Interactive marketing and customer retention in Nepalese commercial banks / Ananta Puri 

Public ISBD Title : Interactive marketing and customer retention in Nepalese commercial banks Material Type: printed text Authors: Ananta Puri, Author Publication Date: 2014 Pagination: 81p. Size: GRP/Thesis Accompanying material: 3/B General note: Including bibliography Languages : English Descriptors: Bank marketing Banks Banks and banking Commercial banks Direct marketing Electronic commerce Interactive marketing Marketing Telemarketing Keywords: 'interactive marketing  customer  banks  banks and banking  commercial banks  electronic commerce  nepal' Class number: 658.84 Abstract: Service industries like bank has become more and more crucial in every aspects of business form the last two decades. The extents of banking industries become evident on national economy. Banking industries are expected to be more significant in upcoming future. As it becomes stronger instrument to the modern economy the clients are now getting more choices and easy availability. Therefore, it has become harder for the service oriented firm to do stable business. Moreover, continuous flow of new comers and innovative approaches by the competitors make it harder. It has become difficult for banks to retain the customers. A business that wants to succeed in today’s global competitive market where customers are empowered and brand loyalty erosion is increasing will have to maintain a good relationship with customers. Bank need to investigate customer needs, they have to build relationships with both existing and potential customers, and they will have to satisfy their customers‟ needs. Bank should realize the importance of satisfying and retaining customers. Acquiring 3 new customers can cost five times more that the cost involved in satisfying and retaining current customers. The study aimed to find the relationship between interactive marketing and customer retention in the Nepalese banking industry. The other objectives of this study are to identify the critical factors of Interactive Marketing in Nepalese Banking sector, to identify the critical factors of customer retention in Nepalese Banking sector, to identify the relationship between interactive marketing and customer retention in banking sector and identify the possible benefits of this relationships, to analyze the relationship between interactive control and customer retention in Nepalese banking sector, to identify the connection between Trust Benevolence and Customer Retention, to assess the relationship between perceived risk and customer retention in commercial banks of Nepal, to explore the relationship between two way communication and customer retention and to examine relationship between delivery speed and customer retention in commercial banks of Nepal. Questionnaire were developed and distributed to 180 customers but only 150 customers of Nepalese commercial banks respond to collect the required data. The questionnaire were Yes, No, Ranking Scale, Likert and other demographic information were used to collect primary data. The Likert scale on the different variables on interactive marketing dimensions and customer retention were measured on 5 point liker scale and weighted mean value of each variables were used to examine the relationship between dependent and independent variables as for the study purpose. The study indicated that dimension of interactive marketing and trust has strong positive significant relationships with customer retention except interactive control and perceived risk. Most of the customers have complaint about two way communications. They feel there is less interaction between the bank and customers, which is decreasing the interest of customers towards bank. The report concludes that there is need to retain customers in the Nepalese banking industry. To maintain a relationship formal incentives are not enough, trust is also necessary. Interactive marketing and customer retention in Nepalese commercial banks [printed text] / Ananta Puri, Author . - 2014 . - 81p. ; GRP/Thesis + 3/B. Including bibliography Languages : English Descriptors: Bank marketing Banks Banks and banking Commercial banks Direct marketing Electronic commerce Interactive marketing Marketing Telemarketing Keywords: 'interactive marketing  customer  banks  banks and banking  commercial banks  electronic commerce  nepal' Class number: 658.84 Abstract: Service industries like bank has become more and more crucial in every aspects of business form the last two decades. The extents of banking industries become evident on national economy. Banking industries are expected to be more significant in upcoming future. As it becomes stronger instrument to the modern economy the clients are now getting more choices and easy availability. Therefore, it has become harder for the service oriented firm to do stable business. Moreover, continuous flow of new comers and innovative approaches by the competitors make it harder. It has become difficult for banks to retain the customers. A business that wants to succeed in today’s global competitive market where customers are empowered and brand loyalty erosion is increasing will have to maintain a good relationship with customers. Bank need to investigate customer needs, they have to build relationships with both existing and potential customers, and they will have to satisfy their customers‟ needs. Bank should realize the importance of satisfying and retaining customers. Acquiring 3 new customers can cost five times more that the cost involved in satisfying and retaining current customers. The study aimed to find the relationship between interactive marketing and customer retention in the Nepalese banking industry. The other objectives of this study are to identify the critical factors of Interactive Marketing in Nepalese Banking sector, to identify the critical factors of customer retention in Nepalese Banking sector, to identify the relationship between interactive marketing and customer retention in banking sector and identify the possible benefits of this relationships, to analyze the relationship between interactive control and customer retention in Nepalese banking sector, to identify the connection between Trust Benevolence and Customer Retention, to assess the relationship between perceived risk and customer retention in commercial banks of Nepal, to explore the relationship between two way communication and customer retention and to examine relationship between delivery speed and customer retention in commercial banks of Nepal. Questionnaire were developed and distributed to 180 customers but only 150 customers of Nepalese commercial banks respond to collect the required data. The questionnaire were Yes, No, Ranking Scale, Likert and other demographic information were used to collect primary data. The Likert scale on the different variables on interactive marketing dimensions and customer retention were measured on 5 point liker scale and weighted mean value of each variables were used to examine the relationship between dependent and independent variables as for the study purpose. The study indicated that dimension of interactive marketing and trust has strong positive significant relationships with customer retention except interactive control and perceived risk. Most of the customers have complaint about two way communications. They feel there is less interaction between the bank and customers, which is decreasing the interest of customers towards bank. The report concludes that there is need to retain customers in the Nepalese banking industry. To maintain a relationship formal incentives are not enough, trust is also necessary.

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