The Influence of Banking Service Customers’ Satisfaction Level on the Perception of Switching Costs and on Behavioural Loyalty
DOI:
https://doi.org/10.12660/joscmv2n1p1-13Abstract
This article presents the results of a research aiming to evaluate whether retail banking customers' satisfaction level has some impact on the perception of switching costs and on customers' loyalty. Loyalty was measured through behaviors traditionally associated with this construct: intention to repurchase, propensity to recommend service and price sensitivity. The results of the research conducted in May 2007 with 1000 retail banking clients in the cities of Rio de Janeiro and São Paulo showed that, the higher the customers' satisfaction with banking services, the higher the propensity to adopt classical behavior related to loyalty such as the intention to remain as customers for the next 12 months, to recommend the bank to relatives and friends and to be willing to pay a higher price for the offered services than their bank's competitors. On the other hand, no significant difference was observed on perceptions of bank switching costs as a result of customers' satisfaction level. These results provide financial institution managers with a better understanding of the relation between satisfaction and loyalty behavior on the part of customers. Such understanding is paramount for banks' good performance in the long run. Moreover, attention should be drawn to elements that may not be overlooked in service projects and their operations in order to achieve quality excellence perceived by customers. In this study such perception precedes satisfaction.Downloads
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