An analysis of how leadership has shaped the culture of customer centricity in the branch of a bank
- Authors: Mali, Mandisa
- Date: 2020
- Subjects: Banks and banking -- Customer services , Banks and banking -- Customer services -- South Africa -- Case studies , Customer relations -- Management , Customer relations -- Management -- South Africa -- Case studies , Relationship banking -- South Africa -- Case studies , Bank management -- South Africa -- Case studies
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/171852 , vital:42132
- Description: Financial institutions are faced with increasing competition as there has been an increase in new entrants in the industry, therefore a battle of market share in banking is in progress. Digitization is fast changing how customers perceive value, customers have become spoilt for choice and thus banks have to implement strategies that will help them to increase their market share by keeping the customers they currently have and strategies that help them to acquire more customers. A strategy on its own will not support organizational goals, if it is not adopted by the executers – the employees on the ground. It is important for leaders to support the strategic goals of an organization by ensuring that the goals become a culture, a way of doing things in that organization. This study is an analysis of how leadership shaped a culture of customer centricity in the branch of a bank. The objectives of the study were to: (1) To describe the culture of customer centricity that was cultivated by the branch manager; (2) To analyse what the leader pays attention to, measures and controls on a regular basis, in support of a culture of customer centricity; (3) To analyse how the leader conducts deliberate role modelling, teaching and coaching in support of a culture of customer centricity; (4) To analyse whether - and if so how - the quality of the dyadic relations between the leader and her followers enables or disables the effect of cultural mechanisms on the culture of customer centricity; and (5) To analyse how the leader built high quality relations with her followers The study took the form of a case study of a branch of a bank, where nine universal bankers and their former leader were interviewed. The data were then analysed using a deductive thematic analysis. The findings met all objectives of the study and the findings supported the propositions. The findings also discovered that reward and recognition contributed to the shaping of a culture of customer centricity. In conclusion the limitations and delimitations of the study are acknowledged, and recommendations are made. The study contributes towards the Social Exchange Theory (SET) and demonstrates how high-quality leader member exchange (LMX) relations can be developed. Several recommendations are made for further studies on factors shaping a culture of customer centricity, and implications for management are considered.
- Full Text:
- Date Issued: 2020
- Authors: Mali, Mandisa
- Date: 2020
- Subjects: Banks and banking -- Customer services , Banks and banking -- Customer services -- South Africa -- Case studies , Customer relations -- Management , Customer relations -- Management -- South Africa -- Case studies , Relationship banking -- South Africa -- Case studies , Bank management -- South Africa -- Case studies
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/171852 , vital:42132
- Description: Financial institutions are faced with increasing competition as there has been an increase in new entrants in the industry, therefore a battle of market share in banking is in progress. Digitization is fast changing how customers perceive value, customers have become spoilt for choice and thus banks have to implement strategies that will help them to increase their market share by keeping the customers they currently have and strategies that help them to acquire more customers. A strategy on its own will not support organizational goals, if it is not adopted by the executers – the employees on the ground. It is important for leaders to support the strategic goals of an organization by ensuring that the goals become a culture, a way of doing things in that organization. This study is an analysis of how leadership shaped a culture of customer centricity in the branch of a bank. The objectives of the study were to: (1) To describe the culture of customer centricity that was cultivated by the branch manager; (2) To analyse what the leader pays attention to, measures and controls on a regular basis, in support of a culture of customer centricity; (3) To analyse how the leader conducts deliberate role modelling, teaching and coaching in support of a culture of customer centricity; (4) To analyse whether - and if so how - the quality of the dyadic relations between the leader and her followers enables or disables the effect of cultural mechanisms on the culture of customer centricity; and (5) To analyse how the leader built high quality relations with her followers The study took the form of a case study of a branch of a bank, where nine universal bankers and their former leader were interviewed. The data were then analysed using a deductive thematic analysis. The findings met all objectives of the study and the findings supported the propositions. The findings also discovered that reward and recognition contributed to the shaping of a culture of customer centricity. In conclusion the limitations and delimitations of the study are acknowledged, and recommendations are made. The study contributes towards the Social Exchange Theory (SET) and demonstrates how high-quality leader member exchange (LMX) relations can be developed. Several recommendations are made for further studies on factors shaping a culture of customer centricity, and implications for management are considered.
