Impact of Bank's Service Quality on Customer Satisfaction and Loyalty: Focusing on the Difference between PB Customers and Regular Customers

은행의 서비스 품질이 고객만족, 충성도에 미치는 영향: PB고객 군과 일반고객 군의 차이를 중심으로

  • Cho, Yoon Joe (The Graduate School of Venture, Hoseo University) ;
  • Dong, Hak Lim (The Graduate School of Venture, Hoseo University)
  • 조윤제 (호서대학교 벤처대학원) ;
  • 동학림 (호서대학교 벤처대학원)
  • Received : 2019.09.02
  • Accepted : 2019.10.29
  • Published : 2019.10.31

Abstract

The purpose of this study is to examine the effect of service quality of banks on customer satisfaction and recommendation intention through empirical analysis. In particular, the focus was on the differences of the causal effect between PB(Private Banking) customers and regular customers. For this study, two groups were surveyed and 428 valid questionnaires were analyzed. The hypothesis was tested with a structural equation model using AMOS 23.0. As a result, empathy, reliability and tangibles of bank service quality had a positive(+) effect on customer satisfaction. However, responsiveness and assurance were not statistically significant. On the other hand, customer satisfaction has a positive effect on recommendation intention. This study was conducted to compare the two groups, PB customers and regular customers, and found a significant difference. In the PB customers group, tangibles had a positive effect on customer satisfaction, but no other factors were supported. On the other hand, in the regular customers group, empathy and reliability had a positive effect on customer satisfaction while responsiveness, assurance, and tangibles were not supported. Customer satisfaction were analyzed to have a positive influence on recommendation intention in both groups. These findings are academically significant by applying the SERVQUAL factors to banking services and revealing the differences between the PB customers and regular customers. In practice, it is meaningful in that it provided banks with the insights needed for future segmentation and management of customer groups.

본 연구는 은행의 서비스 품질이 고객만족, 추천의향에 미치는 영향에 대해 실증적인 분석을 통해 검정하고자 하였다. 특히 PB고객 군과 일반고객 군 간의 차이에 초점을 두었다. 연구를 위해 이들 두 그룹을 대상으로 설문조사를 수행하였으며 유효한 428부를 분석 대상으로 삼았다. AMOS 23.0을 활용한 구조방정식모형으로 가설을 검정하였다. 연구 결과 은행 서비스품질 중 공감성, 신뢰성, 유형성이 고객만족에 정(+)의 유의한 영향을 미치는 것으로 나타난 반면, 반응성과 확신성은 통계적으로 유의성이 검정되지 않았다. 한편, 고객만족은 추천의향에 정(+)의 영향을 미치는 것으로 분석되었다. 이를 PB고객 군과 일반고객 군 두 집단으로 구분하여 비교 분석을 하였는데 그 결과 유의한 경로계수 상의 차이를 발견했다. PB고객 군은 유형성만이 고객만족에 정(+)의 유의한 영향을 미친 반면, 일반고객 군에서는 공감성과 신뢰성이 고객만족에 정(+)의 영향을 미치는 것으로 나타났으며, 두 집단 모두 고객만족이 추천의향에 정(+)의 영향 관계가 있는 것으로 분석되었다. 특히, 이 중 공감성과 신뢰성이 고객만족에 미치는 영향과 고객만족이 추천의향에 미치는 영향에 있어서 PB고객 군과 일반고객 군 간의 경로계수가 통계적으로 유의한 차이가 있는 것을 발견하였다. 이러한 연구 결과는 학술적으로는 SERVQUAL 요인을 활용하여 PB고객 군과 일반고객 군 간에 차이가 있음을 밝혔다는데 의의가 있으며. 실무적으로는 향후 은행에서 고객 집단별 세분화된 관리를 위해 필요한 단초를 제공하였다는 점에서 의의가 있었다.

