Background: One of the crucial factors affecting success of organizations is ethical behavior of employees. An optimal functioning of market rules is in turn determined by the quality of the sociological environment, by its cultural and moral values. Lack of ethics is a critical obstacle to the success of transactions.
This research aims to explain and clarify the inter-relationships and the interaction effects among business ethics and other relevant factors such as customer‘s satisfaction and loyalty in private-banking industry.
Methods: We developed a model of ethical behavior in private-banking industry based on the outcomes of previous researches and semi-structured interviews with experts in banking services. To examine the model a descriptive survey was applied. The survey sample population consisted of 395 randomly taken private-banking service users and private-banking employees in the city of Tehran, according to a cluster random sampling skim.
Conclusion: An important part of the results revealed business ethics relate directly with satisfaction, trust and loyalty among private-banking customers.