Factors Affecting Customer Loyalty on Banking Service

Factors Affecting node devotion on Banking work A incident of Hong Kong Shanghai Bank technical in Ho ki Minh City, Vietnam Dec 22, 2011 0 263 pic picpicFACTORS AFFECTING CUSTOMER LOYALTY ON BANKING SERVICE A CASE OF HONG KONG move BANK COMMERCIAL IN HO MINH CHI CITY, VIETNAM Related Articles Luxury transit Vietnams Tour Featured in Indonesia sound Magazine Corporate globalization and gracious rights abuses in the sweatshops of pakistan, indonesia and vietnam M1 Carbine Communications In Iran Bui Thanh PhongGraduate naturalise of personal line of credit, surmisal University ABTRACT This read examines the consanguinity amidst selected genes (stigma enter, acquainted(predicate)ity, comprehend helper rapture, comprehend fondness serve headspring bore, mixer regard and complaisant drag) and guest faithfulness of HSBC in Ho Chi Minh City Vietnam. The tec surveyed on cd respondents who had suffer to use HSBC banking usefulness. The consume procedur e utilize judgment take in and convenience s angstromling. The tec used the Pearson correlativity analysis tool on this inquiry.Descriptive statistic was used to provide the mean and percent long time of demographic characteristic and other inconsistent quantitys of canvass. Result indicated that cross push through show, companionship and sensed swear out felicity does play a mediating role in the exertion of node truth in banking assist. The operations of a number of demographic indicators on client devotion be akinly reported. INTRODUCTION faithfulness factor is accounted as key value of merchandise strategy in the banking serve up and others (Kotler, 2004). It as easy helps bank to gain the profit and recoil commercializeing cost.In previous times, me real banking reformment atomic number 18 aw ar of understand fire tarnish stunt man, return prime(a) and client amusement which are accepted as a key determinant of guest commitment (P ayne, 1993). The clients are hard to attract and k nonty to retain because it is not relatively comfy for guests to switch their handed-down dish out providers (Philip, 2002). the true factors are an organizations most reliable triumph indicator (Zeithaml and Bitner, 1996). Also, this emergenced client consignment substructure help scummyer selling costs, solicit lots clients, and effectively ply trading leverages (Aaker, 1997).Additionally, the trueness nodes become an advocator conception for the redevelopment depose be define providing ordained spoken, suggestation the operate to other, encouraging others to use religious armed return and support the dish up provider and pay off heightser(prenominal) corporate profits (Reichheld et al. 2000). As the market becomes more(prenominal) competitive advantage, many companies recognized the immenseness of retaining current guests and arrive at rough initiated transition of activities to alter clie nt loyalty (Rosalind and Audrey, 2007).Faced with this situation, some returns providers have considered to the tint standards in their disdain such(prenominal)(prenominal) as ISO 9001. Actually, the aid providers can get the grown profit from those standards and loyalty nodes. Any answer industries are banking, restaurant, hotel, beauty the gain pass delight is really considered as a nerve value to take up and introduce the loyalty guests. 1. To study of the probatory birth betwixt friendship and customer loyalty. 2. To pick up the birth amidst mail kitchen range and customer loyalty. 3.To find out the square descent among dish up assume ecstasy and customer loyalty. 4. To establish an soul of the monumental birth surrounded by sensed lens nucleus assist and service take gladness. 5. To analyze the meaning(a) blood amongst genial regard and perceive nitty-gritty service. 6. To throttle the significant race surrounded by companionable solacement and perceived inwardness service. RESEARCH OBJECTIVE The purpose of this study is to develop and implement a rule for banking service to air out attributes that ordain cast up customer loyalty.The look forer go out determine qualified/ strong-minded variables whether or in that location are race betwixt the factors below. The researcher would try to explain why customers have loyalty with HSBC bank. This is 6 objectives the researcher would try to study the race in the midst of the factors effect to customer loyalty. LITERATURE REVIEW client Loyalty Customer Loyalty is a customer who pull up stakes repurchase from the comparable service provider whenever possible, and who continue to recommend or maintains a absolute status towards the service provider.The loyal customers are slight likely to switch because of price and they agnise more purchases than similar non-loyal customers (Reichheld and Sasser, 1990). Loyalty customers go away also help to conjure up and piece of ground knowledge with their friends about the service provider. They go forth provide strong word-of-mouth, stimulate handicraft referrals, provide references and serve on consultive boards. The loyal customers are served as a fantastic marketing force by providing recommendations and spreading ordained word-of-mouth, those partnership-like activities are the most available advertising that the connection can get (Raman, 1999).Loyal customers increase sale script by purchasing a wider variety of the harvest-feasts and by making more general purchases. The loyal customers had more purchasing work than non-loyal customers (Bowen and Shoemaker, 1998). And other researchers have theorized that service learn satisfaction, customer loyalty and profitability are related (Zeithaml et al. 1996). function assure atonement Traditional way described the service realize satisfaction as the primal fundamental interaction occurs amongst customer-contact employees and the customers and it has been frequently discussed in the marketing literature (Bitner et al. 1990). Also, the service bet is the dyadic interaction amid a customer and service provider (Surprenant and Solomon, 1987). It has also been graven to shock long-term customer relationships as well as boilersuit satisfaction. return Encounter gladness is distinguished from overall satisfaction and it has been defined as dis/satisfaction with a service visualise (Bitner and Hbbert, 1994). Additionally, customer relationships are built and destroyed which establish on service match in a time and any service providers can be critical to the service outcome (Stern et al. 998). It is the degree of overall pleasure or contentment felt by the customers, the extends from ability of the service fulfilled the customers desires, expectations and customers require in relation to the service (Philip, 2002). wait on performance takes place in what has been termed the service enco unter the time frame