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Project Topic:

CUSTOMERS EXPERIENCE MANAGEMENT AND LOYALTY IN THE BANKING INDUSTRY

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 61 ::   Attributes: Questionnaire, Data Analysis,abstract, table of content, references ::   31 people found this useful

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CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF STUDY

Loyal customers are considered to be the key to survival and success in many service businesses, in particular in the hospitality, insurance and financial sectors. 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 then was originally proposed, however. As commoditisation 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., 1990;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. (1994);Rahman (2006)

Realising customers as experience creators, organisations 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, 1998;Reichheld and Sasser, 1990;Yin, 1999).

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. 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. 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. STATEMENT OF RESEARCH HYPOTHESIS
  2.  
  3.  

 

  1. 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. SCOPE OF STUDY

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

 

  1. 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. DEFINITION OF TERMS
  2.                 A person who buys goods or services from a shop or business.
  3.       knowledge or skill from doing, seeing, or feeling things.
  4.    The process of dealing with or controlling things or people.
  5.     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.

 


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Paper Information

Format:ms word
Chapter:1-5
Pages:61
Attribute:Questionnaire, Data Analysis,abstract, table of content, references
Price:₦3,000
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