The paper " Relationship between Service Quality and Customer Satisfaction" is a wonderful example of a Marketing Case Study. The purpose of this study was to find out and determine the customer satisfaction levels from services offered by the Bank of America. Many banks attest to the fact that higher levels of customer satisfaction engender greater customer loyalty, which as a result generates goods income streams in the future. In fact, many institutions banks included implemented superior quality services in their operations and thus commanding the market as leaders with regard to sales and long-term customer retention and loyalty.
The Bank of America is a limited banking corporation with its headquarters based in Charlotte, North Carolina. It was founded in 1904 by Amadeo Giannini. The business engagements of the company include commercial banking, personal finance, private banking, global banking, corporate, and investment banking. Being the largest holding bank in the United States by Assets, its operations span the whole region of the U. S and in other countries globally. Bank of America is regarded as one of the rapidly growing global financial centers worldwide.
It’ s global corporate and investment banking divisions are in the United States, Europe, and Asia. The main factor which has contributed to the rapid growth of the bank is its core to be the leading bank in the domestic market. It has achieved this through key acquisitions, which has made the Bank of America, the largest issuer of credit, debit and prepaid cards in the world. The main competitors of the Bank of America on a national and international level include Citigroup, Wells Fargo, and JPMorgan & Company. Current studies on the efficiencies of bank branches generally fail to account for the dynamic roles of bank branches.
The empirical studies are crucial in showing relationships between customer loyalty and service quality in the banking system. Service quality is very significant in the analysis of the banks’ performance since their survival entirely relies on the level of service quality provided. Excellence in service quality is attained through customer loyalty which is a fundamental objective of any business firm, drawn from the merits of customer retention. At present, the rising awareness among bank customers of their rights, high competition, and changing demands needs steady progress in quality service if bank customers are to remain loyal. This case study seeks to establish whether the customers of Bank of America are delighted by the services offered to them, which ultimately is the issue behind customer loyalty.
The understanding of the customers’ behavior and attitudes will consequently enable the management at Bank of America to assess the potential of customer segmentation of its investment products and services. Problem statement Service quality and customer satisfaction are the most critical elements in attaining organizational objectives.
Banks try to have regular customers delighted by the service offered. Therefore, service quality has a pivotal responsibility in establishing customer satisfaction. In some way, quality has to be managed and understood across the service system of the organization. Thus, service quality is regarded as the most critical aspect. Service quality and customer satisfaction have developed alongside parallel tracks. The construct relation of both variables is presently controversial and passionate subjects.
Thomke, S., 2007, How Bank of America Turned Branches into service – Development laboratories. Retrieved from: http://hbsw.hbs.edu/item/3459.html