An Empirical Study of Determinants of Customer Satisfaction of Banking Sector: Evidence from Bangladesh

Abstract

The aim of this study is to determine the factors that affect customer satisfaction in the banking sector of Bangladesh because the economic growth and stability of a country depends on the soundness of its banking sector. The study tries to investigate and assess the quality of service on customer satisfaction in the banking sector. As a sample, data were collected from 382 respondents who were customers of 32 selected commercial banks of Bangladesh. A pre-structured questionnaire was used to collect the required data and information. OLS regression model and descriptive statistical tools were used to analyze data. The results of this study reveal that the quality of service (e.g., tangibility, reliability, and empathy) has a statistically significant impact on customer satisfaction. The results also show that there is a positive correlation between the customer satisfaction and service quality dimensions in the banking sector of Bangladesh. The present study finds that in the domestic banking industry the service quality dimensions (i.e., tangibility, reliability, and empathy) have significant positive impact on customer satisfaction. The findings of the present study suggest that Bank Supervisory Authority, Central Bank of Bangladesh, and Bank Management should give special emphasis to ensure maximum satisfaction of banks' customers.

Full text

Md. Abu Issa GAZI, Md. Atikur RAHAMAN, G.M. Anwar HOSSAIN, Md. Julkar ALI, ZahidurRahman MAMOON /
Journal of Asian Finance, Economics and Business Vol 8 No 2 (2021) 0497–0503 497497
Print ISSN: 2288-4637 / Online ISSN 2288-4645
doi:10.13106/jafeb.2021.vol8.no2.0497
An Empirical Study of Determinants of Customer Satisfaction
of Banking Sector: Evidence from Bangladesh
Md. Abu Issa GAZI
1
, Md. Atikur RAHAMAN
2
, G.M. Anwar HOSSAIN
3
,
Md. Julfikar ALI
4
, ZahidurRahman MAMOON
5
Received: November 05, 2020 Revised: December 30, 2020 Accepted: January 08, 2021
Abstract
The aim of this study is to determine the factors that affect customer satisfaction in the banking sector of Bangladesh because the economic
growth and stability of a country depends on the soundness of its banking sector. The study tries to investigate and assess the quality of
service on customer satisfaction in the banking sector. As a sample, data were collected from 382 respondents who were customers of
32 selected commercial banks of Bangladesh. A pre-structured questionnaire was used to collect the required data and information. OLS
regression model and descriptive statistical tools were used to analyze data. The results of this study reveal that the quality of service (e.g.,
tangibility, reliability, and empathy) has a statistically significant impact on customer satisfaction. The results also show that there is a
positive correlation between the customer satisfaction and service quality dimensions in the banking sector of Bangladesh. The present
study finds that in the domestic banking industry the service quality dimensions (i.e., tangibility, reliability, and empathy) have significant
positive impact on customer satisfaction. The findings of the present study suggest that Bank Supervisory Authority, Central Bank of
Bangladesh, and Bank Management should give special emphasis to ensure maximum satisfaction of banks’ customers.
Keywords: Customer Satisfaction, Banks, Bangladesh, Financial Institution, Economic Growth
JEL Classification Code: E44, F65, G21, M19, M30
running because there is a bank. The only customers of the
integrated bank are the ones who determine how successful
the banking sector is. The economic growth and stability of
a country depends on the soundness of its banking sector
(Mengesha, 2016). The banking system continues to play
an important role in making the economy of Bangladesh
dynamic (Babu, 2018). Prakash et al. (2017) described that
banks are one of the vital performers in the financial system
in any economy. The modern banking sector is taking various
actions to ensure the highest satisfaction of the customers
of the banks and formulate customer satisfaction-oriented
strategies (Kheng et al., 2010). Research found that absence
of customer satisfaction is the focal reason to change to
another banks (Magesh, 2010).