- Full Text:
- Date Issued: 2020
Perceptions on the use of social media in the banking industry
- Authors: Cupp, Nicole Leshaan
- Date: 2015
- Subjects: Banks and banking -- Customer services , Banks and banking -- Social aspects , Internet marketing -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5489 , vital:20870
- Description: As banks operate in a competitive environment, it is important for managers and marketers to identify how customer satisfaction and customer retention levels can be can be improved through social media aspects. Although models of customer satisfaction and customer retention have been well researched for client products/services, the literature available on social media as a marketing tool is limited in quantity compared to other more established areas of marketing. This research study reviews existing literature on the banking industry in terms of its characteristics and challenges. Literature on customer satisfaction and customer retention as relevant to the banking industry is reviewed, as well as how social media aspects can improve customer satisfaction and customer retention. Thus the primary objective of this study is to identify the social media aspects (benefits, clients’ trust and content) that influence the intervening variable (customer satisfaction) and dependent variable (customer retention) in the banking industry. An empirical investigation was undertaken to establish whether the independent variables; namely benefits, clients’ trust and content as related to social media can possibly influence customer satisfaction and ultimately customer retention in the banking industry. A positivistic research paradigm was followed for this study. Quantitative data was gathered by distributing questionnaires to a sample of bank clients and managers. The sample size consisted of 150 bank clients and 30 bank managers in the Nelson Mandela Metropolitan area in South Africa. The questionnaires were statistically analysed using the computer programmes Microsoft Excel and Statistica Version 12.0. The validity of the study was measured by utilising Exploratory Factor analysis. Cronbach’s Alpha correlation coefficients were calculated to measure the reliability and internal consistency of the measurement instrument of this study. Data was analysed in four phases. Descriptive statistics concerning the respondents and variables were calculated for this study. The validity of the measuring instrument was tested by performing EFA to consider construct validity. Thereafter, the internal reliability of the data was assessed using Cronbach’s Alpha correlation coefficients. Pearson’s product-moment correlation coefficients and multiple regression analyses were calculated. Through multiple regression calculations, the relationships predicted by the four hypotheses were analysed. Finally, t-tests and analysis of variance (ANOVA) tests were conducted. The empirical investigation revealed that significant positive relationships exist between the independent variables benefits, trustworthy content and the intervening variable customer satisfaction, as well as between these two independent variables and the dependent variable customer retention. From the empirical results it was concluded that if banks offer benefits and trustworthy content to their clients through social media channels, clients are likely to be satisfied with and retained by their bank. This study established and confirmed the significant positive relationship that exists between customer satisfaction and customer retention in the banking industry. All bank managers and marketers will benefit from the empirical results as well as the recommendations of this study on how to improve customer satisfaction and customer retention through social media channels which will ultimately improve the performance of banks.
