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CENTRALE BANK VAN ARUBA

COMMERCIAL
BANKS
CUSTOMER
SATISFACTION
SURVEY
2012

RESULTS
February 2013

Commercial Banks Customer Satisfaction Survey 2012-Results

CONTENTS
1. Background to the 2012 survey

2. Demographics
3. Service quality
4. Customer satisfaction
5. Customer loyalty

6. Conclusion

Commercial Banks Customer Satisfaction Survey 2012-Results

1. BACKGROUND TO
THE 2012 SURVEY
The aim of this survey:
To measure
the service quality of,
the customer satisfaction with, and
loyalty towards
the commercial banks in Aruba
The target population of the study:
Any individual above 18 years who has a deposit account, a loan account, or a
person who makes use of bank services.

The convenience sampling was used, which involves selecting sample units on
the basis of how easily accessible they are and are very common in research.
A sample size of 600 was targeted and 607 questionnaires were completed
and returned.

Commercial Banks Customer Satisfaction Survey 2012-Results

1. BACKGROUND TO
THE 2012 SURVEY
Development of the questionnaire

The questionnaire was developed by the Survey Committee


Commercial Banks Customer Satisfaction 2012.
Data collection

The personal interview was selected to collect the data.

1.

September 3-23, 2012, a total of 8 surveyors with an


assignment to collect 75 respondents each. At the end of the
period 547 responses were collected.

2.

September 29-October 14, 2012, 1 surveyor with the


assignment to collect the remaining 60 respondents.

Collection period

Commercial Banks Customer Satisfaction Survey 2012-Results

2. DEMOGRAPHICS

18-19
20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-65
65+
Total

1
2
3
4
Total

361
212
32
2
607

59.5
34.9
5.3
.3
100.0

59.5
34.9
5.3
.3
100.0

59.5
94.4
99.7
100.0

Male
Female
Total

Highest level of education


Gender
Valid
Cumulative
Frequency Percent
Frequency
Percent
Percent
Percent
275
45.3
7
1.2
1.2
1.2
332
54.7 Less than primary
607 100.0 education
Primary education
33
5.4
5.8
7.0
Age group
EPB/LTS
60
9.9
10.5
17.5
Frequency Percent MAVO/MULO
126
20.8
22.0
39.4
15
2.5 MAO, MTS, EPI
132
21.7
23.0
62.5
61
10.0 HAVO
78
12.9
13.6
76.1
71
11.7 VWO
14
2.3
2.4
78.5
62
10.2 HBO (Bachelors degree)
109
18.0
19.0
97.6
76
12.5 WO (Masters degree)
12
2.0
2.1
99.7
80
13.2 Ph.D. (Doctoral degree)
2
0.3
0.3
100.0
76
12.5 Total
573
94.4
100.0
67
11.0
Missing
34
5.6
51
8.4
Total
607
100.0
31
5.1
How many banks do you deal with?
17
2.8
Valid Cumulative
607
100.0
Frequency
Percent Percent Percent

Commercial Banks Customer Satisfaction Survey 2012-Results

2. DEMOGRAPHICS
Savings account
No
Yes
Total

240
367
607

Percent

39.5
60.5
100.0

39.5
60.5
100.0

39.5
100.0

Frequency

No
Yes
Total

Current account
Frequency

No
Yes
Total

40
567
607

Percent

6.6
93.4
100.0

Valid Cumulative
Percent
Percent

6.6
93.4
100.0

6.6
100.0

Time deposits
Frequency

No
Yes
Total

571
36
607

Percent

94.1
5.9
100.0

Valid Cumulative
Percent
Percent

94.1
5.9
100.0

94.1
100.0

Frequency

460
147
607

Percent

75.8
24.2
100.0

Percent

490
80.7
117
19.3
607
100.0
Housing mortgage
Frequency

No
Yes
Total

492
115
607

Percent

81.1
18.9
100.0

Valid Cumulative
Percent
Percent

71.5
28.5
100.0

71.5
100.0

Valid Cumulative
Percent
Percent

80.7
19.3
100.0

80.7
100.0

Valid Cumulative
Percent
Percent

81.1
18.9
100.0

81.1
100.0

Other loans

Personal loans
No
Yes
Total

434
71.5
173
28.5
607
100.0
Car loans
Frequency

No
Yes
Total

Percent

Valid Cumulative
Percent
Percent

75.8
24.2
100.0

75.8
100.0

Frequency

No
Yes
Total

573
34
607

Percent

94.4
5.6
100.0

Valid Cumulative
Percent
Percent

94.4
5.6
100.0

94.4
100.0

Frequency

Credit cards
Valid Cumulative
Percent
Percent

Commercial Banks Customer Satisfaction Survey 2012-Results

Missing
Not applicable

Disagree strongly=1
Disagree=2
Tend to disagree=3
Neutral=4
Tend to agree=5
Agree=6
Agree strongly=7