Certainly, banks can be identified by the functions (service
or role) they perform in the economy (Gazi & Talukder,
2017a). Banking sector also provides various services
towards the progress of domestic economy (Kenourgios and
Samitas, 2007). Bank is a financial intermediary accepting
deposits and granting loans, and offers the widest menu of
services of any financial institution by ensuring customer
1
First Author. Associate Professor, School of E-Commerce, Jiujiang
University, Jiangxi, China. Email: maigazi@yahoo.com
2
Corresponding Author. Associate Professor, School of Economics
and Management, Jiujiang University, Jiangxi, China [Postal
Address: 551 Qianjin Donglu, Jiujiang, Jiangxi, 332000, P.R. China]
Email: atik@jju.edu.cn ; atik.sujon@yahoo.com
3Principal Officer, Uttara Bank Limited, Dhaka, Bangladesh.
Email: ahru08@gmail.com
4
Associate Professor, Department of Business Administration, The
International University of Scholars (IUS), Bangladesh.
Email: jalidhaka2020@gmail.com
5
Assistance Professor, Department of Business Administration,
Eminence College, Dhaka, Bangladesh.
Email: zrm347@gmail.com
© Copyright: The Author(s)
This is an Open Access article distributed under the terms of the Creative Commons Attribution
Non-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits
unrestricted non-commercial use, distribution, and reproduction in any medium, provided the
original work is properly cited.
1. Introduction
Banks are becoming increasingly important in the overall
financial sector of a country; the wheels of global finance are

Md. Abu Issa GAZI, Md. Atikur RAHAMAN, G.M. Anwar HOSSAIN, Md. Julkar ALI, ZahidurRahman MAMOON /
Journal of Asian Finance, Economics and Business Vol 8 No 2 (2021) 0497–0503498
satisfaction (Uddin & Akhter, 2012). The banking services
marketing is different from goods marketing in a noteworthy
way, so that it can improve totally different strategy and
tactics. Customer satisfaction should inveterate for long-time
basis and to measure and express perfectly by the bank (Gazi
and Talukder, 2017b). Customer satisfaction is a capacity in
what way products and services delivered by a bank are able
to meet the customer’s needs (Munusamy et al., 2010). It is
one of the sturdiest munitions of customer retention in the
increase of bank overall performance. It is tough to sustain
a close connection with the customers; it requires providing
regular services, introducing new services to customers,
using innovating new technologies, and ensuring easy way
to interact with bank to shape a resilient relationship with
the customer that helps to enhance the bank’s performance.
The improvement of satisfaction ensures customer loyalty
(Kuo et al., 2009; Lai et al., 2009; Wu & Liang, 2009).
Besides, customer satisfaction along with profitability
helps to measure the influence of a company’s actions and
provide feedback on its failure or achievement. The study of
the influence factors regarding bank customer’s satisfaction
is necessary.
However, past research had identified issues that affected
customer satisfaction individually on a worldwide basis. But,
in the context of Bangladesh, very few studies examined the
satisfaction of bank customer. So, the present study attempts
to examine the factors affecting the customer satisfaction in
the banking sectors of Bangladesh. In the case of examining
customer satisfaction, OLS regression model has been used.
The present study focuses on the exiting gap by reviewing
the related literature and identifying some important factors
that may build the customers’ satisfaction. The result of the
present study would be useful to investors, policymakers,
bank customers and relevant authority.
2. Literature Review and Hypothesis
2.1. Literature Review
Customer satisfaction is one of the most important
factors for any financial institution, especially for the
banking sector. Banking business cannot make profit and
survive for long time without customer satisfaction (Rahman
et al., 2020). Customer satisfaction is a communal idea of
customers’ service performance of a bank firm (Johnson &
Fornell, 1991). Customer satisfaction is the level of overall
attainment of a customer’s expectations (Tyrinopoulous
& Antoniou, 2008), which is measured by determining
differences between the desire of the service and the
actual service performance (Pizam & Ellis, 1999). There
are five unique sorts of customer satisfaction in banking
sector, namely, pleasure, novelty, relief, contentment, and
surprise (Oliver & Swan, 1989). Rahman et al. (2020) found
that empathy, assurance, reliability, responsiveness, and
tangibility have positive impact on customer satisfaction in
banking sector except employee competency. A customer
who is satisfied becomes a loyal one (Glowa 2014) and,
in turn, a loyal customer leads to higher sales and thereby
increases financial returns of the company (Chi & Gursoy,
2009; Schneider & Bowen, 1995; Rust et al., 1995; Storbacka
et al., 1994; Heskett et al., 1994; Anderson & Fornell, 1994;
Reicheld & Sasser, 1990; Zeithaml et al., 1990).
