ASSESSMENT OF BANK CUSTOMERS' SATISFACTION WITH RELATIONSHIP MARKETING STRATEGIES ADOPTED BY BANKS: IMPLICATIONS FOR QUALITYASSURANCE

Abstract

The change in the attitude of bank customers as a result of better education and knowledge acquisition has necessitated increased competition in the banking industry for customer retention and attraction. Banks, therefore have adopted relationship marketing strategies for the purpose of meeting the challenge. This study assessed the satisfaction level of bank customers in Delta state with their banks' relationship marketing strategies. First generation banks that are
fifty years and above from the three senatorial zones were the focus of the study. Two research questions were raised to guide the study, while one null hypothesis was tested. Proportionate stratified random sampling technique was used to draw a sample of 1620 from a total population of 161,981 bank customers. Instrument for data collection was a questionnaire. Arithmetic mean
was used to analyze data in respect of the research questions while the Z-test was used to test the hypotheses at 0.05 level of significance. The findings of the study revealed that the respondents were satisfied with one out of the two strategies, namely customer-care service but dissatisfied with switching cost or barriers The respondents did not differ significantly in the mean ratings of
the strategies as a result of type of account operated. Based on the findings, it was concluded that generally, the implementation of relationship marketing strategies by first generation banks in Delta state still leaves much to be desired which has implications for quality assurance. Consequently it was recommended, among others, that the banks' management and staff should continuously work at improving the relationship with customers by training and retraining their
customer-care personnel and meeting more frequently with customers to identify and satisfy their needs.