Keywords

References

  1. Ali, M., & Raza, S. A.(2017). Service Quality Perception and Customer Satisfaction in Islamic Banks of Pakistan: The Modified SERVQUAL Model. Total Quality Management, 28(5), 559-577. https://doi.org/10.1080/14783363.2015.1100517
  2. Alnaser, F.(2018). The Influence of SERVQUAL Model and Attitude on Customer's Satisfaction and Loyalty in Islamic Banks of Saudi Arabia in Developing Countries, 27th International Scientific Conference on. Economic and Social Development, 59-70.
  3. Alnaser, F. M. I., Ghani, M. A., Rahi, S., Mansour, M., Abed. H., & Alharbi, A. H.(2018). Extending the Role of SERVQUAL Model in Islamic Banks with Subjective Norms, Customer Satisfaction and Customer Loyalty, 32nd International Scientific Conference on. Economic and Social Development, 387-400.
  4. Angur, M. G., Nataraajan, R., & Jahera Jr, J. S.(1999). Service Quality in the Banking Industry: An Assessment in a Developing Economy. International Journal of Bank Marketing, 17(3), 116-125. https://doi.org/10.1108/02652329910269211
  5. Bank of Korea(2018). Mobile Financial Service Usage Behavior Survey Results. Seoul; Bank of Korea, 1-46.
  6. Bodet, G.(2008). Customer Satisfaction and Loyalty in Service: Two Concepts, Four Constructs, Several Relationships. Journal of Retailing and Consumer Services, 15(3), 156-162. https://doi.org/10.1016/j.jretconser.2007.11.004
  7. Boonlertvanich, K.(2019). Service Quality, Satisiaction, Trust, and Loyalty: The Moderating Role of Main-bank and Wealth Status. International Journal of Bank Marketing, 37(1), 278-302. https://doi.org/10.1108/IJBM-02-2018-0021
  8. Cho, C. H.(2017). Statistical Analysis of Structural Equation Model Using SPSS/AMOS. Seoul; ChungNam Pub.
  9. Chuah, S. H., Rauschnabel, P. A., Marimuthu, M., Thurasamy, R., & Nguyen, B.(2017). Why Do Satisfied Customers Defect? A Closer Look at the Simultaneous Effects of Switching Barriers and Inducements on Customer Loyalty. Journal of Service Theory and Practice, 27(3), 616-641. https://doi.org/10.1108/JSTP-05-2016-0107
  10. Chun, Y. A., & Park, J, W(2017). The Effects of Local Financial Institution's Financial Items and Service Quality on Customer Satisfaction and Loyalty. Asia-Pacific Journal of Business Venturing and Entrepreneurship, 12(2), 117-124. https://doi.org/10.16972/APJBVE.12.2.201704.117
  11. Chung, B. G.(2019). Influential Factors on Technology Acceptance of Mobile Banking: Focusing on Mediating Effects of Trust. Journal of Distribution and Management Research, 22(1), 101-115. https://doi.org/10.17961/JDMR.22.1.201902.101
  12. Dick, A., & Basu, K(1994). Customer Loyalty: Toward an Integral Conceptual Framework. Journal of the Academy of Marketing Science, 22(Spring), 99-113. https://doi.org/10.1177/0092070394222001
  13. Fornell, C., & Larcker, D. F.(1981). Evaluating Structural Equation Models With Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39-50. https://doi.org/10.1177/002224378101800104
  14. Gronroos, C.(1984). A Service Quality Model and its Marketing Implications. European Journal of Marketing, 18, 36-44. https://doi.org/10.1108/EUM0000000004784
  15. Ha, Y. S., Bae, K. W., & Cho, C. W.(2017). The Effect of Perceived Service Quality of Financial Services on Customer Satisfaction and Customer Loyalty through Service Value: Focusing on Financial Institution Users. Journal of Customer Satisfaction Management, 19(1), 101-122.
  16. Heo, M. H., Kim, J. S., & Kim, H. B.(2014). Analysis of the Effect of Service Quality on Customer Loyalty in Private Banking. Financial Planning Review, 7(3),1-23.
  17. Heskett, J. L., Jones, T. O., Loveman, G. W., Sasser Jr. W. E., & Schlesinger, L. A.(1994). Putting the Service-Pro fit Chain to Work. Harvard Business Review, 72(2), 164-174.