However, several researchers have identified factors that
affect customer satisfaction. Among them, service quality is
the most influential factor, which involves five dimensions
such as tangibles, reliability, assurance, responsiveness, and
empathy (Singh & Arora, 2011; Culiberg & Rojsek, 2010;
Arbore & Busacca, 2009; Ndubisi, 2006; Jamal & Naser,
2002; Oppewal & Vriens, 2000; Lassar et al., 2000; Johnston,
1997; Levesque & McDougall, 1996; Taylor and Baker, 1994
& Parasuraman et al., 1985). In the banking sector, customer
satisfaction level segregates from one bank to another bank
(Zopounidis, 2012). Bank’s customer satisfaction affecting
visually-appealing premises, positive talking about the bank
to others (Siddiqui, 2011), and courteous behavior of banking
staff (Khalid et al., 2011). Some researchers argued that bank
customer’s satisfaction is secure by service quality (Akhtar
et al., 2016; Le et al., 2019; Tabash et al., 2019). Ali and
Raza (2015) observed that the bank’s customer satisfaction
is affected positively and significantly by multidimensional
service quality. Bilika et al. (2016) and Paul et al. (2016)
identified the same upshot. Most studies have found that
quality of service is a forebear for customer satisfaction
(Bedi, 2010; Kumar et al., 2010).
Quality customer service and satisfaction are recognized
by banks as the most important component for customer
acquisition and retention (Jamal, 2004; Kumar et al., 2009;
Naeem & Saif, 2009; Choudhury, 2008). Islam and Niaz (2014)
found a significant positive correlation between the dimensions
of service quality and customer satisfaction. Kumar (2013)
found that a customer gives highest importance to reliability
dimension. Abdullah et al., (2011) revealed that reliability,
assurance and enabling are significant predictors of customer
satisfaction in the banking sector. Akhter (2014), Ahmed and
Siddique (2013), and Uddin (2012) found that loyalty is a direct
outcome of customer satisfaction. Customer satisfaction can be
measured by SERVQUAL model (Parasuraman et al., 1988).
Many others concluded that two dimensions such as quality
of the core service (i.e., security, functionality, reliability,
accuracy, and speed) as well as prominence of the relationship
(i.e., responsiveness, assurance, trust, competences,
friendliness, commitment, courtesy availability, flexibility, and
communication) affect customer satisfaction (Johnston, 1997;
Levesque & McDougall, 1996). Though, current research
examines whether the quality of the service affects customer
satisfaction in the banking sector of Bangladesh.

Md. Abu Issa GAZI, Md. Atikur RAHAMAN, G.M. Anwar HOSSAIN, Md. Julkar ALI, ZahidurRahman MAMOON /
Journal of Asian Finance, Economics and Business Vol 8 No 2 (2021) 0497–0503 499
2.2. Hypothesis
The hypothesis is formulated on the basis of the
literature review and the objectives of the study, which is
to evaluate the determinants of customer satisfaction of
banking sector in Bangladesh. Consistent with these ideas,
we hypothesize that:
H1: The quality of service has a positive impact on
customer satisfaction in the banking sector of Bangladesh.
3. Research Methods and Materials
3.1. Data Collection
Primary data were used. Among the 59 banks in
Bangladesh, the researcher has selected 32 commercial
banks purposively. A total of 381 respondents who have a
bank account with these 32 commercial banks have been
selected randomly as sample of study. Data were collected
through direct communication with respondents via personal
interview, questionnaires, schedules and official records.
3.2. Variables
To look into the reasons for customer satisfaction in the
banking sector of Bangladesh, some selected variables have
been used (Figure 1).
