Investigating Customer Satisfaction in the Banking Industry in Ghana

Article excerpt

Abstract

Customer satisfaction is important to the success of every business organization. Satisfied customers may be loyal to their service providers. They are ready to pay high service charges because they think the services they are receiving worth the price they pay for it. The main objective of this research was to determine the satisfaction level of customers in the banking industry in Ghana. Also attempt was made to illicit the views of bank officials to know what the banks are doing to make their customers satisfied.

The main methods which were used to collect data included survey questionnaire and personal interviews with the aid of interview guide.

It was realised that customers in the banking industry in Ghana have many problems and the overall results was that they were not completely satisfied with the services of their banks. It was therefore recommended that the banks put stringent measures in place to ensure that these problems are reduced, if not completely eliminated to ensure that their customers are satisfied if not delighted.

Keywords: Customer Satisfaction, Banking Industry, Service Performance, Customers, Marketing Concept, Competitive Advantage

INTRODUCTION

One of the most important resources a business organization has is its customers. This supported by the idea of Peter Drucker who said 'the aim of every business organisation should be the creation and retention of customers.' Drucker believes that even though businesses are to make profit for survival, profit making is a necessity and not a purpose. It is in fact, the end result, a desirable outcome, of creating a satisfied customer. (Sheth, Mittal and Newman, 1999).

Making the customer satisfaction priority calls for leaving no stone unturned to provide effective and efficient services for the satisfaction of customers. This is the sure way to competitive advantage. In the words of Patterson and Spreng (1997), cited by Payne and Holt, (2001), 'creating value and more specifically, customer value, is increasingly seen as the next source of competitive advantage.

Every customer has expectations as far as their dealings with business organizations are concerned. They therefore desire that their expectations are met by their service providers or suppliers. (Kotler, Armstrong, Saunders and Wong, 2002), posit that every customer has some level of expectations in dealing with the organisation. If the performance of the company and/or product falls below the expectations of the customer, he/she is dissatisfied. If the performance matches the expectations, the customer is satisfied. Furthermore, if the performance exceeds the expectations of the customer, the customer is delighted.

RESEARCH OBJECTIVES AND QUESTIONS

Research Objectives

The main objective of the research was to determine how satisfied customers were as they deposited and withdrew money from the banking hall. The specific objectives of the study were the following:

* To solicit the views of customers on satisfaction

* To identify how prepared customers are to recommend their banks

* To identify how much time customers spend in the banking halls

* To identify the attitude of bank officials towards their customers

* To identify the level of satisfaction of customers and their results

* To find out how the banks measure satisfaction

* To find out the measures in place to ensure customer satisfaction

* To identify the procedure in place for handling customer complaints

Research Questions

In order to achieve the objectives mentioned above, the research will find answers to the following questions:

* What are the views of customers about satisfaction?

* Are customers prepared to recommend their banks to friends and relatives?

* What much time are customers prepared to spend in the banking halls? …