CUSTOMER SATISFACTION AND LOYALTY
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CUSTOMER SATISFACTION AND LOYALTY
ABSTRACT
The goal of this thesis is to look into the relationships between customer pleasure and loyalty. “As competition for market share grew, customers became the focal point of all banking activity.
Focusing on customer satisfaction has been the key to boosting service quality in the banking industry,” indicated that the level of service quality is an indicator of the organization’s ability to meet the needs and demands of its customers.
Organisations must improve their services in order to suit the needs and requirements of their clients. Managers depend on customers’ expectations of service quality to compete in the market.
Customers that are satisfied are more likely to stay with the bank for a long time. To effectively compete in the environment in which they operate, banks should conduct market research to obtain a thorough grasp of their customers’ needs.
The bank must identify the requirements and desires of its customers and devise strategies to meet them. More banks must evaluate their competitors’ strengths and weaknesses, exploit those flaws, and try to second-guess the competitors’ strategy.
Qualitative and quantitative research methodologies are applied. In addition, this paper is based on the researcher’s internship experience at Ecobank. One in-depth interview was performed with the manager on duty, who is also the head of customer services at the bank.
In addition, a questionnaire study was done with the bank’s clients to determine the elements influencing their happiness and loyalty. In addition, a SWOT analysis was performed to offer a strategy for future development.
Customer happiness is viewed as an intangible asset. It is not only beneficial to the development of the financial institution, but it can also be used to predict the operational quality and growth of ecobanks in general.
Customer satisfaction and loyalty are the foundations for an enterprise’s growth and success. Customer satisfaction can be used to assess a bank’s service quality. Customers’ needs must be the starting point for service standards, followed by their satisfaction.
INTRODUCTION
A financial institution, sometimes known as a bank, is an entity that receives deposits, grants loans, and makes payments. Customer loyalty refers to customer behaviour that indicates a desire to improve the relationship with the company.
For example, customer willingness to purchase again from the company, preferences for the company, or recommending the company to others may indicate a desire to remain in a relationship with the company.
Customer relationship management recognises the long-term importance of both potential and existing customers. The primary goal of any financial institution is to maximise profit, which requires a huge pool of dependable consumers who can stay with the company in the near future. To keep these clients and make them loyal to the institution, there must be a bond that connects them.
This relationship takes the shape of contract and moral justice. Any relationship between a bank and a customer must be positive in order to maximise mutual benefits for all parties concerned.
The benefit must not be in equal amounts, but both parties must be satisfied. A bank and other businesses rely on its customers to function. From a financial standpoint, clients own a bank and must be present for it to operate in the near future.
Banks are fiercely battling in a highly competitive environment to provide quality-oriented services that meet customers’ expectations.
Many academics are examining many aspects of the banking sector in order to better understand and serve the community as a whole, including operations, service quality, staff satisfaction, customer satisfaction, financing products, efficiency, and financial performance.
A successful service provider’s key influence is a high-quality relationship with clients, “which determines customer satisfaction and loyalty”. Organisational outcomes such as better performance are significantly influenced by service quality
which increases sales profit, market share, customer relations, improves company image, and promotes customer loyalty. So, service quality and customer pleasure are linked to client loyalty via repurchase intentions.
To succeed and survive in today’s competitive banking environment, banks must provide high-quality service. A delighted consumer is likely to become a repeat purchaser and loyal buyer for a variety of reasons. The relationship between satisfaction and loyalty should result in improved marketing performance for a variety of reasons.
1.1 The purpose of the thesis
The purpose of this thesis is to investigate the relationships between customer happiness and loyalty. “As competition for a larger market share increased, customers became the focal point of all banking activities.”
Focusing on customer satisfaction has been the key to boosting service quality in the banking industry,” indicated that the level of service quality is an indicator of the organization’s ability to meet the needs and demands of its customers. As a result, organisations must upgrade their services to better satisfy the demands and requirements of their clients.
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