- Full Text:
- Date Issued: 2015
- Authors: Cupp, Nicole Leshaan
- Date: 2015
- Subjects: Banks and banking -- Customer services , Banks and banking -- Social aspects , Internet marketing -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5489 , vital:20870
- Description: As banks operate in a competitive environment, it is important for managers and marketers to identify how customer satisfaction and customer retention levels can be can be improved through social media aspects. Although models of customer satisfaction and customer retention have been well researched for client products/services, the literature available on social media as a marketing tool is limited in quantity compared to other more established areas of marketing. This research study reviews existing literature on the banking industry in terms of its characteristics and challenges. Literature on customer satisfaction and customer retention as relevant to the banking industry is reviewed, as well as how social media aspects can improve customer satisfaction and customer retention. Thus the primary objective of this study is to identify the social media aspects (benefits, clients’ trust and content) that influence the intervening variable (customer satisfaction) and dependent variable (customer retention) in the banking industry. An empirical investigation was undertaken to establish whether the independent variables; namely benefits, clients’ trust and content as related to social media can possibly influence customer satisfaction and ultimately customer retention in the banking industry. A positivistic research paradigm was followed for this study. Quantitative data was gathered by distributing questionnaires to a sample of bank clients and managers. The sample size consisted of 150 bank clients and 30 bank managers in the Nelson Mandela Metropolitan area in South Africa. The questionnaires were statistically analysed using the computer programmes Microsoft Excel and Statistica Version 12.0. The validity of the study was measured by utilising Exploratory Factor analysis. Cronbach’s Alpha correlation coefficients were calculated to measure the reliability and internal consistency of the measurement instrument of this study. Data was analysed in four phases. Descriptive statistics concerning the respondents and variables were calculated for this study. The validity of the measuring instrument was tested by performing EFA to consider construct validity. Thereafter, the internal reliability of the data was assessed using Cronbach’s Alpha correlation coefficients. Pearson’s product-moment correlation coefficients and multiple regression analyses were calculated. Through multiple regression calculations, the relationships predicted by the four hypotheses were analysed. Finally, t-tests and analysis of variance (ANOVA) tests were conducted. The empirical investigation revealed that significant positive relationships exist between the independent variables benefits, trustworthy content and the intervening variable customer satisfaction, as well as between these two independent variables and the dependent variable customer retention. From the empirical results it was concluded that if banks offer benefits and trustworthy content to their clients through social media channels, clients are likely to be satisfied with and retained by their bank. This study established and confirmed the significant positive relationship that exists between customer satisfaction and customer retention in the banking industry. All bank managers and marketers will benefit from the empirical results as well as the recommendations of this study on how to improve customer satisfaction and customer retention through social media channels which will ultimately improve the performance of banks.
- Full Text:
- Date Issued: 2015
The impact of customer relationship management on retail banking using self-service channels
- Authors: Bothma, Tracy
- Date: 2012
- Subjects: Banks and banking -- Customer services , Service industries -- Technological innovations , Customer relations -- Management , Consumer satisfaction
- Language: English
- Type: Thesis , Masters , MTech
- Identifier: vital:9346 , http://hdl.handle.net/10948/d1013654
- Description: If you do not own the latest technology today it is thought that you are left behind in this technology driven age. More businesses use Self- Service channels to accommodate the increasing demands of customers. It has been said that the use of self-service channels can reduce input costs, increase efficiency and improve customer service. Unfortunately, many customers are left unsatisfied because retail banks are moving away from the human interaction when visiting a branch or advise customers to use their self-service channels, sometimes without any assistance. This causes customers to move banks, complain and in so doing reduce profits and customer relationships with their banks.This research’s main objective was to determine the impact of customer relationship management on retail banks that make use of self-service channels. A theoretical overview of self-service channels and customer relationship management was given. Advantages and disadvantages of each option were explored. The researcher wanted to explore the relation between customers using self-service channels and the assistance and protection provided by retail banks. The customer experience questionnaire used in this research asked retail banking customers from the South African population to determine how customers perceive and experience their banks’ self-service channels and customer service. Many questions relating to their needs and wants with regards to banking have been explored. The results show that most customers are satisfied with their banks in general but do feel that the banks can improve their customer service and assistance with regards to using self-service channels like ATM’s, online and telephone banking and E-Wallet. It has concluded that most customers choose their banks based on advertisements and other media, not customer service, product range or word-of-mouth. The general perception is that customers say that their bank charges do justify the customer service received.
