Title of Research Project
Measuring the banks customer loyalty and their satisfaction towards the services provided by banking services in Singapore
Statement of Research Objectives
The main purpose for conducting the research is to examine the ways for developing the customer satisfaction enhancements in the banking industry and to realize the different concerns of banks customers in dealing with the banks and in searching for the most suitable bank choice to meet their expectations. Additionally, several objectives are added to support the main purpose of the research and they are-
- To measure the overall customer satisfaction on the services provided by the variety of banks in Singapore
- To look at the banks customer loyalty with their perceptions based on their demographic profiles
- To provide recommendations in the development of CRM and providence of better quality service in the banking industry
- To make recommendations for managing and enhancing higher customer satisfaction for the existing banks
- To recognize the barriers faced by the banks customers and to examine the best channel of banking provided by the banks
Rationale for Undertaking the Study
The business environment nowadays has increased major challenges to every business sectors by bringing in many new businesses with different service providence to the customers. Gaining customer satisfaction has become a top priority for every organizations and it is very important for the businesses to have more understanding about the concept of increasing customer satisfaction as it is a complete competitive challenge. They (organizations) all believe that capturing the customers’ preferences and having their loyalty is completely not an easy task. By reviewing several past researches and findings, the fact can be drawn that most of the product offering businesses can easily manage to raise the customer satisfaction by expanding the products’ range and variety that they offer, yet the service providing businesses especially; educational services, insurance companies, banks and many more servicing companies are seemed to be opposite. This means that those service providing companies find it as a real challenging task as they need both intellectual and non-intellectual resources such as – time, money, labors, valued services, reputation and hospitality etc.
Due to the impact of post-financial crisis, several trends in the financial sector of many countries have put much pressure on many businesses in service providing sector, especially Banks / private banks. The competition in the banking business has become tough and it has become a major challenge for banks to penetrate into the market with better, updated services and dimensions to satisfy the customers. In short, it is a huge burden for banks to understand the complex relationship with their customers. There are not many in numbers of prior researches done in measuring the customer satisfaction of banks in Singapore and therefore, it is hoped that this research could partially provide some valuable recommendations for Singapore banking services in managing/creating a stronger relationship between the customers and the banks and also could help them to recognize that the customers’ loyalty and trust is a major priority for achieving their goals.
Statement on Research Procedures and Methodologies
Both online and offline questionnaire survey will be conducted in this research in order to scope a wide range of bank customers who are using variety of banking channels: such as- Online, Telephone, ATM and Bank preference. There will be 2 sections in the questionnaire survey, where Section One will have three parts (with several questions to reflect the purposes of the research) and Section Two will be enquiring about the clients’ profiles. Convenience sampling method will be used in doing questionnaire survey and it is expected to get around 200 people as participants; who are using one or more of the banking channels with major banks in Singapore. Online survey will be conducted 24/7 as there is no time constraint and offline survey will be conducted in central areas of Singapore (on weekdays) where majority of banks exist and in some popular places (on weekends) where most of the ATMs are provided. Data analysis will be done according to the data received and will be showing the participants’ demographic figures, charts and tables showing their level of satisfaction on the associated banks in Singapore.
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