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Barking Up the Wrong Tree – Factors Influencing Customer Satisfaction in Retail Banking in the UK

International Journal of Applied Marketing (ISSN: 1742-2612) Volume 1 Issue 1

Anita Chakrabarty, Assistant Professor
University of Nottingham, Malaysia Campus.

ABSTRACT

Customer satisfaction is the key to the profitability of retail banking in the UK and it implies the retention of customers for the long term, which is cheaper than attracting new customers. In the current scenario of retail banking in the UK particularly with banks becoming larger, the closure of branches and the advent of internet banking, the question arises whether the customers are satisfied or otherwise and what are the elements of retail banking which lead to the satisfaction or dissatisfaction of customers. The knowledge of current levels of satisfaction and, in particular, the key determinants of satisfaction benefit those in the industry allowing them to focus and build upon key areas that lead to highly satisfied customers. Results highlight that in-branch factors particularly staff, branch location and convenience are the most significant factors influencing customer satisfaction in retail banking.

Key terms: Customer satisfaction, retail banking, UK.

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