Barclays
Transcript: Introduction Service quality has been identified as the critical ingredient to success and it is crucial that customers are satisfied in order to stay ahead of the competitors. (Banerjee and Sah, 2012). The industry wide notion is that the delivery of high service quality is a critical factor for achieving customer satisfaction, and a prerequisite for a number of desired behavioural outcomes that will lead to high performance in retail banking. (Ting, 2004). In the absence of objective measures, firms must rely on consumers’ perceptions of service quality to identify their strengths and/or weaknesses, in order to design suitable strategies. (Osman et al. 2005) Company Profile Formed in 1690 by John Freame and Thomas Gould. Began trading as a gold-smith banker, followed by funding the world’s first industrial steam train and financing two of the world’s fastest passenger ships. Barclay & Company Ltd. was formed in 1896 as 19 banking institutions merged providing 182 branches with deposits of £26m. The name changed again in 1925 to Barclays Bank D.O.C. and had 5,000 employees the following year. 1966 they launched the ‘Barclaycard’ which was a credit card. A year later they introduced ‘Barclay Cash’ which was the UK’s first ATM. Since then competitors have followed suit regarding any innovative leads Barclays has made. Nowadays Barclays is engaged in Personal, Corporate and Investment banking, Wealth and Investment Management and credit cards. They currently service over 50 countries and employ around 140,000 people. Literature Review Methodology Findings A reason for this may be that when it comes to these dimensions it involves human interaction. For example, the responsiveness dimension could equate to asking a question in a bank and how well the representative responds to this, which a personalised card could have little effect on this outcome. Customers who hold a personalised card can give a better perceived quality perception than bank customers who does not hold a personalised bank card. However, an interesting question can be raised - if a non-personalised card holder experienced a personalised card service would their perceptions of quality change? Limitations / Recommendations Conclusion Harland N. and Holey E. (2011) Khazeh and Decker (1992) found in their research that reputation is an important factor when choosing a bank. ‘Using a comparatively simple method of adding open-ended questions to a quantitative self-report based questionnaire methodology can add substantial value and depth to both the conclusions and results of studies undertaken’ Thank You for listening. Please feel free to ask any Questions? The proposed method is to use SERVQUAL model which aims to measure five dimensions of service quality: •Tangibles •Reliability •Responsiveness •Assurance •Empathy. Anderson et al. (1994) 42% of the survey said that reputation is the deciding factor when choosing a bank. Small group of 48 participants ‘There appears to be consensus among service providers that personal service is something their customers want, but little consensus about just what personal service means. In many cases it seems to mean a smile, eye contact, and a friendly greeting. In other cases it means offering to customize the basic service to suit the customer's needs or tastes.' If this idea revolutionises banking then personalised cards may be irrelevant. This will then be followed up by adopting the structure used by Bogomolova (2012). This involves presenting a set of statements which requires the respondents to rank from 1 to 10 the significance of the service quality statement. To be able to quantify the data and draw some conclusions from the results, the mean average will be derived from the data given by respondents. In addition a third column will give an indication of the mean difference between the two data sets. Location of survey. Chakravarty finds that high customer loyalty leads to a significantly lower propensity to switch. In this case personalised cards are not an indication of service quality and therefore do not encourage or influence customers to switch banks. Chakravarty (2004) Their empirical findings showed that more than half of the people questioned for the bank said they would like to customise their bank card, and 26% said it would actually influence their choice. 48 people at random were asked to complete a short questionnaire for the collection of primary data. Opportunities Our survey displayed no age bias Only a fledgling service. 24 respondents who held a personalised Barclays card compared to 24 respondents who held a debit card that was not personalised. The potential surge in digitalisation: eg. Mobile Banking. They may want a personalised mobile service. Barclays ‘Pingit’ service allows customer to send and receive money through mobile numbers, whether you’re a Barclays customer or not. The surveys were handed out face to face in order to clarify any misconceptions that the respondents