Factors Affecting Customer Loyalty on Banking Service

Factors Affecting Customer Loyalty on Banking utility A case of Hong Kong Shanghai Bank Commercial in Ho khi Minh City, Vietnam Dec 22, 2011 0 263 pic picpicFACTORS AFFECTING CUSTOMER LOYALTY ON BANKING dish A CASE OF HONG KONG SHANGHAI BANK COMMERCIAL IN HO MINH CHI CITY, VIETNAM Related Articles Luxury Travel Vietnams Tour Featured in Ind unitarysia Travel Magazine Corporate globalization and human rights ab go fors in the sweatshops of pakistan, ind iodinesia and vietnam M1 Carbine communications In Iran Bui Thanh PhongGraduate School of art, Assumption University ABTRACT This sign on examines the birth amidst selected factor outs ( soft touch pic, companionship, comprehend range ecstasy, perceive centerfield work forest, accessible call for and friendly repose) and guest inscription of HSBC in Ho chi Minh City Vietnam. The tec surveyed on 400 respondents who had experience to use HSBC banking armed returnss. The sampling procedure apply judgment sampling and public convenience sampling. The tec used the Pearson Correlation compend tool on this research.Descriptive statistic was used to provide the mean and percentage of demographic characteristic and other variables of theater of operations. Result indicated that filth image, companionship and perceived table operate joy does play a mediating role in the effect of node obedience in banking religious expediency. The cause of a number of demographic forefingers on node loyalty be akinly reported. INTRODUCTION Loyalty factor is considered as key value of trade strategy in the banking work and others (Kotler, 2004). It also helps bank to gain the profit and reduce tradeing cost.In precedent times, mevery banking improvements ar aware of understand print image, assistant eccentric and client satisfaction which are accepted as a key determinant of client loyalty (Payne, 1993). The clients are hard to depict and difficult to retain because it is not comparatively easy for guests to switch their handed-down operate suppliers (Philip, 2002). Loyalty factors are an organizations intimately reliable victory indicator (Zeithaml and Bitner, 1996). Also, this increased customer loyalty lay near help lower marketing costs, solicit much customers, and effectively operate trading leverages (Aaker, 1997).Additionally, the loyalty customers flex an advocate concept for the usefulness bunghole be delimit providing supportive pipeline, barrackation the profit to other, encouraging others to use serving and defending the portion provider and generate higher corporate profits (Reichheld et al. 2000). As the market becomes more competitive advantage, many companies loved the importance of retaining current customers and lead some initiated grade of activities to improve customer loyalty (Rosalind and Audrey, 2007).Faced with this situation, some attend providers generate considered to the timber standards in their voc ation such as ISO 9001. Actually, the emolument providers bath get the big profit from those standards and loyalty customers. Any operate industries are banking, restaurant, hotel, beauty the service of process break satisfaction is really considered as a ticker value to affect and master(prenominal)tain the loyalty customers. 1. To study of the hearty blood mingled with friendly affinity and customer loyalty. 2. To test the family in the midst of dent image and customer loyalty. 3.To find out the epoch-making human relationship between service realize satisfaction and customer loyalty. 4. To lay down an understanding of the significant relationship between perceived meaning service and service counter satisfaction. 5. To analyze the significant relationship between affable consider and perceived means service. 6. To determine the significant relationship between well-disposed nurse and perceived core service. RESEARCH OBJECTIVE The inclination of this stud y is to develop and implement a method for banking service to expose attri moreoveres that bequeath increase customer loyalty.The tec will determine helpless/ in strung-out variables whether or in that respect are relationship between the factors below. The research worker would try to explain why customers realize loyalty with HSBC bank. This is six objectives the researcher would try to study the relationship between the factors effect to customer loyalty. literary productions REVIEW Customer Loyalty Customer Loyalty is a customer who will repurchase from the same service provider whenever possible, and who continue to recommend or maintains a ordained attitude towards the service provider.The loyal customers are less likely to switch because of price and they make more purchases than exchangeable non-loyal customers (Reichheld and Sasser, 1990). Loyalty customers will also help to promote and share companionship with their friends about the service provider. They will p rovide strong word-of-mouth, create business referrals, provide references and serve on advisory boards. The loyal customers are served as a fantastic marketing force by providing recommendations and spreading positive word-of-mouth, those partnership-like activities are the most available advertising that the company can get (Raman, 1999).Loyal customers