AN assessment OF CUSTOMER SATISFACTION IN banking INDUSTRY
AN ASSESSMENT OF CUSTOMER SATISFACTION IN BANKING INDUSTRY
Quality improvement can result in improved income, enhanced customer loyalty, and cross-selling of bank products since loyal clients spend more time with preferred banks, incur less administrative costs, and are more profitable. The study's goal is to determine the level of service quality.
It also seeks to identify significant variables in choosing a specific bank. The findings of this study revealed that the important criterion in picking a certain bank is credibility, client, and customer investors are dissatisfied with the quality of services offered by Nigerian banks.
According to the report, confusing procedures and farms, queuing time, a lack of individual approach, and a lack of innovative technology are some of the issues that generate disadvantage and a lack of cooperation between the firm and the bank. The paper also suggests ways to remedy the problem.
INTRODUCTION TO CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Customer Satisfaction is a customer's view of a firm and whether or not his or her expectations are met (Praline, 2007).
Customers' dissatisfaction with banks grew gradually over the years as a result of irregular rendering of bank statements, delays in clearing and crediting changes lodged, failure to receive prior guidance and endless queues at the banking hall, and numerous other frustrating and organising experiences of customers.
The earnings stated by the bank annually provoke some dissatisfaction among their customers and other users of the service who believe that the service they receive from the banks is typically inadequate and ineffective.
Many bank services in Nigeria must be obtained. The evaluation should be viewed as an endeavour by the banks to establish the most effective techniques for meeting the needs of their clients.
For example, the advent of computer technology was intended to improve the quality of banking services provided to clients, but the rate of effective computer utilisation remains quite low.
Many banks have also launched e-banking, value card credit cards, and (ATM) debit cards in order to minimise long lines and enable simple transactions.
Many banks also invested heavily in the development of gorgeous high-rise head office complexes, area offices, and branches in order to provide adequate working conditions for employees and clients while also strengthening their corporate image.
The importance of client satisfaction in the banking industry cannot be overstated, especially in light of the fierce competition available in today's corporate environment. As a result, there is a need to research the topic: customer satisfaction assessment in the banking industry. As a result, the focus of this article will be on this subject.
1.2 OBJECTIVES OF THE STUDY
1. To analyse client satisfaction in the banking business
2. To investigate the broad concept of customer satisfaction in the Nigerian banking business.
3. To identify the variables that are working against customer happiness in the banking business.
4. To propose potential remedies to the identified difficulties.
1.3 SIGNIFICANCE OF THE STUDY
The conclusions of this essay will be valuable to participants in the banking industry as well as pupils.
Firms in the banking industry who desire to use the findings as a foundation for developing policies targeted at enhancing customer satisfaction would find this essay extremely valuable as they apply the findings.
Students and private individuals who seek to utilise this essay as a reference material or a springboard to begin their own study will find it quite valuable.
1.4 SCOPE OF THE STUDY
The essay discusses the assessment of customer happiness in the banking sector as well as the obstacles to customer satisfaction in the banking industry. The essay also makes recommendations for the issues that the banking sector faces in order to effectively fulfil its consumers.
1.5 LIMITATION OF THE STUDY
Time: Although time is essential for obtaining correct and up-to-date data, this cannot be accomplished (as a student) due to academic stress.
Finance is another restriction in conducting this type of research. Money is required to go to several branches in various geographical places and to purchase the resources required for this research. However, it is true that there is no such thing as “enough money” in the country.