3. SERVICE QUALITYPHYSICAL ASPECTS/TANGIBLES


59.5

60
54.2

Mean: 5.87

Mean: 5.08

50

Mean: 5.91

Mean: 5.29

43.0

42.5

Mean: 5.10

40
In percent

36.4

30
25.0
21.9

21.7

21.1
20
15.3
12.5

7.9

5.8

0.3 0.3

0
Question 1
Disagree strongly

2.0 2.0

Question 2
Disagree

Tend to disagree

Q1. My banks personnel is neat in appearance


Q2. My bank has sufficient seating arrangement for its customers
Q3. My banks personnel has the required skills and knowledge

7.4

5.4 5.4

3.5

Question 3

Question 4
Tend to agree

6.9

1.0 1.8

0.8

Neutral

10.2

9.9

5.8

2.0

15.2

13.2

11.7

11.4

10
0.7 0.8 1.0

14.3

Agree

0.2
Question 5

Agree strongly

Q4. My bank has sufficient customer representatives


Q5. My bank has sufficient tellers

Missing

Commercial Banks Customer Satisfaction Survey 2012-Results

3. SERVICE QUALITYRELIABILITY

Disagree strongly=1 Missing


Disagree=2
Not applicable
Tend to disagree=3
Neutral=4
Tend to agree=5
Agree=6
Agree strongly=7

60

54.9
50.1

49.1

50

Mean: 5.62

Mean: 5.94

Mean: 5.64

30
25.0

20

17.1

18.9
16.5

17.8
11.4

10

8.1

7.9

.5

2.0

3.3
1.0

1.8

2.1

.8

1.5

1.2

3.1

2.1

0
6. When my bank promises to do something by a
certain time, it does so.
Disagree strongly

Disagree

7. My bank provides the right service the first time.

Tend to disagree

Neutral

Tend to agree

8. My bank keeps accurate records of transactions


and requests.
Agree

Agree strongly

Missing

In percent

40

Commercial Banks Customer Satisfaction Survey 2012-Results

3. SERVICE QUALITYRESPONSIVENESS

Disagree strongly=1 Missing


Disagree=2
Not applicable
Tend to disagree=3
Neutral=4
Tend to agree=5
Agree=6
Agree strongly=7

60.0
55.8

52.6

52.1
48.4

50.0

Mean: 5.68

Mean: 5.83

Mean: 5.59

Mean: 5.64

30.0

20.9
20.0

20.8

19.6

16.5

15.8

13.8
10.0

7.1
2.3

.0

0.2

0.5 1.0

9. My bank gives me prompt service


Disagree strongly

Disagree

0.2

1.2

2.6

0.2 1.0

10. Personnel at my bank is always


willing to help
Tend to disagree

16.0

7.2

5.4

4.1

16.5

Neutral

0.5

1.5

3.5

3.0

2.3

4.3 4.6
0.5

0.2

11. When I have a problem, my bank 12. Bank employees always have the
shows sincere interest in solving it
time to provide service

Tend to agree

Agree

Agree strongly

Missing

Not applicable

In percent

40.0

Commercial Banks Customer Satisfaction Survey 2012-Results

Disagree strongly=1 Missing


Disagree=2
Not applicable
Tend to disagree=3
Neutral=4
Tend to agree=5
Agree=6
Agree strongly=7

3. SERVICE QUALITYCOURTESY
13. Customer representatives are
friendly and well-behaved

14. Employees at my bank address


complaints in a friendly manner

60

15. Employees at my bank treat


me as a valued customer

60

60

54.6

Mean: 5.58

40

40

30
24.5

Mean: 5.93
48.1

46.0

40

30

18.9

20

20

50

In percent

50

In percent

30

20.5
17.3

20

17.2

13.9
9.4

10

10
4.1
0

0.2

1.0

4.0

1.7

Disagree Disagree Tend to Neutral Tend to


strongly
disagree
agree

10.8
10

0.7
Agree

Agree
strongly

3.0

1.6

Disagree Disagree Tend to Neutral Tend to Agree Agree


strongly
disagree
agree
strongly

0.2

2.3

Disagree Disagree Tend to Neutral Tend to Agree Agree


strongly
disagree
agree
strongly

10

In percent

Mean: 5.93
50

Commercial Banks Customer Satisfaction Survey 2012-Results

3. SERVICE QUALITYEMPATHY

Disagree strongly=1 Missing


Disagree=2
Not applicable
Tend to disagree=3
Neutral=4
Tend to agree=5
Agree=6
Agree strongly=7

60

56.8
54.2

53.2

Mean: 5.25

50

Mean: 5.97

Mean: 6.02

Mean: 4.81

Mean: 5.94

40.5

In percent

40
32.8
30

28.0

20

26.7

25.7

25.2

17.8
13.3

15.2
10.0

10
4.4

6.6

1.5
0

4.9
1.8
0.5 0.2 .3 1.0

16. My bank has convenient


opening hours
Disagree strongly

9.7 9.4 9.7

8.7

9.2

7.9
4.4

3.0
0.5 0.2

.5

1.6

3.5

5.4
1.8
.3 1.2

2.0

0.2

17. My bank takes my safety 18. My bank keeps my waiting


19. My bank takes the
20. My bank takes my privacy
very seriously
time to a minimum
confidentiality of my data very
very seriously (physical)
seriously

Disagree

Tend to disagree

Neutral

Tend to agree

Agree

Agree strongly

Missing

Not applicable

Commercial Banks Customer Satisfaction Survey 2012-Results

3. SERVICE QUALITY
ELEMENTS
Mean
7

6
Tangibles

ResponsiveReliability ness Courtesy Empathy

Overall
Service
Qualty

Disagree strongly=1 Missing


Disagree=2
Not applicable
Tend to disagree=3
Neutral=4
Tend to agree=5
Agree=6
Agree strongly=7

12

Commercial Banks Customer Satisfaction Survey 2012-Results

4. CUSTOMER
SATISFACTION

Disagree strongly=1 Missing


Disagree=2
Not applicable
Tend to disagree=3
Neutral=4
Tend to agree=5
Agree=6
Agree strongly=7

Mean

In percent
5.90

60

5.80
50

5.78

5.74

5.70

5.67

5.60

40

5.58

5.50
30

5.40
5.30

20

5.20
10

5.10

5.10
5.00

0
Disagree

Tend to
disagree

Neutral

Tend to
agree

Agree

Agree
strongly

22. I am satisfied with the services of my bank


23. I am satisfied with the products of my bank
24. I am satisfied with the ease of obtaining lending products (mortgages/loans/ credit cards) at my bank
25. I am satisfied with the ease of opening an account at my bank
26. Overall, I am satisfied with my bank

13

Disagree
strongly

Commercial Banks Customer Satisfaction Survey 2012-Results

5. CUSTOMER LOYALTY
27. I recommend my bank to others
50
43.8

Mean: 5.57

50

11.0

13.5

33.9

25
20
11.4

4.4
1.0

2.3

1.0

Disagree Disagree Tend to Neutral Tend to


strongly
disagree
agree

Agree

Agree
strongly

Missing

4.0

Disagree Disagree Tend to Neutral Tend to


strongly
disagree
agree

35

35
26.5
19.3
13.5

12.5

15

12.7

2.6

0.2
Neutral

Tend to
agree

Agree

Agree
strongly

Missing

Agree
strongly

Missing

9.6

10

3.1

3.0

5
0

20

Disagree Disagree Tend to Neutral Tend to


strongly
disagree
agree

Not
applicable

Agree

.3

Agree Missing
Not
strongly
applicable

45

43.7

Mean: 5.60

40
35
27.7
18.8

17.8
9.4

9.7

25

21.3

20
13.7

15.5

10
3.8

Disagree Disagree Tend to Neutral Tend to


strongly
disagree
agree

30

15

10.5

5
0

10.0

7.1

32. I am a loyal customer

25

10

4.6

Disagree Disagree Tend to


strongly
disagree

Agree

2.1

4.1

Mean: 3.22

30

15

8.1

10

18.3

50

45
40

20

4.3

23.9

20

50

Mean: 4.44

25

24.7

25

31. I am willing to pay a higher price for


a better product and/or service

30. Price (interest and fees) affects


where I bank

30

30

15

9.7

40

35

30

15

Mean: 4.28

40

30.5

10

45

Mean: 2.42
In percent

20

10

In percent

In percent

22.9

In percent

In percent

30

45

35

35

15

50

45
40

25

29. It is easy to switch banks

In percent

40

28. I am seriously thinking about


switching banks

50

45

Disagree strongly=1 Missing


Disagree=2
Not applicable
Tend to disagree=3
Neutral=4
Tend to agree=5
Agree=6
Agree strongly=7

Agree

2.3

Agree Missing
strongly

5
0

1.0

2.3

1.5

1.2

Disagree Disagree Tend to Neutral Tend to


strongly
disagree
agree

Agree

Agree Missing
strongly

Commercial Banks Customer Satisfaction Survey 2012-Results

6. CONCLUSION
Based on the outcome of the survey it can be
concluded that the commercial banks customers
were generally satisfied with the service given to
them, as 83.2 percent of the surveyed persons
stated to be, to some extent, satisfied customers.
When asked about the quality of the service, 84.5
percent of the respondents agreed up to a certain
extent with the service quality of the commercial
banks.

15

Likewise, the majority of the respondents (80.4


percent) considered themselves loyal customers.

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