Key Features:
No of Chapters: 5
No of Pages: 91
Introduction:
1.1 BACKGROUND OF THE STUDY
It is believed that the goal of every organization is to meet the needs and aspirations of its stakeholders. Meeting these needs and aspirations of the stakeholders will not only ensure the survival of the organization but also allow it to flourish. Customers are the most important stakeholders in any organization because, without them, organizations are not likely to succeed.
Organizations must focus on what customers’ needs and wants are so as to be able to satisfy their needs for patronage and build good customers relationship that lasts longer because, without them, organizations are not likely to succeed.
Loyal customers are valuable assets. This is particularly so in mature markets where other sources of competitive advantage can be quickly eroded, hence, it is not surprising that many Banks are adopting customer responsive strategies, which use detailed information’s about customers to tailor or design products and services that meet their satisfaction. The aim is to ensure that the most valuable customer receives the best treatment that meets his/her satisfaction.
To ensure customers satisfaction, organizations (Banks) try to adopt customer-responsive strategies that are far easier to conceive and implement within organizations whose history inclines them towards a relationship mindset of a clean start without the drag of history and past practice before the banking reform era.
Although these strategies are difficult to implement when they work, they are a source of a powerful competitive advantage that are very difficult for rival banks to imitate. This customer’s responsive strategy is bound to have the advantage to the bank if it delivers superior customers value by personalizing the interactions, demonstrates trustworthiness between the bank and customers and also tightens connection with its customers. It is clearly noted that the effects of customers’ behavior or satisfaction on the performance of the banking sector are perceptible. Given that contemporary customers are more informed than ever before, LeBoreuf (1987) posited that meeting their expectations is increasingly becoming more difficult. They want to get value for their money as they perceived it. Given the relatively high incidence of poverty which is around 54.0 (CBN, 2009). Consumers in Nigeria were found to be dissatisfied with the quality of services/products provided by banks (Woldie, 2003). Again these call for an investigation on how customers behave with regards to the charges of commercial banks in Nigeria. Service quality is the result of human interaction between the service provider and the customer (Liu, 2005).
1.2 STATEMENT OF RESEARCH PROBLEM:
One of the challenges of modern banking is to understand their customer's needs so as to respond to such needs and wants with a view to satisfy customers and to achieve their organizational short and long-term goals.
Before the banking reform in the 1980s, there has been inadequate banking products and poor service delivery. Customers were dissatisfied and were at the receiving end. Banks decide on what products are service they give to their customers, sometimes, delays in customer transactions with various complains without quick resolution. This creates a disequilibrium gap between customers’ needs and Banks product and service delivery. As a result of these customers were not satisfied.
This research work is intended to examine the extent to which customers are satisfied with bank products and service delivery using Guarantee Trust Bank customers in Benin City as a case study.
1.3 OBJECTIVES OF THE STUDY
The main objective of this study is to examine the role of product and types of services delivery that satisfy Guarantee Trust Bank Customers. Other objectives are:
1. To determine how internet banking affects customers’ satisfaction
2. To ascertain how bank employees attitude toward customers affect customers satisfaction
3. To determine the degree at which new product and service delivery are design to meet customers’ satisfaction.
4. To ascertain how bank policies affect customers satisfaction.
1.4 SIGNIFICANCE OF THE STUDY
The importance of product and services delivery has not been fully appreciated in most organization. It is hoped that the result of this study will serve as a practical tool to guide Banks in the designing of various products and services that will satisfy customers’ needs and wants always. It will help the bank to compete favorably with its competitors and give them a competitive edge over others which will also make them to increase customers brand loyalty as well as an increase in turn over and profitability. It will also be useful to future researchers who are conducting research into similar areas as it will add to scholarly knowledge
1.5 STATEMENT OF RESEARCH QUESTION
This study seeks to provide answers to the following question:
i. To what extent can products and services delivery increase customers satisfaction?
ii. To what extent does internet Banking affects customers’ satisfaction?
iii. To what extent can the role of Bank employees attitude toward customers affect customers satisfaction?
iv. To what extent can bank discover and design a new product/service delivery that meets customer’s satisfaction?
1.6 STATEMENT OF HYPOTHESES
In order to achieve the objective raised above, the following hypotheses were formulated below in a null and alternative form to guide the study: Each hypotheses will be tested with a non-parametric statistical method, and each statement will be tested in negative and positive form. A null hypothesis (H0) represents the negative form, while alternative hypotheses (H1) represent the positive form.
HYPOTHESES I
H0 Product and service delivery will affect customer satisfaction.
HI Product and service delivery will not affect customer satisfaction.
HYPOTHESES II
H0 Internet banking will affects customer’s satisfaction
HI Internet banking will not affect customers’ satisfaction
HYPOTHESES III
H0 GT Bank employees attitude affect customers satisfaction
HI Gt Bank employee’s attitude does not affect customers satisfaction
HYPOTHESES IV
Ho GT Bank Innovativeness increases customers satisfaction
HI GT Bank Innovativeness does not increase customers satisfaction.
1.7 SCOPE OF THE STUDY
The researcher attempts to investigate products and services delivery on customer satisfaction. The scope of this study covers customers satisfaction on products and service delivery of Guarantee Trust Bank PLC in Benin City.
1.8 THE LIMITATIONS OF THE STUDY
It is doubtful if there has been or will ever be any research work that runs smoothly through without presenting some challenges to the researcher. There was a challenge in terms of the dearth of relevant literature. More so, time and finance constitute limitations faced by the researcher, the hostile nature or unwillingness on the part of the Guarantee Trust Bank staff to give out information freely, in contrast, these limitations did not, in the end, invalidate the findings of this study as most setbacks will be controlled.
1.9 DEFINITION OF TERMS
Customer Satisfaction: This is a marketing term that measures how products or services supplied by a company meet or surpass a Customer’s expectations.
Product: This is anything that can be offered to a market that might satisfy a want or need
Services Delivery: This is a Component of a business that defines the interaction between providers and clients where the provider offers services, whether that be information or a task, and the client either finds value or loses value as a result.
Point of Sale Machine (POS): This is a small device given to business owners by banks to enable their customers to make payments directly to their bank account without going to the bank. The customer inserts his/her automated teller machine card and types the amount for the transaction and transaction the amount is deposited directly into the business owner's account without carrying physical cash to the bank.
Internet Banking: Is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society.
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