Customer Satisfaction on Banking Channels

Anuradha Arthanar,Gokul Prasad

doi:10.46281/ijmri.v1i1.98

Abstract

Satisfaction with banking services is an area of growing interest to researchers and managers.This research examined the survey responses of 120 bank customers who provided information regarding their satisfaction towards ﬁnancial distribution channels with respect to their banks. The study found that there were distinctive segments within the ﬁnancial market that had signiﬁcantly different levels of usage of ﬁnancial distribution channels. Financial customers’ satisfaction with Mobile banking, automated teller machines, credit cards, debit cards, internet banking was investigated, and this information was used to determine if relationships exist between customer satisfaction and the usage of ﬁnancial distribution channels. Systematic methodology, including design and validation of questionnaire and factor analysis were used to enhance the reliability of the ﬁndings. Further results and implications of the study for ﬁnancial services are addressed.

Highlights

The banking industry, integral to our commercial and personal lives, has evolved with the times to embrace new challenges and cater to constantly changing consumer behaviour and attitudes
Financial service marketing needs to think in terms of distribution mixes, rather than focusing upon one dominant channel
A financial institution could benefit from specializing in the delivery of particular groupings of distributing channels

Summary

Introduction

The banking industry, integral to our commercial and personal lives, has evolved with the times to embrace new challenges and cater to constantly changing consumer behaviour and attitudes. Competition within the financial industry has forced many of the players in the market to offer similar prices on deposits and loans This competitive environment is likely to intensify in future years, when considering the trends of rapid technological change and globalisation of financial markets (Brown, 1992). The implications of this for financial institutions are that it is of increasing importance that new, non-price factors be found which can be used as a means of differentiation, to achieve higher revenue growth and improved market share.Financial institutions are looking at ways of cutting costs. Objectives of the Research The purpose of this study is to investigate whether the satisfaction of the customer is different with the current usage levels of ATMs, debit cards, credit cards, internet banking/mobile banking and telephone banking with different banks

Objectives

Methods

Findings

Conclusion