3.3. Model
OLS regression model has been used to check the
factors for customer satisfaction in the banking sector of
Bangladesh. In this case, the following regression model has
been proposed:
12 3
45
CS (TGT) (RAT) (RSN)
(ASS) (EMT)
it i it it it
it it it
u
αβ β β
ββ
=++ +
+ + +⋅+
Where, TGT = Tangibility; RAT = Reliability; RSN =
Responsiveness; ASS = Assurance and EMT = Empathy.
4. Data Analysis and Findings
4.1. Descriptive Statistics
Table 1 shows the results of all the variables used in the
Customer Satisfaction Test in Bangladesh Banking Sector.
As a result, the customer satisfaction mean value is 3.71,
indicating that the customers are moderately satisfied. It is
also observed that all the explanatory variables have positive
mean values.
4.2. Correlation Analysis
Table 2 displays the result of Pearson’s correlation
coefficients, which is conducted to show the degree of
relationship among variables used in examining the customer
satisfaction. As the correlation coefficient between variables
does not exceed 0.80, there is no polytheism problem among
the explanatory variables. The Matrix shows that tangibility,
reliability, responsiveness, assurance and empathy are
positively associated with customer satisfaction.
4.3. Regression Analysis
Table 3 shows the impact of service quality dimensions
on the customer satisfaction in the banking sector of
Bangladesh.
The outcomes show that all service quality dimensions
(tangibility, reliability, responsiveness and; assurance,
and empathy) have positive relationships with customer
satisfaction. Among these dimensions, tangibility, reliability
and empathy have statistically significant effects on customer
satisfaction at a 1% level significance. The adjusted R2 value
of this model is 41.65%, meaning that the explanatory variable
accounts for about 41.65% of the variation of dependent
variables. It shows that the model and data fit very well.
Figure 1: Conceptual framework
Customer Satisfaction:
Tangibles
Reliability
Assurance
Responsiveness
Empathy
Customer
Satisfaction
Dimensions of
ServiceQuality
Table 1: Descriptive Statistics, Using the Observations
(N = 181)
Variable Mean Median S.D. Min Max
Tangibility 3.82 4.00 0.728 1.00 5.00
Reliability 3.66 3.75 0.744 1.00 5.00
Responsiveness 3.71 3.75 0.725 1.00 5.00
Assurance 3.64 3.75 0.697 1.00 5.00
Empathy 3.44 3.50 0.620 1.00 5.00
Customer
Satisfaction 3.71 4.00 0.907 1.00 5.00

Md. Abu Issa GAZI, Md. Atikur RAHAMAN, G.M. Anwar HOSSAIN, Md. Julkar ALI, ZahidurRahman MAMOON /
Journal of Asian Finance, Economics and Business Vol 8 No 2 (2021) 0497–0503500
Furthermore, all the coefficient values of the interpretive
variable are statistically significant as the coefficient value
of F-statistics is 1% significant level. Thus, the model is
well fitted. However, the general-to-specific method is
used to achieve the most effective model and it has been
found that all independent variables (i.e., the ability to
estimate, tangibility, reliability and empathy) are statistically
significant at the 1% level.
5. Results and Discussion
Customer satisfaction identifies the impact of a
company’s work and provides feedback about its failure or
success. Therefore, it is quite important to analyze the issues
that affect the bank’s customer satisfaction. The current
research has tried to examine the factors affecting the
customer satisfaction in the banking sector of Bangladesh.
The results reveal that service quality dimensions (i.e.,
reliability, tangibility, and empathy) have an impact on
customer satisfaction that is statistically significant.
Some scholars observed the linking between quality and
satisfaction and found positive relationship between them
(Hutchinson et al., 2009; Uddin & Akhter, 2009; Lai et
al., 2009; Wu & Liang, 2009). They found that high-
quality services correlated with high satisfaction. Service
quality positively and significantly impact on the customer
satisfaction (Chen & Chen, 2010). When customers get the
expected quality of service, it leads to higher satisfaction
(Hutchinson et al., 2009). The service quality determines
customer satisfaction (Cronin & Taylor, 1992). Among the
satisfaction determinants, customer loyalty is important
(Lai et al., 2009).
