Influence of Service Quality on Customer Satisfaction and Customer Loyalty in the Private Banking Sector of Bangladesh: A PLS Approach
Main Article Content
Abstract
In this competitive business era, the key strategy for the success and survival of any business organization is the deliverance of quality services to customers because service quality has beneficial effect on the bottom-line performance for the organization. As a financial organization, banks are continuously introducing their new products and services at regular intervals to satisfy and retain their customers and hence, achieving high levels of service is one of techniques to keep customers both satisfied and loyal. Thus, this study intends to determine the impact of Service Quality on Customer Satisfaction and Customer Loyalty in private banking sector of Bangladesh. Five dimensions of Servqual Model such as tangibility, reliability, responsiveness, empathy, and assurance (Parasuraman, Zeithaml, & Berry, 1985) are considered as the base for this study. A structured questionnaire with 5-point Likert scale has been used to gather the data for this study by conducting survey. The sample size is 100 and chosen on a convenient basis. Data has been analyzed by using PLS 3.0 software. SPSS software (version 20) package was also used to present the data demographically. The result shows that tangibility and empathy have significant effect on customer satisfaction, on the other hand, reliability, responsiveness and assurance don’t have any significant effect on customer satisfaction. Moreover, customer satisfaction has direct significant effect on customer loyalty. Finally, this study proposed few recommendations for the managerial implication.
Article Details
How to Cite
Karim, R. A. (2020). Influence of Service Quality on Customer Satisfaction and Customer Loyalty in the Private Banking Sector of Bangladesh: A PLS Approach . Journal of Marketing and Information Systems, 2(2), 8–17. https://doi.org/10.31580/jmis.v1i3.1049
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Articles
References
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Chin, W. W. (2010). Bootstrap cross-validation indices for PLS path model assessment. In V. E. Vinzi, W. W. Chin, J. Henseler & H. Wang (Eds.), Handbook of partial least squares (83-97). Verlag Berlin Heidelberg: Springer.
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Duffy, D. L. (2003). Internal and external factors which affect customer loyalty. Journal of consumer marketing, 20(5), 480-485.
Duncan, E. & Elliott, G. (2004). Efficiency, customer service and financial performance among Australian financial institutions. The International Journal of Bank Marketing, 22(5), 319- 342.
Eshghi, A., Haughton, D., & Topi, H. (2007). Determinants of customer loyalty in the wireless telecommunications industry. Telecommunications policy, 31(2), 93-106.
Falk, R. F. & Miller, N. B. (1992). A primer for soft modeling. OH, US: University of Akron Press, Akron.
Fornell, C. & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research, 18(1), 39-50.
Faullant, R., Matzler, K., & Füller, J. (2008). The impact of satisfaction and image on loyalty: the case of Alpine ski resorts. Managing Service Quality: An International Journal, 18(2), 163-178.
Ford, J. B., Paparoidamis, N., & Chumpitaz, R. (2015). Service quality, customer satisfaction, value and loyalty: An empirical investigation of the airline services industry. In The Sustainable Global Marketplace (pp. 187-187). Springer, Cham.
Foss, B. & Stone, M. (2001), Successful Customer Relationship Marketing, London: Kogan Page.
Gee R., Coates G., & Nicholson M. (2008). Understanding and profitably managing customer loyalty. Mark. Intel. Plan., 26(4), 359-374.
Geisser, S. (1974). A predictive approach to the random effect model. Biometrika, 61(1), 101-107.
Gerrard, P., Cunningham, J.B. & Devlin, J.F. (2006). Why Consumers are not using internet banking: a squalitative study, Journal of Service Marketing, 20(3), 160-168.
Gronroos, C. (2007). A service quality model and its marketing implications. European Journal of Marketing, 18, 35-44.
Grönroos, C., & Ojasalo, K. (2004). Service productivity: Towards a conceptualization of the transformation of inputs into economic results in services. Journal of Business research, 57(4), 414-423.
Guo, X., Duff, A. & Hair, M. (2008). Service quality measurement in the Chinese corporate banking market, International Journal of Bank Marketing, 26(5), 305-27.
