ANYADIGHIBE Joseph Amaechi (PhD)1, Prof. AWARA Nsobiari
Festus2, JAMES Edim Eka3, EKARIKA Wisdom Amos4 &
OMEMGBEOJI Chinedum Confidence5
1-3Department of Marketing, University of Calabar, Nigeria
1janyadighibe@yahoo.com; 2nsoawara@yahoo.com; 3jamesedim@gmail.com
4Institute of Public Policy and Administration, University of Calabar, Nigeria
5Department of Accounting, Michael Okpara University of Agriculture, Umudike, Abia
State, Nigeria
Abstract
This study addressed the effect of quality management on customer satisfaction with financial services in a developing economy. It explored the influences of SERVQUAL dimensions (reliability, responsiveness, empathy, assurance and tangibility) and TQM practices (customer orientation, continuous improvement, management involvement, employee empowerment) on customer satisfaction towards financial services. The study adopted a cross-sectional research design. Using a structured questionnaire, primary data were obtained from 457 bank customers. From the results of the multiple regression analysis, it was found that SERVQUAL dimensions (reliability, responsiveness, empathy and tangibility) and TQM practices (customer orientation, continuous improvement, management involvement, employee empowerment) had significant positive effects on customer satisfaction towards financial services. Whereas, one SERVQUAL dimension (assurance) was negatively and non-significantly related with customer satisfaction in this regard. Therefore, we recommended the following: financial service providers should prioritize the delivery of high-quality services consistently by ensuring that services are reliable, responsive to customers’ needs, secure, and delivered by competent and well-behaved service personnel supported by state-of-the-art technological systems and infrastructure; and the practice of TQM should holistically be integrated into every layer of organizational structure of financial service providers to ensure that customers are exposed to remarkable service quality at every point of service encounter. Similarly, it is suggested that further studies explore how other quality management systems like Six Sigma could affect customer satisfaction and/or the marketing of financial services in both developing and developed countries to reinforce the generalizability of current research findings and generate new empirical insights.
Keywords: Customer Satisfaction, Financial Services, Quality Management, SERVQUAL, TQM
