Effects of Innovation Towards Meeting Customer Satisfaction: The Case Study of CRDB Bank

Qorro, Olympia (2015) Effects of Innovation Towards Meeting Customer Satisfaction: The Case Study of CRDB Bank. Masters thesis, The Open University of Tanzania.

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Abstract

Customers play a major role in any business. In recent years, the banking industry is facing multiple pressure to remain competitive in the market. The changing customer needs in the banking industry have necessitated the banks to invest in innovation in order to meet the diverse and changing needs of their customers. This research was carried out to establish the effects of innovation towards meeting customer satisfaction in CRDB bank. The researcher used questionnaires to collect data from selected branches of the bank. Fifty seven out of eighty customers approached provided the data that was used for analysis to come with the results. The data was analyzed using descriptive analysis methods and the results were then presented. The study revealed that adoption of innovation strategies has greater impact on customer satisfaction. It also highlighted the factors considered by customers in evaluation of satisfactory services to be reliability, accessibility, price of service, compatibility with lifestyle, perceived risk and ease of use. The study concludes that banks which continually invest in new technologies that meets the above factors have greater chance of achieving customer satisfaction. The study recommends that innovation strategies are indispensable to banks in order to meet their customers’ expectations, but the banks should also look at other factors that affect customers’ satisfaction such as complaint handling, procedures and long queues in the banking halls and other service centres. The study results are limited within the selected branches of CRDB and therefore should not be generalized without further research.

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