Examining Customer Satisfaction and Switch Intentions in the Banking Industry, Ghana: A Critical Study of the Ghana Commercial Bank Experience

Abstract

This paper empirically examines the extent of satisfaction experienced by customers and their switch intention within the Ghanaian banking industry, with special focus on Ghana Commercial bank. The study involved a cross-sectional survey of 200 respondents using structured questionnaire personally administered. All the questionnaires were retrieved and analysed using the Statistical Package for the Social Science (SPSS 16.0). The findings indicate that customers were not satisfied with the overall service of the bank but that has no significant effect on their switch intention. Quality, Price and Brand image each also has a positive relationship with customer overall satisfaction of service within the banking industry, the instance of Ghana Commercial Bank. Theoretically, it found a positive relationship between service satisfaction and switches intentions; and between quality, price and brand image and overall service satisfaction. Quality, price and brand image may be viewed as separate constructs of service satisfaction. Managers could influence Service Satisfaction through the three critical aspects of Service Satisfaction unique to the banking industry, but cannot influence switch intentions through service satisfaction level experienced. The paper contributes to the body of knowledge in the area of service satisfaction and switches intentions and as well constructs of service satisfaction and provides important theoretical and managerial implications for major players within the banking industry.