Managing Quality Service Delivery In The Banking Sector (A Case Study Of First Bank In Nigeria)

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Managing Quality Service Delivery In The Banking Sector (A Case Study Of First Bank In Nigeria)


Abstract


This study was focused on managing quality service delivery in the banking sector using first bank in Edo State a case study. The study was carried out to determine whether banking services are adequately managed in First Bank, find out the extent of quality control carried out on bank services rendered in First bank, ascertain whether effective service delivery management influences customers satisfaction and retention and determine the poor service delivery management affects the general performance of First Bank. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of customers with First Bank in Edo State. In determining the sample size, the researcher conveniently selected 261 respondents and 259 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables. While the hypotheses were tested using Pearson correlation statistical tool, SPSS v23.The result of the findings reveals that the extent of quality control carried out on bank services rendered in First bank is low. The study also revealed that the poor service delivery management affects the general performance of First Bank. Therefore, it is recommended that the management needs to continue to improve quality services so as to sustain and satisfy customer’s needs. The bank needs to pay much attention on the customer complaints in order satisfy the customer’s expectation and delivering on its promises to the customers will bring high level of reliability. To mention but a few.


Table of Content


  • Title Page
  • Certification
  • Dedication
  • Acknowledgement
  • Table of Content
  • List of Tables
  • Abstract

Chapter One:

Introduction

  • 1.1 Background of the Study
  • 1.2 Statement of the Problem
  • 1.3 Objective of the Study
  • 1.4 Research Questions
  • 1.5 Research Hypothesis
  • 1.6 Significance of the Study
  • 1.7 Scope of the Study
  • 1.8 Limitation of the Study
  • 1.9 Definition of Terms
  • 1.10 Organisations of the Study

Chapter Two:

Review of Literature

  • 2.1 Conceptual Framework
  • 2.2 Theoretical Framework
  • 2.3 Empirical Review

Chapter Three:

Research Methodology

  • 3.1 Research Design
  • 3.2 Population of the Study
  • 3.3 Sample Size Determination
  • 3.4 Sample Size Selection Technique and Procedure
  • 3.5 Research Instrument and Administration
  • 3.6 Method of Data Collection
  • 3.7 Method of Data Analysis
  • 3.8 Validity of the Study
  • 3.9 Reliability of the Study
  • 3.10 Ethical Consideration

Chapter Four:

Data Presentation and Analysis

  • 4.1 Data Presentation
  • 4.2 Analysis of Data
  • 4.3 Answering Research Questions
  • 4.4 Test of Hypotheses

Chapter Five:

Summary, Conclusion and Recommendation

  • 5.1 Summary
  • 5.2 Conclusion
  • 5.3 Recommendation
  • References
  • APPENDIX
  • QUESTIONNAIRE

Chapter One


Introduction

1.1 Background of the Study

Nowadays, with persistent keen competition, service quality has become a popular area of academic investigation and a key factor in keeping competitive advantage and sustaining satisfactory relationships with customers (Zeithaml, Parasuraman and Malhotra, 2000).This study focuses on the service quality in the banking industry.
The term bank is generally understood as an institution that holds a banking license granted by financial supervision authorities. Under the authorities, the bank conducts the most fundamental banking services like accepting deposits and making loans and other financial service (Wikipedia, http://en.wikipedia.org/wiki/Bank). According to Cowling and Newman (2015), service quality has been widely used to evaluate the performance of banking services. Nowadays, with the development of information technology, customers increasingly expect higher services in this information age.

In the banking sector, the whole range of business activities and generation of income are closely related to its customers. Customers are demanding and they are often critical of the quality of the services and products provided for their experience, thus maintaining and retaining customers become an important issue.

Good service quality is generally regarded as a way to retain existing customers and acquire new ones; reduce costs, enhance corporate image, generate positive word-of-mouth recommendation, and improve profitability,(Parasuraman, Zeithaml and Berry,2013). As the global world has suffered from financial depression in recent years, it is essential for banks to establish a sturdy and solid loyal customer base to accommodate and sustain more intense competition. The practice of excellent service quality integrated with customer product is a powerful generator to cater for customers needs and engage with them. Considering that many banks offer undifferentiated products in a rival market place, banks are paying more attention to service quality in order to gain a competitive advantage. Banks that master excellent service quality can gain a competitive edge in terms of higher revenue, customer loyalty and customer retention(Kumar, 2013).

Assessing service quality in our banks involves how banks manage service quality, a pre-requisite for customer satisfaction. Gummesson, (2015), posits the need as the shift from tangible product quality to what intangible superior service quality a firm can offer. Service quality should be given the desired attention, considering it as a new age strategy for competitiveness.


1.2 Statement of the Problem

Banks everywhere in the world provide homogeneous services to their clients and, as a result, they are able to match with competitive innovativeness of competitors and innovators. However, customers can perceive differences in the quality of services banks render. Thispresupposes that service quality invariably plays a significant role in bringing about customer loyalty and/ or satisfaction (AlMsallam 2015) and financial performance. Financial performance in the banking industry and, indeed business in general, cannot be overemphasized since it is the mainstay of any business venture. Besides all, it is being used as a measure of wellness of a business venture.

In this respect, banks aim to develop a reputation for superior performance, especially in faster and better response to inquiries, ontime delivery and quicker resolution of complaints. Although some banks in Nigeria have investments in service quality programmes that are aimed at providing superior services, customer satisfaction level leaves much to be desired. This is evidenced by the fall in Customer Satisfaction Index (CSI) rating of top Nigerian banks (6.35% of GTB, 4.64% of Zenith bank and 3.39% of Access bank in 2010 (KPMG Survey, 2010). It is apparent that customers who receive poor treatments will perceive the institution as nonperforming and which can impact negatively on its financial performance, especially for large account holders. The scenario where service quality is marred by incidences of customer complaints, poor handling of complaints, switching from one bank to another by customers and closure of accounts creates great concern to scholars and practitioners which is an indication of poor service delivery.


