A Study on Loyalty Programs In Banks

Authors

  • Dr. Tarannum Syed  Assistant Professor, IBMR IPS Academy, Indore, Madhya Pradesh, India

DOI:

https://doi.org/10.32628/IJSRSET196192

Keywords:

Customer Loyalty, Customer retention , Customer Satisfaction.

Abstract

Fierce competition and complexity of modern business have compelled banks to strive for creative and innovating strategies to retain customers. Banks are now shifting their emphasis on keeping existing customers than acquiring new ones. Loyalty programs have become one of the most significant means by which companies manage their customer relationships. Loyal customers are means of consistent source of revenue to organizations. The study assesses the importance of loyalty programs in banks and measures its impact on customer satisfaction and customer retention. The findings of the research reveal that loyalty programs significantly impact customer satisfaction and customer retention.

References

  1. Ali, J.F., I. Ali, U.K. Rehman, A.K. Yilmaz, N. Safwan and H. Afzal, 2010. Determinants of consumer retention in cellular industry of Pakistan. Afr. J. Bus. Manag., 4(12): 2402-2408
  2. Bolton, R. N., & Drew, J. H. (1991).A multistage model of customers? assessments of service quality and value. Journal of Consumer Research, 17(March), 375-384. http://dx.doi.org/10.1086/208564
  3. Dick, A. S., Basu, K.: Customer loyalty: Toward an integrated conceptual framework,
  4. Journal of the Academy of Marketing Science, 22 (2), 1994, p. 99-113.
  5. Maiyaki, A.A., N.B. Noor and S.S. Mokhtar, 2011. The influence of service quality of mobile phone on customer satisfaction in Malaysia: A students? feedback survey. J. Bus. Manag. Account., 1(1):79-97
  6. McIlroy, A. & Barnet S. 2000. Building Customer Relationships: Do discount cards work? Managing Service Quality, 10(6): 347-55.
  7. M. D. & Fornell. C. (1991). A Framework for Comparing Customer Satisfaction across Individuals and Product Categories. Journal of Economic Psychology 12, 267-286
  8. Omar, N. A., Musa, R.: Measuring service quality in retail loyalty programmes (LPSQual),
  9. International Journal of Retail & Distribution Management, 39 (10), 2011, p. 759 - 784
  10. Peterson, Robert A. and Wilson, W.R. (1992), Measuring customer satisfaction: act and art fact, in Journal of the Academy of Marketing Sciences, winter
  11. Shoemaker, S., & Lewis, R.C. 1999, Customer Loyalty: The Future of Hospitality Marketing. Hospitality Management, 18(4): 345 - 370

International Journal of Scientific Research in Science, Engineering and Technology

Downloads

Published

2019-03-30

Issue

Volume 6, Issue 2, March-April-2019

Section

Research Articles

License

Copyright (c) IJSRSET

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

[1]
Dr. Tarannum Syed "A Study on Loyalty Programs In Banks" International Journal of Scientific Research in Science, Engineering and Technology (IJSRSET), Print ISSN : 2395-1990, Online ISSN : 2394-4099, Volume 6, Issue 2, pp.32-35, March-April-2019. Available at doi : https://doi.org/10.32628/IJSRSET196192