ASSESSMENT OF CUSTOMER SATISFACTION IN THE BANKING INDUSTRY

KYEI, KOFI FRANK; DARKO  MINTAA, PATIENCE; APRAKU, ERNESTINA; ASARE BOATEMAH, ERICA; TUAH FORDJOUR, SAMUEL

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ASSESSMENT OF CUSTOMER SATISFACTION IN THE BANKING INDUSTRY

KYEI, KOFI FRANK; DARKO MINTAA, PATIENCE; APRAKU, ERNESTINA; ASARE BOATEMAH, ERICA; TUAH FORDJOUR, SAMUEL

URI: http://localhost:8080/xmlui/handle/123456789/3038

Date: 2012-11-20

Abstract:

As the competitive environment become more turbulent in the banking industry, there is the need to assure and ensure customer satisfaction, in order to enjoy high market share and competitive advantage. The study therefore was conducted to assess customer satisfaction in the banking industry, taking The Trust Bank in Kumasi as a case study of the research. The main objective of the research was to assess customer perception of the service being received from The Trust Bank and the significance of customer satisfaction. This project was basically exploratory research using both qualitative and quantitative approach. The sampling technique was convenient and stratified. Source of data were primary and secondary.Data collection instrument were questionnaire, face to face structured interview and participation observation. Three branches whichinclude Adum, Suame and Ash town were selected out of the four branches. The population size was 16,000 and 90 customers and staff respectively for the three branches. Sample size was 375 and 73 for customers and staff respectively. Major findings were due to The Trust Bankquality services provided to customers paved way for customers delight and satisfaction. This made the customers to have corporate image and identity of the bank (TTB), making them to have competitive advantage and contribute hugely to their customer base and high market share.The staff of TTB addresses promptly to complaints of customers with urgency, professionalism and excellent communication skills. This enhances customer satisfaction aiding The Trust Bank to have corporate image and identity.The conclusion was that customers are highly satisfied at The Trust Bank. Recommendation was,since quality is not stable and is always changing according to the different needs of customers, managers should make conscious effort to improve and enhance the quality of products and services to meet the satisfaction of customers by engaging in more research work.

Description:

Customer satisfaction is often considered the most important factor thriving in today’s highly competitive business world. Services have unique characteristics that distinguish them from the physical goods (Zeithaml and Bitner, 1996). Today’s organization face tough competition and things will only get hard for them to succeed in today’s fiercely competitive markets, hence the need for companies to move from a product and selling philosophy to a customer and markets philosophy. To win in today’s competitive market place, companies must be customer-centered. Companies must deliver superior value to their target customers. In the banking industry, a key element of customer satisfaction is the nature of the relationship between the customer and the provider of the products and services. Satisfied customers are central to optimal performance and financial returns (Zeithaml and Bitner, 1996).In many places in the world, business organizations have been elevating the role of the customer to a key stakeholder over the past years, thus customers are viewed as a group whose satisfaction with the enterprise must be incorporated in strategic planning efforts. Forward-looking companies are finding value in directly measuring and tracking customer satisfaction (CS) as an important strategic success indictor. Evidence was mounting that places a high priority on CS was critical to the improvement of organizational performance in a global marketplace.(E. Boone and Kurtz David L 1999).

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