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A Case Study of Investrust Bank Plc B ASSESSMENT OF CUSTOMER SERVICE STRATEGIES ON CUSTOMER RETENTION IN LOCAL COMMERCIAL BANKS: A CASE STUDY OF INVESTRUST BANK PLC By RAJESHVARY JOSHI COMPUTER NUMBER 715809897 A Dissertation Submitted To The University Of Zambia In Partial Fulfilment Of The Requirements For The Award Of The Degree Of Master Of Business Administration (MBA). THE UNIVERSITY OF ZAMBIA IN COLLABORATION OF THE ZIMBABWEAN OPEN UNIVERSITY LUSAKA 2018 i COPY RIGHT DECLARATION All rights reserved. No part of this thesis may be reproduced, stored in any retrieval system, or transmitted in any form or by any means, electronic, mechanical photocopying, recording, scanning or otherwise without the prior written permission of the author or the University of Zambia and Zimbabwean Open University (UNZAZOU). ©RAJESHVARY JOSHI (2018). i DECLARATION I, Rajeshvary Joshi do solemnly declare that this dissertation represents my own work and it has not been previously submitted for a degree at this or any other university. All the work of other people has been duly acknowledged. Signed: .................................................. Date: ..................................................... ii CERTIFICATE OF APPROVAL This dissertation of Rajeshvary Joshi (computer number 715809897) is approved as fulfilling part of the requirements for the award of the degree of Masters of Business Administration by the University of Zambia in collaboration of Zimbabwean Open University. Signed------------------------------------------------- Date-------------------------------------------- Signed------------------------------------------------ Date-------------------------------------------- Signed---------------------------------------------- Date-------------------------------------------- iii DEDICATION This project is dedicated to my late mother, Mrs. Sharda Devi Joshi. She was a pillar of strength for me throughout my life. Although you are not here to see me finish the race I will always value the motivation you gave me, you kept me going at all times even though you were battling for your life. iv ACKNOWLEDGEMENTS I am immensely grateful to God Almighty for his blessings throughout my academic journey. I would like to acknowledge with huge indebtedness, the profound support of my supervisor, Dr. William Phiri and profoundly thank him for the research expertise, valuable guidance and consistent demand for quality work and most of all his patience and kindness. Dr. Phiri’s persistent encouragement and motivation pushed me to complete my study. Though I can never measure up to his academic excellence, I have learnt a great deal from him throughout our interaction both as my lecturer and as my supervisor during the taught semesters and the research study. His critique has tremendously helped me improve the quality of my project as a whole. I am also very grateful to all my other lecturers for their excellent tutelage throughout my study. Special gratitude goes to Mr. Norman Kamanga, Dr. Victor Muchemwa and Mr. Bwato. I am very grateful to the Executive Directors and the entire Administration staff at the University of Zambia and the Zimbabwe Open University for giving me this opportunity to achieve the dream of studying for the MBA Degree. I am also thankful to my MBA classmates for all the support and camaraderie extended to me in this study. Very special thanks to our class representative Mr. Joseph Batala for his personal invaluable inputs and guidance given to me throughout my study. My gratitude also extends to the management and staff at the Industrial Branch of Investrust Bank PLC for allowing me to study their esteemed bank and participating in it. And especially to all the customers at Investrust Bank PLC who graciously participated in my project. I managed to complete this project because of all your support. I will forever be indebted to all of you. My profound gratitude to my family for all the support, patience and understanding extended to me during my three year study of this course. v TABLE OF CONTENTS COPY RIGHT DECLARATION ........................................................................................ i DECLARATION ................................................................................................................. ii CERTIFICATE OF APPROVAL ..................................................................................... iii DEDICATION ................................................................................................................... iv ACKNOWLEDGEMENTS ................................................................................................ v TABLE OF CONTENTS ................................................................................................... vi LIST OF FIGURES ........................................................................................................... xi LIST OF TABLES ........................................................................................................... xiv LIST OF APPENDICES .................................................................................................. xvi ABSTRACT .................................................................................................................... xvii CHAPTER ONE ................................................................................................................. 1 INTRODUCTION ............................................................................................................... 1 1.0 OVERVIEW .............................................................................................................. 1 1.1 BACKGROUND ........................................................................................................ 1 1.1.2 BANKING HISTORY OF ZAMBIA ..................................................................... 3 1.1.3 REGULATORY FRAMEWORK .......................................................................... 4 1.1.4 LIST OF COMMERCIAL BANKS IN ZAMBIA AS AT 30TH APRIL, 2018. ..... 5 1.1.5 PROFILE OF INVESTRUST BANK PLC ............................................................ 5 1.1.5.1 SERVICES PROVIDED ...................................................................................... 6 1.1.5.2 INVESTRUST BANK PLC STOCK OWNERSHIP AS AT 2016 ..................... 7 1.2 PROBLEM STATEMENT ........................................................................................ 7 1.3 RESEARCH OBJECTIVES ..................................................................................... 8 1.4 RESEARCH QUESTIONS ....................................................................................... 9 1.5 PURPOSE OF THE STUDY ..................................................................................... 9 1.6 DELIMITATION OF THE STUDY ......................................................................... 9 1.7 LIMITATIONS OF THE STUDY ............................................................................ 9 1.8 SIGNIFICANCE OF RESEARCH ........................................................................... 9 1.9 CONCEPTUAL FRAMEWORK ............................................................................ 10 vi 1.10. SCOPE OF THE STUDY ..................................................................................... 10 1.11 OPERATIONAL DEFINITION OF TERMS ...................................................... 11 1.12. SUMMARY ........................................................................................................... 11 CHAPTER TWO .............................................................................................................. 12 LITERATURE REVIEW ................................................................................................. 12 2.0 INTRODUCTION ................................................................................................... 13 2.1 RELATIONSHIP MARKETING ........................................................................... 13 2.2 CUSTOMER SATISFACTION, RETENTION AND CUSTOMER LOYALTY . 14 2.3 MEASURE OF SERVICE QUALITY AND CUSTOMER SATISFACTION ..... 17 2.3.1 TANGIBILITY ..................................................................................................... 18 2.3.2 RESPONSIVENESS ............................................................................................. 19 2.3.3 RELIABILITY ...................................................................................................... 20 2.3.4 ASSURANCE ........................................................................................................ 20 2.3.5 EMPATHY ............................................................................................................ 21 2.4. CUSTOMER RETENTION ................................................................................... 22 2.4.1 INFLUENTIAL FACTORS OF CUSTOMER RETENTION ............................ 23 2.4.2 CUSTOMER SERVICE STRATEGY ................................................................. 23 2.4.3. SERVICE QUALITY .............................................................................................. 24 2.5. INTEGRATED MARKETING AND THE BANKING SECTOR ........................... 25 2.5.1 INTRODUCTION .................................................................................................... 25 2.5.2 DEFINITION OF IMC ............................................................................................ 26 2.5.3 APPLICATION OF IMC IN BANKING OPERATION .......................................
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