IMPLEMENTING QUALITY OF SERVICE DELIVERY TO ENTRANCE CUSTOMER SATISFACTION OF CURRENT ACCOUNT HOLDERS IN THE UK RETAILER BANKING SECTOR: A CASE STUDY OF RBS (ROYAL BANK OF SCOTLAND)
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Table of Contents
Introduction
The Royal Bank of Scotland was founded in 1727 in Edinburgh. During the last three centuries, RBS performed a major role in assisting and supporting economic and industrial growth. Since then, the bank has been making the life of people easier by providing loans and being the world’s earliest overdraft. It was the first bank in the UK that started providing fully-fledged and well-developed internet banking service and making life stress free. This bank runs on the basis of providing facilities to people and on the customer’s first concept. RBS employed almost 12000 who served around 1.8 million private customers and almost around 110,000 business consumers and it provides over 20,000 fresh loans in Scotland. The number of bank’s branches in Scotland is 20 which serve almost 650 various communities in Scotland. The difference Royal Bank Scotland makes to the Scottish community is that it offers various programs like Skills & Opportunities Fund, MoneySense as well as its corporation with STV Children’s Appeal (RBS, 2019).
Barclays is the leading and topmost competitors of RBS which is an international financial service and investment banking company in British and its headquarters is in London. Other than investment banking, there are four separate essential businesses of Barclays that are; individual banking, capital management, investment management and commercial banking (Barclays.co.uk, 2019).
Since the banking sector has evolved and improved to a higher level, customer satisfaction shows a significant part in the growth and accomplishment of a bank (Awan, Bukhari and Iqbal, 2011). In order to compete with the competitors and to stand firm in the market, the quality of service provided via banks plays a major role. Decent service quality of a banking sector leads to customer satisfaction which ultimately results in the success of an organization. The major risk factor of RBS is poor service quality which can be an ultimate advantage for its competitors. This research is about ways to overcome the risk factors by implementing quality of service delivery to obtain customer satisfaction of existing account holders in RBS bank (Maklan, Antonetti and Whitty, 2017).
Purpose of Study
The key role and purpose of this research is to implement the improve quality of the services in RBS bank and its influence on consumer satisfaction. Furthermore, the study examines and investigates customer satisfaction and differences in their behaviour before and after implementing the service quality in order to improve it.
Aims and Objectives
The aim of this study is to highlight the importance of quality of service delivery in banking sector and to implement it on RBS. The main objectives of this research are:
- To study the significance of quality of service delivery in banking sector.
- To implement quality of service delivery in Royal Bank of Scotland.
- To analyse and evaluate the influence of quality of service delivery on consumer satisfaction.
Literature Review
Customer satisfaction is a concept based on the level of happiness and satisfaction of consumers with a specific product or service. The customer satisfaction depends on many factors that include quality of service or product, its cost and the number of benefits that product or service is offering. Customer satisfaction is an outcome of the experiences customer had with a specific company (Hill and Alexander, 2017).
In this research, the effect of implementing improved service quality delivery on consumer satisfaction is examined and focused. Service quality is termed as the difference between the expectations of the customer from service to the actual performance. A customer’s expectation depends upon various factors such as past experiences and the level needs fulfilment. The service which is expected by customers and the service an organization offers may not always be equal which leaves a gap. In order to fill this gap, the quality of service should be improved which ultimately results in customer satisfaction (Jhandir, 2012).
The importance of the banking sector has been increased greatly in recent times due which the significance of improved service quality is the topmost primacy of the banks. Service quality in the banking sector is related to the satisfaction and loyalty of the customers which appeals them to stay intact with them (Khan and Fasih, 2014).
Research Methodology
The methodology in any study or research is an imperative component in which it aids the researcher in analysing and evaluating the type of the research along with the methods and tools which might be utilized in order to conduct succeeding study. The research technique used in this study is quantitative and the method used for data collection is primary. Method of gathering data is a survey questionnaire. Moreover, this research study will follow the non-probability sampling technique. The sample size is 150. As the primary data collected through the Questionnaire survey, however, the nonprobability convenient sampling will be utilized in this research study for the desired results. In this research statistical software named as SPSS will be used for the analysis of data. Firstly, in this the collected data will sort through MS Excel then that particular file of excel will upload and run in the SPSS for getting the desired results of the research.
Ethical Guidelines
The privacy of all participants in this process will be maintained and preserved. Besides that, there will not be any coercion against any participant and the participants will be provided full comfort. Moreover, the authenticity of the research will be maintained by referencing the source and no plagiarized content will be used in this research.
Reference
Barclays. 2019. Personal banking | Barclays. [online] Available at: https://www.barclays.co.uk/ [Accessed 19 Nov. 2019].
Hill, N. and Alexander, J., 2017. The handbook of customer satisfaction and loyalty measurement. Routledge.
Jhandir, S.U., 2012. Customer satisfaction, perceived service quality and mediating role of perceived value. International journal of marketing studies, 4(1).
Khan, M.M. and Fasih, M., 2014. Impact of service quality on customer satisfaction and customer loyalty: Evidence from banking sector. Pakistan Journal of Commerce and Social Sciences (PJCSS), 8(2), pp.331-354.
Maklan, S., Antonetti, P. and Whitty, S., 2017. A better way to manage customer experience: lessons from the Royal Bank of Scotland. California Management Review, 59(2), pp.92-115.
Muhammad Awan, H., Shahzad Bukhari, K. and Iqbal, A., 2011. Service quality and customer satisfaction in the banking sector: A comparative study of conventional and Islamic banks in Pakistan. Journal of Islamic Marketing, 2(3), pp.203-224.
RBS. 2019. Royal Bank of Scotland | Our brands | RBS. [online] Available at: https://www.rbs.com/rbs/our-brands/royal-bank-of-scotland.html [Accessed 19 Nov. 2019].
Appendix
Interview Questionnaire
Q1. Why do you think quality of customer service important in banking sector?
Q2. What factors do you think influence the customer satisfaction in terms of banking services?
Q3. How do you think implementation of quality service delivery will help RBS?
| Questions | Strongly Agree | Agree | Neutral | Disagree | Strongly Disagree |
|---|---|---|---|---|---|
| Customer service is one of the key criteria for consumers while choosing a bank | |||||
| Quality of banking service play an important role in keeping the customers satisfied | |||||
| Cost of the banking services are also of major importance for customers | |||||
| Timeliness of service is significant factor for customers | |||||
| Poor or slow customer service deviates customers to competitor banks/companies | |||||
| Service quality is significant for turning a customer into a loyal customers | |||||
| If a customer has good experience in terms of customer service of bank then they recommend services to friends and family |
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