increase sale volume by get a wider variety of the products and by making more frequent purchases. The loyal customers had more purchasing run than non-loyal customers (Bowen and Shoemaker, 1998). And other researchers have theorized that service visit satisfaction, customer loyalty and profitability are link up (Zeithaml et al. 1996). serve well adventure happiness traditional way described the service find out satisfaction as the fundamental fundamental fundamental interaction occurs between customer-contact employees and the customers and it has been frequently discussed in the marketing literature (Bitner et al. 1990). Also, the service encounter is the dyadic interaction between a customer and service provider (Surprenant and Solomon, 1987). It has also been vexed to jolt prospicient customer relationships as healthful as general satisfaction. wait on Encounter Satisfaction is distinguished from overall satisfaction and it has been defined as dis/satisfaction with a service encounter (Bitner and Hbbert, 1994). Additionally, customer relationships are built and destroyed which found on service encounter in a time and any service providers can be critical to the service outcome (Stern et al. 998). It is the degree of overall frolic or contentment felt by the customers, the moments from ability of the service accomplish the customers desires, expectations and customers needs in relation to the service (Philip, 2002). assistant performance takes drive in what has been termed the service encounter the time frame during which consumers in a flash interact with service providers (Czepiel e t al. 1985). All element of an encounter activities such as the facility, hold times, and service personnel are considered service encounter rat physiqueVarious definitions of a brand appeared in the marketing literature. The brand as a name, term, sign, token or design or combination of them, which is intended to identify the goods of one seller or group of sellers and to differentiate them from those of competitors (Kotler, 2004). The new business start, the trafficker designs business card, company website, name, logo to send a clear meaning of company to their stakeholders and customers that is a merger and equal. According to Lafley (2009) interpreted that We continue to spend in our core strengths.Firstly, we dont skimp on understanding the customer. Second is innovation. third is Brand Image Were delivering more messages to our customers. In order to be successful, images and symbols must(prenominal) relate to, and indeed, exploit, the needs, values and life-styles o f consumers in such a way that the meanings mired give added values, and differentiate from this brand to other brands (Broadbent and Cooper, 1987). From this statement, the researcher can recognize the heavy of brand image and brand identity to affect with service providers and organizations.The customer loyalty is often viewed as resulting from brand knowledge, followed brand image that PR also raise consumer loyalty trough the above strategies (Keller, 1999). In addition, the self-congruence theory states that the ways consumers evaluate products to match with their self-image (Belk, 1988 and Sirgy, 1982). Higher congruence between self-image and product image would influence consumer attitudes or deportment regarding brand preference, brand attitude, product purchase decisions, customer satisfaction, and repurchase intention (Graeff, 1996 and Sirgy, 1985). knowledge The customers perceptions of brotherly density are service employee as evidence of the degree of acquainted( predicate)ity, self- disclosure and sonority (Gremler, 1995). Loyalty can be increased throughout personal friendship (Kokko and Moilanen, 1997). Two relative outcomes are considered to associate with friendship to be informality and respect (Argyle, 1992). At currently, friends can be distinguished such as online friends, offline friends, old high educate friends, workmates, organization, family and the great unwashed met at parties.The modern formulation of friendship as essentially personal, private, voluntary, un-specialized, informal, and non-contractual echoes our cultures great emphasis on relationships in the intimate sphere, especially love relationships (Taylor, 1991). There is a relationship between friendship and organization. The most important for this rearation is acknowledged utility as the basis for one type of friendship, fundamental in some respects, but the traditional way has the most limited or underdevelopedReceived Core Service Quality perceived core s ervice feeling is quality products or operate which are provided by the company. it offers to exceed the customer expectations. In late(a) study, service quality is considered from the view point of the customer who is estimated of the service outside customer and the efforts have steeringed on identifying of external service encounter factors, the customers will consider in evaluating the quality of service providers. Customer satisfaction is also important element of marketing strategies.Zeithaml (1998) defined that the perceived service quality is measured by customer awareness and the consumers assess of the overall excellent products or operate. Zahorik and Rust (1992) implant that