Abstract: This paper teases out two basic logic paths of the formation of consumer loyalty which means the “trust-loyalty” and “satisfaction-loyalty”, and inherits the multidimensional measurement framework of consumer loyalty to explore the heterogeneous influence of trust and satisfaction on consumer loyalty and uncertainty relationship between trust and satisfaction. Based on the empirical analysis of the Yu Ebao user′s data, the paper finds that trust mainly affects consumers′ affective loyalty while satisfaction mainly affects behavior loyalty; for the Yu Ebao users, trust affects the satisfaction but not opposite, and perceived value and perceived enjoyment are the vital antecedents of Yu Ebao user′s trust and satisfaction. The present research contributes to the consumer loyalty theory and the practice of Internet financial services..

Key words: consumer loyalty, trust, satisfaction, heterogeneity, Yu Ebao