An Assessment Of Customer Satisfaction In Banking Industry
Quality improvement can lead to increase in revenue and increased customer’s loyalty and the cross-selling of bank products as loyal customers spend more time with chosen banks, attract little administrative cost and are more profitable. The objective of the research is to identify the service quality level. It also aims to determine key factors in selecting a particular bank. The finding of this research suggested hat the key factor in selecting a particular banks are credibility, client, customer investors are dissatisfied with the quality of services as provided by the banks in Nigeria. The research has indicated that the complicated procedures and farms, queuing time, lack of individual approach and absence of new technology are some of the factors which creates disadvantage and lack of co-operation between the firm and bank. The study also proffers solutions on how to improve the situation.
1.1 Background of the Essay
Customer Satisfaction is perception of customer about a company and in relation to whether his or her expectation is met or not (Praline, 2007).
Over the years a feeling of discontentment among customers and users of bank services developed gradually with regard to irregular rendering of banks statement delay in clearing and crediting changes lodged, failure to receive prior guidance and endless queues at the banking hall and numerous other frustrating and organizing experiences of customers generated dissatisfaction with the banks.
The profits declared annually by the bank generate some resentment to their customers and other uses of the service who believed nightly or through that the service they received from the banks are mostly inadequate and ineffective.
Many of the bank service in Nigeria need to be received. The review should be seen as an attempt by the banks to determine the most effective approaches for satisfying customers needs. For instance, the introduction of computer technology was to enhance the quality of banking services to their customers but the rate of effective utilization of computers still remain very low.
Many banks have also introduced e-banking, value card credit card, and (ATM) debit card so as to eliminate necessary queues and facilitate easy transaction. Many banks also invested enormous capital in the construction of magnificent high head office complexes; area offices and branches to provide suitable working condition for staff and customers, and a the same time enhancing their corporate image. The impact of customer satisfaction in banking industry cannot be overemphasized, especially in the face of stiff competition, obtainable in today’s business world. Hence the need to study the subject matter: The assessment of customer satisfaction in banking industry. As such emphasis of this essay shall be on this subject matter.
1.2 Objectives of the Essay
- To assess customers’ satisfaction in banking industry
- To examine the general concept of customer satisfaction in banking industry in Nigeria.
- To identify the factors militating against customers satisfaction in banking industry.
- To proffer possible solutions to the identified problems.
1.3 Significance of the Essay
The study will be useful to players in the banking industries as well as students as they utilize the findings of this essay.
The firms in the banking industry who may wish to sue the findings as a basis for formulating policies aimed at improving customer satisfaction will really find this essay useful as they utilize the findings.
Students as well as private individual who may wish to use this essay as a reference material or a spring board to undertake their own work would find this essay really significant.
1.4 Scope of the Essay
The essay covers the assessment of customer satisfaction in banking industry as well as the challenges militating against customers’ satisfaction in banking industry. The essay equally proffers recommendations to the challenges confronting banking sector in their bid to effectively satisfy their customers.
1.5 Limitation of the Essay
Although time is vital for one to get accurate and up-to-date data, this cannot be achieved (being a student) because of academic stress.
Another constraint is finance to conduct a research of this nature. Money is essential to enable travelling to various branches of different geographical locations and buy the necessary materials for this study. But it is factual that there is nothing like “enough money” is the country.
Summary, Conclusion and Recommendations
Various view were reviewed from authorities about customer satisfaction. The essay attempts to review the concept of customer satisfaction as well as customer satisfaction in banking industry. The essay equally reviews the challenges militating against customer satisfaction in banks.
The literature indicated that inspite of the effort of commercial banks in customer satisfaction, customers are not delighted about the services of so many banks due to poor customer service and their inability to treat their customers as “kings and queens” as such doubt is expressed about customer satisfaction strategies of commercial banks in Nigeria.
It is evident that commercial banking service is poor and inadequate, and subsequently customers are dissatisfied with the services offered to them. The banks are strongly urged to embark in wards and indeed, on the journey to quality customer service indeed they owe the customers a duty to do so.
As such customer satisfaction becomes an issue of great concern in the banking industry. In view of the constraint identified by authorities previously cited in the literature the following recommendation is prepared and it adhered to help to solve the problem of customer dissatisfaction in banks.
- In order to increase customers’ awareness on the range of services available each commercial bank should design brochures, listing all the range of service they offer and description of the service plus the benefits to customer and their risk as well. This should be made available to existing and potential customers.
- At the heart of apathy towards the customers, is poor staff motivation and poor attitudes to training staff in a very short run, massive training is required, but in focus towards their customers than what is presently in place. The struggle for the heart and minds of the customers must be executive management of the banks.
- Banking is a personal service; therefore commercial banks should pay more attention to personal selling. Banks should take personal selling of the service to the door steps of their home and business premises.
- Cashier express service should be introduced in all the commercial banks, that is, cashiers should be authorized to pay customers on sight if the request for the cash is properly presented, and however, limited of the amount should be given to the cashier. It is unnecessarily traditional and bureaucratic for account holder spending more than thirty minutes in the process of cashing a cheque.
- Adequate facilities for customers comfort, while waiting for bank service. Such facilities include comfortable sets, air conditioner; parking space should be provided snacks facilities etc.
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