The Science of Customer Satisfaction in the Retail Banking System – A Critical Comparison between the Two International Indexes: American Customer Service Index (ACSI) and Net Promoter Score (NPS)
Journal Title: Journal of Emerging Trends in Marketing and Management - Year 2016, Vol 0, Issue 1
Abstract
For client-centered banks, customer satisfaction and customer loyalty are a goal as well as a marketing tool since banks have to be very concerned with their customer perception today because with the development of social media and online environments, the experience of a client with a bank, a product or service can propagate much faster, spreading both good and bad word of mouth to the rest of the world. This article explains the two international measurements techniques for tracking the customers’ overall satisfaction on repurchasing intention, likelihood or willingness to recommend the bank to others as well as specific attributes or benefits perceptions likely to be related to customer satisfaction. Those methods are Net Promoter Score (NPS) and American Customer Service Index (ACSI). Through global CSI organizations throughout the world license ACSI’s powerful, scientific methodology to create customer satisfaction indexes for their own national economies and to benchmark with other indexes adopting the ACSI methodology. Research has shown a strong and consistent association between customer satisfaction, as measured by NPS and ACSI and banks’ profitability on long term and have critics for not fully account for ex-customers or those who were never customers. The challenge now for banks is to deliver superior services, in order to exceed the customers’ expectations, for retaining them in the portfolio, since this is the only healthy way to develop the business on a mature market. This is also the case for Romanian Retail Banking System as it results from the research conducted on the local market, due to the fact that monitoring and continuous improvement of customer service become nowadays a strategic objective.
Authors and Affiliations
Elena Lidia Melnic
Keywords
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- EP ID EP265723
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