Assessment of the customer satisfaction in Azerbaijan private banking system

Размещено на http://www.allbest.ru/

Assessment of the customer satisfaction in Azerbaijan private banking system

Safarli Elmir, Doctor of Philosophy in Business and Finance, Director

SEFCO Consulting Group

Azerbaijan, Baku

GASIMZADE NARGIZ, Lecturer

Eurasia University

Azerbaijan, Baku



The purpose of this study is to develop the principles and methodological apparatus of the system for increasing customer loyalty of banking services on the basis of relationship marketing in Azerbaijan private banking system. In accordance with the goal, the features of banking services that determine the specifics of marketingbanking services are identified. Also, the areas of application of psychological theories of motivation in the marketing of banking services are analyzed, and the features of the decision-making process on the purchase of banking services are highlighted. In particular, a procedure has been developed for assessing customer satisfaction -- the main component of loyalty; The procedure for identifying key consumers has been developed describes strategies to increase the loyalty of key consumers; specific ways to increase loyalty are indicated.

Keywords: Azerbaijan Banking system; customer satisfaction; customer loyalty.



Сафарлі Ельмір, доктор філософії в галузі бізнесу та фінансів,

директор SEFCO Consulting Group

Азербайджан, Баку

Гасімзаде Наргіз, викладач

Євразійський університет

Азербайджан, Баку

ОЦІНКА ЗАДОВОЛЕНОСТІ КЛІЄНТІВ У ПРИВАТНІЙ БАНКІВСЬКІЙ СИСТЕМІ АЗЕРБАЙДЖАНУ

Розроблено принципи і методологічний апарат системи підвищення лояльності клієнтів банківських послуг на основі маркетингу відносин у банківській системі Азербайджану. Відповідно до поставленої мети вирішено такі завдання. banking service motivation marketing

1. Встановлено особливості банківських послуг, що визначають специфіку маркетингу банківських послуг.

2. Проаналізовано сфери застосування психологічних теорій мотивації в маркетингу банківських послуг і висвітлено особливості процесу прийняття рішення про придбання банківських послуг.

3. Досліджено стан і перспективи вітчизняного ринку банківських послуг, його структуру, конкурентне середовище.

4. Проведено порівняльний аналіз пропозиції азербайджанських та іноземних банків.

5. Визначено фактори, що впливають на формування лояльності клієнтів.

6. Досліджено інструменти маркетингу відносин, які використовуються для підвищення лояльності клієнтів.

7. Розроблено методологічний апарат системи підвищення лояльності споживачів банківських послуг. Зокрема, запропоновано процедуру оцінки задоволеності клієнтів -- основної складової лояльності; розроблено процедуру визначення ключових споживачів; описано стратегії підвищення лояльності ключових споживачів; наведено конкретні способи підвищення лояльності.

Ключові слова: банківська система Азербайджану; задоволеність клієнтів; лояльність клієнтів.



Improving the banking system of Azerbaijan, expressed in the growth of operations and stabilization of the number of existing banks, is taking place against the backdrop of increasing competition. The increase in competition is due to a gradual reduction in traditional sources of income for Azerbaijan banks at high transaction costs and the relative constancy of the number of competitors. As a result, customer service is becoming the main source of profit for banks.

It is important to note that if in banking practice all consumers of banking services are commonly called customers, in marketing the concepts of «customer» and «consumer» are different: only customers who repeatedly purchase the service of one provider are referred to customers. With this in mind, in our work we will not talk about customers, but about consumers of banking services.

For sustainable development, the bank must have a balanced deposit process allowing you to freely conduct active operations and does not require significant resources in liquid form. According to the Central Bank of the Azerbaijan Republic, as of February 1, 2001, 64% of attracted deposits and deposits of Azerbaijan commercial banks were deposits of individuals. 70% of them accounted for term deposits. Time deposits are an expensive but most stable part of the deposit base. Therefore, the retention of individuals (i.e. private consumers of banking services) guarantees the future of the bank.

Although general approaches to customer retention are known, they are not systematized, in addition, the marketing theory lacks a methodological apparatus that supports all stages of the development of a system of long-term customer retention. Therefore, the development of a system to increase the loyalty of private consumers of banking services is an urgent methodological and practical problem.

Study reflects the current situation in the theory of marketing of banking services. First, the same general approach is evident, without proposing specific actions that take into account the specifics of a banking product. Secondly, maximum attention is paid to marketing communications and segmentation. There are currently no works devoted to the problem of increasing the loyalty of consumers of banking services in Azerbaijan. So, the contribution of this study is that, it is the first analysis in Azerbaijan banking system measures consumer satisfaction of banks.

