Customer Satisfaction in Banking
Aiming for the customer satisfaction is the most challenging task in every organization. Through the satisfied customers, a firm an easily measure the effectiveness of the business, its potential and position in the industries, and the areas that are needed to polish and improve. Keeping the trust of a customer is not an overnight miracle but with full of patience and bountiful of effort. Background and Problem Statement
The products and services that are sold in the most favorable prices can be an initial step of the firm in obtaining the trust and be included in the top list of the customers. However, because of the tight competition of various services, particularly in banks, the perception of the customers and potential customers are also divided according to the services that they want to achieve. In addition, the impact of the economic problems and financial crunches among the financial institutions creates a great challenge in the banks. With all the challenges that are ahead on the banks, how will they gather the customer satisfaction which is the same focus of the other competing banking institutions? Research Aim and Objectives
The aim of the study is to determine the satisfaction on the services and products delivered by the banks towards their customers to attract other potential customer. There are three objectives that can be the guidance of the researcher/s in reaching for their goal and, in also, measuring the impact of customer satisfaction to their effectiveness in the market. First objective is to recognize the various strategies placed by the banks to achieve the customer satisfaction. Second is to determine the extent of those strategies to eliminate or at least minimize the impact of resistance and reluctance of the customers towards the bank’s offered products and services. And third is to discover the level of satisfaction from the existing customers that can contribute in the success and continuous performance of the banks. Literature Review
Finding for the loyal customers is a great opportunity for the various firms and enterprises, for the corporate leaders believe that through them, the firms can continue its business cycle. In order to keep the loyal customers, the organization should first attempt to discover the ways to satisfy the customers. Customer satisfaction is an applied term that determines on how products and services supplied by a company meet or surpass customer expectation. It is an essential tool to see the key performance indicator within business. In banking industry, being competitive is already a given factor. Customers expect that banks should be strong enough even if there are uncertainties in the country, most especially in the financial stream. In the long run, the customer satisfaction can be the key element of the organization to prepare another strategy (Gitman and McDaniel, 2005). Every business’s mission is making the customers as their first priority. In accordance to this, the business must fill or serve the satisfaction of their customers according to what preferences that the market is demanding for. In the banking industry, there is a suggested conceptualized model of satisfaction in terms of the business-to-business level. With the aid of the path analysis, corporate customer satisfaction can be determined in the earliest time with regards to the equity, and expectations of customers (Armstrong and Seng, 2000; Hackl and Westlund, 2000). Catching the attention of the customers is the first impression of the banks in terms of promotion. However, if the banks continuously deliver the satisfaction towards to their customers, the firms will not only obtaining success but also the continuing promotion of benefits for their own customers. The most desirable outcome that the customers can gain is the improvement on their experience in banking services and products and identify that there is an increase...
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