Socio-Economic Determinants of Quality Services in the Nigerian Banking Industry
- September 8, 2020
- Posted by: RSIS
- Categories: Accounting, Commerce, IJRSI
International Journal of Research and Scientific Innovation (IJRSI) | Volume VII, Issue VIII, August 2020 | ISSN 2321–2705
Socio-Economic Determinants of Quality Services in the Nigerian Banking Industry
Obisesan, Francis Oludare1, PhD, FCIB, Prof. A. S. Ogunsiji2
1Department of Accounting and Finance, Bowen University, Iwo, Osun State, Nigeria
2Department of Marketing, Ladoke Akintola University of Technology, Ogbomoso, Nigeria
Abstract: This study investigated socio-economic determinants of quality services in the Nigerian banking industry. The service sector plays a dominant role in creating value in such economies and by extension, the purchasing patterns of consumers and managerial decisions of the providers of these services are influenced by activities of stakeholders in this sector in a complex way.
A cross-sectional survey design was applied using quantitative methods of data collection. A self-reported structured questionnaire was designed for data collection. A randomized sample size of 1505 banks’ customers participated in the study while two hypotheses were tested statistically at 95% confidence interval.
Results showed that adequacy of facilities (Tangibility), reliability, prompt service, network availability, billing cost (ATM, Cheque books, SMS), customer care services and Value Added Services (e.g.E-Bank statements) jointly predicted quality services in the Nigerian banking industry (R2=.090, F=21.103, p<.01); age, educational qualifications, customer experience with other banks in Nigeria, duration of banking patronage, method of information dissemination in the banks and gender jointly predicted quality services {F=43.744, R=.386, R2=.149, AdJR2=.146;p<.001}
Conclusions revealed that the determinants of quality services in the Nigerian banking industry. This objective was achieved using multiple regression analysis to determine variables include Tangibility, reliability, prompt service, network availability, billing cost (ATM, Cheque books, SMS), customer care services and Value Added Services (e.g.E-Bank statements) and also concluded that age, educational qualifications, customer experience with other banks in Nigeria, duration of banking patronage, method of information dissemination in the banks and gender jointly predicted quality services. Therefore, socio-demographic variables are determinants of customers’ perceived quality of service in the banking sector. Therefore, it is recommended that banks intensify more effort towards enhancing customer satisfaction through courtesy platform, staff attitude to customers, training of staff on customer relation, respect customers and adjust welfare unit and let the customer feel emotionally attached to the banks.
Key Words: Quality Services Determinants, Socio-Demographic variables, Value Added Services.