Ha, J., & Jang, S. S. (2009). Perceived justice in service recovery and behavioral intentions: The role of relationship quality. International Journal of Hospitality Management, 28(3), 319-327.
Hair, J. F., Hult, G.T.M., Ringle, C.M. & Sarstedt, M. (2014). A Primer on Partial Least Squares Structural Equation Modelling. Thousand Oaks, CA: Sage Publication.
Hart, C. W. & Johnson, M. D. (1999). Growing the trust relationship. Marketing Management, 14 (Spring), 8- 19.
Hayes, B. E. (2008). Measuring customer satisfaction and loyalty: survey design, use, and statistical analysis methods. ASQ Quality Press.
He, Y., & Song, H. (2009). A Mediation Model of Tourists' Reprchase Intentions for Packaged Tour Services. J. Travel. Res. 47(3), 317 – 31.
Henseler, J., Ringle, C., & Sinkovics, R. (2009). The use of partial least squares path modeling in international marketing”, Advances in International Marketing (AIM), 20, 277-320.
Heskett, J. L., Jones, T. O., Loveman, G. W., Sasser, W. E., & Schlesinger, L. A. (1994). Putting the service-profit chain to work. Harvard business review, 72(2), 164-174.
Hoq, M . Z. & Amin, M. (2010). The role of customer satisfaction to enhance customer loyalty. African Journal of Business Management, 4(12), 2385-2392.
Hulland, J. (1999). Use of partial least squares (PLS) in strategic management research: a review of four recent studies. Strategic management journal, 20(2), 195-204
Hunt, H. K. (1991). Consumer satisfaction, dissatisfaction, and complaining behavior. Journal of social issues, 47(1), 107-117.
Iacobucci, D., Ostrom, A., & Grayson, K. (1995). Distinguishing service quality and customer satisfaction: the voice of the consumer. Journal of consumer psychology, 4(3), 277-303.
Izogo, E. E., & Ogba, I. E. (2015). Service quality, customer satisfaction and loyalty in automobile repair services sector. International Journal of Quality & Reliability Management, 32(3), 250-269.
Jiang, H., & Zhang, Y. (2016). An investigation of service quality, customer satisfaction and loyalty in China's airline market. Journal of air transport management, 57, 80-88.
Karim, R. A, & Chowdhury, T. (2014). Customer satisfaction on service quality in private commercial banking sector in Bangladesh. British Journal of Marketing Studies, 2(2), 1-11.
Kaura, V., Durga Prasad, C. S., & Sharma, S. (2015). Service quality, service convenience, price and fairness, customer loyalty, and the mediating role of customer satisfaction. International Journal of Bank Marketing, 33(4), 404-422.
Khalid, S., Mahmood, B., Abbas, M., & Hussain, S. (2011). Customer satisfaction with service quality in conventional banking in Pakistan: The case of Faisalabad. International Journal of Marketing Studies, 3(4), 165-174.
Khan, M. M., & Fasih, M. (2014). Impact of service quality on customer satisfaction and customer loyalty: Evidence from banking sector. Pakistan Journal of Commerce and Social Sciences (PJCSS), 8(2), 331-354.
Kotler, P., & Armstrong, G. (2010). Principles of Marketing (13th ed.). London: Pearson Education.
Kumar, M., Talib, S. A., & Ramayah, T. (2013). Business research methods. Kuala Lampur: Oxford Fajar/Oxford University Press.
Lewis, B. R. (1993). Service quality: recent developments in financial services. International Journal of Bank Marketing, 11(6), 19-25.
Lewis, B. R., & Mitchell, V. W. (1990). Defining and measuring the quality of customer service. Marketing Intelligence & Planning, 8(6), 11-17.
Mensah (2010). Customer Satisfaction in the banking industry: A comparative Study of Spain and Ghana. Unpublished PhD Dissertation.
Meuter, M. L., Ostrom, A. L., Roundtree, R. I. & Bitner, M. J. (2000) Self-Service Technologies: Understanding Customer Satisfaction with Technology-Based Service Encounters, Am Marketing Assoc, 64, 50-64.
Mosahab, R., Mohamad, O. & Ramayah, T. (2010). Service quality, customer satisfaction and loyalty: A test of mediation. International business research, 3(4), 72-80.
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