Private banking customers' perceptions of retention strategies
- Authors: Basson, Gerhardus Coenraad
- Date: 2012-06-04
- Subjects: Banks and banking - Customer services , Consumer satisfaction , Customer retention
- Type: Mini-Dissertation
- Identifier: uj:2373 , http://hdl.handle.net/10210/4828
- Description: M.Comm. , There has been a great deal of attention paid to the issue of customer acquisition, but less has been paid to customer retention. Ang and Buttle (2006:83) highlight that while customer retention has been a significant topic since the mid – 1990s, little research has been conducted into management processes that are associated with excellent customer retention performance. The banking industry has gone through major changes in the past years, due to technology enhancement and mergers. Competition is based on lower interest rates, payment terms and costs, factors which have had a major effect on the retention of customers. This poses the question how private banks go about retaining customers.
- Full Text:
The influence of online brand communities on consumers’ choice of banking services
- Authors: Chabata, Tatenda Tawandaa
- Date: 2016
- Subjects: Marketing - Management , Internet banking , Brand name products , Banks and banking - Customer services , Consumers' preferences , Bank customers - Attitudes
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/226989 , uj:22962
- Description: M.Com. (Marketing Management) , Abstract: The use of online brand communities to enhance customer-to-customer as well as customer-to-business interaction is a recent phenomenon. As such, not much is known about the influence of online brand communities on consumer’s decision making process. This dissertation reports on the findings of a study aimed at understanding the customer-to-customer online brand community related factors that influence consumers’ choice of banking services. The study was conducted in Gauteng, South Africa. A conceptual model guided by the Information Adoption Model (IAM) was developed and used to test the proposed relationships. Variables in the proposed model included perceived human interactivity, perceived argument quality, perceived source credibility, perceived information usefulness, attitude towards the brand community and behavioural intentions. The study was descriptive in nature and made use of the quantitative research method. A structured self-administered questionnaire was used to collect data. Construct items were measured using a 7-point Likert scale. Customers of two banks namely Amalgamated Banks of South Africa (ABSA) and Standard Bank who have made use of the community sites were targeted for data collection, as these banks have active online brand community sites. The quota sampling method was used to select respondents. By the end of the data collection period a total of 200 usable responses were obtained. Of these 100 responses were from male customers and 100 responses were from female customers. The Statistical Package for Social Science (SPSS) version 22 was used to analyse the data with the assistance of the University of Johannesburg Statistical Consulting Services (STATKON). Descriptive statistics, factor analysis (exploratory), regression analysis and independent sample t-testing were the statistical techniques used to analyse the data. Findings of this study show that customer attitudes towards their banks’ online community sites significantly influence their intention to use information on the site to make choices related to bank services. The findings further reveal that customer-to-customer online related factors of perceived source credibility and perceived human interactivity have a positive influence on perceived information usefulness as well as...
