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Customer Satisfaction for Financial Services: The Role of Products, Services, and Information Technology

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Author Info

  • M. S. Krishnan

    (University of Michigan Business School, 701 Tappan Street, Ann Arbor, Michigan 48109)

  • Venkatram Ramaswamy

    (University of Michigan Business School, 701 Tappan Street, Ann Arbor, Michigan 48109)

  • Mary C. Meyer

    (Department of Statistics, University of Georgia, Athens, Georgia 30602)

  • Paul Damien

    (University of Michigan Business School, 701 Tappan Street, Ann Arbor, Michigan 48109)

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    Abstract

    In this paper, we study the drivers of customer satisfaction for financial services. We discuss a full Bayesian analysis based on data collected from customers of a leading financial services company. Our approach allows us to explicitly accommodate missing data and enables quantitative assessment of the impact of the drivers of satisfaction across the customer population. We find that satisfaction with product offerings is a primary driver of overall customer satisfaction. The quality of customer service with respect to financial statements and services provided through different channels of delivery, such as information technology enabled call centers and traditional branch offices, are also important in determining overall satisfaction. However, our analysis indicates that the impact of these service delivery factors may differ substantially across customer segments. In order to facilitate managerial action, we discuss how specific operational quality attributes for designing and delivering financial services can be leveraged to enhance satisfaction with product offerings and service delivery. Our approach and findings have significant implications for managing customer satisfaction in the financial services industry.

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    File URL: http://dx.doi.org/10.1287/mnsc.45.9.1194
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 45 (1999)
    Issue (Month): 9 (September)
    Pages: 1194-1209

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    Handle: RePEc:inm:ormnsc:v:45:y:1999:i:9:p:1194-1209

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    Related research

    Keywords: financial services; customer satisfaction; Bayesian analysis; information technology;

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    Cited by:
    1. Gordon Liu & Catherine Liston-Heyes & Wai-Wai Ko, 2010. "Employee Participation in Cause-Related Marketing Strategies: A Study of Management Perceptions from British Consumer Service Industries," Journal of Business Ethics, Springer, vol. 92(2), pages 195-210, March.
    2. Ralston, Deborah & Wright, April & Garden, Kaylee, 2001. "Can mergers ensure the survival of credit unions in the third millennium?," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2277-2304, December.
    3. Mankila, Merja, 2004. "Retaining students in retail banking through price bundling: Evidence from the Swedish market," European Journal of Operational Research, Elsevier, vol. 155(2), pages 299-316, June.
    4. Torres, Anna & Tribó, Josep A., 2011. "Customer satisfaction and brand equity," Journal of Business Research, Elsevier, vol. 64(10), pages 1089-1096, October.
    5. Voicu-Dorobantu Roxana & Marinoiu Ana Maria, 2009. "The Impact Of The Internet On Trading – A Theoretical Approach On The Investor," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 257-260, May.

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