Purpose – The present paper is an attempt to provide a holistic approach of the Greek banking sector and how it operates. Design/methodology/approach – A survey was carried out in the banking sector of Greece in order to gather information regarding customer satisfaction and loyalty, while the financial data of the banks were attained from their annual financial statements. Structural equation modelling was used to test the hypotheses. Findings – It has been found that neither customer satisfaction nor loyalty has a significant impact on the financial performance of banks, while the remaining factors have indicated unprecedented results. Research limitations/implications – The main limitation of the study is the economic environment of Greece and the general crisis of the banking sector. Practical implications – The study provides an insight into the Greek banking sector and the interrelationships among the investigated factors, and how customer satisfaction and loyalty could be enhanced through the remaining factors. Originality/value – A new factor, the economics factor, was created and included in the study. Moreover, the tangibles factor was tested as an individual and not as part of service quality. Additionally, the present study is among the few that have incorporated customer satisfaction, loyalty and the financial performance of banks. To take it one step further, some more factors were included to present a more holistic approach of how customer satisfaction and loyalty are enhanced.