Abstract
Satisfaction
is the customer’s evaluation of a product or service in terms of whether that
product or serve has met their needs and expectations. Happy and satisfied customers
behave in a positive manner. However, almost every Nigerian banks encounters similar
problems in meeting customer’s expectation of services and customer
satisfaction. It is against this backdrop that this study tries to evaluate
customer’s satisfaction and its implication on banks performance in Nigeria. The
study uses a primary source of data collection i.e. questionnaire structured by
respondents and validity by two experts. Basically, this study adopts both the
descriptive and explanatory survey design methods. Result from the study shows that
customer appreciates electronic banking services but still not satisfied with
the quality and efficiency of the services. This is expressed in the number of
times customers physically visit the banks and length of time spent before such
services are reviewed. The study concludes by suggesting that banks should
improve their service delivery to justify the benefits of electronic banking
products and services, by this, customer’s interest would be aroused.
TABLE
OF CONTENTS
Title
Page i
Certification
ii
Dedication iii
Acknowledgements
iv
Abstract
v
Table
of contents vi
Chapter One:
Introduction 1
1.1
Background to the Study 1
1.2
Statement of Problems 3
1.3
Research Questions 3
1.4
Objectives of the Study 4
1.5
Statement of Hypothesis(es) 5
1.6
Significance of the Study 5
1.7
Scope of the Study 6
1.8
Limitations of the Study 6
1.9
Definition of Terms 7
Chapter
Two: Review of Related
Literature 9
2.1
Introduction 9
2.2 Defining
Customer Satisfaction 22
2.3 Customer
Loyalty 16
2.4 Customer
Loyalty in the Banking Sector 19
2.5 Satisfaction as Antecedent of Customer Loyalty 26
2.6 Influence of Customer Satisfaction on Destination
Loyalty 30
2.7 Characteristics of Services 31
2.8 Competition and Availability of Buy Options 34
Chapter
Three: Research Method and Design 37
3.1
Introduction 37
3.2
Research Design 38
3.3
Description of Population of the Study 38
3.4
Sample Size 38
3.5
Sampling Techniques 39
3.6
Sources of Data Collection 39
3.7
Method of Data Presentation 37
3.8
Method of Data Analysis 41
Chapter
Four: Data Presentation, Analysis and Interpretation 44
4.1 Introduction 44
4.2 Data Presentation 45
4.3 Data Analysis 49
4.4 Hypothesis Testing 53
Chapter
Five: Summary of Findings, Conclusion and Recommendations 56
5.1
Introduction 56
5.2 Summary of Findings 57
5.3
Conclusion 58
5.4
Recommendations 59
References 61
Appendix
I 65
Appendix
II 66
CHAPTER ONE
INTRODUCTION
1.1
Background to the Study
It
is believed that the goal of every organization is to meet the needs and the
requirements of its stakeholders. Meeting the needs and the requirements of the
stakeholders will not only ensure the survival of the organization but also
allow it to flourish. Customers are presumed to be one of the most important
stakeholders in any organization because without them, organizations are not
likely to succeed. Hence, marketers emphasize on research in the area of
consumer behaviour and particularly behavioural intention. Knowledge of
consumer behaviour will go along way in ensuring effective marketing policies
towards the interest of customers which will eventually facilitates positive
customer attitude towards the organizations. More especially, since customer behavioural
intention is a strong indication of his actual behaviour
As
a result of financial sector liberalization in Nigeria in the 1980s, the banking
sector experienced a boom. Low entry requirements by the regulatory authority
and the high premiums that could be earned through foreign exchange business
led to the quick entry by new players into the lucrative banking industry.
Between the period of 1985 and 1993 the number of licensed banks rose
astronomically from
41 to 120 (Central Bank of Nigeria, 1995). And this led to the increase of the
sector’s contribution to GDP and employment. Given that banks are important
constituents of the sector, it can therefore be argued that banks in Nigeria
contribute significant percentage of the country’s GDP in the recent past.
