responsiveness as antecedent of satisfaction and …gcbe.us/10th_gcbe/data/s. k. pandey, raj...

10th Global Conference on Business & Economics ISBN : 978-0-9830452-1-2

Responsiveness as Antecedent of Satisfaction and Referrals in Financial Services

Marketing

Dr. S. K. PandeyAssistant Professor - MarketingFORE School of ManagementB-18, Qutab Institutional Area,

New Delhi – 110016Ph – 9968832646

[email protected], [email protected]

and

Dr. Raj DevasagayamProfessor of Marketing and Management

Siena CollegeColbeth 113

Loudonville, NY [email protected]

October 15-16, 2010Rome, Italy

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mailto:[email protected]


Responsiveness as Antecedent of Satisfaction and Referrals in Financial Services

Marketing

ABSTRACT

Financial institutions across the globe are still recovering from the meltdown of 2008 and

several nations continue their struggle to stabilize national economies. However, there might be

some important lessons to be learnt from this debacle. Some economies, notably the emergent

ones, were more resilient to this slowdown than the developed ones. In fact, the banking sector in

some of these economies posted a robust growth in spite of the downturn in global banking. We

report on a detailed study of a multinational bank operating in the emergent economy of India

with a random national sample of over 9000 of their customers. Our research provides valuable

insights into a market driven bank’s drive for customer satisfaction and referrals, and examines

antecedents and consequences of such initiatives. We provide empirical evidence suggesting that

responsiveness to customer enquiries and complaints might be a strong driver of customer

satisfaction, irrespective of the outcome of the resolution process. Our finding that

responsiveness supersedes a positive outcome in service provider-customer conflict resolution, is

a contribution of this research to extant literature with important strategic and managerial

implications for firms.

INTRODUCTION

As these words are being penned, the European Union is in the process of resuscitating

the economy of Greece from aftershocks of the global meltdown. However, the economic

headlines from India seem to be in complete contrast with the banking industry in other parts of

the world. For instance, a Wall Street Journal report from 2009 indicated that India (along with

Turkey and Argentina) had the best-performing financial benchmark indexes in their respective


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regions. The report alluded to a strong and vibrant democracy driving the Indian financial sector

in addition to the profitability of banks. This comes as a surprise to most of us in the USA where

banks pleaded for aid from the Federal Government to maintain liquidity. Contrast this also with

not just a transitory event but a trend in India, lending by foreign banks in India increased by

16.9% in 2008 while lending by private-sector banks rose 11.8% in 2008, although these lending

numbers are about half of the previous year, most analysts are astonished by this performance

(WSJ March 30, 2009). The State Bank of India (SBI) which is India's largest nationalized bank

by assets and is 60% owned by the government, has remained focused on its mission to serve

rural India and its consumers – small, but many. An estimated 800 million Indians comprise the

rural marketplace. This commitment to customer satisfaction has yielded great results, deposit

base at SBI rose by close to 40% in the three months ended Dec. 31, 2008! Now, SBI is on a

lending spree (a rise of 29% over the previous year), lowering interest rates, gaining customers

from competitors and leading the nation in keeping India’s financial sector from joining the

global slowdown. The 200 year old bank is busy building its brand identity by repainting its

branches with a uniform color scheme, has invested in customer comfort by adding air

conditioning and televisions. Further SBI is reiterating its commitment to customer service by

implementing an electronic token system to serve customers more effectively and efficiently.

Service quality improvements include a simple smile to be offered along with financial services,

a customer-friendly orientation of the service providers.

It seems like the rest of the world may find lessons in the Indian experience with

retaining customer confidence, building trust, and assuring customer satisfaction. Our research

provides some insights into the Indian banking sector’s drive for customer satisfaction and looks

at some of the antecedents and consequences of such initiatives. Datamonitor (2006) report says