When the relevant studies on consumer preferences in the banking sector are analyzed, it is seen that there are many different studies in the literature that address the issue from different perspectives. However, many of these studies is applied on countries in Europe and Asia, Turkey is in terms of the number of studies has been found to be relatively limited. Some studies related to the subject in the literature are as follows: Cebeci and ^abuk (2016) [1]. In the practice they performed on the customers of a public bank operating in the Gorele District of Giresun province, the features that consumers place importance on bank choice are gathered under 7 factors (Branch and Alternative Channel Network, Personnel Features, Ease of Operation and Cost, Physical and Technical Structure of the Bank, Variety of Products and Services, Reliability of the Bank and Speed) (Blaug, 1994: 700) [2].

When the importance of these factors according to the variance explanations is analyzed, the importance given by the customers to the Branch and Alternative channel network factor ranks first; They determined that this factor was followed by the Personnel Traits, Ease of Operation and Cost and the Bank's Physical and Technical Structure factors. In their study, Faramarzpour and Mahmoudzadeh (2015) [3] examined the impact of products, price (financial return), location, physical evidence, quality, employees, promotion activities and processes in the Neyshabur region of Iran, where consumers prefer private banks. As a result of the multiple regression analysis, it was seen that all the variables were significantly effective in the bank preferences of the consumers. In the study, the most important factor affecting consumer bank preferences was found as price (financial return), after this factor, factors affecting consumer preference were determined as service quality, service delivery processes and employee factors respectively. The least influencing factor on consumer bank preference is the promotion activities (Batra R., Myers D.D., Aaker D.A., 1998: 700) [4].

Chigamba and Fatoki (2011) [5] examined the bank preferences of students studying at Fort Hare University in South Africa. As a result of the research, it was understood that the factors affecting the bank preferences of the students were grouped under six groups. It has been determined that the most important of these factors affecting the bank preference of the students are the features of the services offered by the bank, the ease of transportation (proximity) of the bank and the physical facilities of the bank (the attractiveness of the bank building, parking areas, interior decoration, etc.). As a result of the research carried out by Ta§kin, Akat and Erol (2010) [6] in order to determine the factors affecting the bank preferences of consumers in Bursa, the factors that affect the consumer preferences are gathered under 7 factors and among these factors, the factors such as being reliable, creating ads and social-technical competence factors are among the other factors. They found that it was more important.

Mokhlis (2009) [7] gathered the factors that consumers pay attention to in their bank choices in nine groups as a result of their research on 368 university students in Malaysia. As a result of the factor analysis, it was seen that the factors with the highest eigenvalue were the effect of people (reference effect), the attractiveness and atmosphere of the bank and the service delivery of the bank. In addition, it has been determined that the factors that consumers place importance on bank choice differ according to gender.

On the other hand, Karamustafa and Yildirim (2007) [8] conducted a research on the bank preference of individual consumers in Kayseri. As a result of the research, it was determined that the factors that have the highest impact on consumers' bank preferences are «reliability of the bank», «providing services in such a way that no long queues are formed in the bank», «widespread ATMs and high service types» and «low transaction errors». Apart from this, there are various studies in the literature aimed at providing data to the marketing strategies that banks will implement

In the business of the company constantly there are problems associated with the need to more fully satisfy the needs of existing and potential buyers for goods. The solution to such problems is facilitated by market research. Marketing research usually refers to the focused study of problems and the development on this basis of recommendations for providing solutions.

RESEARCH METHODOLOGY

Leading scientists in the field of loyalty studies have developed several methods regards on customer's satisfaction issues. All methods of loyalty research can be divided into two large groups: empirical and statistical methods. It should be born in mind that it is difficult to imagine these methods in their pure form -- they are used in the dialectical unity of the experimental and theoretical. Empirical research methods can identify the presence of loyalty and determine its level, while mathematical methods allow you to build a loyalty curve, identify satisfaction, calculate the net support index, take into account and calculate the influence of the factors that form this loyalty.

The first research method is called the «method of sharing needs» that arose in the 50s of the twentieth century. The essence of the method is that the degree of consumer loyalty is determined in numerical terms.

