Investigating the Impact of Touch and Personalized Services on Customer Satisfaction and Loyalty in Capital Market Brokerage Firms

Abstract :
Purpose: This study examines the impact of customer touch experience (physical and virtual) and personalized services on customer loyalty through the mediating role of satisfaction in Iranian capital market brokerage firms. With the rise of digital financial services and reduced in-person interactions, understanding sensory interactions and personalization on customer perception and behavior is theoretically and managerially essential. Using covariance-based structural equation modeling (CB-SEM), the research clarifies satisfaction’s mediating role in linking sensory components (physical and virtual touch) and personalization to loyalty.
Methodology: The applied, descriptive-correlational study collected cross-sectional data in 1403 (2024–2025) via a standardized 50-item Likert-scale questionnaire. The population included active individual clients of five major brokerages (Mofid, Agah, Farabi, Kian, Tadbirgaran Farda). A proportional stratified and convenience sample of 426 valid responses was analyzed using CB-SEM in AMOS 26 and confirmatory factor analysis (CFA).
Findings: Both physical and virtual touch positively and significantly affect satisfaction, with physical touch slightly stronger. Personalized services emerged as the strongest driver of satisfaction. Satisfaction significantly mediates the relationship between sensory variables and loyalty, with the model explaining 60% of loyalty variance. Virtual touch effectively recreates part of the sensory experience in digital environments.
Conclusion: The study offers a framework for satisfaction and loyalty in financial services. Theoretically, it enriches sensory and digital marketing literature; practically, it guides managers toward phygital multichannel experiences and data-driven personalization.
Keywords: Physical touch, virtual touch, personalized services, customer satisfaction, customer loyalty.