived value and behavioral intention.

Measurement model testing was performed using AMOS (version 10.0) to examine the presence of construct validity and reliability, including convergent and discriminant validity. Convergent validity of the scale dimensions explains the extent to which items measuring their corresponding construct are correlated [34] . The convergent validity of the constructs could be satisfactory if factor loadings and average variance extracted (AVE) are above the threshold of 0.5 [35] . From the analysis, it was found that all standardized loadings on the latent constructs were significant (p < 0.001, ranges from 0.615 to 0.893), supporting convergent validity of all scale dimensions. The examination of the measurement model showed a good fit X²(328) = 539.63 (P < 0.001), (X²/df = 2.26; GFI = 0.970; AGFI = 0.951; NFI = 0.979; CFI = 0.947; RMSEA = 0.049). Further, for all the constructs AVE values were greater than the preferred cut-off, confirming convergent validity. Discriminant validity captures the extent to which the constructs proposed in the study are unique and distinct from each other, this can be examined through the comparison of AVE estimates to squared inter-construct correlations [36] . Discriminant validity should be achieved if the squared inter-construct correlations should be smaller than the AVEs [37] . Table 3 indicates that in all the cases the square roots of AVE values were greater than their

Based on one-tailed tests: for t-values greater than 1.65, p < 0.05; for t-values greater than 2.33, p < 0.01.

corresponding inter-construct correlations, confirming discriminant validity. In support with these findings, the composite reliability (CR) estimates of all hypothesized constructs were between 0.746 and 0.952, suggesting adequate scale reliability [38] . All these findings support construct validity and reliability of the scale dimensions.

After confirming the psychometric properties of the scale dimensions, overall model fit was examined by conducting structural equation modelling (SEM). The considered model fit indices include: ratio of the chi-square to the degree of freedom (X²/df), Comparative Fit Index (CFI), Goodness of Fit Index (GFI), Adjusted Goodness of Fit Index (AGFI), Normed Fit Index (NFI), and Root Mean Square Error of Approximation (RMSEA). A model is considered to be good fit to the data when the values of CFI, NFI, and GFI are greater than 0.9, AGFI is greater than 0.8, RMSEA is smaller than 0.08, and X²/df is smaller than 5 [36] [38] . The examination of the model fit indices support the fact that the model fit very well to the data (X²/df = 2.323; GFI = 0.982; AGFI = 0.961; NFI = 0.969; CFI = 0.957; RMSEA = 0.039). Then, the examination of the hypotheses shows that the relationship between perceived value in banking on customers’ service experience is significant (Hypothesis 1: β = 0.572, t = 10.617, p < 0.001). This supports the fact that perceived value in banking positively influences customers’ banking experience towards the same. The standardized path coefficient from customers’ banking experience towards customer Loyalty also found to be significant (Hypothesis 2: β = 0.479, t = 6.65, p < 0.001). This finding indicates that customers’ banking experience towards the banking is a significant and direct predicator of customer loyalty. To examine the indirect relationship of banking perceived value on customer loyalty, we have used Baron and Kenny’s (1986) procedure. The result shows the fact that the indirect effect of banking perceived value on customer loyalty has a significant effect (indirect effect = 0.213, p < 0.001). Moreover, the result also supports the fact that there is a significant direct effect from banking perceived value on customer loyalty (direct effect: 0.015, p < 0.001). Thus, it supports the partial mediation of customer banking experience in between banking perceived value and customer loyalty (Hypothesis 3). In total, the study results supported the fact that banking perceived value consists of five dimensions, such as behavioural price, monetary price, Emotional response, Quality, Reputation. The total configuration of these dimensions influences customer loyalty via the development of evaluation of customers towards banking services (Figure 2).