ANALYZING LOYALTY TACTICS: TANZANIAN BANKING SECTOR'S COMPARATIVE VIEW ON CUSTOMER RETENTION

Authors

  • Prof. Joseph Kamau Kibaki Operational Officer, Public Service Pension Fund (PSPF) Institute of Development Studies, St John’s University of Tanzania, Dodoma, Tanzania
  • Prof. Solomon Mwita Mrema Operational Officer, Public Service Pension Fund (PSPF) Institute of Development Studies, St John’s University of Tanzania, Dodoma, Tanzania

Keywords:

Banking Industry, Customer Satisfaction, Customer Retention, Competitive Advantage, Financial Institutions

Abstract

In today's highly competitive banking industry, where banks vie not only with each other but also with non-banks and financial institutions, gaining a strategic edge is crucial for survival (Kaynak & Kucukemiroglu, 1992; Hull, 2002). With most banking products being easy to replicate, the key differentiators are often price and quality. In such a landscape, the potential for strategic advantage lies in customer satisfaction and retention (Ro King, 2005). Retaining customers is paramount for banks seeking to maintain their competitive edge. This study explores the critical role of customer satisfaction and retention in the banking sector. It delves into strategies banks can employ to not only attract new customers but, more importantly, retain existing ones. Customer satisfaction is not merely a business objective but a strategic necessity, and banks must prioritize it to remain viable in today's ever-evolving financial landscape.

Published

2023-11-29

How to Cite

Kibaki , J. K., & Mrema, S. M. (2023). ANALYZING LOYALTY TACTICS: TANZANIAN BANKING SECTOR’S COMPARATIVE VIEW ON CUSTOMER RETENTION. Multidisciplinary International Journal of Finance and Accounting, 11(3), 38–55. Retrieved from https://kloverjournals.org/index.php/fa/article/view/756

Issue

Vol. 11 No. 3 (2023)

Section

Articles
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