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Customer Relationship Management in the Banking Sector of Pakistan

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Customer Relationship Management in the Banking Sector of Pakistan Customer Relationship Management in the Banking Sector of Pakistan By Mohammad Majid Mahmood Bagram NATIONAL UNIVERSITY OF MODERN LANGUAGES ISLAMABAD June 2010 Customer Relationship Management in the Banking Sector of Pakistan By Mohammad Majid Mahmood Bagram MPA, Quaid-e-Azam University, Islamabad, 1992 A THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY In Management Sciences To FACULTY OF ADVANCED INTEGRATED STUDIES AND RESEARCH (Management Sciences) NATIONAL UNIVERSITY OF MODERN LANGUAGES, ISLAMABAD June 2010 © Mohammad Majid Mahmood Bagram, 2010 NATIONAL UNIVERSITY OF MODERN LANGUAGES FACULTY OF ADVANCED INTEGRATED STUDIES & RESEARCH DISSERTATION AND DEFENSE APPROVAL FORM The undersigned certify that they have read the following thesis, examined the defense, are satisfied with the overall exam performance, and recommend the thesis to the Faculty of Advanced Integrated Studies & Research for acceptance: Thesis/ Dissertation Title: Customer Relationship Management in the Banking Sector of Pakistan Submitted By: Mohammad Majid Mahmood Bagram Registration #: 141-Ph.D/MS/2003 (Jan) Name of Student Doctor of Philosophy Degree Name in Full (e.g Master of Philosophy, Doctor of Philosophy ) Management Sciences Name of Discipline Prof. Dr. Anwar Hussain Siddiqui _______________________________ Name of Research Supervisor Signature of Research Supervisor Prof. Dr. Shazra Munnawer _______________________________ Name of Dean (FAISR) Signature of Dean (FAISR) Prof. Dr. Aziz Ahmad Khan _______________________________ Name of Rector Signature of Rector _______________________________ Date ii CANDIDATE DECLARATION FORM I Mohammad Majid Mahmood Bagram Son of Dr. Mushtaq Ali Bagram Registration # 141-Ph.D/MS/2003 (Jan) Discipline Management Sciences Candidate of PhD in Management Sciences at the National University of Modern Languages do hereby declare that the thesis (Title) Customer Relationship Management in the Banking Sector of Pakistan submitted by me in partial fulfillment of PhD degree, is my original work, and has not been submitted or published earlier. I also solemnly declare that it shall not, in future, be submitted by me for obtaining any other degree from this or any other university or institution. I also understand that if evidence of plagiarism is found in my thesis/dissertation at any stage, even after the award of a degree, the work may be cancelled and the degree revoked. _____________________________________ ______________ Signature of Candidate Date Name of Candidate: Mohammad Majid Mahmood Bagram iii ABSTRACT Thesis Title: Customer Relationship Management in the banking sector of Pakistan Banking sector all over the world facing immense competition and Pakistani banking sector is not an exception. It is an acceptable fact that acquiring new customer is more costly than retaining the existing customer. The researcher followed the same fact and developed the basic purpose of this research study, that is to discover the major factors that affect customer loyalty, which is a focus of Customer Relationship Management (CRM) for overcoming high competition in the banking sector of Pakistan. Although there are many aspects of Customer Relationship Management (CRM) in the banking sector, this research study focuses on its customer part. Understanding customers is the key to success of any bank. Banks having an in-depth understanding of their customers develop a better competitive edge over their competitors. The major focus of CRM is to not only to acquire new customers but also to retain the existing ones. This research study will help banks to build customer loyalty. Every bank tries its best to acquire and retain their customers but due to increased competition and rapid improvements in technology, customers have quick access to thousands and thousands of products and services. The researcher collected data from customers of banks with the help of questionnaire and for doing demographic, correlation, and regression analysis used SPSS software version 16.00. After detailed analysis and discussions, results of this research study indicate that identified factors do affect customer loyalty and their relationships with each other vary from bank to bank. These identified variations can help banks to overcome their existing weaknesses to develop better customer loyalty strategies. The researcher identified factors of trust, perceived value, satisfaction, switching barriers, and culture that affect customer loyalty. After measuring relationships of these factors with each other, researcher responded to this research study`s questions and hypotheses and developed a customer loyalty model for