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that many customers are increasingly skeptical of the service that banks provide and are more

and more willing to change provider to get the right kind of service they want. The banking

industry is trying out new and innovative initiatives to impress the consumer. Customer

satisfaction is no longer the benchmark but many marketers have coined the term customer

delight – delivering quality service beyond customer expectations. The banks are also trying to

embrace the concept of customer advocacy where they act in the best interest of the customers

even though it may mean lesser profits in the short run. The importance of customers and their

experience is enhanced even more in services industry because of the intangibility of banking

services. Terms like customer relationship management have given way to customer experience

management (Rahman 2006, for instance) and companies are trying to maximize the satisfaction

derived at each customer touch point. The post purchase behavior of customers has gained

enormous importance in this scenario, especially with the unsatisfied customers (Devasagayam

and DeMars 2004, Hogarth et al 2001). The banking industry has faced one of the toughest

challenges of recession in the recent past. Some of the biggest names were unable to survive this

catastrophe and some more are in the danger zone. Indian regulators and the Reserve Bank (the

central bank in India) were proactive which prevented any major mayhem in the industry but the

customer confidence was certainly shaken, especially among the private players. The

nationalized banks such as the aforementioned SBI, gained from this loss of confidence in

private banks. SBI’s financial benchmarks and results bear ample testimony to this effect. In any

case, the customer’s satisfaction holds the key to long term sustainability and profitability but

banks realize these hard facts better in troubled times.

This paper uses empirical evidence from one of the largest multinational banks operating

in India to underscore some of the conceptual foundations and learning tenets of customer


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satisfaction and customer complaints resolution mechanism in enhancing overall performance of

the banking sector. We contribute to the extant knowledge in not only examining the relationship

between complaint resolution, customer satisfaction, and possibility of generating referrals, but

also in providing evidence that indicates the importance of firm responsiveness over the outcome

of conflict resolution process. In other words, the outcome of the complain resolution being

positive or negative is shown to have little bearing on the level of satisfaction when compared to

the responsiveness of the firm in resolving the issue.

In the following section we examine the past research in this stream of enquiry; we then

proceed to delineate our research objectives. In the subsequent section we describe our

methodology, followed by a discussion of our findings. We conclude with limitations and future

research avenues that emerge as a result of this research.

PAST LITERATURE

An article in the banking wire (2008) which quoted Forrester Research survey indicated

that among nine industries in the survey, banking industry finished near the bottom of the heap in

customer loyalty. The financial services marketing literature has examined the notion of

customer satisfaction with considerable breadth and depth. Aksoy et al (2008) posit that

customer satisfaction is a valuable intangible asset that generates positive returns. They showed

that investing in a portfolio of firms with high and increasing customer satisfaction is far superior

to investing in a portfolio of firms with low and decreasing customer satisfaction. Furthermore, it

also beats the S&P 500 index. The results remained similar even after adjusting for risk and these

are similar to the findings of previous studies of this nature. Luo and Homburg (2007) found a

fascinating result that marketing efforts to enhance customer satisfaction not only make

employees feel good about their employer, but may improve employee’s future performance.


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Since our study focuses on the emergent economy of India, we specifically focus on

some of the past research from this country. Jham and Khan (2008) in an empirical study on

Indian banking customer in the region of UP, Delhi and NCR provided evidence that satisfaction

results in building better relationships with customers through better services. They concluded

that a standardized global strategy affecting performance may not be valid in India, rather banks

need to develop unique relationship marketing strategies based on the regions they serve. They

inferred that since the nature of services is such that interaction of the external customer with the

internal customer is essential, satisfaction from these interactions play a very important role in

developing relationships. The results in this research revealed that satisfaction of the customer

varies from bank to bank and from customer to customer. This study also provided evidence that

customer satisfaction affects banks' sales and profitability.

An article published in Mortgage Banking (2008) quoted a JD Powers' 2008 Home Equity

Line/Loan Origination Study finding that there are five key performance indicators for lenders

that are critical to satisfying customers— approving applications and providing customers with

access to their funds quickly; setting and meeting expectations during the application approval

process; avoiding surprising the customer during the origination process; being versatile and

flexible in the location of the closing; and being mindful of the pitfalls of using a mortgage

broker. The author (Ryan 2008) noted that lenders that perform well in these performance

indicators tend to increase their percentage of highly committed customers, who are more than

twice as likely to recommend their lender to others and to reuse their current lender for their next

home-equity or mortgage product. In turn, this growth can help these lenders outperform their

competitors over time.


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Mazur (2007) quoted Informa Research Services findings who sampled 2,863 American

consumers nationwide to find out how they viewed banks and credit unions. The results showed

that smaller institutions such as community banks received higher ratings for customer

satisfaction and loyalty than larger institutions with deposits above $50 billion, with notable

exceptions being Washington Mutual (WaMu), SunTrust, and Wachovia. Eskildsen and

Kristensen (2007) provided evidence of a clear relationship between the perceived transparency

and the perceived value. The study also indicated that the relationship differs between industries

since the companies from the three different industries form distinct clusters. The analysis of

individual industries indicated that the relationship between perceived transparency and

perceived value was very strong. A decrease in perceived transparency by 1 index point was

shown to be followed by a decrease in perceived value by 0.75 index points, and subsequently by

a decrease in customer satisfaction.