  18. Joo, Y. J., &, Kwon, H. G.(2017). The Effect of Bank's Service Quality on Customer Satisfaction, Relationship Intention and Cross-Buying Intention. Journal of the Korea Industrial Information Systems Research, 22(3), 95-107. https://doi.org/10.9723/jksiis.2017.22.3.095
  19. Kashif, M., Rehman, A., & Pileliene, L.(2016). Customer Perceived Service Quality and Loyalty in Islamic Banks: A Collectivist Cultural Perspective,. The TQM Journal, 28(1), 62-78. https://doi.org/10.1108/TQM-01-2014-0006
  20. Kasiria, L. A., Cheng, K. T. G., Sambasivan, M., & Sidind, S.(2017). Integration of Standardization and Customization: Impact on Service Quality, Customer Satisfaction, and Loyalty. Journal of Retailing and Consumer Services, 35, 91-97. https://doi.org/10.1016/j.jretconser.2016.11.007
  21. Kim, K. S.(2017). Private Banking. Seoul; Korea Institute of Finance
  22. Kim, Y. G., Seo, J. J., Lee. T. S.(2018). Korea Wealth Report 2018. KBFG, 1-63.
  23. Lassar, W. M., Manolis, C., & Winsor, R. D.(2000). Service quality perspectives and satisfaction in private banking. Journal of services marketing, 14(3), 244-271. https://doi.org/10.1108/08876040010327248
  24. Malaquias, R. F., & Hwang, Y.(2019). Mobile Banking Use: A Comparative Study with Brazilian and U.S. Participants. International Journal of Information Management, 44. 132-140. https://doi.org/10.1016/j.ijinfomgt.2018.10.004
  25. Markovic, S., Jelena, D., & Katusic, G.(2015). Service Quality Measurement in Croatian Banking Sector: Application of SERVQUAL Model. Paper presented at the MIC Managing Sustainable Growth.
  26. Mylonakis, J.(2009). Private Banking Services, Private Banking Customer's Profile and their Investment Bahavioral Preferences. Banks and Bank System, 4(1), 37-44.
  27. Oliver, R. L.(1997). Satisfaction: A Behavioral Perspective on the Customer. New York: McGraw-Hill,
  28. Oliver, R. L.(1999). Whence Customer Loyalty?. Journal of Marketing, 63(July), 33-44. https://doi.org/10.1177/00222429990634s105
  29. Parasuraman, A., Zeithaml, V., & Berry, L. L.(1988). SERVQUAL: A Multiple-Item Scale for Measuring Customer Perceptions of Service Quality. Journal of Retailing, 64(1), 12-40.
  30. Park, K. B., & Park, M. J.(2016), Effect of Service Quality of Bank Premium Asset Management on Customer Satisfaction and Patronage. Journal of Korea Service Management Society, 17(2), 89-114. https://doi.org/10.15706/jksms.2016.17.2.005
  31. Rahi, S., Ghani, M., Alnaser, F., & Ngah, A.(2018). Investigating the Role of Unified Theory of Acceptance and Use of Technology(UTAUT) in Internet Banking Adoption Context. Management Science Letters, 8(3), 173-186.
  32. Sohn, Y. S., & Kim, C, B.(2016) Effects of the Service Quality and CSR Activity on Corporate Image According to the Bank Size-Mediating Roles of Warmth and Competence. Journal of Customer Satisfaction Management, 18(1), 25-33.
  33. Song, J. J.(2016). Statistical Analysis Method for SPSS / AMOS. Seoul; 21st Pub.
  34. Velazquez, B. M., Saura, I. G., & Molina, M. E. R.(2011). Conceptualizing and Measuring Loyalty: Towards a Conceptual Model of Tourist Loyalty Antecedents. Journal of Vacation Marketing, 17, 65-81. https://doi.org/10.1177/1356766710391450
  35. Won, Y. S., & Kim, Y, D.(2009). An Exploratory Study on PB Customer Loyalty. Journal of the Korean Operations Research and Management Society. 2009.08, 3-23.
  36. Woo, J. P.(2017). Understanding and Concepts of Structural Equation Models. Seoul; Hannarae Pub.
  37. Zeithaml, V. A., Berry, L. L., & Parasuraman, A.(1996b). The Behavioral Consequences of Service Quality. The Journal of Marketing, 60(2), 31-46. https://doi.org/10.2307/1251886
  38. Zeithaml, V. A., Bitner, M. J., & Gremler, D. D.(1996a). Services Marketing. New York: McGraw Hill.