(Adeoye, 2007). For instance, the sectoral reconstitution of service industry
to the growth of GDP for 2004, 2005, 2006, 2007 and 2008 were 8.8, 8.0, 9.2,
9.9 and 10.5 respectively (CBN, 2009) The importance of the Nigerian banking
sector does not limited to Nigeria alone but also spill over to most. This
significant contribution of the services industry and specifically banking
sector in Nigeria really warrant investigation in order to enhance the sector’s
continuous growth which will eventually result in the better performance of the
economy It is however noted that one of the ways through which banks can meet
the expectations of their customers who are the back-bone of the banks’
business is via the understanding of the customers’ behaviour.
1.2
Statement of Problem
Over
the years in developing economy like Nigeria banks are faced with the
problem of distress lack of public confidence, inability of banks to meet up
with customers satisfaction in terms of granting of credit facilities spending
an average time in the bank halls for transactions, inadequate capital base,
etc. the researcher is of the view to carryout an investigation into these
remote causes of banks inability to meet up with customers needs and
requirements and how this had affected the banks performance over the years,
after this investigation the result from this study should be able to proffer
to solutions to banks inability to satisfy their customers in Nigeria, hence
how to impress its performance through total quality management.
1.3
Research Questions
i. To what
extent does quality of service in the bank affects its performance?
ii. What is
the relationship between customer’s level of loyalty and performance?
iii. How
does customer’s satisfaction and impacts on bank performance?
1.4 Objectives of the Study
i. To ascertain the extent of relationship
between service quality and bank performance
ii. To examine if there is a positive
relationship between customer’s level of loyalty and performance.
iii. To find out how quality customer
satisfaction affects bank performance
1.5
Research Hypotheses
In
order to achieve the stated objectives of this study, the following hypotheses
are formulated:
Hypothesis
One
HI: There is a positive relationship between
service quality and bank performance
HO:
There is no positive relationship
between service quality and bank performance
Hypothesis Two
HI: There is a positive
relationship between customer level of loyalty and bank performance
HO: There is no positive
relationship between customer level of loyalty and bank performance.
Hypothesis Three
HI:
There is a positive relationship
between customer satisfaction bank performances.
HO:
There is no positive relationship between
customer satisfaction bank performances.
1.6 Significance of the Study
This
research work will attempt to examine the performance of bank in Nigeria.
The significance of this study is to examine the extent to which bank performance
has geared up the growth of the Nigeria
economy through loan and advances for investment.
Hence,
the research is interested in the effect of the customer’s satisfaction and
dissatisfaction, characteristics of service, assessment and measurement of
customer’s satisfaction in bank for more clarity of the study.
1.7
Scope of the Study
This
study covers customer’s satisfaction in bank performance. A sample of sixty
(60) was taken from the total population of the study. This study was conduct
amongst staffs of a selected bank in Benin
City to know how customer’s satisfaction has
implication on bank performance for a period between 2010 – 2013.
1.8
Limitation of the Study
In
carrying out research work, a number of constraints have militated against this
research work. Every human endeavour is said to be limited by some factor and
this research work is not on exceptional to the rule. There was low response
rate. There was difficulty in obtaining information from respondent as they
often referred to height schedule and fatigue in fitting the questionnaire.
This being that the researcher cannot administer the questionnaire to other
respondent form other part of the country.
1.9 Definition of Terms
Organization:
This
is a social unit of people that is structured and managed to meet a need or to
pursue collective goals.
Stakeholders:
These are persons or group or organization that has interest or concern in an
organization.
Customer’s
Satisfaction: A business term, is a measure of how
products and services supplied by a company meet or surpass customer.
Brand
Loyalty: When consumers become committed to your brand and
make repeat purchases over time.
Profitability:
This is the primary goal of all business ventures. Without profitability, the
business will not survive in the long run. It is measured with income and
expenses.
Competition:
The existence within a market for some good or service of a sufficient number
of buyers and sellers such that no single market participant has enough
influence to determine the going price of the good or service.
Defensive
Strategy: A management approach designed to reduce the risk
of loss.
Service
Quality: An assessment of how well a delivered service
conforms to the clients expectations.
Reliability:
The ability of a system or component to perform its required functions under
stated conditions for a specified period of time.
Empathy:
This is the capacity to recognize emotions that are being experienced by
another sentiment or fictional being.
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