The customer services and Loyality
Question:
Write an essay on The customer services and the customer loyalty.
Answer:
customer services and the customer loyalty is interdependent on each
other. The better will be the services for the customers, the chances of
customer loyalty will be more. The researcher will mainly take into
account behaviour of the customers after they avail the service, and
whether the customers will remain loyal if they are provided with the
best quality services by the bank.
1.2 Background of the research
Due
to the growth of the banks in the Australian market, the competition
among the banks is also rising (Khan and Fasih 2014). The competition is
mainly strong among the private banks and the foreign banks that are
operating in the market of Australia. Hence, it is important that the
banks provide the customers with high-end services so that they continue
their relationship with the banks. The customers are always in a
lookout for banks that provide them with hassle-free banking and they
have to invest lesser time for the banking transactions (Kahreh, Tive,
Babania and Hesan 2014). Thus, the banks should provide services not
only on the banking products but also within the bank that will help
them to serve the customers better. The banking products should be able
to provide the customers with better rewards if they invest in them. In
addition to the rewards, the customers could be offered with lesser
interest rate in loans taken from the banks (Mandal 2016). In this way,
the customers will prefer the bank with the lesser interest rate as
every customer always stay loyal to the bank that gives value for their
money. On the other hand, the self-service counters within the bank are
on the rise. The customers do not have to stand in the queue and they
can do the transactions easily (Choudhury 2014). However, the services
should be enhanced in a regular basis so that the customers remain loyal
the bank. One time satisfaction will not help the bank to retain the
customers for a very long time, thus, the bank will have to think of
ways so that the satisfaction is sustained and the customers are
retained, who can give rise to new customers for the bank (Zhang, van
Doorn and Leeflang 2014).
1.3 Rationale of the research
The issue
of competition is visible in every field. In the banking industry, the
competition is even more in the banking sector due to the presence of
more than one organization in the market (Sydler, Haefliger and Pruksa
2014). Due to the advent of the international banks, the competition is
getting tougher with the passage of time. Technology is making its
presence felt in every aspect of life. Starting with education, and
ending with the business, people cannot go ahead without technology.
Technology is also making its presence felt in the banking sector as
well (Paul, Mittal and Srivastav 2016). Once the customers will get more
facilities from the bank, they will prefer that bank to other banks
present in the market. To keep with the demands and the needs of the
customers, the bank will have to train the employees so that they are
able to solve the queries of the customers (Al-Alak 2014). The customers
will prefer the banks where they do not have to wait for long for the
solution of a problem. Thus, the co-relation between the banking
services and the loyalty of the customers will be studied in the
research.
The research will throw light in the importance of the
customer services, customer satisfaction and the customer loyalty. The
research will mainly evaluate whether the services provided by the banks
help the bank is satisfying the customers. It is expected the satisfied
customers will eventually start trusting the banks. To gain the
loyalty, trust is one of the biggest factors (Hanafizadeh, Keating and
Khedmatgozar 2014). Once the customer will be able to trust the bank,
gradually, they will become loyal to the bank (Abubakar, Mokhtar and
Abdullattef 2014). The researcher will also throw light on the question
that whether the customer satisfaction will convert into customer
loyalty for any bank.
It is expected that the feedback of the
customers will be helpful for the banks to understand the need for the
training f the employees and the areas where the bank need to enhance so
that they are able to gain more customers and the customers remain
loyal to the bank. The feedback will also reveal whether satisfaction
mean loyalty to the customers and is there any chance for the banks to
lose a satisfied customers when it comes to the loyalty of the customers
(Zameer et al. 2015). The banks can then make the changes to enhance
the loyalty of the customers.
1.4 Research objectives
The main objectives of the research are:
1) To study if customer service affects the customer loyalty and satisfaction
2) To evaluate the clients feedback in correspondence to other various factors providing value to them.
