Predictors Of Customer Satisfaction With Bank Services Among Selected Deposit Money Banks In South-Western Nigeria
OBISESAN Francis Oludare Ph.D
Department of Accounting and Finance, Bowen University, Iwo, Osun State
ADEGOKE Asimiyu Kolawole
Department of Banking and Finance, Achievers University, Owo, Ondo State, Nigeria
Keywords: Customer Satisfaction, Customer Expectations, Quality Services, Bank Customers, Deposit Money Banks (DMBs), Business Growth
Abstract
In the current banking industry, there is high level of competition, ranging from meeting with the set target by the Central Bank of Nigeria (CBN) to making increased profit and significant business growth. For every bank institution to function appropriately and record high level of effectiveness, the employees must be up and doing. Apart from the employees, there is the need to get more customers in order to sustain the longevity of the banks. This among other reasons spurred the researchers to investigate factors that contribute to customer satisfaction with banks services among selected Deposit Money Banks in South Western Nigeria. The study adopted cross-sectional research design and gathered data from one thousand, five hundred and five (1,505) bank customers from South-Western Nigeria. Findings revealed that when combined, age, educational qualification, number of banks and length of banking had significant joint influence on tangibles of banks [R = .25; R2 = .06; F (4, 1500) = 24.47); P<.01], reliability [R = .32; R2 = .10; F (4, 1500) = 41.62); P<.01], responsiveness [R = .18; R2 = .03; F (4, 1500) = 13.04); P<.05], empathy [R = .11; R2 = .01; F (4, 1500) = 4.78); P<.05] and customer satisfaction [R = .28; R2 = .08; F (4, 1500) = 32.27); P<.01]. It was therefore recommended that banks intensify more effort towards enhancing customer satisfaction through courtesy platform, staff attitude to customers, training of staff on customer relation, respect customers and adjust welfare unit and let the customer feel emotionally attached to the banks. Also, every possible method should be explored by the banks to meet customer expectations so as to strengthen customer loyalty and retention.