Customer Satisfaction in Banking Essay
Customer Satisfaction in Banking
Aiming for the customer satisfaction is the most challenging task in every organization. Through the satisfied customers, a firm an easily measure the effectiveness of the business, its potential and position in the industries, and the areas that are needed to polish and improve. Keeping the trust of a customer is not an overnight miracle but with full of patience and bountiful of effort.
Background and Problem Statement
The products and services that are sold in the most favorable prices can be an initial step of the firm in obtaining the trust and be included in the top list of the customers. However, because of the tight competition of various services, particularly in banks, the perception of the customers and potential customers are also divided according to the services that they want to achieve. In addition, the impact of the economic problems and financial crunches among the financial institutions creates a great challenge in the banks. With all the challenges that are ahead on the banks, how will they gather the customer satisfaction which is the same focus of the other competing banking institutions?
Research Aim and Objectives
The aim of the study is to determine the satisfaction on the services and products delivered by the banks towards their customers to attract other potential customer. There are three objectives that can be the guidance of the researcher/s in reaching for their goal and, in also, measuring the impact of customer satisfaction to their effectiveness in the market. First objective is to recognize the various strategies placed by the banks to achieve the customer satisfaction. Second is to determine the extent of those strategies to eliminate or at least minimize the impact of resistance and reluctance of the customers towards the bank’s offered products and services. And third is to discover the level of satisfaction from the existing customers that can contribute in the success and continuous performance of the banks.
Finding for the loyal customers is a great opportunity for the various firms and enterprises, for the corporate leaders believe that through them, the firms can continue its business cycle. In order to keep the loyal customers, the organization should first attempt to discover the ways to satisfy the customers. Customer satisfaction is an applied term that determines on how products and services supplied by a company meet or surpass customer expectation. It is an essential tool to see the key performance indicator within business. In banking industry, being competitive is already a given factor. Customers expect that banks should be strong enough even if there are uncertainties in the country, most especially in the financial stream.
In the long run, the customer satisfaction can be the key element of the organization to prepare another strategy (Gitman and McDaniel, 2005). Every business’s mission is making the customers as their first priority. In accordance to this, the business must fill or serve the satisfaction of their customers according to what preferences that the market is demanding for. In the banking industry, there is a suggested conceptualized model of satisfaction in terms of the business-to-business level. With the aid of the path analysis, corporate customer satisfaction can be determined in the earliest time with regards to the equity, and expectations of customers (Armstrong and Seng, 2000; Hackl and Westlund, 2000). Catching the attention of the customers is the first impression of the banks in terms of promotion.
However, if the banks continuously deliver the satisfaction towards to their customers, the firms will not only obtaining success but also the continuing promotion of benefits for their own customers. The most desirable outcome that the customers can gain is the improvement on their experience in banking services and products and identify that there is an increase performance. On the other hand, the firm can enjoy the benefits of minimization of the business uncertainty, maximization of profit margins and enhancement of productivity; reduce on expenses, and optimization on resource deployment (Hansemark and Albinsson, 2004).
The suggested method in the study is the use of survey and interview as the primary strategy to obtain the needed information. Through the combination of survey and interview, the current position of the bank in the society can be determined. For the first process of the investigation, the survey will be conducted among the population of the customers. The first 100 customers will be the participants and through the help of the Likert Scale, the researcher/s can view the appeal of the bank’s services and products on their customers. At the second phase of the study, the interview will be conducted among the five managers of the bank. The interview has a purpose to recognize the various strategies and their strong points to attr
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Writing the Research Proposal
Expression of Interest
Research Team / Collaborations
Research Proposal Steps
Examples of Research Proposals
Research Proposal Steps
Step 1: The Title
Naming your research is an important part of the research proposal. It should tell the user (In 25 words or less) what you intend to research and how you intend to do it. You may also wish to give your research project both a Māori and English title. The choice is up to you, as long as your title is relevant to the research question.
Step 2: The Abstract
Your research proposal in its entirety may be anywhere between 5,000 to 25,000 words in length. So it is important that you give a summary of the entire document. This summary is known as the abstract, and should demonstrate to the reader the most important parts of each of the sections of the research proposal in around 200 words. It is often useful to write the abstract last, after the rest of the research proposal has been written and fully thought out.
