Customer Satisfaction for Financial Services: The Role of Products, Services, and Information Technology

M. S. Krishnan, Venkatram Ramaswamy, Mary C. Meyer and Paul Damien
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M. S. Krishnan: University of Michigan Business School, 701 Tappan Street, Ann Arbor, Michigan 48109
Venkatram Ramaswamy: University of Michigan Business School, 701 Tappan Street, Ann Arbor, Michigan 48109
Mary C. Meyer: Department of Statistics, University of Georgia, Athens, Georgia 30602
Paul Damien: University of Michigan Business School, 701 Tappan Street, Ann Arbor, Michigan 48109

Management Science, 1999, vol. 45, issue 9, 1194-1209

Abstract: In this paper, we study the drivers of customer satisfaction for financial services. We discuss a full Bayesian analysis based on data collected from customers of a leading financial services company. Our approach allows us to explicitly accommodate missing data and enables quantitative assessment of the impact of the drivers of satisfaction across the customer population. We find that satisfaction with product offerings is a primary driver of overall customer satisfaction. The quality of customer service with respect to financial statements and services provided through different channels of delivery, such as information technology enabled call centers and traditional branch offices, are also important in determining overall satisfaction. However, our analysis indicates that the impact of these service delivery factors may differ substantially across customer segments. In order to facilitate managerial action, we discuss how specific operational quality attributes for designing and delivering financial services can be leveraged to enhance satisfaction with product offerings and service delivery. Our approach and findings have significant implications for managing customer satisfaction in the financial services industry.

Keywords: financial services; customer satisfaction; Bayesian analysis; information technology (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (33)

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