1.5 Research aim
The
main aim of the research is to find that if the services provided to
the customers help in gaining satisfaction. The researcher will then
evaluate whether the satisfaction will help the banks to retain the
customers and whether the customers will become loyal towards the banks
1.6 Variable and hypothesis
Customer loyalty will be the dependant variable.
Customer service will be the independent variable.
Age is the moderating variable.
In this research following hypothesis will be verified:
Hypothesis 1: quality customer service results in high degree of satisfaction.
Hypothesis 2: highly satisfied customers become loyal customers.
1.7 Research questions
The research questions for the current research are as follows:
1) How does customer service affect customer loyalty in banking industry?
2) What are the attributes of customer service that may affect customer satisfaction in banking industry?
Literature review
Factors affecting the behaviour of the customers
The
more services the customers receive from any bank, the more loyal they
become towards the bank. Once the banks are able to satisfy the
customers with various customer service programs by the banks, the
customers will become more loyal towards those banks (Mention and Bontis
2013). In one of the studies, ‘Factors Influencing Customer Loyalty of
Banking Industry: Empirical Evidence from Pakistan’ carried out by
Rizwan Ali, Professor Gao Leifu and Ramiz ur Rehman, it was found that
three factors affect the behavior of the customers towards then bank
(Ali, Fu and Rehman 2014). The factors are:
• Trust that is instilled in the minds of the customers
• The reputation of the banks
• The quality of the services provided by the bank
Once
a bank take care the above-mentioned, it will affect the customer
loyalty in a positive manner. It has also been seen that there is high
affinity for the private banks among the people in Pakistan. On the
other hand, many people believe that the foreign banks give better
customer service than the private and the public banks. As a whole, it
has been seen that the public banks are not famous among the people
residing in Pakistan.
2.2 Relationship between customer satisfaction and customer loyalty
However,
it is important to understand the relationship between customer service
and the customer loyalty. Customer services can be short-term services
(Choudhury 2013). On the other hand, customer loyalty is a long-term
effort. Some of the banking services can be long-term as well. It is
important that whatever services the bank provide to the customers, it
is important that, it should be helpful in retaining the customers for a
long time and gradually build up the loyalty (Wyse 2012). If the banks
are giving short-term services, then it should take care that they
introduce such services in a regular basis so get the customers always
remain attracted towards the services and plans for a long-term plan
with the bank (Kaura 2013).
It is important for any bank to increase
the customer loyalty mainly because the customer loyalty converts into
profit (Kranias and Bourlessa 2013). Due to the customer loyalty, the
customers act as the public relationship manager for the banks.
Eventually, the name of the bank is spread in the market with the help
of word of mouth and tor modes of communications. As other customers
come to know about the bank, they try out the services and starts
investing on the banks. Gaining the initial loyalty is only possible
once the customers are satisfied with the services of the banks and they
are able to get good revenues from the services provided by the banks
(El Saghier and Natha 2013).
The importance of the customer loyalty
and the importance of the customer services and the relationship of the
banks with the customers can be explained from the model where the
hypothesis that have been taken consideration to reach the result. In
the article, ‘Relationship Marketing and Customer Loyalty: Do Customer
Satisfaction and Customer Trust Really Serve as Intervening Variables?’
by the authors, Dewi Listyawati, Mohamad Rizan and Ari Warokka explained
the customer loyalty (Rizan, Warokka and Listyawati 2014). The authors
took five hypotheses in the beginning of the research and the authors
have represented the following model:
Figure: Relationship marketing and customer loyalty
(Source: Rizan, Warokka and Listyawati, 2014)
• H1- Hypothesis 1: the tactics applied in the relationship marketing influence the customer loyalty
• H2- Hypothesis 2: the tactics used in relationship marketing influence the customer satisfaction
• H3- Hypothesis 3: the tactics applied in the relationship marketing influence the trust instilled in the customers
• H4- Hypothesis 4: once the customers are satisfied, the customer loyalty also increases
• H5- Hypothesis 5: the trust instilled in the customers helps influencing the customer loyalty
It
has been that all the five hypotheses had been proved correct after the
research was completed. The services by the bank will help in building a
strong relationship with the customers (Lovelock, Patterson and Wirtz
2014). Once the bank will be able to build a strong relationship with
the customers, the customers will be satisfied as well as a trust will
be built between the customers and the bank (Orel and Kara 2014). Once a
strong bond will be built among the two, the customer loyalty towards
the bank will also increase gradually and the bank will be able to
retain the customers as well as gain more customers thought the old
customers.
