Customer Satisfaction for Financial Services: The Role of Products, Services, and Information Technology
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.
Volume (Year): 45 (1999)
Issue (Month): 9 (September)
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- Frances X. Frei & Patrick T. Harker & Larry W. Hunter, 1995. "Performance in Consumer Financial Services Organizations: Framework and Results from the Pilot Study," Center for Financial Institutions Working Papers 95-03, Wharton School Center for Financial Institutions, University of Pennsylvania.
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- Frances X. Frei & Ravi Kalakota & Leslie M. Marx, 1997. "Process Variation as a Determinant of Service Quality and Bank Performance: Evidence from the Retail Banking Study," Center for Financial Institutions Working Papers 97-36, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Frei, F.X. & Harker, P.T., 1996. "Measuring the Efficiency of Service Delivery Processes: With Application to Retail Banking," Papers 96-04, Rochester, Business - Operations Management.
- Frances X. Frei & Patrick Harker, 1996. "Measuring the Efficiency of Service Delivery Processes: With Application to Retail Banking Journal of Service Research," Center for Financial Institutions Working Papers 96-31, Wharton School Center for Financial Institutions, University of Pennsylvania.
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