How the Advancements in Technology Have Improved Customer Satisfaction in the Banking Sector

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TABLE OF CONTENTS

CONTENT PAGE

1.0Introduction 3 - 6
1.1 Background to the problem
1.2 Problem Statement
1.3 Research Questions
1.4 Purpose of the study
1.5 Significance of the study
1.6 Delimitations and Limitations
1.7 Definition of Variables

2.0Review of Literature 7 - 22
2.1 Introduction
2.2 What is the Banking Sector and what institutions make
up the Banking Sector?
2.3 What is Customer Satisfaction and what is the importance
of customer satisfaction?
2.4 What are the technological Improvements made in the
Banking sector?
2.5 What are the challenges of implementing these improvements
in the Jamaican Banking Sector?
2.6 How has the Technological Advancements Improved Customer Satisfaction in the Banking Sector?

3.0Methodology and Procedures23 - 33

3.1 Introduction
3.2 Research Design
3.3 Population and Sample
3.4 Instrument Design
3.5 Validation of Questionnaires
3.6 Data Collection Procedures
3.7 Data Treatment
3.8 Ethical Considerations
3.9 Appendices

4.0Conclusion and Implications 34 '' 38

4.1Conclusion and Implications
4.2Recommendations
4.3References

Chapter One
INTRODUCTION
BACKGROUND TO THE PROBLEM
Banking is a commercial process providing a wide range of financial services, such as holding and transferring money, providing loans, and giving stability to the financial sector of the economy. There are a variety of sectors in the banking industry. These banking sectors deal with the public as well as with small and medium-sized businesses and corporations. Since the organization is dealing with the public and businesses and corporations it is therefore a necessity for banks to have quality customer service. Customer service is both a challenging and critical task for any organization as customers form an opinion of the company based on the kind of services he receives. Customer service is generally termed as “customer experience” (Vukmir, 2006). The rationale behind this is, customer service is a critical element of the customer experience and refers to the quality of the interaction that customers have with front-line staff, including their speed, knowledge, courtesy and level of caring. The broader customer experience encompasses the full experience of being a customer, including the convenience, functionality and reliability of self-service channels and the ability of products and services to meet customer expectations and lifestyle needs(Kelley, 1990). Having established that effective customer service is the backbone to the success of organizations, we now see the need to know the technological improvements that are being implemented to increase customer satisfaction in the Jamaican banking sector, how much emphasis is being placed on making the customer experience a memorable, worthwhile and hassle-free experience that keeps bringing them back to use products and services being offered by the banks. Technological improvements include implementing measures that make services move faster, more convenient, more accurate, increase consumer knowledge, fast and efficient responsiveness, consumer friendly, flexible and easy to customize. However it is difficult to master all of these when implementing new technologies, so companies prioritize what service means in their environment and how best they can suit the needs of customers despite the various challenges. PROBLEM STATEMENT

To what extent have advancements in technology improved customer satisfaction in the Jamaican banking sector? RESEARCH QUESTIONS
1.What is the Banking Sector and what institutions make up the Banking Sector? 2.What is Customer Satisfaction and what is the importance of Customer Satisfaction? 3.What are...
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