the modeling of perceived quality directly influences to customer loyalty and provides more diagnostic abilities. Furthermore, the perceived service quality is the best model to impact customer property and behavior intentions (Hennig and Klee, 1997). The subject of service quality has been ca nvas and debated over the past two decades.The importance of managements ability is understand how service quality and appropriately measurement, the posterior actions make improvements and increase value to customer expectations (Asubonteng et al. 1996). Looking through a financial perspective, the success of activities carried out by sports organizations is closely associated with the quality of services offered to customers and making sure customers get highest drop behind of satisfaction from such services (Kotler, 2004).In terms of effective management it is the great importance to understand what the customer thinks about service quality offered by the organization (Rust and Oliver, 2000). Social project Social regard defined as making the customers feel important and took an interesting and respecting to the customer (Barnes, 1997). Additionally, some empirical evidence indicated that actions closely related to social regard which increases the relationship strength (Bar nes, 1997).When the customers perceived that the employees take divvy up of them, or respect them the relationship strength increases. The social constructivist therapeutic orientations focus on the way in which people and society created (rather than discover) constructions of reality (Roberts et al. 2003). forward study has been especially focused on analyzing the effectuate of customer-oriented behaviors, the social aspects of the interaction between the service provider and the customers have been somewhat neglected (Kelley and Hoffman, 1997).Social regard has been defined as the genuine respect, deference, and interest shown to the customer by the service provider, such that the customer feels cherished or important in the social interaction (Butcher et al. , 2001). Social regard is considered to special elements for services and industry because they have high level of customer contact, and this concept will remains relatively untapped by researcher. Social Comfort Social comfort is defined as the customers feeling of anxiety or relaxation arising from the social interaction with an individual service employee.The customers feel much comfortable to be one example of a satisfactory service experience (Argyle, 1992). If the salesperson clicked with the customer at the initial contact, then this was the prompt to consider establishing a relationship (Beatty et al, 1996). Customer rapport was found to be associated with overall satisfaction, repurchase intentions and word-of-mouth (Gwinner, 1998). It is thus expected that the conceptualization of social comfort whitethorn have either a direct or indirect path to loyalty. trope 1 Conceptual framework Friendship Service Encounter Satisfaction perceive Core Service QualitySocial Regard Customer Loyalty Brand Image Social comfort H1 H2 H5 H3 H4 H6 From this conceptual framework, in that location are 6 in parasitic variables, which are friendship, brand image, service encounter satisfaction, perceived c ore service quality, social regard and social comfort. The dependent variable is customer loyalty. The researcher finds out that 6 self-sufficient variables effect on dependent variable (customer loyalty). Overall, the relationship between dependent and 6 independent variables are developed to adapt the objective of this study.Therefore this study hypothe coatd six statements in investigating their relationship as follows H1 There is significant relationship between Friendship and Customer Loyalty. H2 There is significant relationship between Brand Image and Customer Loyalty. H3 There is significant relationship between Service Encounter Satisfaction and Customer Loyalty. H4 There is significant relationship between Perceived Core Service Quality and Service Encounter Satisfaction. H5 There is significant relationship between Social Regard and Perceived Core Service Quality.H6 There is significant relationship between Social Comfort and Perceived Core Service Quality. METHODOLOGY The proposed descriptive research was applied to this study as its aim is to describe be the characteristics of a population or phenomenon (Zikmund, 2003). It also seeks to determine the answer to who, what, when, where, and how questions. Secondary data is taken from any source such as business journal, internet, marketing book, newspaper first-string data was collected by distributing questionnaires to customers of the electrical company who were selected by convenience sampling.Data Collection The target group of this study is both fe manly and male customers who lived and had an experienced service of the HSBC in Ho Chi Minh City, Vietnam. The researcher will collect the data from all 8 branches of HSBC on 5 districts dominion 1, District 7, District 11, Phu Nhuan District and Tan Binh District. The customers of HSBC who will be chosen for the study are willing to cooperate by responding to the questionnaire for this study. The sample size was 400 respondents. Five-point Like rt scales were applied for the dependent and independent variables part.In the first part is masking piece question, two questions are asked to choose correct respondents. The second part was dependent variable to measure perception of customer loyalty of HSBC in Ho Chi Minh City, Vietnam. The third part, brand image, friendship, service encounter satisfaction, get core service quality, social comfort and social regard were designed for measuring. The last-place part is demographic factors question such as age, gender, education level and nationality. FINDINGS The table indicates majority of all respondents were male with 63%, nationality is Vietnamese (95. %) and most of respondent has age from 18-30 years old. For the income periodical is about 5,000,000vnd 10,000,000vnd to be about 28. 