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Formation of Loyalty System Based on the Analysis of Banking Services Market

Authors: Olga Yu. Bystrova and Yelena Ye. Danilevskaya

Abstract:

A steady increase in the number of repeat transactions, when a customer chooses a bank again and again, is a necessary condition for the stability of a commercial bank operation. Therefore, encouraging and maintaining long-term cooperation, i.e. creating customer loyalty, is an important step in the customer relationships algorithm. Customer loyalty turns out to be the key to successful performance of a commercial bank. Logically, banks systematically conduct surveys to evaluate customer satisfaction with banking products as well as identify opportunities to improve them. The evaluation of banking products is believed to be the most basic approach to build a loyalty system. The authors consider a possibility to apply the methodology for calculating NPS (Net Promoter Score) to expand clientele. Application of this methodology allows evaluating the quality of services provided to consumers of banking products and develop main directions for enhancing customer loyalty systems.

Keywords: commercial bank; customer loyalty; customer survey; marketing; banking product; methodology for NPS calculation; bank’s image; quality of service; customer loyalty system.

For citation:

Bystrova O.Yu., Danilevskaya Ye. Ye. Formirovanie sistemy loyal'nosti na osnove analiza rynka bankovskikh uslug [Formation of Loyalty System Based on the Analysis of Banking Services Market]. Izvestiya Uralskogo gosudarstvennogo ekonomicheskogo universiteta – Journal of the Ural State University of Economics, 2016, no. 4 (66), pp. 91–98.