1.3 Objectives of the study
Based on the background and the statement of problem of this study, the main objectives are to:
1. Identify customer service strategies used by Stanbic Bank Ghana Limited, Kumasi
2. assess customer perception about the quality of customer service strategies used by Stanbic Bank Ghana Limited, Kumasi
3. assess the effect of service strategies on customer loyaltyand retention at the Stanbic Bank Ghana Limited, Kumasi
1.4 Research Questions
Some of the major research questions to be answered by the study are:
1. What are the customer service strategies used by Stanbic Bank Ghana Limited, Kumasi?
2. How do customersperceive customer service strategies used by Stanbic Bank Ghana Limited, Kumasi?
3. What is the effect of service strategies on customer loyaltyand retention at the Stanbic Bank Ghana Limited, Kumasi?
1.5 Significance of the Study
A study on customer service is very important given the role the financial sector is expected to play in the development of the Ghanaian economy towards attaining the middle income-status by 2015.
It would help management of banks to put in place measures that addressed the problems relating to customers. It would also assist banks to identify other needs they could used to meet customers’ expectation, thereby ensuring sound, secured and profitable banking in Ghana. This would enhance banks’ ability to play their intermediation role effectively and contribute to the growth of the economy.
The study would add to the body of knowledge that has been built on customer service and will serve as a base for academia and other people who want to conduct similar or further studies into the financial sector. This work, therefore, would add to the understanding of customer service at Stanbic and the banking sector in general. It is expected that the study would serve as an input to policy formulation by the government and its regulatory and supervisory bodies such as Ministry of Finance and Bank of Ghana in formulating policies to facilitate, promote and develop the financial sector.
1.6 Scope of the Study
The study centered on the effect of customer service strategy on customer retention. The study focuses on Stanbic Bank, Kumasi.This concentration of study ensures easy access to information given the time constraint. The research is limited to the banks service strategies and customer retention and not extended to other areas of the bank’s operations.
1.7 Overview of Research Methodology
The researcher used the case study as a strategy in conducting this research. The study used both primary and secondary sources of data. The researcher used questionnaire and interview as data gathering tools to effectively ascertain the needed primary data. The secondary data was sourced from relevant institutional documents, relevant books, journal articles and web portals. A sample size of 150 respondents from the selected branches was used. Findings and results wasanalysed with the help of the SPSS.
1.8 Limitation of the Study
The researcher encountered some problems in this research work. Among the problems was the fact that the time span within which to complete this work was not enough to do a comprehensive study. Again, due to the banking secret codes and the sensitive nature of some banking information especially concerning clients, some respondents were reluctant to give the information required or gave wrong information. This could affect the authenticity of the findings
1.9 Organization of the Study
The study comprised five (5) main chapters. Chapter one was devoted to the general introduction covering the background of the study, the statement of the problem, the objectives, significance, scope and how the research was organized. Chapter twowas mainly concerned with the review of related literature on customer service strategies as well as the impact on corporate performance. Chapter threeprovided the methodology that was applied to achieve the research objectives including primary data and method of analysis. Chapter fourcovered the analysis and presentation of data. Chapter fivefinally, provided a summary of the presentation, conclusions, and rec
