IMPACT OF PERCEIVED SERVICE VALUE ON CUSTOMER SATISFACTION IN SELECTED NIGERIAN COMMERCIAL BANKS IN LAGOS METROPOLIS
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Date
2020
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Publisher
Fountain University Osogbo Journal of Management
Abstract
Customer satisfaction is derived largely from the quality and reliability of products and services. However, almost
every Nigerian bank encounters similar problems in meeting customer„s expectation of services. This study
examines the impact of customers‟ perceived service value on customer satisfaction in selected commercial banks in
Lagos metropolis. Purposive and convenience sampling techniques were used to select 60 customers per bank and a
total of 283 out of 300 copies of questionnaire administered were returned from the five selected banks. The
techniques employed for data analysis were descriptive analysis and Multiple Regression. The findings of the study
showed perceived service to be positively and strongly related with customer satisfaction. The R value 0.759 depicts
that perceived service values affects customer satisfaction by 75.9%. This implies that the proportion of variation in
the dependent variable is explained by the regression model. The study concluded that customer perceived value is
highly subjective and lies solely with the customer. Banks have the responsibility of identifying their customer‟s
needs and work towards ensuring their satisfaction. It is recommended that banks should provide alternatives for all
products and service channels as this has a means of enhancing customers‟ satisfaction. Customers‟ perception has
a significant impact on customers‟ satisfaction and this determines repeat businesses, improved sales and also
banks performance.
Description
In this famous, connected and increasingly digital age, the determining factors shaping
the experiences we have with businesses are multiplying. Driven by more demanding customers
and global competition, organizations try to distinguish themselves from others. Companies
search for new ways to increase customer value and achieve competitive advantage.
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Citation
xxvi. Kuranga, M. O. & Salau A. A (2020) Impact of perceived service value on customer satisfaction in selected Nigerian commercial banks in Lagos metropolis. Fountain University Osogbo Journal of Management (FUOJM), 5 (2), 12-22.