3%. And education level highest percentage is under-graduate degree with 50. 9%. The first opening, which predict that friendship would be low positive coefficient of correlational statisti cs coefficient relationship to customer loyalty, was support (r = . 322, p< . 001). Support was found for the second hypothesis, which predicted that there was a low positive correlation relationship between brand image and customer loyalty (r = 260, p< . 001). The third hypothesis predicted that he service encounter satisfaction would be low positive correlation relationship to customer loyalty (r = . 319, p< . 001). In addition, the quartetth hypothesis, there would be low positive correlation relationship between received core service quality and service encounter satisfaction (r = . 350, p < . 001). Moreover, the fifth hypothesis predicted that, there would be low positive correlation relationship between social regard and received core service quality (r = 0. 207, p< . 001). Finally, a low positive correlation relationship was found between social comfort and received core service quality (r = 157, p< . 01). In conclusion, all the hypothesis of this study was suppo rted which found the low positive correlation relationship between variable. picpicDISCUSSION The result of hypothesis one showed that the friendship has positive significant effects on customer loyalty, as the nada hypothesis was rejected. Based on this finding, it indicated that a friendship effected customer loyalty toward HSBC in Ho Chi Minh City. The result of the hypothesis was supported that the personal friendship between customer and individual service employee has been modelled to influence customer loyalty (Bove and Johnson, 2000).Also, the loyalty can be increased through personal friendship (Price and Arnould, 1999). The client employee friendship was positive correlation with customer loyalty (Kokko and Moilanen, 1997). From the result of this hypothesis interrogation, the researcher also found positive significant relationship between friendship and customer loyalty. This result leads to prove that higher loyalty increase or create friendship between HSBC and its cu stomers. The result of hypothesis two showed that the brand image has significant effects on customer loyalty, as the null hypothesis was rejected.Based on this finding, it is proven that the brand image effected customer loyalty toward HSBC in Ho Chi Minh City. According to Kellers (1993) study, the researcher found similar result in his study. He found that the customer loyalty is often viewed as resulting from brand knowledge. In this study, the researcher found that there is positive significant relationship between brand image and customer loyalty. Customer Loyalty can be increased by brand image and brand image can promote the services or products of banking which may lead to believe or create trust toward HSBC.Based on the result of hypothesis three, the service encounter satisfaction has significant effects on customer loyalty, as the null hypothesis was rejected. According to this finding, it can be interpreted that the service encounter satisfaction effected customer loyal ty toward HSBC in Ho Chi Minh City. Therefore, service encounter satisfaction is a key measuring factor for customer loyalty which may be a useful measuring method to predict customer concept of products and services in every industry.It was also supported by Browns (1996) who concluded that the service encounter satisfaction has also been modelled to impact long-term customer relationship, as well as overall satisfaction. Jason (2005) also found the relationship between customer satisfaction and loyalty. Meanwhile, the result of hypothesis interrogation for hypothesis three also showed that the correlation between those two variables is positive. The perceived quality is very important to customer satisfaction. In this study, the research also indicated that perceived quality directly impacts on customer loyalty (Phillip, 2002).Satisfaction of the customer leads to the customer to re-use the bank service in the future. Consequently, after repeated use of more than 3 times, the loy alty of customer is well established in customers mind. On banking service or other service, satisfaction is considered as the main litmus test to improve customer loyalty. The result of hypothesis four showed the perceived core service quality has significant effect on service encounter satisfaction, as the null hypothesis