Step 3: Aims and Objectives
In this section you should expand on the title of your research project to articulate in full detail the aims and objectives of your research. You should be able to provide a detailed description of the research question, the purpose of the research, and a description of your approach (methodology and method) to the research. Included in this section should be discussion around the research problem that you intend to answer or investigate, your hypothesis, the parameters of the research i.e. what you intend to include within the research, and what you intend to leave out.
Step 4: Background
This section should provide detail about the background to the research question. In this section you will need to demonstrate an understanding of the existing literature and research studies within the area of your proposed research topic. This is to assist the reader to understand the significance of your research, and where it fits within the existing body of knowledge. The background section is a significant portion of your proposal and therefore should be an extensive review of the literature related to your topic (see literature review).
You should be able to discuss what the existing literature is about and highlight any gaps, issues or contentions that arise. You also need to be able to show where your research fits within this literature and enter into discussions on issues that relate to your research question. The point of this background section is to demonstrate to the reader your understanding and knowledge of the research area, as well as the contribution that your research project will make to the existing research and knowledge.
Step 5: Methodology and Method
In this section of the proposal you will need to demonstrate how you intend to go about investigating the research question. The methodology generally refers to the theory to be used to justify the use of the particular research methods that you are choosing to use. You may use more than one methodology to inform your method of research. The method describes the way you intend to investigate the question, such as a questionnaire, a hui, in-depth individual interviews, focus group interviews, a wānanga, a survey and so forth. Kaupapa Māori is a methodology, that also gives rise to and guides research methods. In this section you will need to give a brief overview of Kaupapa Māori theory and/or theories, why you have chosen to use this methodology and how your research question fits within thismethodological framework.
If you are using more than one methodology then you will need to demonstrate why you have chosen to use another methodology alongside Kaupapa Māori, and how it is relevant to the aims and objectives of your research. You should also discuss the different methods you intend to use in full detail, and provide justification as to why you have chosen to use these methods. It is also helpful to discuss how many participants you intend to involve in your research, how you intend to find or approach participants, and how they will be used in your study.
Step 6: Schedule and Timeline
You need to be able to demonstrate that your research is possible within a given timeframe. You may be able to define your own timeframe, or the institution for which you are writing a proposal may have a set timeframe that you will need to work within. Either way, it is important that you are able to plot the intended progress of the project from start to finish. If you intend to produce any outputs, reports, findings then they should be inserted into this schedule.
Step 7: Ethical Approval
Some institutions require that any research involving interaction with human participants get approval from ethical advisory committees or boards. This ethical approval is sought to ensure that the researcher conducts research in a manner that is respectful to the participants and other human beings that may be influenced by the research process. It is important that you seek out what ethical approval is required within your area of research. You may need to seek approval from more than one advisory committee depending on the institutional, financial and disciplinary context. Applications for ethical approval are obtained directly from the ethical committees themselves.
Ethical considerations is a key part of conducing Kaupapa Māori research. Understanding research ethics will impact on all aspects of your research, in particular, how you engage with communities to conduct your research and disseminate your research findings. Māori community research organizations are also beginning to develop their own research ethics guidelines to assist both the researchers and participants to be ‘culturally safe’ during the research process. In the ‘ethical approval’ section, it is important to outline who you intend to seek ethical approval from, and/or when ethical approval was granted and for what period of time.
Step 8: Resources
This section demonstrates to the reader that you are both suitable and capable of carrying out the proposed research. You will need to discuss what resources you have at your disposal that makes it possible for you to carry out this research. For example, physical resources (such as research instruments), personal resources (such as knowledge of the discipline, area or community under study), as well as any other resources that you have as a researcher (or research team) that will enable you to carry out the research from beginning through to completion. You may also need to highlight what resources you still require in order to complete the research, and also discuss how you intend to go about acquiring these resources (i.e. through funding, through research collaborations etc.)
Step 9: Budget
Not all research proposal require a budget (such as thesis proposals for academic institutions), however if you intend to apply for funding for research it is important that you are able to show how much money you require, and justify the amount asked for. The way to justify the amount you are asking for is to provide a detailed budget outlining what expenses you predict you will incur in conducting the research. Exactly where and how money will be spent will differ from project to project, and the size of the budget should reflect the size of the research project. Some of the main expenses that may be included in any budget could be researcher’s time, human resources (such as other research assistants, transcribers, advisory board members), technical equipment (Dictaphones, transcribers, computer hardware and software etc), stationary, koha and others.