Clapp (2007) suggests building loyalty is an organizational effort across all customer

contact points and business units. Relationship strength is more important than satisfaction as a

true indicator of loyalty. Customizing the experience of our customers, in-branch and in-home,

impacts the strength of relationship as it builds. Helgesen (2006) study indicated that there seems

to be a positive relationship between customer satisfaction and customer loyalty, and there also

seems to be a positive relationship between customer loyalty and customer profitability. The two

relationships under consideration are both found to be nonlinear. Both the relationship between

customer satisfaction and customer loyalty and the relationship between customer loyalty and

customer profitability seem to be positive at a declining rate.

Solnik (2007) provided information on how banks today are going beyond traditional

methods of collecting and analyzing customer feedbacks to track customer satisfaction. The


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newer methods include customer satisfaction kiosks by Citibank and return postage and emails

of Suffolk Federal Bank. An article in 2005 in the ABA Bank Marketing highlighted the

importance of small things in financial institutions like making a clean sweep of the bank to

remove clutter. According to it a series of small changes can instill a connection with customers

and make them feel welcome, significant and engaged. Many bank branches who participated in

a survey after implementing these small changes found that the customer satisfaction, customer

loyalty and employee engagement increased between 10 and 30%.

Mittal et al. (2005) found that the association between customer satisfaction and long-

term financial performance is positive and relatively stronger for firms that successfully achieve

a dual emphasis, successfully achieving both customer satisfaction and efficiency

simultaneously. Lee and Hwan (2005) did a study in Taiwanese banking industry and found that

customer satisfaction directly influences purchase intention; furthermore, service quality also

influences purchase intention. Loyalty to the bank increases with customer purchase intentions,

imperceptibly influencing bank business activity growth and profitability. Viewed from a

managerial model perspective, managers consider that customer satisfaction with service quality

influences profitability while an actual improvement in service quality also influences

profitability. Some perceived service quality discrepancies may exist between the customer and

management aspect models.

Motley (2004) argued that smaller banks have been showing higher scores on customer

satisfaction because of their focus on the day-to-day, people-to-people service protocols. The

larger banks were having a misguided notion that internet banking would replace live bankers.

However, the larger banks have also understood the importance of customer satisfaction and are

improving their customer satisfaction scores.


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Lynn (2000) quoted a Virginia based consulting firm TARP whose 25 year banking

industry research showed twice as many people hear about bad experiences as good ones.

Customers who are dissatisfied with a bank’s attempt to resolve a problem or answer a question

will tell as many as 16 friends about it. Customers who complain and have their complaints

resolved are more brand-loyal than customers who have no complaints. The study also found out

that an increase in loyalty can decrease administrative costs by 10 to 40 percent.

OBJECTIVES OF CURRENT RESEARCH

All these studies make significant contributions in theoretical terms; they fail to provide

practical insights that may lead to successful strategy formulations based on the experiences of

banks in India. Our research focuses on empirical evidence from an international bank in India

that has to compete with a state owned bank which is gaining momentum as a leading

competitor. The experience of this bank provides insights in parsimoniously reducing the

antecedents of customer satisfaction in Indian banking sector to a few manageable variables.

Theoretically our model is based on a hierarchical model posited by Bhattacharya and Singh

(2008) which is attractive to us because it subsumes multiple variables in a neat and manageable

manner. As additional advantage of such a model is that our results will be helpful in drawing

conclusions that lead to clear managerial implications to improve customer satisfaction with a

focused and efficient marketing strategy.

This study attempts to develop a predictive model to examine consumer behavior in

financial services sector based on factors such as customer satisfaction, customer complaints, and

complaint resolution time. The specific research issues we examine relate to the relationship

between customer satisfaction and product recommendation to a friend, customer satisfaction

and case resolution time, optimal time expectations of the customer in complaint and case


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resolution and its impact on resultant customer satisfaction, and finally the impact of increased

customer satisfaction upon propensity to make referrals.

