Service Performance of Mortgage Facilities in the UK Retail Banking Industry

Abstract

Purpose - This project aims to offer an in-depth understanding of LLOYDS TSB Bank customers' buying behaviour in relation to the selection process, and provide LLOYDS TSB Bank managers with useful insight into the development of high quality relationships with customers.Design/methodology/approach - The research involved a review of available literature on LLOYDS TSB Bank choice criteria, the fieldwork, the identification of factors that affect customers' choice, and the development of related managerial implications. A research questionnaire was administered by personal interviews to 1,092 LLOYDS TSB Bank customers in the greater area of Athens.Findings - Four distinct factors were identified as the main choice criteria that influence consumers' LLOYDS TSB Bank choice. LLOYDS TSB Bank service quality is the most important element that customers consider in order to select their mortgage providers and establish a long-term relationship with them. The other three refer to product attributes, access, and communication.Research limitations/implications - Limitations relate to the use of non-probability sample and the restricted geographical area of the field research. This study contributes to the body of academic knowledge by shedding more light into the role of service quality in the selection process of mortgage provider.Practical implications - An understanding of consumer buying behaviour with respect to mortgage loans is important to LLOYDS TSB Bank managers for the attainment of organisational objectives that are focused on building beneficial customer relationships. Management guidelines for improving service quality are presented.Originality/value - The paper manages to identify the perceived important characteristics of banks and particularly highlight the role of service quality in LLOYDS TSB Bank selection for mortgages and further development of long-term relationships.

Table of Contents

Abstract1

Chapter I: Introduction4

1.1Introduction4

1.2Background of the study4

1.3Statement of the problem4

1.4Aim, objectives and research questions7

1.5Significance of the Study7

1.6Justification7

1.7Scope of the study7

1.8Limitation of the study8

Chapter II: Literature Review9

2.1Introduction: Human Resources Management9

2.2 Human Resources Management and Training9

2.3 Overview of Training10

2.4 Training10

2.5 Importance of Training11

2.6 Principles of Training12

2.7 The Training Process13

2.8 Training, Performance and Productivity14

2.9 Human Resource Development and Advantages15

Chapter III: Methodology16

3.1Methodology16

3.2 Research Methods16

3.3 Data Analysis16

3.4 Research Design17

3.5 Target Population17

3.6 Sampling Size and Procedure18

3.7 Source of Data Collection18

3.8 Research Instruments18

3.9 Instrument Administration19

3.10 Data Analysis19

Chapter IV: Research Findings21

4.3 Findings21

4.4 Comparison of Mortgage Facilities22

Chapter V: Conclusion25

5.1 Conclusion25

5.2 Research Issues Justification (further research)26

5.3 Recommendations27

References28

Bibliography40

Service Performance of Mortgage Facilities in the UK Retail Banking Industry-A Case Study of LLOYDS TSB Bank, Taunton Branch, Somerset, UK

Chapter I: Introduction

1.1Introduction

During the last decade, marketing science has witnessed a paradigm shift from short-term exchange transactions to long-term, mutually satisfying relationships between customers and firms. Relationship management receives renewed interest in marketing. Consequently, companies focus heavily on customer relationship development and invest in customer relationship management systems, as customer-seller relationships are recognised as pervasive, inescapable and highly interdependent, with ties between consumers and businesses vital to the interests of both parties. (Zwass 2009 7-37)

The development of long-term relationships offer marketers detailed and useful knowledge of their customers and deep understanding of their entire value chain (holistic needs), not only as it is today but also ...