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Customers Experience Management and Loyalty in the Banking Industry

Customers Experience Management and Loyalty in the Banking Industry

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DEDICATION

This research material, titled “Customers Experience Management and Loyalty in the Banking Industry” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Banking and Finance (BF) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Customers Experience Management and Loyalty in the Banking Industry provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    Customers Experience Management and Loyalty in the Banking Industry

    CHAPTER ONE

    1.0 Introduction

    1.1 Background Of Study

    In the business environment today, loyal customers are considered to be the pivot behind the success of many service businesses especially the banking sector of Nigeria; this goes to other organization under the service sector like the insurance, hospitality industry etc.

    The assumption is that with customer satisfaction; loyalty, retention and profitability will automatically follow. The current thinking is that the relationship between satisfaction and loyalty is more complex than was originally proposed, however. As commoditization of many service offerings continues, new sources of competitive differentiation/advantage will come from focusing on the management of customer experiences. Because loyalty is so very important to the survival and profitable growth of a company, measuring it becomes all the more important. Existing approaches to the measurement of loyalty have not proved to be very effective in this task.

    For any organization, loyalty is considered as the key of success and which ultimately becomes the reason for the survival of that organization (Pullman. and Gross, 2003;Rahman, 2006). And a minor change in the number of loyal customers affects the growth and the over-all profitability of the organization ( Heskett et al., 2000;Rahman, 2006)

    The ultimate outcome of creating the loyalty is something that is to develop the brand, advocates that brand and repeat patronage for the brand. It has been generally identified that customer achieves low level of satisfaction in this sector. Hence the quality of service and customer satisfaction can become frontier to attain the competitive advantage in the banking sector (Rayport et al. (2004); Jones and Farquhar (2003); Knights et al. (2004);Rahman (2006)

    Realizing customers as experience creators, organizations should find out various ways to enhance customer experience. Knowing about customer experiences, whether favourable or otherwise, could help the firms in achieving customer satisfaction, and with satisfaction come loyalty, retention and profitability (Rahman, 2006). The customer as an experience creator could also assist the firm in developing and customising its offerings; tailored according to the nature of the customer.

    Satisfied and loyal customers tend to spend more money and purchase repeatedly, are less price sensitive, have higher intention to refer others, and are more economical to maintain (Duncan and Moriaty, 2008;Reichheld and Sasser, 2000;Yin, 2009).

    Hence, loyal customers are vital to the survival and success of many service industries, especially in the hospitality, insurance, and financial sectors (Rahman, 2005). A slight change in the percentage of loyal customers is said to bring about a huge change in profits and also the overall value of the company (Rahman, 2005).

    Hence, loyal customers are vital to the survival and success of many service industries, especially in the hospitality, insurance, and financial sectors (Rahman, 2005). A slight change in the percentage of loyal customers is said to bring about a huge change in profits and also the overall value of the company (Rahman, 2005). Marketers are hence eager to understand the key to building strong, long-lasting customer relationships.

    1.2 Statement Of The Problem:

    The study on customer experience management and loyalty in the banking industry came about as a result of challenges and obstacle an organization face while trying to impact on the delivery of a positive customer experience. Finally, most of the research has been carried out on customer experience management but not even a single research has been done on customer experience management and loyalty in the b banking industry.

    1.3 Aims And Objectives Of Study

    The main aim of the research work is to determine customer experience management and loyalty in the banking industry.

    Other specific objectives of the study include:

    1. To determine the challenges and obstacle an organization face while trying to impact on the delivery of a positive customer experience.
    2. To determine the impact of current customer effort.
    3. To explore the result of customer experience initiative measure.
    4. To determine how financial institution prioritize customer experience efforts within the organization.
    5. To proffer possible solution on the management and satisfaction of customers.

    1.4 Research Questions

    1. What are the challenges and obstacle an organization face while trying to impact on the delivery of a positive customer experience?
    2. What is the impact of current customer experience efforts?
    3. How is the result of customer experience initiatives measured?
    4. Where does financial institution priorotise customer experience efforts within the organization?
    5. What are the solution to the management and satisfaction of customers?

    1.5 Statement Of Research Hypothesis

    H0: there is no significant relationship between customers’ experience management and customer loyalty in the banking industry.

    H1: there is significant relationship between customers’ experience management and customer loyalty in the banking industry.

    1.6 Significance Of Study

    The study on customer experience management and loyalty in the banking industry will be an interesting one. The study will enable the industry allow the consumer to engage with their bank on the channels they prefer at the times they want to engage.

    1.7 Scope Of Study

    The study on customer experience management and loyalty is limited to banking industry.

    1.8 Limitation Of Study

    Financial constraint

    Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

    Time constraint

    The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

    1.9 Definition Of Terms

    Customer

    A person who buys goods or services from a shop or business.

    Experience

    knowledge or skill from doing, seeing, or feeling things.

    Management

    The process of dealing with or controlling things or people.

    Loyalty

    Faithfulness to commitments or obligations. faithful adherence to a sovereign, government, leader, cause, etc.

    Banking Industry

    This is financial intermediaries are party to a transfer of funds from the ultimate saver to the ultimate user of funds.

    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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    Defense Procedure for Banking and Finance Researchers

    In preparation for defending a project or seminar on Customers Experience Management and Loyalty in the Banking Industry, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.

    Prior to your defense, be thoroughly acquainted with your research abstract and the critical elements of Chapter One, including motivation for embarking on this research, problem statement, objectives, and significance. In Chapter Two, be ready to cite at least two references from the literature review. For Chapter Three, you should be equipped to discuss the methodologies, tools, and techniques utilized. In Chapter Four, defend your research by justifying the findings and linking them to your research objectives.

    Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.

    During the question and answer segment, the External Examiner may pose questions pertaining to your research. If confronted with a challenging or irrelevant question, respond diplomatically with, “Sorry, Sir/Madam, the question asked is beyond the scope of my study.” Whenever possible, direct your answers back to your research findings to reinforce your expertise.

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