Customer saticfation for financial service
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Customer saticfation for financial service
MMICHIGANROSS SCHOOL OF BUSINESSWorking PaperCustomer Satisfaction for Financial Services: The Role of Products, Services, and Information TechnologyM Customer saticfation for financial service Mayuram s. Krishnan Stephen M. Ross School of Business at the University of MichiganVenkatram Ramaswamy Stephen M. Ross School of Business at the University of MichiganMary c. MeyerStephen M. Ross School of Business at the University of MichiganPaul Damien Stephen M. Ross School of Business at the U Customer saticfation for financial service niversity of MichiganRoss School of Business Working Paper Series Working Paper No. 99-004 June 1998This paper can be downloaded without charge from tCustomer saticfation for financial service
he Social Sciences Research Network Electronic Paper Collection: http://ssrn. conVa bstract =160168 UNIVERSITY OF MICHIGANElectronic copy of this papeMMICHIGANROSS SCHOOL OF BUSINESSWorking PaperCustomer Satisfaction for Financial Services: The Role of Products, Services, and Information TechnologyM Customer saticfation for financial service ogyMayuram s. KrishnanUniversity of Michigan Business School, Ann Arbor MI 48109Venkatram RamaswamyUniversity of Michigan Business School, Ann Arbor, MI 48109Mary c. MeyerDepartment of Statistics, University of Michigan, Ann Arbor, MI 48109Paul DamienUniversity of Michigan Business School, Ann Arbor Customer saticfation for financial service , MI 4810935947Working PaperWe would like to thank Steven H. Cohen, President, Stratford Associates, and a large financial services firm (that wishesCustomer saticfation for financial service
to remain anonymous), for their cooperation and support in collecting the data used in this paper. Financial support for this study was partly provideMMICHIGANROSS SCHOOL OF BUSINESSWorking PaperCustomer Satisfaction for Financial Services: The Role of Products, Services, and Information TechnologyM Customer saticfation for financial service s 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 satis Customer saticfation for financial service faction with product offerings is a primary driver of overall customer satisfaction. The quality of customer sendee with respect to financial statemenCustomer saticfation for financial service
ts and services provided through different channels of delivery such as new information technology enabled automated call centers, and traditional braMMICHIGANROSS SCHOOL OF BUSINESSWorking PaperCustomer Satisfaction for Financial Services: The Role of Products, Services, and Information TechnologyM Customer saticfation for financial service 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 Customer saticfation for financial service findings have significant implications for managing customer satisfaction in the financial services industty.(Keywords: Financial Services; Customer SCustomer saticfation for financial service
atisfaction; Bayesian Analysis;Information Technology;)1. IntroductionDeregulation and increased competition due to the entrance of banks, mutual fundMMICHIGANROSS SCHOOL OF BUSINESSWorking PaperCustomer Satisfaction for Financial Services: The Role of Products, Services, and Information TechnologyM Customer saticfation for financial service industry has witnessed an average overall annual growth that exceeds 25%, with the traditional bank deposits at the lower end and investment products like mutual funds, annuities and trust services at the higher end. Advent of information technology and rapid changes in customer needs have also con Customer saticfation for financial service tributed to the growth in this industry through new product offerings such as online remote banking and electronic trading that were not possible a feCustomer saticfation for financial service
w years back (Kalakota and Whinston, 1997; Kalakota and Frei, 1996). The number of both national and foreign firms that offer financial services has aMMICHIGANROSS SCHOOL OF BUSINESSWorking PaperCustomer Satisfaction for Financial Services: The Role of Products, Services, and Information TechnologyM Customer saticfation for financial service to succeed by improving their performance. In order to improve performance, the focus is on both cost reduction and quality improvement. Firms try to improve their operational efficiency and enhance quality in the eyes of theữ customers. Due to the advent of new products and options for various cha Customer saticfation for financial service nnels of delivery thorough Information Technology (IT) applications, service delivery' has emerged as an important attribute in satisfying customers (Customer saticfation for financial service
Heskett, et al, 1997). It has been reported that more than 70% of the defection of customers in the financial services sector is due to dissatisfactioMMICHIGANROSS SCHOOL OF BUSINESSWorking PaperCustomer Satisfaction for Financial Services: The Role of Products, Services, and Information TechnologyM Customer saticfation for financial service sfaction (Reichheld and Teal 1996) to enhance customer loyalty for long-term profitability and success (Fomell, Ryan and Westbrook, 1990). The basic argument is that satisfied customers of a firm decide to stay with the firm for future business (Heskett, et Customer saticfation for financial service MMICHIGANROSS SCHOOL OF BUSINESSWorking PaperCustomer Satisfaction for Financial Services: The Role of Products, Services, and Information TechnologyMGọi ngay
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