Building on a prior study based on data from 350 customers of scheduled commercial

bank branches in Orissa (India) we opertionalize our key variables. Lenka et al (2009) elicited

information on human, technical, and tangible aspects of service quality, customer satisfaction,

and loyalty. Human aspects of service quality were found to influence customer satisfaction

more than the technical and tangible aspects. In the Indian banking sector, human aspects were

found to be more important than technical and tangible aspects of service quality in influencing

customer satisfaction and promoting and enhancing customer loyalty. In a similar study based on

a grounded theory approach, Bhattacharya and Singh (2008) found that customers used a

hierarchical set of service attributes, consequences of services, and the end state achieved as a

result of the service experience, in ascertaining satisfaction. This hierarchical structure was found

to be both generalizable and stable.

We build our hypothesis based on these findings. In our research, the attribute level deals

with front-line performance on basic service dimensions, the consequence of service is

operationalized as case resolution time (irrespective of outcome of such case considerations), and

the end-state relates to product recommendation to a friend over a period of time. The case

resolution could result in outcomes favorable to the complainant or unfavorable; in both cases we

operationalize the efficiency in terms of time taken to resolve rather than the outcome of the

resolution itself. This is in tune with the standards set by the Reserve Bank of India, the central

bank regulating the operations of banks in India. Based on past literature and evidence, the

following hypotheses were developed to address the research issues:


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H1: There is a significant relationship between case resolution time and customer satisfaction,

irrespective of the outcome of the complaint resolution process.

H2: There is a significant relationship between case resolution time and recommendation to a

friend, irrespective of the outcome of the complaint resolution process.

H3: There is a significant relationship between customer satisfaction and customer willingness to

recommend the bank to a friend.

RESEARCH METHODOLOGY

The larger research study that the data is obtained from was undertaken in the emergent

economy of India for a multinational bank with multiple branches numbering in hundreds

serving both urban and rural populations. The cross sectional data consists of a random sample

of customers that had filed a complaint pursuant to service delivery. Data was collected from

various branches of the bank over a specific time period. The effective sample size consists of

9605 respondents that responded to a telephonic survey, participation was voluntary. Survey

addressed questions about how many times the customer had to call the bank to solve their

complaint and query, based on their experience would they be willing to recommend the bank to

a friend, their overall rating of the satisfaction, etc. The overall satisfaction and the satisfaction

from service items were measured on a five point scale with one being excellent and five being

poor. The recommendation to the friend was measured on a 10 point likelihood scale with 10

being extremely likely and 1 being extremely unlikely. Case resolution time is the number of

days in which the query was resolved and zero meant that the query was resolved on the day of

complaint being raised. The overall satisfaction was measured on a five point scale with 1 being

excellent and 5 being poor. The number of times a person contacted the bank was one for one

time, two for two times, three for three times and four meant more than or equal to four times,


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five meant that the case was not resolved and respondent was provided with the option “can not

recall,” to avoid guessing. Correlation and regression analysis was used to test the hypothesis.

Results are summarized in Table 1.

RESULTS AND DISCUSSION

On an average case resolution time for a complaint is approximately 13 days, which is

well within the prescribed guidelines (30 days) of Reserve Bank of India, the governing federal

body in the financial services sector. There is an ombudsperson-based readressal of grievances

in place if the bank does not reply or the reply is unsatisfactory. Individual banks have their own

ombudsperson to resolve issues as needed, trying to reduce customer dissatisfaction. However,

the standard deviation of case resolution time in the data is high (13.48) with the upper limit

going as high as six months (198 days). Some of the satisfaction data (at least for some in our

sample) will be influenced by this statistic, as we proceed with further analysis. Data suggests

that respondents have been active in good word of mouth publicity with a rating of 7 on a 10-

point scale. This is an important factor for any marketer because the influence of peers in choice

decisions, especially in a high involvement product such as financial services, could make or

break a product. Satisfaction and service ratings of the bank both are close to 2.5 (2- very good

and 3-good) indicating an average response between good and very good. Also, since the

customers are very satisfied from the service of the bank the high recommendation to the friend

is understood. Respondents reported that on an average they had to contact the bank 2.5 times for

complaint resolution, which ideally should be only once for most routine queries and complaints.

Data indicates that more than one service encounters is needed to perform satisfactory service.

The correlation (see Table 2) is significant between all variables and is along expected

lines. Customers whose cases are resolved quickly and had to contact lesser number of times


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were more satisfied with the bank and rate it higher. Also, they are very likely to recommend the

bank to a friend.

