Customer Satisfaction for Financial Services: The Role of Products, Services, and Information Technology

42 Pages Posted: 7 May 1999

See all articles by Mayuram S. Krishnan

Mayuram S. Krishnan

University of Michigan, Stephen M. Ross School of Business

Venkatram Ramaswamy

University of Michigan, Stephen M. Ross School of Business

Mary C. Meyer

University of Georgia - Department of Statistics

Paul Damien

University of Texas at Austin - McCombs School of Business

Date Written: June 1998

Abstract

In this paper, we study the drivers of customer satisfaction for financial services. We discuss a full Bayesian analysis based on data collected from customers of a leading financial services company. Our approach allows us to explicitly accommodate missing data and enables quantitative assessment of the impact of the drivers of satisfaction across the customer population. We find that satisfaction with product offerings is a primary driver of overall customer satisfaction. The quality of customer service with respect to financial statements and services provided through different channels of delivery such as new information technology enabled automated call centers, and traditional branch offices, are also important in determining overall satisfaction. However, our analysis indicates that the impact of these service delivery factors may differ substantially across customer segments. In order to facilitate managerial action, we discuss how specific operational quality attributes for designing and delivering financial services can be leveraged to enhance satisfaction with product offerings and service delivery. Our approach and findings have significant implications for managing customer satisfaction in the financial services industry.

JEL Classification: G21

Suggested Citation

Krishnan, Mayuram S. and Ramaswamy, Venkatram and Meyer, Mary C. and Damien, Paul, Customer Satisfaction for Financial Services: The Role of Products, Services, and Information Technology (June 1998). Ross School of Business Paper No. 99-004, Available at SSRN: https://ssrn.com/abstract=160168 or http://dx.doi.org/10.2139/ssrn.160168

Mayuram S. Krishnan (Contact Author)

University of Michigan, Stephen M. Ross School of Business ( email )

701 Tappan Street
Ann Arbor, MI MI 48109
United States
734-763-6749 (Phone)

Venkatram Ramaswamy

University of Michigan, Stephen M. Ross School of Business ( email )

701 Tappan Street
Ann Arbor, MI MI 48109-1234
United States
734-763-5932 (Phone)
734-936-0279 (Fax)

Mary C. Meyer

University of Georgia - Department of Statistics

Athens, GA 30602

Paul Damien

University of Texas at Austin - McCombs School of Business ( email )

Austin, TX 78712
United States

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