Comparative studies of satisfaction and loyalty of Polish customers and customers in Denmark in the

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• Comparative studies of satisfaction and loyalty
  of Polish customers and customers in Denmark in
  the banking sector
• Authors Stanislaw Skowron
• Lukasz Skowron
• 4th - 7th September 2009
• Beijing, China

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• Table of Contents
• Research targets
• Definitional issues
• Relation between consumer satisfaction and
  loyalty
• Research methods
• Main research results for Danish market
• Main research results for Polish market
• Final conclusions

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• Research targets
• The main aim of the research is to answer the
  following 3 research questions

• What is the difference in the client satisfaction
  and loyalty level between Polish and Danish
  banks?
• What are the main reasons for such differences?
• If and in what range does the configuration of
  main determinants of shaping client satisfaction
  and loyalty vary within both markets?

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Customer satisfaction definitional issues
Models explaining the essence of satisfaction
Source Self Edited
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Customer loyalty definitional issues
A proposition put forward by D. Stum and A.
Thiry, (it was also supported by J. Griffin) can
be treated as a summary of all definitions of
loyalty. The authors present a loyal customer as
a person who

• buys regularly and repeatedly,
• uses products and/or services offered by the
  company,
• spreads positive information about the company,
• is not affected by promotional actions of the
  competition

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Relation between consumer satisfaction and loyalty
The relation between consumer satisfaction and
loyalty generally confirm the following
statements

• There is a positive, statistically important
  correlation between customer satisfaction and
  loyalty. This relation does not have a linear
  character the co-efficiency of correlation
  increases sharply when satisfaction rises above
  the average level.
• The relation between satisfaction and loyalty is
  stronger in the case of services. Customer
  satisfaction has bigger influence on his/her
  decisions than the quality of an offer.
• Satisfaction has a cumulative character, apart
  from a transactional one. It determines the
  connection between satisfaction and loyalty.
  Satisfaction is considered to be the most
  important determiner in shaping loyalty attitudes.

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Research methods

• The research of Danish banking sectors was
  secondary and for analysis purposes authors
  utilized results included in the Dansk KundeIndex
  2007 Banker Privatmarkedet report. Dansk
  KundeIndex is included in the European
  Performance Satisfaction Index and employed in
  its research EPSI model and methodology.

• Research of the Polish market was primary, in
  form of poll studies conducted through audiences

• research sample 1024 people
• research tool in form of the poll questionnaire
  (consist of 77 questions)
• 4 months research period (September December
  2007)
• for the purpose of conducting a comparative
  analysis authors employed research model based on
  the Danish EPSI

• In the research of the both markets a 10-grade
  scale was used
• (1 reflects the lowest level of an answer,
  and 10 reflects the highest one)

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Main research results for Danish market (part 1)
The model of customer satisfaction and loyalty in
the Danish banking sector - 2007
Source Dansk KundeIndex 2007 Banker
Privatmarkedet report
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Main research results for Danish market (part 2)
The analysis of the entire Danish banking sector
allows emergence of the following conclusions

• The largest influence on shaping the area of
  perceived value is shown by the product area
• The area of client satisfaction is mainly built
  through results achieved in the image area. The
  next to influence satisfaction are adequately the
  areas of service and perceived value
• The area of client loyalty is mainly shaped by
  the satisfaction area. Other than satisfaction,
  the decisive client loyalty is also
  insignificantly influenced by adequately the
  areas of image and service

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Main research results for Polish market (part 1)
The model of customer satisfaction and loyalty in
the Polish banking sector - 2007
Source Self Edited
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Main research results for Polish market (part 2)
Statistical data for the analysis of the
structural relations for the Polish banking
sector
Source Self Edited
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Main research results for Polish market (part 3)
The analysis of the entire Polish banking sector
allows emergence of the following conclusions

• The factor of satisfaction has the greatest
  direct influence on the estimated level of
  results in the area of loyalty
• The data obtained for the area of satisfaction
  show that it is shaped mainly by the areas of
  quality 2, perceived value and image
• The factor of expectations affects the areas
  perceived value, satisfaction and loyalty
  oppositely. This means that an increase in
  clients expectations contributes to a decrease
  in the results obtained for the areas mentioned
• The analysis of the total influence confirms
  that the area of loyalty is shaped mainly by the
  satisfaction area. Apart form satisfaction,
  successively, quality 2, perceived value,
  image and expectations have a significant
  influence on the area of loyalty

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• Final conclusions
• The level of customer satisfaction and loyalty in
  Danish banks is higher than in the case of
  customers of Polish banks.
• The difference refers not only to the level of
  satisfaction and loyalty, but also to the
  configuration of the main determinants shaping
  banks customer satisfaction and loyalty on the
  analyzed markets. Hence,

• the bank image is a stronger determinant of
  customers perceived value and satisfaction on
  Danish market in comparison to Polish market
• Danish customers expectations have an influence
  on shaping his/her satisfaction and loyalty to a
  marginal extent, while in the case of Polish
  market negative, statistically vital, correlation
  between the discussed areas is stated

3. The above differences can be caused by
considerably greater economic awareness and
familiarity with the realities in the banking
service sector among Danish clients when compared
to Polish ones.
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• Final conclusions
• 4. On both of the surveyed markets one may
  confirm (for the models used) the existence of
  the main triad (value satisfaction loyalty)
  the particular elements of which are linked by
  strong, statistically essential relation.
• The fact proves that the described
  relationship is psychologically-based and it is
  connected with the inner process occurring in
  each client during developing his/her loyalty
  towards a given institution, regardless of an
  economic situation on the market

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Thank You for Your attention