Objective: This study aims to develop a higher-order structural explanation of how customers perceived economic cost–benefit interacts with brand value architecture and how this interaction shapes attitudinal and behavioral outcomes in the Iranian banking and insurance services sector. The study moves beyond linear and purely economic models by interpreting customer behavior as a multi-stage, meaning-based process.
Method: A qualitative research design based on Charmaz’s constructivist grounded theory was adopted. Data were collected through 25 in-depth semi-structured interviews with customers of reputable banking and insurance brands. Purposeful and theoretical sampling continued until theoretical saturation was achieved. Data were analyzed through initial, focused, and theoretical coding using MAXQDA 2020.
Results: The findings indicate that perceived economic cost–benefit alone cannot adequately explain customer behavior and mainly functions as an initial activating condition in the value-creation process. The core category was identified as “integration and transformation of economic perception within brand value architecture.” This higher-order construct consists of four dimensions: perceived value, brand trust, brand image, and emotional value. Brand value architecture operates as a cognitive–emotional mechanism that transforms customers’ economic evaluations into more stable attitudes. Attitudinal outcomes, particularly positive attitude and psychological commitment, mediate the relationship between brand value and behaviors such as loyalty, repeat purchase, and word-of-mouth recommendation.
Conclusions: The study concludes that customer behavior in financial services emerges through a multi-stage and meaning-based process. Without a coherent brand value architecture and sustained customer attitudes, economic evaluations alone are unlikely to generate long-term value-creating behaviors. The findings highlight the importance of cognitive, emotional, trust-based, and meaning-oriented elements in managing brand value in financial services.