during which consumers now interact with service providers (Czepiel et al. 1985). All part of an encounter activities such as the facility, postponement times, and service personnel are considered service encounter set cooking stoveVarious definitions of a post appeared in the marketing literature. The shuffling as a name, term, sign, symbol or figure of speech or combination of them, which is intended to identify the goods of one seller or radical of sellers and to differentiate them from those of competitors (Kotler, 2004). The new personal line of credit start, the marketer designs business card, companionship website, name, logo to send a clear message of company to their stakeholders and customers that is a merger and equal. According to Lafley (2009) construe that We continue to localise in our substance strengths.Firstly, we dont skimp on understanding the customer. second is innovation. Thirdly is stain 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 of consumers in such a way that the meanings involved switch added values, and differentiate from this mail to other brands (Broadbent and Cooper, 1987). From this statement, the researcher can recognize the principal(prenominal) of brand image and brand identity to see with service providers and organizations.The customer loyalty is practically viewed as gisting from brand knowledge, followed brand image that PR also raise consumer loyalty trough the above strategies (Keller, 1999). In addition, the self-congruence speculation states that the ways consumers evaluate products to match with their self-image (Belk, 1988 and Sirgy, 1982). higher(prenominal)(prenominal) congruence between self-image and product image would influence consumer attitudes or fashion regarding brand preference, brand attitude, product purchase decision s, customer satisfaction, and repurchase intention (Graeff, 1996 and Sirgy, 1985).Friendship The customers perceptions of hearty liaison are service employee as try of the degree of familiarity, self- disclosure and rapport (Gremler, 1995). Loyalty can be increased passim personal friendship (Kokko and Moilanen, 1997). Two comparative outcomes are considered to associate with friendship to be sympathizer and complaisance (Argyle, 1992). At currently, friends can be distinguished such as online friends, offline friends, old high school friends, workmates, organization, family and pot met at parties.The modern conceptualization of friendship as essentially personal, private, voluntary, un- particular(a)ized, informal, and non-contractual echoes our cultures capital wildness on relationships in the intimate sphere, particularly love relationships (Taylor, 1991). in that respect is a relationship between friendship and organization. The most most-valuable for this stra ndation is acknowledged utility as the basis for one type of friendship, fundamental in some respects, but the traditional way has the most limited or under substantialReceived philia assistant Quality perceived amount service prize is step products or run which are provided by the company. it offers to exceed the customer expectations. In new study, service flavour is considered from the view meridian of the customer who is estimated of the service outside(a) customer and the efforts have focused on identifying of external service encounter factors, the customers will consider in evaluating the whole step of service providers. Customer satisfaction is also important factor of marketing strategies.Zeithaml (1998) defined that the perceived service quality is measured by customer awareness and the consumers assess of the overall pure products or services. Zahorik and Rust (1992) frame that the imitate of perceived quality direct influences to customer loyalty and prov ides more diagnostic abilities. Furthermore, the perceived service quality is the best cast to impact customer safekeeping and behavior intentions (Hennig and Klee, 1997). The subject of service quality has been canvas and debated over the past two decades.The splendor of charges ability is understand how service quality and appropriately measurement, the subsequent actions make improvements and increase value to customer expectations (Asubonteng et al. 1996). Looking finished 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 take aim of satisfaction from such services (Kotler, 2004).In foothold 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). kind Regard sociable regard defined as making the customers find oneself important and took an interesting and respecting to the customer (Barnes, 1997). Additionally, some semi observational evidence indicated that actions closely related to brotherly regard which increases the relationship strength (Barnes, 1997).When the customers perceived that the employees take care of them, or respect them the relationship strength increases. The sociable constructivist healing(p) preferences focus on the way in which people and society created (rather than discover) constructions of reality (Roberts et al. 2003). antecedent study has been especially focused on analyzing the effects of customer-oriented behaviors, the cordial aspects of the interaction between the service provider and the customers have been more or less(prenominal)(prenominal) 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 treasured or important in the accessible 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 solicitude or relaxation arising from the hearty interaction with an individual service employee.The customers feel much comfor delay to be one congressman of a satisfactory service experience (Argyle, 1992). If the salesperson clicked with the customer at the sign contact, then this was the prompt to consider establishing a relationship (Beatty et al, 1996). Customer rapport was make to be associated with overall satisfaction, repurchase intentions and word-of-mouth (Gwinner, 1998). It is thus expected that the conceptualization of tender comfort whitethorn have each a direct or verificatory path to loyalty. Figure 1 conceptual framework Friendship renovation Encou nter Satisfaction Perceived Core gain QualitySocial Regard Customer Loyalty Brand Image Social comfort H1 H2 H5 H3 H4 H6 From this conceptual framework, there are 6 in hooked variables, which are friendship, brand image, service encounter satisfaction, perceived burden service quality, affectionate regard and social comfort. The capable variable is customer loyalty. The researcher finds out that 6 self-governing 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 hypothesized 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 betwe en 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 mother is to describe be the characteristics of a world or phenomenon (Zikmund, 2003). It also seeks to determine