1. Business Understanding
1.1 Background to the Case
The aim of this research paper is to measure the service quality that we provide to customers that have a credit facility at the researcher’s place of work and to provide measures to improve this service. The organization chosen is a limited liability bank and is based within the Caribbean region. The services offered are online banking, credit facilities, savings and demand deposit accounts and other common banking services.
1.2 Key Organizational Objectives and Business Question
The banks main source of income is through the interest generated in its credit facilities. Customer satisfaction plays a major role in attracting and retaining new credit customers. The bank also faces a major challenge with the emergence of new competitors within the market that are aggressively targeting it customers.
Therefore, at the end of this study the researcher aims to reach the following objectives:
I. To asses wether our customers are satisfied with the level of service that we provide.
I. To analyze the relationship between service quality and customer retention
II. To suggest new creative measures to improve on our service.
The case study question posed “Are the number of loans taken by customers affected by the customer service?
1.3 Data Sources
The researcher is using the Inferential method to collect data. This data will be gathered from questionnaire’s provided to a selected sample of customers and a general conclusion will be derived from the results. The goal is to establish whether our service is meeting customer standards, what aspects of our service that customers are impressed with and improvements that can be made to widen our market share.
A sample of fifty customers were targeted, with a mixture of both male and female, ranging from an age group of 25-55yrs. The sample selected were of customers that resided in the country that the bank was established and is currently operating from. Data was gathered during the months of February- March 2020.
The risks involved in using this method of data collection are the sample used to collect the data may not depict a true picture of all our customers, customers may also provide inaccurate information, the relevant stakeholders may retain certain information that they feel is highly confident. The competitors may become more aggressive when they realize that the researcher is conducting market research.
For this project declarative knowledge will be sourced from the loans department database, from the Senior Executive Team, and from the internal and external customers. The business rule applied is “whether the customer received or was declined a loan from the institution within the last five years?
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