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Black Generation Y Expectations of Their Banks' Customer Relationship

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Black Generation Y Expectations of Their Banks' Customer Relationship COPYRIGHT AND CITATION CONSIDERATIONS FOR THIS THESIS/ DISSERTATION This copy has been supplied on the understanding that it is copyrighted and that no quotation from the thesis may be published without proper acknowledgement. Please include the following information in your citation: Name of author Year of publication, in brackets Title of thesis, in italics Type of degree (e.g. D. Phil.; Ph.D.; M.Sc.; M.A. or M.Ed. …etc.) Name of the University Website Date, accessed Example Surname, Initial(s). (2012) Title of the thesis or dissertation. PhD. (Chemistry), M.Sc. (Physics), M.A. (Philosophy), M.Com. (Finance) etc. [Unpublished]: University of Johannesburg. Retrieved from: https://ujdigispace.uj.ac.za (Accessed: Date). Black Generation Y expectations of their banks’ customer relationship management by MARIUS BRESLER A dissertation submitted in fulfilment for the Degree Of Magister Commercii in Marketing Management Faculty of Management University of Johannesburg Supervisor: Dr CF De Meyer 2013 DECLARATION I certify that the dissertation submitted by me for the degree Master’s of Commerce (Marketing Management) at the University of Johannesburg is my independent work and has not been submitted by me for a degree at another university. Marius Bresler 25/07/2013 DEDICATION I would like to dedicate this work to my little nephew Darius. Your mere existence is a miracle and a blessing from above. Your presence lights up a room and brings joy to everyone in it. May your little light keep on shining and become even greater as you conquer your own mountains one day. i ACKNOWLEDGEMENTS First and foremost, I would like to thank my Heavenly Father for His blessing, guidance and unconditional love throughout this process. Without Him, none of this would have been possible. I would also like to thank the following people, without whom it would not have been possible to complete this project: My supervisor Dr. Christine De Meyer for all the valuable hours she spent on mentoring, guiding and encouraging me. My parents, Marius and Suzette for their lifelong encouragement, love, support and mentorship. My best friend Danniella Sebastiao for her constant motivation, never give up attitude, her positive influence and love. Maralize and Louis for their constant interest in my progress and their love and support throughout the whole process. ii ABSTRACT As the South African banking industry is becoming more competitive due to new entrants and competitive offerings it is important to establish relationships with customers to maintain a competitive advantage. For South African banks to form relationships with customers, they need to understand their customers and what customers require from the relationship. For that reason, South African banks need to identify dimensions of customer relationship management (CRM) to build upon in strengthening their relationships with customers. As South Africa has experienced a rise in the spending power of black generation Y’s, this demographic requires further investigation. South African banks should realise that this market has significant potential in terms of profitability and it is important to determine which dimensions of customer relationship management this market prefers in order to build and further strengthen relationships. The primary objective of the study was to determine black generation Y’s expectations of customer relationship management offered by their banks especially targeting generation Y adults within the Gauteng area. The study aimed at identifying customer relationship management dimensions and investigating black generation Y adults’ expectations toward those dimensions. The study further investigated whether black generation Y adults were satisfied with their banks and whether their satisfaction will lead to relationship intention and loyalty. The study focused on CRM dimensions identified from previous literature namely service quality, customisation, two-way communication, technology (the use of), commitment and convenience. Quantitative research methods were then used by means of a questionnaire that was distributed through convenience sampling to respondents throughout selected shopping malls in the Gauteng area. In order to measure expectations, satisfaction, relationship intention and loyalty constructs, only respondents who have banked with one of the four major banks (ABSA, FNB, Nedbank and Standard Bank) for a period of three or more years between the ages of 21-34 were asked to participate in the study. A total of 581 questionnaires were retained for data analysis. Results indicated that respondents had high expectations for the customer relationship management