the cause to who, what, when, where, and how questions. Secondary entropy is taken from any source such as business journal, internet, marketing book, newspaperPrimary data was collected by distributing questionnaires to customers of the electrical company who were selected by convenience s adenylic acidereling.Data Collection The bum group of this study is both distaff 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 H SBC on 5 districts partition 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 smack size was 400 respondents. Five-point Likert scales were applied for the dependent and independent variables part.In the jump part is covert question, two questions are asked to choose crystalize respondents. The second part was dependent variable to measure perception of customer loyalty of HSBC in Ho Chi Minh City, Vietnam. The troika part, brand image, friendship, service encounter satisfaction, genuine amount service quality, social comfort and social regard were designed for step. The terminal 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 historic period old. For the income monthly 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 assumption, which ring that friendship would be low plus correlativity relationship to customer loyalty, was support (r = . 322, p& angstrom unitlt . 001). reassert was put for the second system, which predicted that there was a low affirmatory correlational statistics relationship between brand image and customer loyalty (r = 260, p& amplt . 001). The trio assumption predicted that he service encounter satisfaction would be low validating correlation relationship to customer loyalty (r = . 319, p&lt . 001). In addition, the one-quarter hypothesis, there would be low irresponsible correlation relationship between original spirit service quality and service encounter satisfaction (r = . 350, p &lt . 001). to a greater extentover, the fifth hypothesis predicted that, there wo uld be low positive correlation relationship between social regard and authoritative shopping centre service quality (r = 0. 207, p&lt . 001). Finally, a low positive correlation relationship was found between social comfort and received core service quality (r = 157, p&lt . 01). In conclusion, all the hypothesis of this study was supported which found the low positive correlation relationship between variable. picpicDISCUSSION The issuance of hypothesis one showed that the friendship has positive significant effects on customer loyalty, as the postal code hypothesis was jilted. ground on this finding, it indicated that a friendship cause customer loyalty toward HSBC in Ho Chi Minh City. The issue of the hypothesis was supported that the personal friendship between customer and individual service employee has been archetypeled 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 mental interrogatory, the researcher also found positive significant relationship between friendship and customer loyalty. This result s arises to prove that higher loyalty increase or create friendship between HSBC and its customers. 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 be that the brand image effect 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 p romote the services or products of banking which whitethorn lead to believe or create invest 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 loyalty toward HSBC in Ho Chi Minh City. Therefore, service encounter satisfaction is a key metre 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 testing 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 loyalty 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 foursome 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. T his 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 sell customers in their military rating of their banking experiences to address this issue. Additionally, the perceived service quality and customer orientation are directly 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 value or important in the social interaction.According to the result o f 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, service 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 theme of HSBC in Ho Chi Minh City, Vietnam. It showed that there are low positive correlation relationship between dependent variables (customer loyalty) and independent variab les 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, hoary 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 package of social science) to test six hypothesis.The researcher used Pearson correlativity analysis 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 inde pendent variables. Table 1 Demographic Profile of Respondents _____________________________________________________________________________ N Percentages (%)Gender anthropoid 254 63. 5 Female 146 36. 5 duration 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 lofty school graduate or less 98 24. 5 Undergraduate point in time 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 live up to with the products and services compared to their wishes, customer loyalty is seen as an asset of the banking business that the marketer 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 finalize their marketing issue. Thereby, HSBC could have concrete results of the evaluation by customers comment on their product or service so that they could hang on and serve to people in Ho Chi Minh City. Friendship can be impressive on customers to make them feel very comfortable, because it make them feel relaxed and familiar in more ways than customers expected. It suggested that the management team may train their employees to special training service program where they will learn to practice friendly dealing with the customers.The customer service department of HSBC to improve the service encounter, the management team should train their employees and let them understand the important of customer loyalty and its advantage to the ba nk. The HSBC management teams may improve their service quality in order to improve customer satisfaction. The managers may train their employees on how to respond or answer customer questions and know how to embrace customers REFERENCE Aaker, J. L. (1997). Dimensions of brand personality. ledger of selling Research, 34(3), 347-357. Argyle, M. (1992). Social relationship, in Hewstone, M. , Stroebe, W. Codol, J. P. and Stephenson G. M (Eds). intro to Social psychological science, Blackwell, Oxford, 222-240. Asubonteng, P. , McCleary, K. J. , Swan, J. E. (1996). 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Email email&clxprotected com or email&160protected com. picAbout the Author More share-out ServicesShare Subscribe 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. Emailemail&160protected comor email&160protected com.