- Full Text:
Knowledge-based automation and new workforce implementation at a financial institution
- Authors: Elsworth, Catherine
- Date: 2018
- Subjects: Industrial revolution , Artificial intelligence , Banks and banking - Technological innovations , Banks and banking - Customer services , Knowledge management , Banks and banking - Information technology
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/402839 , uj:33730
- Description: Abstract : Intelligent Automation (IA) entails advanced knowledge-based technologies associated with the so-called Fourth Industrial Revolution (4IR). In this study, the phrase “IA journey” refers to the processes of knowledge-based automation and new workforce implementation. The study’s unit of analysis is not as much the IA journey itself, rather it is an analysis of what constitutes a balanced approach to IA implementation and adoption within an organisation. For example, employees’ feelings of uncertainty during an organisation’s IA journey could cause an imbalance in staff morale and resistance from employees to adapt to the changes. Therefore, the main research question of this study is: What are the components of a balanced approach to knowledge-based automation and new workforce implementation of a financial institution? The research question aligns to the world of service delivery that is changing at an alarming rate, with customers expecting fast, personalised, digital service. The landscape for financial institutions is changing, for example, traditional competitors are taking steps to meet customer demands and non-traditional competitors are entering the market place, threatening the existence of traditional financial institutions, commonly referred to as banks. The literature reveals that the evolution of Internet usage and the influence of social media and smart phones have increased the significance of technology and digital service in the financial services industry. Adoptions of these technologies is vital if traditional banks want to remain relevant in the market where financial technologies companies (Fintechs), and small, digitally nimble start-ups can provide the quick, personalised service that customers expect. Already many financial institutions have started to investigate the opportunities that technologies such as IA and chatbots provide. The potential of chatbot technology to improve customer experience and reduce operational costs make it an attractive option for organisations to consider. Literature reveals that the cost of implementation of this technology is a fraction of the cost of legacy system re-writes. The ability of this technology to integrate with existing systems and improve turnaround time and service to customers makes the IA journey a favourable choice. The IA journey of one South African Financial Institution (SAFI) formed the focus of this study. Research was conducted within the SAFI into the application of this technology across the organisation to understand the impact that the changes experienced had on the employees of the organisation. Understanding how these changes impact employees helps in determining the best ways to manage the changes in order to develop a balanced approach to implementation and adaption of IA within an organisation. The empirical study followed a qualitative research design, featuring qualitative data collection and analysis techniques. Secondary data were collected and displayed in order to show case v hoe IA project were implemented into the organisation. The philosophical paradigm that suited a study of this nature was interpretivism as the research was socially constructed in its aim to understand the adoption processes of the organisation implementing an IA programme. The research followed an inductive approach as the study’s conceptual framework was developed based on data collected and conclusions drawn through the analysis of this data. The study involved the collection of data through the use of interviews conducted across junior and senior management levels within the business units impacted by the changes associated with the IA journey. The aim of these interviews was to gain an understanding of employees’ perceptions of the IA journey across the organisation as well as understand the experiences of those involved in the IA programme. Secondary data was also collected from five SAFI use cases, which provided a rich source for quantitative data. The presentation of results regarding the outcomes of use cases implemented across the organisation is in accordance to the University of Johannesburg Code of Academic and Research Ethics. The research findings informed the development of a conceptual framework, which can be used to encourage a balanced approach towards IA implementation and adoption throughout an organisation that is experiencing major changes. This study reveals that employees’ fears of the changes need to be identified and managed early in order to avoid resistance to the changes and negative perceptions of the technology being created. The conceptual framework identifies the components that a financial institution can use in its balanced approach to increase adoption and reduce fears. Moreover, the study revealed the need for organisations to invest in technologies of the future and the benefits that this technology can have for the organisation. Customer experience and expectations form a vital part of any organisation and the lessons learnt in the value this technology can provide in creating a great customer experience are invaluable. The study revealed that there is a difference between digitisation and automation and that knowledge-based automation technology plays a key role in enabling a digital customer experience... , M.Phil. (Information Management)
- Full Text:
Business process re-engineering : a look at the business account opening process at MNM Bank
- Authors: Flowers, Vincent , Mbohwa, Charles
- Date: 2013
- Subjects: Business process reengineering , Reengineering (Management) , Total quality management , Banks and banking - Customer services
- Type: Article
- Identifier: uj:4888 , http://hdl.handle.net/10210/12602
- Description: The account opening process is recognised as the most critical service if banks want to retain and build long term relationships with clients. An unsatisfactory customer experience during this process can influence the customer’s perception of the organisations overall service. Organisations are under increased pressure to deliver products in an efficient and effective manner with a reduction in cost. Having a competitive advantage in the account opening process will attract customers and create future sales opportunities. Future sales opportunities lead to growth and growth leads to increased profits. The research provides an insight on the current account opening process and challenges encountered within the process. The objective of the research is to examine literature and improve the account opening process at MNM bank. The existing account opening process takes 7.5 days before the customer can transact on their account, which results in customers seeking an account at a competitor bank.
