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This is descriptive kind of research with the aim of examining the factors that influence
customer retention in banking industry and it was carried out at Stanbic Bank in Mwanza
branch. Findings were conducted upon the main variables for Stanbic Bank that was
Stanbic employees and its customers. The sample size of 155 customers and 30
employees were drawn as the targeted population selected under convenience sampling
technique and simple random basis.
Data were gathered through interview, questionnaires and reviews on various documents
where both quantitative and qualitative methods were used in analyzing the findings.
From the findings the study has therefore managed to reveal number of factors
influencing customer retention like effective communication, service gap which are
mainly finding that the researcher obtained compared to others that influence customer
retention in high level. Other factors are like, reasonable price, customer involvement,
interest rate, switching cost all these number of factors have been revealed after archiving
other objectives of the study which includes, the problem that limit customer retention in
banking. The strategies employed in order to retain customer and policy used during
customer retention all these objective drives into accomplish of the main objective of the
sum which aim to examine those factors that bring influence to customers.
The study therefore suggests as the conclusion that the banking industry should train
there employees on how to retain their existing customers basing on proving several
strategies which will be used in retaining customers, also the proper solutions like
resolving customer complaints quickly, understanding customers needshould be
appropriated applied to the problem that limit customer retention, and the bank should
propose better policy of retaining customer in order to provide high quality service. |
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