If a person, for example, has applied for consumer services in the same CC seven times out of ten, it is considered that the CC takes 70% of the needs of this client. Similarly, if one UK installs water meters in the house in a ratio of five to ten, it is considered that the share of the UK brand is 50% of the needs for metering devices for a particular house and a specific UK. The definition of loyal consumers is thus based on data on how many times a consumer must apply for the services of a specific asset management company or at home needs to install individual asset managers in order to be deemed loyal. Consequently, brand loyalty can be determined on the basis of how often and in what proportion the process of providing services of a given brand in relation to other brands occurs.

Many experts believe that if the share of repeat purchases is 67%, then such a consumer is necessarily loyal. Consumers whose repeat purchases are less than 67% belong to «defectors» (the client hesitates, the choice of the client stops at one or the other company that provides services, works).

The main problem of this method is that consumers do not always buy a particular brand, because they are truly loyal to it. It is very difficult to distinguish from the total number of purchases exactly those that were made on the basis of true loyalty to the product or brand, so this method leads to too much error. In addition, the level of repeat purchases (70% or 67%, or 50%) is a very subjective quantity: whom to rank as loyal customers and who not.

The second research method can be considered the «conversion model» proposed by J. Hofmeyr (Jan Hofmeyr) and B. Rice (Butch Rice), which allows to measure the degree / level of commitment. The model uses four main indicators (Rozanova, 1999) [9]:

• brand satisfaction;

• alternatives;

• the importance of brand selection;

• fluctuations.

Trademark satisfaction shows that the higher the degree of satisfaction, the higher the likelihood that it will become a commitment. However, satisfaction does not correlate well with behavior, and therefore, an understanding of the nature of satisfaction does not fully reveal the causes of certain consumer actions. Nevertheless, satisfaction is an essential component in understanding the relationship between the consumer and the brand.

Alternatives. One of the reasons consumers do not change their brand for another is because they feel that the alternatives are as bad as the brand they are purchasing, or even worse. Brand assessment does not occur in isolation from competing brands. It is also necessary to remember that a high degree of satisfaction does not always mean that communication with the consumer is unshakable: if the consumer sees a competing brand in a more favorable light, this may lead to a departure from this brand.

Importance of brand selection. If brand selection does not represent any value to the consumer, then achieving commitment will not be easy. Choosing a brand should be of some interest to the consumer. Only in this case can we talk about the presence of commitment. The more important it is for a consumer to choose a brand, the greater the likelihood that he will take the time to make the final decision as to which brand to choose. In case of dissatisfaction with the acquired brand, the committed consumer will be more tolerant towards him. Therefore, the higher the level of commitment, the higher the level of tolerance / tolerance towards the brand in case of dissatisfaction with it.

Fluctuations (degree of uncertainty or duality of attitude). This indicator is the key in the model. The more insecure a consumer is about choosing a particular brand, the more likely it is that he will put off the final purchase decision until the last moment. Therefore, such consumers need an incentive that they receive directly in the store, since it is there that the final choice takes place.

This method will not give a clear quantitative answer, since it will be difficult to get such answers to questions regarding, for example, «the importance of brand selection» or «degree of uncertainty». This problem is so complex that in one of the studies, more than 50 different options for determining brand loyalty and how to measure it were proposed. As a result, the authors, who, in an attempt to determine the degree of loyalty, relied on the same objective purchase data, came up with different results.

The third research method is the Reicheld Method. The author believes that a truly loyal consumer will actively advertise and recommend the brand among his environment, thereby creating an influx of new customers. Recommendations are a kind of responsibility that a loyal consumer takes on before his friends and colleagues, because in this case, he is personally ready to vouch for the high quality of the goods or services.

Today, most foreign companies that deal with customer loyalty management issues use this particular methodology to determine the level of loyalty.

NPS index calculation. The mathematical representation of the method of studying consumer loyalty, based on the division of consumers into three groups: «Promoters», «Neutrals» and «Critics».

Some of the clients most loyal to the company are ready to take personal reputation risks and positively recommend this company in the market (clients are promoters). The second part of the clients, as a rule, is satisfied with the way the company works, but is not ready to take on reputation risks and recommend it (passive clients). And, finally, the third part of clients are clients who have received negative experience in communicating with the company and give it «counter- recommendations» in the market (clients are detractors).

Mathematically, the concept of NPS looks like this. When answering the question about the likelihood of a recommendation, clients rate this probability on a scale of zero to ten. Zero points are put by those who are absolutely not ready to recommend the company. Ten points -- those who are undoubtedly ready to do this. Promoters are those who evaluate the probability of a recommendation by nine and ten points, passive are those who choose seven and eight points, and detractors are customers who rated the probability of their positive feedback about the company from six to zero, inclusive (Rossiter, 2000) [10].

