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Analyzing the Effectiveness of Customer Retention Strategies with Existing Customers in Banking Industry

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  • Niraj Kishore Chimote

    (ICFAI University Dehradun, India)

  • Ankita Srivastava

    (ICFAI University Dehradun, India)

Abstract

The rationale of this study is to find out the effectiveness of customer retention strategies from the perspective of the existing customers of a bank in Dehradun (India). The literature suggests that the retention is influenced by four levels namely financial bonds, social bonds, structural bonds and customization bonds along with some additional variables. The questionnaire survey was responded by 108 existing customers of a leading private sector bank. Chi-square test revealed that the effectiveness of retention strategies is independent of demographic variables except education. The factor analysis indicated the grouping of the seventeen variables into three factors namely: Value added services, convenience and business development. Finally, a multiple regression analysis revealed that the factors extracted in factor analysis are significant in determining the effectiveness of customer retention strategies.

Suggested Citation

  • Niraj Kishore Chimote & Ankita Srivastava, 2012. "Analyzing the Effectiveness of Customer Retention Strategies with Existing Customers in Banking Industry," International Journal of Customer Relationship Marketing and Management (IJCRMM), IGI Global, vol. 3(3), pages 1-14, July.
    • Handle: RePEc:igg:jcrmm0:v:3:y:2012:i:3:p:1-14
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