the banking sector of Pakistan for the mutual benefits of customers and banks. Furthermore, this research study`s findings and recommendations contributes towards improvement in existing customer loyalty strategies of banks. The researcher would also like to mention here that there is hardly any research study in Pakistan that has seen the affects of customer culture and customer trust on customer loyalty as the results of this research study indicate that these factors affect customer loyalty in the banking sector of Pakistan. iv TABLE OF CONTENTS CHAPTER PAGE Title Page i Dissertation and Defense Approval Form ii Candidate Declaration Form iii Abstract iv Table of Contents v List of Appendices xiii List of Tables xiv List of Bar Charts xxiii List of Figures xxiv List of abbreviations xxv Acknowledgement xxvi CHAPTER 1: INTRODUCTION 1.1 Significance of relationships 1 1.2 Customer 2 1.3 Banking 2 1.4 Banking sector of Pakistan 3 1.5 Customer relationships with banks 4 1.6 Customer Relationship Management 4 1.6.1 Characteristics of Customer Relationship Management 6 1.6.2 Customer loyalty as a focus of Customer Relationship Management 7 v 1.7 Background to the study 7 1.8 Significance of the research study 8 1.9 Statement of the problem 8 1.10 Hypotheses of the research study 9 1.11 Research questions 10 1.12 Study procedure: 10 1.12.1 Population 10 1.12.2 Sampling 11 1.12.3 Research instruments 12 1.12.4 Pilot testing of questionnaire 12 1.12.5 Data collection 13 1.12.6 Data analysis 13 1.13 Limitations of the research study 13 CHAPTER 2: REVIEW OF RELATED LITERATURE 2.1 Customers-seller bond 15 2.2 Customer loyalty as a focus of Customer Relationship Management 16 2.3 Banking sector of Pakistan 18 2.4.1 Customer Relationship Management in banking sector 21 2.4 Customer loyalty 26 2.5 Customer Relationship Management (CRM) and customer loyalty in the banking sector 28 2.6 Models relating to research study 30 2.7 Offensive and defensive strategies 34 2.8 Factors that affect customer loyalty in the banking sector 35 2.8.1 Customer trust 35 2.8.2 Customer perceived value 35 2.8.3 Customer satisfaction 36 2.8.3.1 Conceptual differences between customer satisfaction and customer perceived value 37 vi 2.8.4 Customer switching barriers 37 2.8.5 Customer culture 38 CHAPTER 3: FRAME OF REFERENCE 3.1 Conceptualization 39 3.2 Previous research and models relevant to this research study 40 3.3 Emerged frame of reference 43 CHAPTER 4: RESEARCH METHODOLOGY 4.1 Research Process Onion 45 4.2 Research design: 46 4.2.1 Exploratory research study 46 4.2.2 Descriptive research study 46 4.2.3 Causal research study 46 4.3 Research strategy: 48 4.3.1 Selection of questionnaire survey method 48 4.4 Research study factors: 50 4.4.1 Operational definitions 50 4.5 Operationalization of research study factors: 51 4.5.1 Customer trust 51 4.5.2 Customer satisfaction 51 4.5.3 Customer perceived value 52 4.5.4 Customer switching barriers 52 4.5.5 Customer culture 52 4.5.6 Customer loyalty 53 4.6 Progression of questionnaire`s questions 53 4.7 Time horizon 54 4.8 Population 54 4.9 Sampling: 55 4.9.1 Sample size 56 4.9.2 Sample selection 56 vii 4.10 Instruments for data collection 58 4.11 Pretesting of questionnaire 58 4.12 Analysis of data: 61 4.12.1 Coding of questions 61 4.12.2 Data analysis techniques 61 4.13 Triangulation 62 4.14 Reliability and validity of the research constructs: 62 4.14.1 Reliability 63 4.14.2 Validity 64 4.15 Field issues during research study 64 CHAPTER 5: EMPIRICAL FINDINGS 5.1 Overview of the National Bank of Pakistan 65 5.1.1 Business profile 66 5.1.2 Responses of customers 67 5.1.3 Challenges and future opportunities 68 5.2 Overview of the Citibank, Pakistan 69 5.2.1 Business profile 69 5.2.2 Responses of customers 70 5.2.3 Challenges and future opportunities 70 5.3 Overview of the Meezan Bank Limited, Pakistan 70 5.3.1 Business profile 71 5.3.2 Responses of customers 71 5.3.3 Challenges and future opportunities 72 5.4 Overview of the Habib Bank Limited, Pakistan 73 5.4.1 Business profile 73 5.4.2 Responses of customers 74 5.4.3 Challenges and future opportunities 74 CHAPTER 6: DATA ANALYSIS AND DISCUSSIONS 6.1 Research instrument 76 viii 6.1.1 Customer trust 76 6.1.2 Customer perceived value 77 6.1.3 Customer satisfaction 77 6.1.4 Customer switching barriers 78 6.1.5 Customer culture 78 6.1.6 Customer loyalty 79 6.2 Demographic analysis 79 6.2.1 Demographic analysis - Citibank, Pakistan 79 6.2.2 Demographic analysis - National Bank of Pakistan (NBP), Pakistan 84 6.2.3 Demographic analysis - Meezan Bank Limited, Pakistan 89 6.2.4 Demographic analysis - Habib Bank Limited, Pakistan (HBL), Pakistan 94 6.3 Correlation analysis 99 6.3.1 Correlation analysis – Citibank, Pakistan 99 6.3.2 Correlation analysis – National Bank of Pakistan (NBP), Pakistan 105 6.3.3 Correlation analysis – Meezan
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