2.3 Banks of Australia
Out of all the banks of
Australia, Commonwealth Bank, Naz Elizabehth Bank and Anz Bank is known
is famous for serving the customers well, through their high quality
services and in turn gaining the customer loyalty. However, the
Commonwealth Bank is recorded to be the highest performer out of the
three banks mentioned. The customer services provided by the bank have
helped the banks to gain more customers as well as retain old customers.
The old customers help the Commonwealth Bank to stay ahead than the
other because of the better services. The APRA common equity tier one
(CET1) of Commonwealth Bank is at 9.2 percent and thus it is leading the
competitors (D’Amato 2015). The good financial health of the bank will
lower the risk of the investors and they will prefer Commonwealth Bank
to other banks (D’Amato 2015).
2.4 Factors that do not define customer loyalty
It
is necessary to know the things that do not define the customer loyalty
(Shanka 2012). At times, the banks confuse the term ‘loyalty’ with the
other factors that helps in understanding the position of the bank in
the competitive market. The banks should understand the customer
satisfaction does not define the customer loyalty. Satisfaction is
important for the banks but then banks should keep in mind that only
satisfied customers have a chance of shifting to other banks; thus
loyalty is necessary along with satisfaction.
• The population
that reacts with the offer or discounts given by the banks could not
define customer loyalty (Jumaev and Hanaysha 2012). In fact, reacting to
offers and discounts is a strong sign of disloyalty. Those kinds of
customers will not think twice for shifting the banks. Services should
be provided but it should not look like offers, which is short-lived in
the market.
• Huge levels of market share of the banks do not
define loyalty (Zafar, Zafar, Asif, Hunjra and Ahmad 2012). A bank may
be functioning in a strong manner at one time, but it might not take
time for other banks to gain more market share than other banks. If any
of the competitors become strong or there is a new entrant in the
market, the customers might move away to those banks.
• Some of
the customers choose a bank because it is convenient for them (Hafeez
and Muhammad 2012). The operations of the bank and other factors might
include the convenience in doing the transactions with the banks. At
times, people who are aged prefer bank with the less computerization so
that they can do the transactions easily. However, if the banks submit
to the demand of these kinds of people, then it cannot be said that the
bank has customer loyalty. Chances of losing new customers are high and
the bank would not be able to keep pace with other banks in the market.
2.5 Importance of market research to gain customer loyalty
Proper
customer services can be provided to the customers once it is teamed
with a thorough market research (Kahreh and Kahreh 2012). The banks
should carry out regular market research to know the demands and the
needs of the customers and how the taste have changed over the time.
• The banks should ask about the needs of the customers
• The banks should follow up with the bonds and services that they have launched in the market
•
Product training is another important part, which should be imparted
to the customers so that they know about the products and the usage of
the products
• Any reduction in the pricing should be marketed properly
•
Comparisons of the other services should be portrayed to the customers
so that they are able to decide the proper services to avail
•
The information of the services should be provided clearly to the
customers. The customer should not have any confusion regarding the
services. Information is one of the vital parts to promote the services
and eventually gain the loyalty to the customers.
