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CHAPTER FIVE
SUMMARY OF MAJOR FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.0 INTRODUCTON
The research deals with the background and introduction of study, statement of problems,
objectives, research question, justification of the study, scope of study, limitations of the
study, organization of the study and summary of the chapter,
The researcher continued with the various theories that have been developed to explain the
concept of customer retention, the role it plays, its importance, and how it could be
implemented to be a tool in building relationship in banking industries
In addition the study also deals with methods used to collect data, sampling plan used,
research tool used, data sources, Stanbic bank’s profile, its vision and mission statements. The
data gathered on the field was analysed, organized and interpreted with clear understanding.
Tables and Pie charts were used in organising the data. Most of the data were expressed in
percentages and interpreted according to the value of the percentage.
5.1 SUMMARY OF MAJOR FINDINGS
After making a critical analysis of data collected and organized, we discovered that:
The service delivery of Stanbic bank in Sunyani is very good and satisfactory. It can be
deduced that the bank has qualified customer service personnel who deliver good service to
the customers.
The customers are satisfied with the appearance of the staff of Stanbic bank.
It was seen that, the customers are satisfied with the location of the bank.
Customers are satisfied with the services provided by Stanbic bank in that they are
willing to continue business transactions with them and one respondent suggested that they
should keep up and maintain their service standard.
The complaints of customers are addressed properly and respectfully. This is because
there are many strategies of resolving problems in Stanbic bank. This has helped Stanbic bank
to achieve customer satisfaction.
We found out that, the customers are satisfied with the speed and fastness of the staff
in delivering their services.
In addition, the customers are satisfied with the friendliness of the staff of Stanbic
bank.
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The customers of Stanbic bank in the Sunyani municipality are satisfied with the
physical appearance of the banking hall.
Due to the satisfaction of customers, they are ready to continue and also retain Stanbic
bank as their permanent bank. This is a clear indication that, satisfaction has an influence
on customer retention.
5.2 CONCLUSIONS
Although identifying customer needs and satisfying them is very costly, it also helps the
organization to retain its customers and increase their market share, hence increase sales. In
the same way it also requires technical and skilled personnel in order to address their various
complaints of the customer.
Management of Stanbic bank should not overlook the fact that the world is changing and the
economy has now catch the golden age of business where technology is the base line of every
effective implementation of business activities. Therefore management is advice to introduce
an internet base marketing. E-banking will help the bank to build a customer data base for the
proper segmentation of their customers.
Customers are becoming dynamic and these same customers need to be maintained despite
the intense competition in the banking industry.
Philip Kotler once said “The cost of losing one customer is ten times the cost of winning one
customer”. Management of Stanbic bank should therefore practice database management so
as to build good relationship with their customers.
Management should also motivate their staff members in order to help them bring out their
best in the achievement of the organizational corporate objectives as well as its marketing
objectives. The staff must be given promotions in order to motivate them.
5.3 RECOMMENDATIONS
Based on the under listed findings, we recommend these measures to management of Stanbic
Bank for effective Operations.
Management should introduce internet-base system of transaction which will help them
to increase sales and also build customer data base. Thus helping management to easily and
quickly get access to information about their customers as well as rendering good services to
them in other to maintain good relationship with them.
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Proper education as well as information should be giving to the bank’s customers in order
to purchase the other products and offers of the bank.
Frequent staff training (seminars and workshops) should be organized for employees so
that they would be able to perform their roles in satisfying customers properly.
Customer’s complaints and grievances should be handled effectively and quickly.
Management must have regular contact with all customers not only key account
customers as well as their stakeholders.
The staff should learn how to communicate with their customers since the delivery of
good customer service delivery depends greatly on them. Their physical appearances,
friendliness, the speed of delivering services and many more.
Management should pay regular visit to their employees and also call them on their
phones of any transactions in connection to their accounts, SMS should also be used to
contact their customers.
The Bank of Ghana in collaboration with the government should make a law for all banks
to operate in a fairly competitive environment. This will help ignore unfair competition in the
banking industry to enhance smooth operations of Stanbic bank in Sunyani and all its
branches across the nation.
The stakeholders of Stanbic bank should be informed of all the banks activities and also
the bank should meet their various expectations in order to improve on their brand image.