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Relevant factors for customer loyalty in the banking sector

Abstract

This article aims to analyze if the strategies adopted by the banking branches in the city of Uberaba-MG are directed to the attributes the customers assigned as more important when choosing a banking service. For this purpose, this research used the Critical Incident Technique (CIT) and the Conjoint Analysis (CA), to identify and measure how important these attributes are to the customers; and semi-constructed interviews were used to collect the attributes the banks are investing in attracting and retaining the customer's loyalty. With the results, and according to the customers, the most important attributes during a choosing process are: fees and service charges (28.37%), service quality (18.07%), ease of access to bank branches and ATMs (17.42%), provided services (16.48%), waiting time (14.38%), availability of bank branches (2.94%) and the ambiance’s comfort (1.99%). Therefore, in general, the loyalty’s attributes adopted by the banking branches are aligned with what the customers understand as necessary; a small difference can be spotted in their order of importance and two attributes, the availability of bank branches and ambiance’s comfort.

Keywords
Banking sector; Customer’s loyalty; Total recall incident; Conjoint analysis

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