- Full Text:
Understanding retail bank customers’ attitude towards and usage of cell phone and internet banking services in Gauteng, South Africa
- Authors: Maduku, Daniel Kofi
- Date: 2012-11-02
- Subjects: Cell phone banking , Internet banking , Consumers - Attitudes , Banks and banking, Mobile , Banks and banking - Customer services
- Type: Thesis
- Identifier: uj:7288 , http://hdl.handle.net/10210/8029
- Description: M.Comm. , This dissertation reports on the findings of a study conducted in order to understand the factors that impact on retail bank customers‘ attitudes towards and usage of internet and cell phone banking services in Gauteng, South Africa. A conceptual model based on the Technology Acceptance Model (TAM) plus other variables including trust, subjective norm and demographic variables was used to help understand factors that impact on adoption of electronic banking. Data was collected from customers of the four biggest banks in South Africa namely ABSA, Standard Bank, First National Bank and Nedbank. A total of 394 usable responses were obtained. Statistical Package for Social Science (SPSS) was used to analyse the data. A number of statistical tools were used in the analysis including descriptive statistics, correlation analysis correlation analysis, regression analysis and independent sample ttesting. The findings of the study reveal that customers‘ attitude towards internet and cell phone banking contributes significantly to customer‘s intention to start using or continue using internet and cell phone banking services. The findings also show that while differences in attitude may exist between customers across different demographic groups, demographic factors, alone, are weak predictors of attitude. The study found that perceived usefulness, perceived ease of use and trust; significantly contribute to customers‘ attitude towards internet and cell phone banking. Of these variables, trust emerged as the most important predictor of attitude towards internet and cell phone banking while the subjective norm was found to be the weakest predicator of attitude. The findings have wider implications on efforts aimed at attracting more customers to start using or continue using internet or cell phone banking services. The implications have also been discussed and suggestions for future research made.
- Full Text:
Service quality expectations and perceptions of home loan customers
- Authors: Molokomme, Nare Sylvia
- Date: 2014-06-21
- Subjects: Customer services , Mortgage loans , Banks and banking - Customer services
- Type: Thesis
- Identifier: uj:11574 , http://hdl.handle.net/10210/11283
- Description: M.Com. (Business Management) , Over the years, the competitive banking market had forced banks to be innovative in their products. However, regardless of how innovative banking products were, ‘service’ remained the backbone of banking products. With increasing access to information and alternative products, banking customers had more choices as to where to do business, based on the level of service they receive. They expected an exceptional delivery of customer service and were less tolerant of bad service. Customers usually compared the service they 'experienced' to the service they 'expected' when walking into a bank. When the two did not match, a gap arose. This study was undertaken to determine whether customers of a ‘home loan’ division of a South African bank perceived the bank’s service quality to be different to what they expected. It also sought to establish if there was a difference in how customers, in different demographics, evaluate the bank’s service quality. An online survey was used to gather information from banking customers on their judgment of the bank’s service quality, after which statistical tests were done to analyze the data. The study revealed that a gap indeed exists between the service quality customers expected and the service quality they actually received from the bank. Customers reported a dissatisfaction of the bank’s service quality with regards to their provision of reliability, responsiveness, assurance and empathy in their service delivery. With regards to the evaluation of the bank’s service quality of customers in different demographics, it was discovered that the 40-59 customer age group received the most empathy in service encounters with the bank, customers using property insurance and repayment related services perceived the bank’s service quality across all dimensions to be positive. Lastly, a positive correlation between the number of years customers have been with the bank and their perceptions of the bank’s provision of empathy was established.
- Full Text:
Simulation and analysis of a bank queuing system
- Authors: Mutingi, M. , Mapfaira, Herbert , Moakofi, N. P. K. , Moeng, S. A. , Mbohwa, Charles
- Date: 2015-03-03
- Subjects: Banks and banking - Customer services , Bank queuing systems
- Type: Article
- Identifier: uj:5219 , http://hdl.handle.net/10210/14505
- Description: Improving service quality in the banking sector is essential for customer satisfaction. Decision makers are especially concerned about the time that customers wait before receiving their service. To stay competitive, decision makers have to continuously improve their service quality, measured in terms of suitable performance indicators. In this study, we focus on modelling and analysis of bank queuing systems. The study comprises three phases: (i) identify suitable performance indicators that influence customer perception with regards to service quality, (ii) simulate the behavioral performance of bank queuing systems, and (ii) evaluate and improve the service quality of the system. An illustrative case study is presented, showing the utility of proposed simulation approach.
