Influence of Customer Feedback on Customer Retention in Deposit Money Banks in South-Eastern Nigeria

Abstract:

This study specifically examined the influence of customer feedback on customer retention in in deposit money banks in South-Eastern Nigeria. The population of the study consists of customers of selected Access Bank, UBA and First Bank in Enugu, Awka and Owerri in South-Eastern Nigeria. The study target population includes the intercepted customers of Access Bank, UBA and First Bank in South-Eastern Nigeria. Survey method was adopted for the study and the sample size of 384 was determined using Freud and William’s formula. Cronbach’s alpha was used to determine the reliability of the instrument of 0.879. Questionnaire was adopted as the instrument for the collection of primary data and was distributed to the 384 customers who returned 300 that were correctly filled. Analysis of data was conducted using simple linear regression statistical technique with the aid of statistical package for social sciences (SPSS) software version 22. The study revealed that customer feedback has a significant positive influence on customer retention in banks in South-Eastern Nigeria. Thus, customer feedback is a robust service marketing strategy for attracting and retaining customers throughout their lifetime in the banking industry. The study therefore recommends that Access Bank, UBA and First Bank should continuously improve on soliciting and implementing customer feedbacks to make their customers more committed to passing important information that would support sustainable quality customer service delivery.