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An Empirical Research on the Driving Factors of Customer Loyalty Based on the Service Recovery Situation of Commercial Banks

Author: ZhangShuai
Tutor: ChenYaRong
School: Donghua University
Course: Business management
Keywords: commercial banks service failure service recovery customer satisfaction customer loyalty
CLC: F832.33;F224
Type: Master's thesis
Year: 2012
Downloads: 118
Quote: 0
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Abstract


With the development of economic globalization and the opening up of our finance, foreign capital banks are powering into our banking system, which architecture is producing profound change, so the competition focused on service quality management is more and more fierce. But the perfect service can not be complemented because of the service traits such as intangible, heterogeneity, simultaneity of produce and consume, can not be deposited and so on, so the service failure of commercial banks is unavoidable. If we cannot deal with it, the customer satisfaction and loyalty will decline, it will cause commercial banks’ earnings drop significantly and the competitive power decrease. As customer loyalty is becoming an important factor which can increase commercial banks’ earnings and improve competitiveness, service failure also becomes one of the important influencing factors of customer loyalty. So through the research of service recovery and customer loyalty, we can provide referential significance for Chinese commercial banks to improve service quality, and have the better station in the competition with the foreign capital banks to make banks get developed.Existing studies on service recovery are mostly based on the justice theory, and concentrate on the relationship between service recovery and customer satisfaction, but few directly research the relationship between service recovery and customer loyalty. So on the basis of customer loyalty driving theories and pre-existing models about service recovery, we establish a customer loyalty drive model based on the service recovery situation of commercial bank, and discuss the impact mechanism of service failure severity, service recovery expectation, service recovery quality, switching cost and customer satisfaction on customer loyalty, also compare their differences of formation mechanism. Simultaneously, we discuss the effects of service failure severity on service recovery expectation and customer satisfaction, and the effects of service recovery expectation, service recovery quality and switching cost on customer satisfaction. At present, such kind of study has a great meaning of initiation and academic value in the field of domestic and foreign marketing management. This paper compiles a set of Service Recovery scales of commercial banks by analyzing and improving and has made the customer survey to those who have experienced service recovery in commercial banks by issuing questionnaires. The paper makes use of descriptive statistical analysis, reliability analysis, validity analysis and structural equation modeling (SEM), and so on, to analyze the questionnaire data, and the results are found as follow:Customer satisfaction is the most significant driving factor on customer loyalty, so successful service recovery behavior can rebuild customer satisfaction, further to influence customer loyalty; The second important factor is service recovery quality, it is also have a decisive influence on customer loyalty, so commercial banks must pay attention to the improvement of service recovery quality; Service failure severity, switching cost and service recovery expectation also have strong driving effect on customer loyalty, so commercial banks should do efforts to control the severity of the service failure, pay attention to customers’ service recovery expectation, properly use switching cost and adopt targeted actions to improve the success rate of service recovery, and retrieve customer satisfaction and loyalty.Finally, this paper gives some managerial suggestions for commercial banks on how to implement service recovery strategies, improve recovery effects and maintain customer loyalty better.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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