Understanding Customer Delight In Banking Industry

Question: Discuss about theUnderstanding Customer Delight In Banking Industry. Answer: Introduction: Customer service and satisfaction has emerged as one of the core competencies for every organization and they are trying to leverage on that factor to achieve their corporate goals. Banks serve several customers with varied facilities but having a single homogenous facility is not enough nowadays to retain customer loyalty. So this research investigates into the numerous factors which lead to customer delight while working with a bank (Jang, 2012). Critical Review Numerous researches have been carried out in this domain which has revealed several interesting concepts as one described by Oliver and Rust explains that once a certain level of consumer service is achieved it become difficult to maintain such level which leads to long term damage of reputation for the organization (Sarin, 2005). Significant amount of research needs to be done with respect to customer delight, however mostly it is considered as the customer response to some really unexpected and excellent service from any organization. The research methodology identified for this study is both qualitative and quantitative which is termed as mixed methodology and the most popular form of research design (Kim, Vogt, and Knutson, 2013). It is the most appropriate form of research design since it has elements of both measuring abstract emotions as well as collecting data for rigorous analysis. Customer delight is a concept which is dependent on the consumer preferences and attitude towards the product or the organization. This can only be judged through a close interaction with the respondents that is achieved through the qualitative research. The other part of the research design which deals with gathering data in mass scale will enable to reach out to several customers and then subjecting those data to statistical analysis. A proper mix of these two approaches would result in deep consumer insights which can benefit the organization. Moreover the various elements of ethical constraints and getting the right data can also be handled in this particular research design. There is the problem of people not responding correctly in online questionnaires but there are ample scope for data cleaning through various mathematical maneuvers which can be employed to come out with a proper data set which ideally represents the population. All these aspects make the adopted research design particularly suitable for the study that is being undertaken on customer delight in the banking industry. It also creates customer loyalty which leads to repeat purchase or increased revenue for the organization. (Saranya and Santhi, 2016). Conclusion: This is on short the various elements of the research design through which it is expected to attain the desired goal. This research will make an attempt to develop a research strategy for analysis of customer delight in the banking industry which can be extended to other organizations as well. References Jang, H.Y. (2012) The effects of service qualities on customer satisfaction and the moderating effects of customer involvement and customer delight in sports center,Journal of Korea Service Management Society, 13(1), pp. 107132. Doi: 10.15706/jksms.2012.13.1.005. Kim, M., Vogt, C.A. and Knutson, B.J. (2013) Relationships among customer satisfaction, delight, and loyalty in the hospitality industry,Journal of Hospitality Tourism Research, 39(2), pp. 170197. Doi: 10.1177/1096348012471376. Saranya, K. and Santhi, P. (2016) Enhancing customer delight in LED televisions by using the KANO model, Indian Journal of Marketing, 46(1), p. 49. Doi: 10.17010/ijom/2016/v46/i1/85748. Sarin, S. (2005) Book review: Creating customer delight - the how and why of CRM,Management and Labour Studies, 30(3), pp. 279280. Doi: 10.1177/0258042x0503000306.