1.3 Objective of the Study

The overall aim of this study is to critically examine managing quality service delivery in the banking sector. Hence, the study will be channeled to the following specific objectives;

  1. Determine whether banking services are adequately managed in First Bank.
  2. Find out the extent of quality control carried out on bank services rendered in First bank.
  3. Ascertain whether effective service delivery management influences customers satisfaction and retention.
  4. Determine the poor service delivery management affects the general performance of First Bank.

1.4 Research Questions

The following research questions were raised for this study:

  1. Are banking services adequately managed in First Bank.?
  2. What is the extent of quality control carried out on bank services rendered in First bank?
  3. Does effective service delivery management influences customers satisfaction and retention?
  4. Does the poor service delivery management affects the general performance of First Bank?

1.5 Research Hypotheses

  • Ho: There is no significant relationship quality service delivery management and customers retention in banking sector.
  • Ha: There is no significant relationship quality service delivery management and customers retention in banking sector.

1.6 Significance of the Study

The Nigerian financial sector has evolved over the past decades as fintech companies have emerged as well as digital currencies. This new development has drastically changed the financial sector as competitiveness is on the increase. As mentioned above, quality service has the potential to retain customers, hence this study will revitalize the need for service management, improvement and the constant offering of quality service to customers in the banking industry, which must not be treated with laxity if customers must be retained.

Additionally, subsequent researchers will use this study as a literature review. This means that other students who may decide to conduct studies in this area will have the opportunity to use this study as available literature that can be subjected to critical review. Invariably, the result of the study contributes immensely to the body of academic knowledge with regard to managing quality service delivery in the banking sector.


1.7 Scope of the Study

The scope of this study is hinged on managing quality service delivery in the banking sector. This study will be delimited to First Bank In Nigeria. The respondents for study will be obtained from individuals banking with First Bank in Edo State.


1.8 Limitations of the Study

Like in every human endeavour, the researcher encountered slight constraints while carrying out the study. Insufficient funds tend to impede the efficiency of the researcher in sourcing for the relevant materials, literature, or information and in the process of data collection, which is why the researcher resorted to a limited choice of sample size. More so, the researcher simultaneously engaged in this study with other academic work. As a result, the amount of time spent on research will be reduced.


1.9 Definition of Terms

Quality Service:

This is a comparison of perceived expectations of a service with perceived performance.

Service Quality Management:

Service quality management as “the overall evaluation of a specific service firm that results from comparing that firm‟s performance with the customer‟s general expectations of how firms in that industry should perform.

Customer Satisfaction:

This is defined as a measurement that determines how happy customers are with a company’s products, services, and capabilities

Customer Retention:

This refers to the ability of a company or product to retain its customers over some specified period.


1.10 Organizations of the Study

The study is categorized into five chapters. The first chapter presents the background of the study, statement of the problem, objective of the study, research questions and hypothesis, the significance of the study, scope/limitations of the study, and definition of terms. The chapter two covers the review of literature with emphasis on conceptual framework, theoretical framework, and empirical review. Likewise, the chapter three which is the research methodology, specifically covers the research design, population of the study, sample size determination, sample size, and selection technique and procedure, research instrument and administration, method of data collection, method of data analysis, validity and reliability of the study, and ethical consideration. The second to last chapter being the chapter four presents the data presentation and analysis, while the last chapter(chapter five) contains the summary, conclusion and recommendation.


Chapter Five


Summary, Conclusions and Recommendations:

5.1 Introduction

This chapter summarizes the findings on managing quality service delivery in the banking sector using first bank in Edo State a case study. The chapter consists of summary of the study, conclusions, and recommendations.


5.2 Summary of the Study

In this study, our focus was to examine managing quality service delivery in the banking sector using first bank in Edo State a case study.

The study is was specifically carried out to determine whether banking services are adequately managed in First Bank, find out the extent of quality control carried out on bank services rendered in First bank, ascertain whether effective service delivery management influences customers satisfaction and retention and determine the poor service delivery management affects the general performance of First Bank.

The study adopted the survey research design and randomly enrolled participants in the study. A total of 259 responses were validated from the enrolled participants where all respondent were customers with First Bank in Edo State.


5.3 Conclusions

Based on the findings of this study, the researcher concluded that;

  1. Banking services are not adequately managed in First Bank.
  2. The extent of quality control carried out on bank services rendered in First bank is low.
  3. Effective service delivery management influences customers satisfaction and retention.
  4. The poor service delivery management affects the general performance of First Bank.

5.4 Recommendations

Based on the findings of the study, the following recommendations are proffered.

  1. The management needs to continue to improve quality services so as to sustain and satisfy customer’s needs. The bank needs to pay much attention on the customer complaints in order satisfy the customer’s expectation and delivering on its promises to the customers will bring high level of reliability.
  2. The study further recommended that for Nigerian banks to be more responsive, it needs to enhance service render from the view point of the customer rather than the banks’ perspective and dimensions.
  3. The bank can set itself as a market leader in customer service delivery by going beyond the conventional way of dealing with customers that is attending to customer in a unique way in order to make them more reliable to customers.
  4. Nigerian bank managers need to ensure that they improve the methods of service delivery to customers in order to sustain the continuous patronage from their customers.
  5. The study finally recommended that banks employees should be knowledgeable and have courtesy and ability to convey trust and confidence at all times. This will bring high level of assurance to the stake holders and will specifically sustain customers in the industry.

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