Customer Satisfaction in Banking

Customer Satisfaction in Banking

Introduction

Aiming for the customer satisfaction is the most challenging task in every organization. Through the satisfied customers, a firm an easily measure the effectiveness of the business, its potential and position in the industries, and the areas that are needed to polish and improve. Keeping the trust of a customer is not an overnight miracle but with full of patience and bountiful of effort.

Background and Problem Statement

The products and services that are sold in the most favorable prices can be an initial step of the firm in obtaining the trust and be included in the top list of the customers. However, because of the tight competition of various services, particularly in banks, the perception of the customers and potential customers are also divided according to the services that they want to achieve. In addition, the impact of the economic problems and financial crunches among the financial institutions creates a great challenge in the banks. With all the challenges that are ahead on the banks, how will they gather the customer satisfaction which is the same focus of the other competing banking institutions?

Research Aim and Objectives

The aim of the study is to determine the satisfaction on the services and products delivered by the banks towards their customers to attract other potential customer. There are three objectives that can be the guidance of the researcher / s in reaching for their goal and, in also, measuring the impact of customer satisfaction to their effectiveness in the market. First objective is to recognize the various strategies placed by the banks to achieve the customer satisfaction. Second is to determine the extent of those strategies to eliminate or at least minimize the impact of resistance and reluctance of the customers towards the bank's offered products and services. And third is to discover the level of satisfaction from the existing customers that can contribute in the...