However, in many
research works it was found that it is not always necessary that the
satisfied customers are loyal or unsatisfied customers are disloyal (Wah
Yap, Ramayah and Nushazelin Wan Shahidan 2012). Many times, it has been
seen that the satisfied customers detach from the current bank and move
to other banks with the perspective of getting better quality services
and products. On the other hand, it was seen that at times, the
unsatisfied customers remain loyal towards a bank just because of
commitment and legacy (Soteriou and Stavrinides 2013). At times, the
older generations use a bank and he the next generation do not have any
choice but to carry on with the services with the bank, due to the
existing accounts. In such a case, customers remain loyal to the banks.
However, this kind of loyalty does not serve the purpose for the bank
for a long time. Chances are high that the unsatisfied customers will
not spread good words about the bank and the chances of gaining more
customers and attaining their loyalty will decrease eventually
(Grigoroudis, Tsitsiridi and Zopounidis 2013).
2.6 Technology and loyalty
Technology
is creating a huge impact in the customer loyalty (Toufaily, Ricard and
Perrien 2013). Due to the technological advancement, the banks are
introducing self-service to make the operations hassle-free and decrease
the time consumption of the customers. In such a situation, when the
banks will enhance the technology and introduce more self-service
counters, the customers will gradually prefer those banks over to the
banks, as it will consume less time than others will (Vijay Anand and
Selvaraj 2013). In such a way, the banks could gain the customer loyalty
when the customers will see that the banks are advancing with to make
the transactions hassle-free. However, usage of technology might invite
other problems, which should be taken care by the banks. As the
customers will be sharing their personal information in the banking
website, the bank has to pay attention to protect the personal
information of the customers.
2.7 Gaps in the literature
The
literature review talks about the co-relation between the services
provided to the customers, the satisfactions of the customers and the
loyalty of the customers. However, it has been seen that at times, the
customer loyalty can be achieved even if the customers are dissatisfied
with the banking services. The literature review does not go deep with
the explanation regarding dissatisfaction and loyalty of the customer
banks. On the other hand, satisfied customers become disloyal towards
the banks. The literature review talks about the topics but does not
critically discuss the issues.
Chapter 3:
Research methodology:
The
research methodology is the area, which helps in defining the
requirement that is needed for doing the research. This chapter will
help in providing a deeper understanding on the analytical view of the
subject through the help of the research methods. With the correct
methodology used by the researcher would help in throwing light on the
research topic. There are a number of limitations in the research. The
data analysis and the findings are also discussed in the research.
Data sampling:
The
collection of the data will be done based on the primary and secondary
data. The primary data is collected from the banking customers with the
help of the questionnaire. The questionnaire will help in answering the
questions of research. This will help in finding the reason that would
help the reason that lead to customer loyalty and examining of the
dependence (Biddle and Emmett 2012). There will be use of the secondary
data for performing the literature review. The secondary data has been
collected from the websites of the banks, journals, magazines and many
more. All the age groups will be composed in the process of the research
and those who are experiencing services from the banks like Common
Wealth, ANZ Bank and NAB Elizabeth. Sampling is a very important step
in a research so the researcher would be using the random sampling
technique for the research (Oakshott 2012). The questionnaire is
distributed to 20 customers of each of the banks. The questionnaire will
be asking for the opinion of the customers regarding the customer
services. The responses will then be analysed who are managing and
utilising the different type of benefits and accounts in the bank
(Biddle and Emmett 2013). In order to maintain the level of accuracy,
the confidence level will be for 95%.
data collection method is of
two types and they are qualitative and quantitative in nature. The
researcher will be using the quantitative method for the collection of
the data. In the case of the quantitative data, each of the 20
customer’s form each of the banks will be provided with the close-ended
question (Supino and Borer 2012). The questionnaires will be distributed
in hand to the customers. The researcher with data carries out the
research on topic and uses it for further analysis. There will be a
deeper understanding of the statistics, which is used for further
research (Chandra and Sharma 2013).
Data Analysis:
The primary
research is conducted with a link to that of the literature review.
There 6 questions asked to 20 customers each of the three banks i.e.