The present study finds that in the banking industry of
Bangladesh the service quality dimensions (i.e., tangibility,
reliability, and empathy) have significant positive impact
on customer satisfaction. A few researchers found same
Table 2: Correlation Coefficients, Using the Observations (N = 381)
Components Tangibility Reliability Responsiveness Assurance Empathy Customer Satisfaction
Tangibility 1.0000 0.6264 0.5946 0.6263 0.6160 0.5562
Reliability 1.0000 0.6890 0.7070 0.6359 0.5521
Responsiveness 1.0000 0.6339 0.6895 0.5122
Assurance 1.0000 0.7120 0.5411
Empathy 1.0000 0.5761
Customer
Satisfaction
1.0000
Table 3: Relation between Customer Satisfaction and Service Quality Dimensions
Dependent variable: Customer Satisfaction
Variables Model-I Model-II
Coefficient p-value Coefficient p-value
const 0.0816077 0.7144 0.135778 0.5364
Tangibility 0.278448 0.0001*** 0.302022 0.0001***
Reliability 0.209334 0.0070*** 0.263557 0.0001***
Responsiveness 0.0540605 0.4818
Assurance 0.102954 0.2209
Empathy 0.355499 0.0001*** 0.423026 0.0001***
Observations 381 381
Adjusted R-squared 0.416509 0.416331
F-statistic 55.25045 91.35123
Prob (F-statistic) 0.0000*** 0.0000***
Note: *** significant at 1% level.

Md. Abu Issa GAZI, Md. Atikur RAHAMAN, G.M. Anwar HOSSAIN, Md. Julkar ALI, ZahidurRahman MAMOON /
Journal of Asian Finance, Economics and Business Vol 8 No 2 (2021) 0497–0503 501
results, i.e., Kumar (2013), Abdullah (2011), Akhter et al.,
(2014), Ahmed and Siddique (2013), and Uddin (2012).
Jaydeb Ray (2018) found that the tangibility is the most
influential predictor whereas empathy dimension is the
least influential factor of customer satisfaction. Karim and
Chowdhury (2014) revealed that tangibility, reliability,
responsiveness, assurance, and empathy significantly and
positively influence customer satisfaction. Service quality in
general is an important predictor of customer satisfaction,
but this study establishes tangibility, reliability, and empathy
as service quality dimensions with a big influence on the
customer satisfaction and the quality of service.
The results of this study show that there is a positive
correlation between the quality dimensions of the service
and customer satisfaction that indicates H1 is accepted.
6. Conclusions
The banking sector is playing an important role for
the sustainable and uninterrupted economic growth of
Bangladesh. Covering the 49-year period of the banking
sector’ customer satisfaction, Bangladesh has apparent
radically changes. Customer satisfaction should be
entrusted to a bank for a long time and be measured and
expressed perfectly. To analyze customer satisfaction
determinants and other factors it can be said that banking
sector’s future prospect is good in Bangladesh. As a
financial organization, the banking sector’s main aim is
to generate profit through quality service to the customers
and ensuring satisfaction. In the total banking system in
Bangladesh it is necessary to implement modern banking
process instead of traditional system and it should improve
its service quality; otherwise it will fall back. Thus, the
current research provides some important information for
bank management, regulatory authorities, investors and
government. In the banking sector of Bangladesh, bank
management will be able to articulate proactive policies
to improve the performance by using this information.
So, the relevant authority should take proper initiative to
provide quality services to make customers more satisfied.
Finally, the study recommends that advance investigation
and research should use more samples, respondents and
more sophisticated research methodologies. Further study
should address the customer satisfaction issues on other
typology of services such helpful and knowledgeable
employers, service quality, competitive pricing, billing
clarity, service charge, etc. This study determined that
customers’ satisfaction, influenced by the quality of
service and customer satisfaction, leads to customer
loyalty. In today’s competitive world, banks can gain
competitive advantage by providing superior services to
their customers.
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