Abstract
The general purpose of this study was to examine those service characteristics that impact on customers’ etention within the context of micro finance institutions in Akwa Ibom State of Nigeria. Regression model was used in analyzing the data received from 90 respondents patronizing 13 licensed micro finance banks in the State. Simple percentages were used to analyse the demographic characteristics of micro- finance customers tabulated in a bi-variant frequency table. The paper identifies a number of drivers and inhibitors of retention behaviours and underscored the need for their proper understanding. Pro-active and reactive retention measures were recommended as necessary conditions for improving retention and general business performance among micro finance banks.
Highlights
Regression model was used in analyzing the data received from 90 respondents patronizing 13 licensed micro finance banks in the State
This study attempts to address this need by providing answers to the following research questions: (a) What are the demographic characteristics of micro finance bank customers in Akwa Ibom State? (b) What are the key service drivers that can lead to retention as practiced by the micro finance banks? 1.1 Objectives of the Study The major objective of this study is to identify those factors that are most likely to drive customers’ retention among micro finance banks in Akwa Ibom State
A study of customers’ loyalty to firms and its impact on retention behavior of customers is very important in the micro finance institutions for a number of reasons; namely; micro finance banks in Nigeria are relatively very young and are passing through developmental challenges and there is little or no data available on the sector, in the field of consumer behavior
Summary
A study of customers’ loyalty to firms and its impact on retention behavior of customers is very important in the micro finance institutions for a number of reasons; namely; micro finance banks in Nigeria are relatively very young and are passing through developmental challenges and there is little or no data available on the sector, in the field of consumer behavior. It is hoped that this study will help micro finance managers to formulate more coherent and targeted strategies aimed at attracting, growing and retaining customers. This study is aimed at contributing to a better understanding and appreciation of consumers’ demographic characteristics that would enable micro finance managers to be more effective in targeting, positioning and segmenting their markets. It is believed that the findings of this research will go a long way in helping managers of organizations rethink their critical success factors and incorporate them into strategic planning. Future researchers in this field might find the study useful as it may represent an initial field survey for subsequent studies. This research is intended to provoke scholarly enquiries and discussions in consumer behavior in the micro finance banks
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