Analysis of Customers’ Satisfaction With Banking Services: A Case Of Standard Chartered Bank

Mkoma,, Hussein (2014) Analysis of Customers’ Satisfaction With Banking Services: A Case Of Standard Chartered Bank. Masters thesis, The Open University of Tanzania.

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Abstract

This study was undertaken to analyze the customers’ satisfaction with banking services with specific focus of Standard Chartered Bank in Tanzania. The specific objectives of the study were: to assess the level of customer satisfaction basing on customers intention to remain as clients; to examine the level of customer satisfaction basing on customers intention to recommend the service of the Standard Chartered Bank to third parties; and to measure the overall level of customer willingness to pay a higher price for services rendered by Standard Chartered Bank. A total of 135 respondents were sampled by using non-probability convenient sampled technique, and data was collected by means of a self-administered questionnaire. Data on socio-economic characteristics of the customers was analyzed by using descriptive analysis. Mann-Whitney test was applied to compare satisfaction levels between satisfied and dissatisfied customers. Results show that majority of the customers were satisfied with the Standard Chartered Bank. Non-parametric results show that customers were satisfied with the quality and service time (p < 0.01); are loyal hence unlikely to switch banks even if by doing so they could save about 10% (p < 0.01; and are unlikely to switch banks in the near future despite easiness of switching (p < 0.01). Accuracy of service and welcoming attitude of staffers were not strong source of customers’ satisfaction with the bank (p > 0.1). Basing on the findings of the study it is recommended to that the Standard Chartered Bank should maintain the quality of financial services offered by the bank. This can be done by institutionalizing quality control and assurance measures as well as a strong monitoring and evaluation system for the services quality within the bank.

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