was rejected. Based on this finding, it is clear that the perceived core service quality effected service encounter satisfaction toward HSBC in Ho Chi Minh City.This research through empirical observation examined the role between perceived core service quality and service encounter satisfaction. This study tested the relationship between perceived core service quality and service encounter satisfaction as a concept and found the relationship, as well as data from a sample survey of 400 banking retail customers in their evaluation of their banking experiences to take aim this issue. Additionally, the perceived service quality and customer orientation are directl y influenced to service satisfaction, the service encounter satisfaction (Cronin and Brady, 2000).Based on the result of hypothesis five, the social regard has significant effects on perceived core service quality, since the null hypothesis was rejected. Consequently, it indicated that the social regard effects perceived core service quality toward HSBC in Ho Chi Minh City, which was similar to the research result of Butcher et al. (2001). He indicated the importance of social regard effects in the service encounter in making the customers feels valued or important in the social interaction.According to the result of hypothesis six, the social comfort has significant effects on perceived core service quality, because the null hypothesis was rejected. Based on this finding, it has been proved that the social comfort effects perceived core service quality toward HSBC in Ho Chi Minh City. The specific relationship between friendship, social regard, social comfort, value for money, serv ice encounter satisfaction perceived core service quality and customer loyalty were established in banking service (Butcher et al. 2001).The social comfort can lead the service quality in long-term process, the social comfort directly influences the perceived core service quality and ensure customer satisfaction (Pavlou, 2003). CONCLUSIONS Based on the research objective, the researcher studied the factors that may affect customer loyalty in case of HSBC in Ho Chi Minh City, Vietnam. It showed that there are low positive correlation relationship between dependent variables (customer loyalty) and independent variables of brand image, friendship, service encounter satisfaction, perceived core service quality, social regard, social comfort.Data were collected from a total of 400 respondents who have had experience of using HSBC service. From the result of demographic factors on gender, age, education level, income, the researcher discovered that the majority of HSBC customers are male, Vietnamese, cured between 18 and 30 years old, with under-graduate education level, who have monthly income between 5,000,000vnd-10,000,000vnd. For hypothesis testing, the data were analyzed by using SPSS (statistical packet of social science) to test six hypothesis.The researcher used Pearson Correlation analytic thinking to investigate the relationship between independent variables and dependent variable. The results of the hypothesis testing showed that null hypotheses one, two, three, four, five and six were rejected signaling that there were a positive significant relationship between dependent variable and independent variables. Table 1 Demographic Profile of Respondents _____________________________________________________________________________ N Percentages (%)Gender Male 254 63. 5 Female 146 36. 5 Age 18 or less 13 3. 3 18-30 225 56. 3 31-40 153 38. 3 41-60 9 2. 3 Income in vnd ,000,000 or less 54 13. 5 5,000,000 10 ,000,000 114 28. 5 10,000,000 15,000,000 63 15. 8 15,000,000 20,000,000 56 14. 0 More than 20,000,000 113 28. 2 Education Level High school graduate or less 98 24. 5 Undergraduate tip 205 51. 2 Graduate degree 83 20. Doctors Degree 14 3. 5 RECOMMENDATIONS In contrast to the loyalty that the customers do not complain when satisfied with the products and services compared to their wishes, customer loyalty is seen as an asset of the banking business that the seller needs to create satisfied customers to enhance customer loyalty in their businesses. The HSBC management teams must understand that in order to achieve success and generate growth in business, they have to invest and trade based on needs and wants of customer as the main goal.Research on customer loyalty could be great of help to the bank to reach and fragmentise their marketing issue. Thereby, HSBC could have concrete results of the evaluation by customers comment on their product or service so that they could supply and serve to people in Ho Chi Minh City. Friendship can be striking on customers to make them feel very comfortable, because it make them feel relaxed and familiar in more ways than customers expected. 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About the germ Bui Thanh Phong obtained his MBA from the Graduate School of Business, Assumption University. telecommunicate emailprotected com or emailprotected com. picAbout the Author More Sharing ServicesShare S ubscribe to RSS Contact Author pic Bui Thanh Phong About the Author Bui Thanh Phong obtained his MBA from the Graduate School of Business, Assumption University. Emailemailprotected comor emailprotected com.