- Full Text:
- Date Issued: 2012
- Authors: Bothma, Tracy
- Date: 2012
- Subjects: Banks and banking -- Customer services , Service industries -- Technological innovations , Customer relations -- Management , Consumer satisfaction
- Language: English
- Type: Thesis , Masters , MTech
- Identifier: vital:9346 , http://hdl.handle.net/10948/d1013654
- Description: If you do not own the latest technology today it is thought that you are left behind in this technology driven age. More businesses use Self- Service channels to accommodate the increasing demands of customers. It has been said that the use of self-service channels can reduce input costs, increase efficiency and improve customer service. Unfortunately, many customers are left unsatisfied because retail banks are moving away from the human interaction when visiting a branch or advise customers to use their self-service channels, sometimes without any assistance. This causes customers to move banks, complain and in so doing reduce profits and customer relationships with their banks.This research’s main objective was to determine the impact of customer relationship management on retail banks that make use of self-service channels. A theoretical overview of self-service channels and customer relationship management was given. Advantages and disadvantages of each option were explored. The researcher wanted to explore the relation between customers using self-service channels and the assistance and protection provided by retail banks. The customer experience questionnaire used in this research asked retail banking customers from the South African population to determine how customers perceive and experience their banks’ self-service channels and customer service. Many questions relating to their needs and wants with regards to banking have been explored. The results show that most customers are satisfied with their banks in general but do feel that the banks can improve their customer service and assistance with regards to using self-service channels like ATM’s, online and telephone banking and E-Wallet. It has concluded that most customers choose their banks based on advertisements and other media, not customer service, product range or word-of-mouth. The general perception is that customers say that their bank charges do justify the customer service received.
- Full Text:
- Date Issued: 2012
An international comparative study on the relationship marketing and customer retention of retail banks : lessons for South Africa
- Authors: Rootman, Chantal
- Date: 2011
- Subjects: Banks and banking -- Customer services , Relationship marketing , Customer relations
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:9358 , http://hdl.handle.net/10948/1376 , Banks and banking -- Customer services , Relationship marketing , Customer relations
- Description: Despite the extensive research undertaken in the subject area of services marketing, much is still unknown to service providers of specific services in terms of firm-client relationships and how customer retention rates can be increased. This study attempts to address this limitation. The study revolves around the relationship marketing and customer retention of banks in South Africa, Canada and the United Kingdom (UK). Service firms, including banks, are vitally important to the economy of any country as they contribute to its Gross Domestic Product (GDP) (for example a 74 percent contribution in South Africa) and its employment rate. However, to survive in a complex, competitive business environment, service firms are required to focus on their clients’ needs. Banks can focus on their relationships with clients and measure their institutions’ success by considering their customer retention rates. When considering firm-client relationships and customer retention rates, it is important to gather and link the viewpoints of both clients and managers in order to ensure that firms perform according to clients’ needs. In order to establish the influence of selected variables on the relationship marketing and customer retention of banks, from the perspectives of both banking clients and managers, an empirical investigation was conducted. The primary aim of this study was to quantify significant relationships among selected variables; therefore the positivistic research paradigm was used. In addition, in designing the measuring instruments for the empirical investigation, the phenomenological paradigm was used. Thus, in order to use multiple sources of data, the strategy of methodological triangulation was adopted for this study. The samples consisted of banking clients and bank managers in South Africa, Canada and the UK. The empirical investigation conducted among banking clients revealed that significant positive relationships exist between six of the seven identified independent variables, namely communication, personalisation, empowerment, ethics, fees and technology, and banks’ relationship marketing. These relationships imply that, according to banking clients, if each of these aspects in banks improves, bank-client relationships would improve. The empirical investigation conducted among bank managers showed that managers only regard communication and fees as influencers of relationship marketing in banks. This result clearly indicated a difference in the viewpoints of banking clients and bank managers. In addition, the empirical investigation revealed that relationship marketing positively influences the customer retention of banks. This relationship implies that if a bank successfully maintains relationships with its clients, the bank’s customer retention rates will increase. Additionally, the empirical investigation revealed that the population group, education level and country of residence of banking client respondents exerted an influence on the perceptions clients have regarding banks’ relationship marketing and customer retention levels. If banking clients are African or are not educated with a qualification beyond secondary school level or are from Canada, they consider the relationship marketing of a bank to be more important and are more likely to be retained by banks. Generally, the study indicated that Canadian banking clients are more positive regarding the empowerment strategies and personalisation efforts of Canadian banks than South Africans are about those of South African banks. In addition, banking clients in the UK are more satisfied with the communication, fees and use of technology of UK banks than South Africans are about these aspects in South African banks. The study indicated that strategies to improve banks’ communication, personalisation, empowerment, ethics, fees and technology should be implemented by banks in ways to positively influence their relationship marketing and ultimately their customer retention. Strategies relating to each of these areas, successfully implemented by banks in Canada and the UK, are recommended to South African banks. In effect, these strategies will contribute to retail banks’ success, the competiveness in the banking industry, banking client benefits as well as the economic stability and prosperity of South Africa.
