Global Journal of Research in Management

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

A Study to Identify Factors Responsible for Customer Satisfaction in Selected Banks of South Gujarat


Affiliations
1 Veer Narmad South Gujarat University, India
     

   Subscribe/Renew Journal


Customer satisfaction is an important component of the Marketing function and it can be simply de¬fined the number of customers, or percentage of total customers, whose reported experience with a bank, its products, or its services exceeds specified satisfaction goals. With many banks in the industry turning customer centric, customer satisfac¬tion levels are measured and plans for its improvement are done by all most all the banks in the industry.

The focus of the present study is to gain knowledge about the factors influencing the consumers to prefer a particular bank and the problems and challenges faced by the customers on using such banks. For the purpose of obtaining the data, structured ques¬tionnaire method is used. Suitable tools have been exploited to obtain scientific evidence and further suggestions useful for the industry have also been presented.

Factor Analysis is the statistical tool that has been used for data analysis. In analysis part initially KMO (Kaiser-Meyer-Olkin) and Bartlett's Test was applied to the collected data. Kaiser-Meyer-Olkin Measure of Sampling Adequacy test shows the value of .875.The Principal Component Analysis extraction method was used to analyze the data with Varimax Rotation Method. The extracted communalities are above 0.500. For clarity of the factor definitions, factor loadings of more than 0.500 were considered. The factor analysis yielded 6 factors in all which explaining 55.125 percent of total variance. Applicative value: Implications of this research work will help the bankers of to identify that what are the various factors that can affect their customer satisfaction the most in the present competitive market. May be they can use these factors to drive Customer loyalty out of customer satisfaction.


Keywords

Customer Satisfaction, Customer Centric Approach, Challenges.
Subscription Login to verify subscription
User
Notifications
Font Size


  • A Beerli, JD Martin, Quintana “A model of customer loyalty in the retail banking market” European Journal of Marketing (2004).

  • A Jamal, K Naseron “Customer satisfaction and retail banking: an assessment of some of the key antecedents of customer satisfaction in retail banking” International Journal of Bank Marketing (2002).

  • Band, William A. Creating Value for Customers. New York: John Wiley 1991.

  • Bloemer,Ruyter, Peeters “Investigating drivers of bank loyalty: the complex relationship between image, service quality and satisfaction”International Journal of Bank Marketing(1998).

  • Brierley,MacDougall How to Measure Customer Satisfaction (2nd Edition) Gower Aldershot-2006

  • David.L.London & Albert.J.Dellabitta (1993), Consumer Behaviour, 4th edition.

  • Dr.N.Rajan Nair and Sanjithn Nair (1993), Marketing, 7th edition, Sultan Chand & sons.

  • Kotler Philip Marketing Management-Millennium edition, Prentice Hall of India Private Ltd.-2000.

  • LuiZ Moutinho, Anne Smith” Modeling bank customer satisfaction through mediation of attitudes towards human and automated banking”International Journal of Bank Marketing (2000).

  • Manoj Kumar Dash (2006) “Measuring Customer Satisfaction in the Banking Industry”.

  • Parasuraman A. Zeithaml Valarie A. and Malhotra Arvind (2005) E-S-QUAL: A Multiple-Item Scale for Assessing Electronic Service Quality, Journal of Service Research, Volume 7, No. X, Month 2005 1-21.

  • S.P.Gupta & V.K.Kapoor (1994), Fundamental of Mathematical Statistics, 9th edition, Sultan Chand & sons.

  • Shirshendu Ganguli and Vinoth Kumar (2008) “Drivers of Customer Satisfaction and Loyalty in Indian Retail”.

  • Solomon, M.R, Consumer Behavior, Allyn & Bacon, Boston, MA. . (1992).

  • A Study to Identify Factors Responsible for Customer… M. Ganjawala |93

  • Zeithaml Valarie A, Bitner Mary Jo, Service Marketing, McGraw Hill Int. Edition 2001.

  • Zhilin Yang, Robin T. Peterson “Customer perceived value, satisfaction, and loyalty: The role of switching costs” Wiley Periodicals, Inc. (2004)


Abstract Views: 457

PDF Views: 0




  • A Study to Identify Factors Responsible for Customer Satisfaction in Selected Banks of South Gujarat

Abstract Views: 457  |  PDF Views: 0

Authors

Mehul Ganjawala
Veer Narmad South Gujarat University, India

Abstract


Customer satisfaction is an important component of the Marketing function and it can be simply de¬fined the number of customers, or percentage of total customers, whose reported experience with a bank, its products, or its services exceeds specified satisfaction goals. With many banks in the industry turning customer centric, customer satisfac¬tion levels are measured and plans for its improvement are done by all most all the banks in the industry.

The focus of the present study is to gain knowledge about the factors influencing the consumers to prefer a particular bank and the problems and challenges faced by the customers on using such banks. For the purpose of obtaining the data, structured ques¬tionnaire method is used. Suitable tools have been exploited to obtain scientific evidence and further suggestions useful for the industry have also been presented.

Factor Analysis is the statistical tool that has been used for data analysis. In analysis part initially KMO (Kaiser-Meyer-Olkin) and Bartlett's Test was applied to the collected data. Kaiser-Meyer-Olkin Measure of Sampling Adequacy test shows the value of .875.The Principal Component Analysis extraction method was used to analyze the data with Varimax Rotation Method. The extracted communalities are above 0.500. For clarity of the factor definitions, factor loadings of more than 0.500 were considered. The factor analysis yielded 6 factors in all which explaining 55.125 percent of total variance. Applicative value: Implications of this research work will help the bankers of to identify that what are the various factors that can affect their customer satisfaction the most in the present competitive market. May be they can use these factors to drive Customer loyalty out of customer satisfaction.


Keywords


Customer Satisfaction, Customer Centric Approach, Challenges.

References