We then proceeded to fit ordinary least squares regression models to further test our

hypothesis. Hypothesis 1 found support at the 0.05 level of significance (p: 0.0001; F= 53.898)

and the regression coefficients were found to be significant at the 0.0001 level. The coefficient of

determination was low (6%), but the data fit the model well. Customer satisfaction was seen to

rise as the amount of time taken to resolve a customer complaint was lowered.

Hypotheses 2 and 3 found support at the 0.05 level of significance (p: 0.0001; F =

23610.510) and the regression coefficients were found to be significant at the 0.0001 level. The

coefficient of determination was high (71.1%) and the data fit the model well. Customer

willingness to recommend to a friend was seen to rise as the amount of time taken to resolve a

customer complaint was lowered and customer satisfaction went up.

The model where we regressed the recommend to a friend variable on service rating,

complaint resolution time, contact made, and satisfaction rating was tested for the overall model

fit. The resultant model indicated an excellent fit with a coefficient of determination of 74.5

percent. All the variables loaded significantly at the 0.001 level, with the exception of customer

contact frequency for dispute resolution and query (p: 0.913). The overall model fit was excellent

with F= 7028.830 (p:0.0001).

CONCLUDING REMARKS

We found that customer satisfaction results in better recommendation to friends and thus

helps in bringing more customers to the company. Our findings are in line with those of Jham

and Khan (2008) that an increase in satisfaction was seen to improve the relationship of the

customer with the bank. Our study is also in line with J D Power because we also find that


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resolving the case quickly is very important for the customer and banks should try to reduce this

time by all possible means. Our study also is in sync with Lee and Hwan (2005) study where

they linked customer satisfaction with purchase intention. We also found that customer

satisfaction leads to better recommendations to the friends.

An interesting finding of this study relates to the impact of outcome of the complain

resolution process. Effectively, regardless of the outcome of the process (in favor of the customer

or not), as long as the bank was perceived to be quick in resolving the complaint, respondents

indicated heightened satisfaction. This might seem counterintuitive on the face of it; however,

given a population of more than a billion individuals being served in India, one can empathize

with the customer merely clamoring to be heard! It seems like the respect shown a customer by

merely being responsive far outweighs the actual outcome of the process. This leads to us

suggesting future research in the area of comparing this particular aspect with a more developed

economy, one with fewer customers being served by larger number of banks.

As with most survey based research, despite our large sample size we caution the readers

to be pragmatic in drawing conclusions based on a small sample from a very large emergent

economy of India. Although multiples of hundreds of branches were involved in the study, only

one bank (albeit a leader among the largest multinational banks in India and indeed the world)

was involved in the study. Generalization of results to other emergent economies might be an

erroneous extension of our results. These limitations also open up new vistas of enquiry,

comparative studies across other banks within India and then comparative studies between India

and other emergent economies seem to be the natural offshoot of our research. Further

researchers can probe the monetary implications on the firm based on our variables of interest in

this study, the cost to benefit analysis of such marketing expenditure will add to the popular


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stream of research on “Return on Marketing (ROM)”. In summary, our findings are of interest to

managers and scholars alike and present a first step in what should be a rich and rewarding

stream of research in the global financial services marketing sector.


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Table 1: Descriptive Statistics

N Min Max Mean Std. Dev.Case resolution time (in days) 9605 .00 198.0

0 12.7041 13.48538

Recommend to a Friend 9605 1.00 10.00 7.1498 3.17032

Times contacted 9605 1.00 6.00 2.4454 1.62647

Service Rating 9605 1.00 5.00 2.5324 1.50769 Satisfaction 9605 1.00 5.00 2.5185 1.51612

Table 2: Correlations

CRTRecommendfriend Contact

Servicerating* Satisfaction*

CRT Pearson Correlation 1.000 -.067** .076** -.077** -.075**

Sig. (2-tailed) .000 .000 .000 .000Recommend friend Pearson

Correlation -.067** 1.000 -.493** .843** .843**

Sig. (2-tailed) .000 .000 .000 .000Contact Pearson

Correlation .076** -.493** 1.000 -.547** -.530**

Sig. (2-tailed) .000 .000 .000 .000Service rating Pearson

Correlation -.077** .843** -.547** 1.000 .908**

Sig. (2-tailed) .000 .000 .000 .000Satisfaction Pearson

Correlation -.075** .843** -.530** .908** 1.000

Sig. (2-tailed) .000 .000 .000 .000*Satisfaction and Service Rating are recoded for consistence of

directionality.


**Correlation is significant at the 0.01 level (2-tailed).

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