IMPACT OF CUSTOMER EXPERIENCE AND ITS RELATIONSHIP TOWARDS CUSTOMER LOYALTY IN BANKING SECTOR

Loyal customers are considered to be the key to survival and success in many service businesses, in particular in the hospitality, insurance, and financial sectors. The assumption is that with customer satisfaction; loyalty, retention, and profitability will automatically follow. The current thinking is that the relationship between satisfaction and loyalty is more complex than was originally proposed, however. As commoditization of many service offerings continues, new sources of competitive differentiation/advantage will come from focusing on the management of customer experiences. Because loyalty is so very important to the survival and profitable growth of a company, measuring it becomes all the more important. Existing approaches to the measurement of loyalty have not proved to be very effective in this task. This study explores and tests the relationship between experience and loyalty. This paper attempts to summarize the results of the literature review on customer experience on towards the services of a bank from various perspectives. Factor analysis, mean and ANOVA was carried out to assess the relationship. The study indicates the strong relationship between customer experience with the overall feeling trust and their satisfaction and in turn, it is helpful in delighting the customer. Some of the suggestions have drawn on the basis of the study.