- Full Text:
- Date Issued: 2011
- Authors: Rootman, Chantal
- Date: 2011
- Subjects: Banks and banking -- Customer services , Relationship marketing , Customer relations
- Language: English
- Type: Thesis , Doctoral , PhD
- Identifier: vital:9358 , http://hdl.handle.net/10948/1376 , Banks and banking -- Customer services , Relationship marketing , Customer relations
- Description: Despite the extensive research undertaken in the subject area of services marketing, much is still unknown to service providers of specific services in terms of firm-client relationships and how customer retention rates can be increased. This study attempts to address this limitation. The study revolves around the relationship marketing and customer retention of banks in South Africa, Canada and the United Kingdom (UK). Service firms, including banks, are vitally important to the economy of any country as they contribute to its Gross Domestic Product (GDP) (for example a 74 percent contribution in South Africa) and its employment rate. However, to survive in a complex, competitive business environment, service firms are required to focus on their clients’ needs. Banks can focus on their relationships with clients and measure their institutions’ success by considering their customer retention rates. When considering firm-client relationships and customer retention rates, it is important to gather and link the viewpoints of both clients and managers in order to ensure that firms perform according to clients’ needs. In order to establish the influence of selected variables on the relationship marketing and customer retention of banks, from the perspectives of both banking clients and managers, an empirical investigation was conducted. The primary aim of this study was to quantify significant relationships among selected variables; therefore the positivistic research paradigm was used. In addition, in designing the measuring instruments for the empirical investigation, the phenomenological paradigm was used. Thus, in order to use multiple sources of data, the strategy of methodological triangulation was adopted for this study. The samples consisted of banking clients and bank managers in South Africa, Canada and the UK. The empirical investigation conducted among banking clients revealed that significant positive relationships exist between six of the seven identified independent variables, namely communication, personalisation, empowerment, ethics, fees and technology, and banks’ relationship marketing. These relationships imply that, according to banking clients, if each of these aspects in banks improves, bank-client relationships would improve. The empirical investigation conducted among bank managers showed that managers only regard communication and fees as influencers of relationship marketing in banks. This result clearly indicated a difference in the viewpoints of banking clients and bank managers. In addition, the empirical investigation revealed that relationship marketing positively influences the customer retention of banks. This relationship implies that if a bank successfully maintains relationships with its clients, the bank’s customer retention rates will increase. Additionally, the empirical investigation revealed that the population group, education level and country of residence of banking client respondents exerted an influence on the perceptions clients have regarding banks’ relationship marketing and customer retention levels. If banking clients are African or are not educated with a qualification beyond secondary school level or are from Canada, they consider the relationship marketing of a bank to be more important and are more likely to be retained by banks. Generally, the study indicated that Canadian banking clients are more positive regarding the empowerment strategies and personalisation efforts of Canadian banks than South Africans are about those of South African banks. In addition, banking clients in the UK are more satisfied with the communication, fees and use of technology of UK banks than South Africans are about these aspects in South African banks. The study indicated that strategies to improve banks’ communication, personalisation, empowerment, ethics, fees and technology should be implemented by banks in ways to positively influence their relationship marketing and ultimately their customer retention. Strategies relating to each of these areas, successfully implemented by banks in Canada and the UK, are recommended to South African banks. In effect, these strategies will contribute to retail banks’ success, the competiveness in the banking industry, banking client benefits as well as the economic stability and prosperity of South Africa.
- Full Text:
- Date Issued: 2011
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