ANZ, Common Wealth and NAB Elizabeth. Regression and correlation
analysis is performed for each of the three banks.
Data Analysis for ANZ Bank:
When
20 customers they are asked how often expectation will exceed the
customer service then 35% of them replied they were sure. 25% of them
replied infrequently and 20% of them replied frequently
Correlation:
There
is a negative correlation of the extent of the ANZ banks exceed the
expectation of the customer service and the ANZ good customer service.
The negative correlation is -0.301. There is a positive correlation of
the good customer service ANZ bank exceeding the expectation of the
customer’s services. The correlation number is 0.40. A positive
correlation exist with the extent to which the customers services
exceeds expectation of the customer service with the customer service
that was provided a year ago i.e. 0.449. Similarly there is 0.449
positive correlation between the customer service that is provided a
year ago and to what the extent ANZ bank is going to exceed the
expectation of the customer service. There is negative correlation of
the recommendation by the friends or the colleagues on the ANZ bank
and the extent to which the expectation of the customers exceeds the
expectation of the customers is -2.71. The highest negative correlation
(-0.710) exist recommendation by the friends or the colleagues on the
ANZ bank and how helpful are the counter staff of the ANZ bank.
Calculations:
Discussion
of the results:There are two type of hypothesis that is considered for
the research. The customer’s of the banks who are satisfied with the
services they might no longer be loyal as they might get more options
that are profitable in other alternative banks. The initial hypothesis
is accepted while the latter hypothesis is rejected. The second
hypothesis is rejected as the highly satisfied customers (Nguyen, Tran
and Wang 2014).
The literature review helps in identifying the level
of the customer satisfaction in the banks. The level of interest of the
customer satisfaction is self-centred. The level of profitable and
successfulness of the company depends on the level of satisfaction of
the customers (Rod, Ashill and Gibbs 2016). The customer satisfaction
level is a parameter of judging the level of corporate profitability.
In
a retail banking industry, the customer will be retained when they are
provided with the excellent services by the banks. The banks must offer
interest rate at which they are able to attract more number of
customers (Levy and Hino 2016). In the recent scenario, it has been seen
that Common wealth Bank offers more lucrative offers to the banks.
There is a larger amount of debt and mortgage problem in NAB and ANZ
banks.
Recommendation:
• Product Bundling and Relationship
Pricing: The bank needs to think that not all services are meant for a
particular type of customer (Shanka 2012). The banks will look into the
product and pricing which has based on getting the customer view and
respond to the value that customer bring to the bank across the range
of rates and features (Ennew, Binks and Chiplin 2015).
•
Sophisticated Customer Segmentation: This will help in catering the
needs of the individual and this should be based on the standard banking
metrics (Rod, Ashill and Gibbs 2016).
• Digital Revolution:
The banks they will be able to engage more number of customers through
the advanced digital channels and expand in the digital forums like the
Face book , Twitter, Pin interest and Twitter (Soteriou and Stavrinides
2013).
• Big Data: The use of Big Data technology involves the
disruptive technology. This technology will help in providing capability
that would help them to understand the clients at the granular level
and this would help in providing more targeted personalised offers
(Audrezet, Olsen and Tudoran 2016).
Conclusion and Future Research:
There
is a need to analyse the banking services and its effect on customer
satisfaction. To minimize, the distance of the bank and customers there
is a need for the bank to increase the number of professional staffs who
would be providing services to the customers. There is a need for
staffs to master the product so that it helps in ensuring there would be
appropriate level of ability for accommodating the customers. The
staffs should have soft skill for communicating, sales and negotiation.
Future Research:
The
different aspects of loyalty can be studied in different type of
situations. The research will help in trying to investigate more number
of factors, which will help in developing customer loyalty in the bank
industry in relation to the future research. The finding will help in
stimulating further research in the developing countries. There can be
more number of factors in the model by other researchers according to
their environment.
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