The effect of customer satisfaction on loyalty: a case study of First Allied Savings and Loans Ltd
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Date
2008-08-08
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Abstract
In a highly competitive industry like banking, one way to gain competitive advantage is to ensure that the customers are satisfied. It is also a fact that, having loyal customers is a great asset to ensure long term growth of a company. The study aimed at finding out why some customers have stuck with FASL for long periods of time as well as determining what factors made them satisfied. Eventually the result is meant to improve the existing levels of customer satisfaction as well as loyalty.
The study covered the Kumasi branches of FASL and involved the use of questionnaires. Explanation in the local language was also provided where needed. In all 60 questionnaires were circulated. The data gathered were primary in nature. The data was then analysed using excel charts and further explained in words.
From the results it was realised that customer service was rated as the biggest satisfier. Majority of the respondents were satisfied with the overall service of FASL; about 73.33% of the respondents also believed FASL deserved their loyalty. The final findings also indicated that an improvement in the pricing and complaint handling of FASL will go a long way to improve satisfaction of its clients.
It was recommended that complaint handling and pricing are two factors FASL needs to improve in order to increase the levels of satisfaction.
Description
A project submitted to the Institute of Distance Learning,
Kwame Nkrumah University of Science
and Technology in partial fulfilment
of the requirements for the degree
ofCommonwealth Executive Master of Business Administration.