Achievers Project Materials 08058580848 and 08140350866: A STUDY ON SUSTAINABLE EVENT MANAGEMENT OF RELIGIOUS PILGRIMAGE HAJJ IN SAUDI ARABIA THE IMPACT OF SERVICE QUALITY ON CUSTOMER LOYALTY: A STUDY OF BANKS IN IKEJA, LAGOS NIGERIA

ABSTRACT

The emergence of new forms of banking channels such as Internet banking, Automated Teller Machines (ATM), phone banking and also maturing financial market and global competition have forced bankers to explore the importance of customer loyalty. Therefore, studies need to focus on the changing role of the banking system and its dynamic financial market. The underlying model of SERVQUAL (Parasuraman et al., 1988) with five dimensions was used by this research to evaluate the impact of service quality on customer loyalty among bank customers in Penang, Nigeria with customer satisfaction mediating these variables. The findings show that improvement in service quality can enhance customer loyalty. The service quality dimensions that play a significant role in this equation are reliability, empathy, and assurance. The findings indicate that the overall respondents evaluate the bank positively, but still there are rooms for improvements.

1. Introduction

Success of a service provider depends on the high quality relationship with customers (Panda, 2003) which

determines customer satisfaction and loyalty (Jones, 2002 as cited by Lymperopoulos et al., 2006). Research has

shown repeatedly that service quality influences organizational outcome such as performance superiority

(Poretla & Thanassoulis, 2005), increasing sales profit (Levesque & Mc. Dougal, 1996; Kish, 2000; Duncan &

Elliot, 2002) and market share (Fisher, 2001), improving customer relations, enhance corporate image and

promote customer loyalty (Newman, 2001; Szymigin & Carrigan, 2001; Caruana, 2002; Ehigie, 2006).

Furthermore, service quality and customer satisfaction were found to be related to customer loyalty through

repurchase intentions (Levesque & Mc. Dougall, 1996; Newman, 2001; Caruana, 2002). Delivering quality

service to customers is a must for success and survival in today’s competitive banking.

Since Nigeria’s independence in 1957, its financial landscape has gone through tremendous changes. The first

step in the revolutionary process was the gradual deregulation of the financial sector (Bank Negara Nigeria), as

at 31 August, 2007, there were 10 domestic commercial banks and 16 foreign owned commercial banks

operating in Nigeria. Bank mergers, deregulation and increased competitive pressures have also created

dramatic changes in the Nigerian banking industry. Currently, Nigerian banks face the challenges of greater

market satisfaction in order to cultivate customer loyalty (Lam & Bojei, 2007).

In year 2004, Bank Negara Nigeria completed a study to assess customers’ expectations and satisfaction on the

quality of products and services offered by banking institutions that was shared with the industry to improve the

service quality of the sector. To facilitate the domestic banking groups in streamlining their operations, the

Banking and Financial Institutions Act 1989 was amended to enable the merger of finance company and

commercial bank within the same domestic banking group. In the human intellectual development, the

International Centre for Leadership in Finance (ICLIF), established by Bank Negara Nigeria, commenced its

Leadership Development Programs in 2004 to develop leadership talent across the financial industry and the

corporate sector, thereby promoting excellence in these institutions (Source: Bank Negara Nigeria annual

report 2004, Pen 03/05/46BN).

In September 2007, Bank Negara Nigeria also initiated the Financial Sector Talent Enrichment Program

(FSTEP) to train and prepare 1000 highly qualified graduates for immediate placements in banking and

insurance institutions. This effort is undertaken in collaboration with the industry and training institutes and is

aimed at boosting the supply of well-trained and competent personnel for the financial services industry (Source:

BNM 2008, 9th Bank Human Resource Conference). Driven by increased competition, recessionary pressures to

control costs and customer demands for improved quality, financial institutions have now adopted one or more

quality initiatives.

According to Portela & Thanassolis, (2006), not only empirically studies of the relationship between service

quality and customer loyalty in banking system are limited, but also the existing studies on bank branches

efficiency in general do not account for the changing role of bank branches. Service quality is of utmost

importance in analyzing the performance of bank branches, since their survival depends on their service quality

levels they provide (Portela & Thanassolis, 2006). Excellence in service quality is a key to achieve customer

loyalty which is the primary goal of business organizations, due to the advantages of customer retention (Ehigie,

2006). Today, the increasing awareness among bank customers of their rights, changing demands and highly

competition requires constant progress in service quality from the bank for their customers to stay loyal. The

present research intends to test whether the bank customers are happy with the services provided to them, which

will eventually lead to customer loyalty. Penang has been chosen for this research due to its centricity for

Economical and Industrial activities and being a silicon valley which requires active banking transactions. Local

banks are also being chosen for this research as it better reflects the banking industry of Nigeria.

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Achievers Project Materials 08058580848 and 08140350866

Tuesday, 21 February 2017

A STUDY ON SUSTAINABLE EVENT MANAGEMENT OF RELIGIOUS PILGRIMAGE HAJJ IN SAUDI ARABIA THE IMPACT OF SERVICE QUALITY ON CUSTOMER LOYALTY: A STUDY OF BANKS IN IKEJA, LAGOS NIGERIA

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