Abstract
The main purpose of this research study was to identify the level of customer’s satisfaction by using the products and services of both Islamic and conventional banks in Pakistan. Furthermore, this research study determined the customer’s satisfaction level in banking in terms of; internet banking, management interaction and the banking environment, service quality in term of SERVQUAL model, ATM facilities, privacy and security The main objective of the study was to investigate the following main points.(1) Customer`s satisfaction level in Islamic and conventional banks. (2) Why customers prefer to choose Islamic banking system in Pakistan? (3) Why customers prefer to choose conventional banking system in Pakistan? It is therefore, a critical literature has been carried out which investigated the real factors through which customer satisfaction take place in banking sector. The closed ended questionnaire has been used in this research study in order to collect research data. To analyze the collected data, cross tabulations and charts have also been used which showed the satisfaction level of the customers of Islamic and conventional banks and also to differentiate between the participant`s responses of Islamic and conventional banks. A large number of factors have been observed from the research study analysis which illustrated that, in Pakistan, customers are more satisfied from the products and services of conventional banks rather than that of Islamic banks. However, in Pakistan, the customer satisfaction in all financial institutions is not as good as according to the standard. In addition, the banking sector is trying to improve all of their products and services and want to make them according to the international standard. But due to various factors such as; the political instability and religious norms, the banking sector is still far behind.
Highlights
In the modern world, rapid expansion and sophistication have been observed in the banking and financial activities as compare to that of few decades before
As for as the modern banking system is concerned, the importance of customer satisfaction cannot be ignored because, both Islamic banking system and conventional banking system are trying to facilitate their customers by providing various products and services
In Pakistan, the customer satisfaction in all financial institutions is not as good according to the standard
Summary
Rapid expansion and sophistication have been observed in the banking and financial activities as compare to that of few decades before. To attract and satisfy the customers banking sector is focusing on payment or depositing services but they have adopted various investment, management and financial strategies. These varieties of strategies and plans which include securities, pension funds, insurances and Mortgages etcetera have attracted the customers toward the banking sector. The development and expansion have been observed in the Islamic banking system due to which a large number of customers are attracted toward them day by day. The customers of both Islamic and conventional banks are attached with their banks due to certain reasons such as the profitability, religious norms and security etcetera
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