- Full Text:
Influence of automated teller machine service quality on overall customer satisfaction in retail banking sector
- Authors: Nndwamato, Mulalo
- Date: 2018
- Subjects: Automated tellers , Banks and banking - Customer services , Banks and banking - Technological innovations , Consumer satisfaction
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/283120 , uj:30522
- Description: M.Com. (Business Management) , Abstract: Automated teller machines (ATMs) have become the most used electronic banking channel around the world. Customers’ experience with ATMs has forced banks to come up with effective strategies to satisfy their customers. The service quality and customer satisfaction have become a focal point of the banks due to benefits such as increased profit, competitive advantage, market share, customer retention and word of mouth. This study aims to investigate a link in the quality of ATM service experience influencing customer satisfaction. Bank management should be able to identify and know all factors of customer experience with ATMs in order to have sustainable financial growth. This study provides valuable information to banks to improve the quality of ATM service, bank management need to understand the importance of providing quality services with regards to ATMs. This study adopted a quantitative technique using survey research strategy. Self-administered questionnaires were conveniently distributed to ATM users of ABSA, FNB, Standard Bank, Nedbank and Capitec in Johannesburg using non-probability sampling. A total of 168 questionnaires were collected and considered useful. The Statistical Package for Social Science program (SPSS) version 24 was used to analyse the data, the following statistical techniques were employed; mean, standard deviation, correlation analysis, exploratory factor analysis (EFA) and multiple regression analysis. EFA constructed 6 factors (Ease of use, Reliability, Convenience, TangiblesCL, Responsiveness and TangiblesLI). The findings from correlation analysis revealed a positive correlation between all ATM service quality dimensions and satisfaction. However, after conducting regression analysis, reliability and tangiblesLI were found to have a positive and significant influence on customer satisfaction with ATMs. It is therefore suggested that banks effectively implement strategies which will enhance quality of service at ATMs. This include ensuring that ATMs: always have cash; are in working condition; issue quality notes; provide accurate information; are safe to use; are serviced by reliable employees; are visually appealing with regards to design, and portray good brand image.
- Full Text:
Employee understanding and execution of strategic angst differentiation in the banking industry
- Authors: Potwana, Philani
- Date: 2020
- Subjects: Consumer satisfaction , Banks and banking - Customer services
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/455617 , uj:40332
- Description: Abstract: The South African banking industry has become increasingly competitive over recent years, with the introduction of new players in the market, contributing to more intense competition for market share. There is a need to retain existing customers, and as a result, organisations are placing greater emphasis on the creation of effective retention strategies. Equally important to the creation of relevant strategies within any organisation, is the ability of its employees to understand, and execute the strategies. The purpose of this study was to examine the role of employee understanding of angst differentiation strategy, their involvement in the formulation of this strategy, the market orientation of the organisation and organisational culture as drivers that influence the effective execution of angst differentiation strategy. Having a thorough understanding of these drivers will help banks to be more effective in addressing customer ‘pain points’ to ultimately establish and maintain a competitive advantage. A qualitative study was undertaken to obtain deeper insight into the views held by product owners relative to the objectives of the study. Through a purposive non-probability sampling technique, a sample of 12 participants from the Bank of SA was selected. Data was collected from each participant, using semi-structured, face-to-face interviews which were recorded as permitted by the participants. To analyse the data, qualitative content analysis was used. The study found that a thorough understanding of the angst differentiation strategy by employees, their involvement in the formulation of the strategy, market orientation and organisational culture all play a role in the effective execution of the angst differentiation strategy. Recommendations for managers, banks and the banking industry, as well as recommendations for further studies were proposed. , M.Com. (Business Management)
- Full Text: