A theoretical analysis of how the enhancement of social media utilization can improve customer experience in South African retail banks
Date
2020
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of the Witwatersrand, Johannesburg
Abstract
Purpose: The banking industry has seen a rapid shift with the emergence of digital banks and non-direct competitors, as a result banks have responded with increased focus on the use of technology in efforts to defend market share. There is currently a lack of empirical evidence which relates to how the enhancement of social media usage by South African retail banks can improve customer experience. The purpose of this study is to examine empirical evidence to support the predictor effects of customer perception, service quality, customer satisfaction, with the aim of enhancing customer experience in retail banks by utilizing social media platforms.
Design/Methodology/ Approach: The empirical study was of a quantitative nature, whereby factors pertaining to customer perceptions, service quality, customer satisfaction and customer experience were assessed accordingly. The sample consisted of 62 respondents from the various retail banks in South
African. Various statistical tests were initiated in order to understand the relationships between the abovementioned variables.
Findings: The results from the study indicate a positive relationship between customer satisfaction as a predictor of customer experience on social media platforms. The findings also suggest although there may be associations between service quality and customer perceptions with customer experience, they are however not significant.
Implications: It is critical for retail banks to continue to seek innovative ways to improve customer experience. The benefit of utilizing social media platforms is that it allows for banks to establish valuable interactions with customers whilst leveraging information in order to understand the needs of their customers
Description
A research report submitted in partial fulfillment of the requirements for the degree of Master of Business Administration to the Faculty of Commerce, Law and Management, Wits Business School, University of the Witwatersrand, Johannesburg, 2023
Keywords
Customer experience, Customer satisfaction, Service quality, Customer perception, Social media, Retail banking, UCTD
Citation
Rapitsi, Lebohang. (2020). A theoretical analysis of how the enhancement of social media utilization can improve customer experience in South African retail banks [Master’s dissertation, University of the Witwatersrand, Johannesburg]. WireDSpace.https://hdl.handle.net/10539/40063