CUSTOMER EXPERIENCE AND SATISFACTION

An investigation into customer experience and satisfaction with technology-based services:- A Case study of the Banking Industry



An investigation into customer experience and satisfaction with technology-based services:- A Case study of the Banking Industry.

Introduction

Over the years, most banks have discovered that quality services are not sufficient to attract and retain customers. Nowadays, providing quality service can certainly let you know, however, the ultimate goal is to build customer loyalty.

Customer satisfaction does not have therefore encouraged remain faithful of the bank services. To meet the customer satisfaction, banks need to focus on their specific needs. Over the past 20 years, it is found that the satisfaction programs based on good faith had no influence on customer loyalty. Even satisfied customers end up buying products and services from competitors. Banks require custom successful strategies to be attentive to the needs and challenges of your customers and exercise extreme receptivity to exceed their expectations.

In the banking sector, with much similarity between the products and services offered, the difference to the customer becomes the quality with which the services are provided, as they resemble so much that it is possible, in general, treat the market retail banks as a market commodity. For the differentiation does not lead to a waste of resources, the challenge of managers is to focus on activities that truly meet or exceed customer expectations. Therefore, it is important to know which factors are decisive for the clients when evaluating the services offered by banks. Providing the correct service is a factor aligned with the goal of increasing retention rates and, consequently, the company's profits. Moreover, it is important that attention to differentiation is also focused on the customer base, since specific segments, linked to variables related to frequency of use or preference for certain channels of banking services, can be show more or less receptive to certain actions and strategic marketing, or even have different levels of satisfaction with the service offered.

The main objective of this paper is therefore to identify the determinants of customer satisfaction in retail banking segment. To accomplish this, we carried out a survey of 1,001 bank customers, trying to evaluate their satisfaction with the various service attributes its main bank, considering the products and services offered, the practices of recovery service and care provided via the internet, by phone, by boxes, the manager, among other aspects. The results can be useful for managers concerned with increasing rates of satisfaction and customer retention of retail banks.



Background

The customer loyalty of banks is problematic even if the situation has improved slightly. Beyond the need to optimize the customer experience, the report also reveals that the potential of mobile banking has not yet been fully exploited. The report indicates that banks that have opted for a classic strategy to “make every effort” to improve customer service should instead focus on only one or two aspects on which they can differentiate. The report recommends prioritizing investments to meet the most urgent needs of their ...