The challenge of banking services development – giving its rightful place to customer satisfaction
Abstract
Lately, the global banking services industry has faced numerous challenges: the digitalization, increased competition, the instability of monetary and foreign exchange markets, and the volatility of exchange rates. However, at present, banks are facing the greatest challenge of all that is, placing the customers at the centre of business and the systematic follow-up of customer satisfaction. The present paper aims at assessing the influence of a series of determinants and socio-demographic factors on customer satisfaction with banking services in Romania, using the probit and logit models. The research focused on the Romanian banking market due to its distinctiveness within the European context – performance indicators above the European average during the past five years and a concentration level that discloses a significant growth potential. The results of the two models employed revealed similar results, with the most influential variables on customer satisfaction being convenience, e-banking, quality, and revenues.
First published online 14 March 2022
Keyword : customer satisfaction, banking industry development, banking services, satisfaction determinants, socio-demographic factors, probit and logit models
How to Cite
Moraru, A.-D., Duhnea, C., Mieilă, M., Ghiță-Mitrescu, S., Ilie, M., & Necula, A. I. (2022). The challenge of banking services development – giving its rightful place to customer satisfaction. Journal of Business Economics and Management, 23(3), 626–649. https://doi.org/10.3846/jbem.2022.16442
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Cronin, J. J., & Taylor, S. A. (1992). Measuring service quality: A re-examination and extension. Journal of Marketing, 56(3), 55–68. https://doi.org/10.1177/002224299205600304
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Fornell, C. (1992). National satisfaction barometer: The Swedish experience. Journal of Marketing, 56(1), 6–21. https://doi.org/10.1177/002224299205600103
Gan, C., Clemes, M., Wei, J., & Kao, B. (2011). An empirical analysis of New Zealand bank customers’ satisfaction. Banks and Bank Systems, 6(3), 63–77.
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Hunt, K. H. (1977). CS/D: Overview and future research direction. In H. K. Hunt (Ed.), Conceptualization and measurement of consumer satisfaction and dissatisfaction (pp. 455–488). Marketing Science Institute.
Ilie, M., Moraru, A.-D., & Ghita-Mitrescu, S. (2017). The hierarchical determination of customer satisfaction with banking services using an artificial neural network. Transformations in Business & Economics, 16(2A), 401–420.
Jamal, A., & Naser, K. (2002). Customer satisfaction and retail banking: An assessment of some of the key antecedents of customer satisfaction in retail banking. International Journal of Bank Marketing, 20(4), 146–160. https://doi.org/10.1108/02652320210432936
Keisidou, E., Sarigiannidis, L., Maditinos, D. I., & Thalassinos, E. I. (2013). Customer satisfaction, loyalty and financial performance: A holistic approach of the Greek banking sector. International Journal of Bank Marketing, 31(4), 259–288. https://doi.org/10.1108/IJBM-11-2012-0114
Khatoon, S., Zhengliang, X., & Hussain, H. (2020). The mediating effect of customer satisfaction on the relationship between electronic banking service quality and customer purchase intention: Evidence from the Qatar banking sector. SAGE Open, 10(2), 1–12. https://doi.org/10.1177/2158244020935887
Kombo, F. (2015). Customer satisfaction in the Kenyan banking industry. Journal of International Studies, 8(2), 174–186. https://doi.org/10.14254/2071-8330.2015/8-2/15
Kotler, P. (2000). Marketing management millenium edition (10 ed.). Pearson Prentice Hall.
Ladhari, R., Souiden, N., & Ladhari, I. (2011). Determinants of loyalty and recommendation: The role of perceived service quality, emotional satisfaction and image. Journal of Financial Services Marketing, 16(2), 111–124. https://doi.org/10.1057/fsm.2011.10
Li, F., Lu, H., Hou, M., Cui, K., & Darbandi, M. (2021). Customer satisfaction with bank services: The role of cloud services, security, e-learning and service quality. Technology in Society, 64, 101487. https://doi.org/10.1016/j.techsoc.2020.101487
Liang, C.-C., & Pei-Ching, W. (2014). Internet-banking customer analysis based on perceptions of service quality in Taiwan. Total Quality Management & Business Excellence, 26(5–6), 550–568. https://doi.org/10.1080/14783363.2013.856546
Moraru, A.-D., & Duhnea, C. (2018a). E-banking and customer satisfaction with banking services. Strategic Management, 23(3), 3–9. https://doi.org/10.5937/StraMan1803003M
Moraru, A.-D., & Duhnea, C. (2018b). Assessing customer satisfaction with banking services using 3D mathematical representation. In B. Krstic (Ed.), Strengthening the competitiveness of enterprises and national economies. Thematic collection of papers of international significance (pp. 19–37). University of Nis, Serbia.
Musiime, A., & Ramadhan, M. (2011). Internet banking, consumer adoption and customer satisfaction. African Journal of Marketing Management, 3(10), 261–269.
Mylonakis, J. (2009). Bank satisfaction factors and loyalty: A survey of the Greek bank customers. Innovative Marketing, 5(1), 16–25.
Narteh, B., & Kuada, J. (2014). Customer satisfaction with retail banking services in Ghana. Thunderbird International Business Review, 56(4), 353–371. https://doi.org/10.1002/tie.21626
National Bank of Romania. (2020, June). Financial stability report. https://www.bnr.ro/Publicatii-periodice-204.aspx
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OECD. (2020). Digital disruption in banking and its impact on competition. http://www.oecd.org/daf/competition/digital-disruption-in-financial-markets.htm
Oliver, R. L. (1980). A cognitive model of the antecedents and consequences of satisfaction decisions. Journal of Marketing Research, 17(4), 460–469. https://doi.org/10.1177/002224378001700405
Ozatac, N., Saner, T., & Sen, Z. (2016). Customer satisfaction in the banking sector: The case of North Cyprus. Procedia Economics and Finance, 39, 870–878. https://doi.org/10.1016/S2212-5671(16)30247-7
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