dimensions offered by their banks but specifically with the dimensions of convenience and technology. Respondents also indicated that they are satisfied with their current banks and are willing to continue their relationships with their banks and remain loyal. iii These results could benefit the South African banking industry in that it provides insights into black generation Y adults as well as provide insights into possible CRM strategies banks could consider. The results of the study confirm that customer satisfaction influences relationship intention and retention. Banks therefore need to ensure that customers are satisfied to ensure loyal customers in the long-term. In making recommendations for future studies, it was suggested that this study also be done on other cohorts such as Generation X as well as to conduct a follow up study which include new and upcoming banks such as Capitec Bank within the South African banking industry. iv LIST OF KEY TERMS AND DEFINITIONS Throughout this study, various key terms will be used. The following section outlines these key terms as well as a definition of each. Customer: A customer can be defined as any individual who consumes a product or service and has the ability to choose between different suppliers (BusinessDictionary, 2013). For the purpose of this study, customers will be referred to as any individual holding a bank account with one of the four major banks in South Africa (ABSA, FNB, Nedbank and Standard Bank). Customer Relationship Management: Payne (2008) defines CRM as a business approach that seeks to form, develop and enhance relationships with carefully chosen customers in order to improve customer value and corporate profitability with the goal of maximizing shareholder value. Customer Expectations: Leventhal (2008:51) define customer expectations as the standards customers use to evaluate the attractiveness and desirability of the service experience and outcome. Customer Satisfaction: A customer’s fulfilment response in that the service received provides a pleasurable level of experience (Zeithaml, Bitner & Gremler, 2009:104) Relationship Intention: Kruger and Mostert (2012:42) define relationship intention as the customers’ intention to form a relationship with an organisation after purchasing a product or using a service that the organisation offers. Customer Loyalty: Boshoff and Du Plessis (2009:319) define customer loyalty as the willingness of a customer to keep buying from the same service provider over the long term. The South African Banking Industry: The South African banking industry is a well developed and effectively regulated system which compares favourably with those of industrialised countries (The Banking Association South Africa, 2011). The banking industry in South Africa is dominated by four major role players which include; Amalgamated Banks of Southern Africa (ABSA), First National Bank (FNB), Standard bank and Nedbank. v TABLE OF CONTENTS PAGE DEDICATION i ACKNOWLEDGEMENTS ii ABSTRACT iii LIST OF KEY TERMS AND DEFINITIONS v LIST OF FIGURES xiv LIST OF TABLES xv CHAPTER 1: INTRODUCTION TO THE STUDY 1.1 INTRODUCTION TO THE RESEARCH 1 1.2 BACKGROUND OF THE STUDY 1 1.3 LITERATURE REVIEW 3 1.3.1 CUSTOMER EXPECTATIONS AND SATISFACTION 3 1.3.2 CUSTOMER RELATIONSHIP MANAGEMENT (CRM) 4 1.3.3 BLACK CONSUMERS IN SOUTH AFRICA 5 1.3.4 GENERATIONAL THEORY 6 1.3.4.1 GENERATION Y 7 1.4 PROBLEM STATEMENT 8 1.5 OBJECTIVES 9 1.5.1 PRIMARY OBJECTIVE 9 1.5.2 SECONDARY OBJECTIVE 9 1.6 HYPOTHESES 11 1.7 RESEARCH METHODOLOGY 13 1.7.1 RESEARCH DESIGN 13 1.7.2 POPULATION AND SAMPLE 14 1.7.3 DATA COLLECTION PROCEDURES 16 1.8 DATA ANALYSIS 16 1.9 CHAPTER LAYOUT 18 1.10 CONCLUSION 19 CHAPTER 2: THE SOUTH AFRICAN BANKING INDUSTRY 2.1 INTRODUCTION 20 2.2 THE FINANCIAL SECTOR 20 vi 2.3 THE SOUTH AFRICAN BANKING INDUSTRY 20 2.4 REGULATORY BODIES AND LEGISLATION IN THE SOUTH 23 AFRICAN BANKING INDUSTRY 2.4.1 THE BANKS ACT 23 2.4.2 THE NATIONAL PAYMENT SYSTEM ACT 23 2.4.3 THE FINANCIAL INTELLIGENCE CENTRE ACT (FICA) 23 2.4.4 THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT 24 (FAIS) 2.4.5 THE NATIONAL CREDIT ACT 24 2.4.6 THE CONSUMER PROTECTION ACT 24 2.4.7 THE HOMELOAN AND MORTGAGE DISCLOSURE ACT 25 2.4.8 THE COMPETITIONS ACT 25 2.5 BANKING CATEGORIES IN SOUTH AFRICA 26 2.6 THE MAJOR BANKS IN THE SOUTH AFRICAN BANKING 29 INDUSTRY 2.6.1 STANDARD BANK 29 2.6.2 ABSA (AMALGAMATED BANKS OF SOUTH AFRICA LIMITED) 30 2.6.3 FNB (FIRST NATIONAL BANK) 30 2.6.4 NEDBANK 31 2.6.5 CAPITEC BANK 32 2.7 CONCLUSION 33 CHAPTER 3: CUSTOMER EXPECTATIONS, SATISFACTION AND LOYALTY 3.1 INTRODUCTION 35 3.2 CUSTOMER EXPECTATIONS 35 3.2.1 DEFINING CUSTOMER EXPECTATIONS 36 3.2.2 FACTORS INFLUENCING CUSTOMER EXPECTATIONS 36 3.2.2.1 MARKETING COMMUNICATION OR ADVERTISING 37 3.2.2.2 THE IMAGE THE CUSTOMER HOLD OF THE ORGANISATION 37 3.2.2.3 WORD OF MOUTH SPREAD BY CUSTOMERS 37
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