The fourth method is the approach of ANA experts [2]. In the process of studying the relationship between the degree of customer satisfaction and their loyalty in the Japanese airline ANA, the following consumer segments can be distinguished:

• a group of customers who have no choice, who for various reasons are forced to use the goods of your company;

• a group of dissatisfied customers, where there are negative consumers -- «terrorists»;

• a mobile group of undecided consumers;

• a group of regular customers, including the so-called «preachers» consumers.

The desire to attract regular customers implies an increase in the degree of

loyalty, as a rule, due to the mobile group of undecided consumers.

The company needs not only to satisfy the consumer, but to exceed his expectations, since a partially satisfied consumer with a high degree of probability can switch to a competitor's brand. At the same time, the consumer believes that he will lose a little and in the case of further searches he will be able to make a better purchase. Therefore, companies today are trying not only to attract new customers, but also to retain consumers by stimulating their repeat purchases. The strategic course to increase loyalty allows the organization to maintain and increase the number of regular customers and prevents them from leaving (Soloviev, 1993) [11].

EMPIRICAL RESULTS

To maintain and develop activities in the bank, it is advisable to introduce a customer loyalty management system based on the determination of the NPS indicator. The calculation of this index is based on a customer survey, in which a ten-point scale determines the likelihood that they will recommend the bank to their friends and acquaintances. For a more thorough analysis, a number of additional questions are proposed, evaluated on a ten-point scale. In accordance with this methodology, the organization's clients can be divided into three categories: 1) promoters -- loyal enthusiasts, convincing their environment to use the organization's services; 2) detractors -- customers dissatisfied with the service; 3) passive, or neutral, -- customers who are satisfied with the service, but are not able to recommend the organization to their friends; competitors can easily lure this category. Each group of customers demonstrates a certain model of behavior (based on relationship marketing), as well as a certain type of relationship. Each of these groups requires different actions from the organization. The higher the share of promoters, the higher the NPS of the bank, the more positive information about the organization the market receives and the more potential customers choose the bank. Based on the fact that in order to attract one new customer, the bank needs to «create» at least two promoters, and only one detractor robs the company of four to five new customers, the bank needs more promoters. This increases the likelihood of attracting new customers and, consequently, the potential for profit growth.

The presence of loyalty, i.e., a favorable attitude of consumers to this organization and its products, serves as the basis for obtaining a stable sales volume, which, in turn, is a strategic indicator of the organization's success. Customer loyalty to a bank is understood as a positive attitude of consumers to everything related to the activities of this organization: banking services provided, staff, image, information coming from the bank, advertising messages, symbols, etc. Loyal can be called those consumers who for a long time interact with the organization and make repeated purchases. The basis for loyalty is the positive experience that the client has acquired in the process of using the product, service. An important role is also played by the degree of communication tension between consumers of banking services and employees of the organization. Therefore, the identification of priority measures and the necessary corrective actions, as well as additional measures in order to improve the quality of service in the bank, is a paramount factor for its successful existence in the market.

The level of customer loyalty of banking services, the degree of their satisfaction with the quality of service in a commercial bank is supposed to be determined using marketing research. To achieve this goal, several hypotheses were formulated and tested during the study.

1. The real level of customer satisfaction with the quality of service in the bank under study is lower than the desired optimum. In order to identify the significance level of satisfaction with the quality of service, a survey was conducted among bank employees.

2. The level of customer satisfaction with the quality of service varies depending on the segment of consumers.

3. The real level of customer loyalty is lower than the desired optimum (optimum is understood as the maximum possible rating on the scale under consideration).

4. Communications between customers and bank employees are intense, characterized by an increased level of conflict.

As a research base, primary information was collected, collected by the survey method, namely, by questioning clients in a commercial bank. The subject of the study is the opinions of customers, their attitude to service. The sample size was 300 respondents aged mainly from 20 to 60 years, consisting of representatives of various segments. At the same time, in order to identify the optimal indicator of the level of satisfaction with the quality of service, a survey was also conducted of 100 bank employees who ranked and rated the quality of service parameters in their department.

To analyze the data obtained from the questionnaire, the ranking method, the methods of simple and cross tabulation, and simple statistical calculation were used. According to the results of the survey, the following socio-demographic characteristics of the bank's customers can be distinguished.

Among the surveyed consumers of banking services, women predominate, their share in the total sample was 56% of respondents. Distribution of clients depending on the field of activity: representatives of the sphere of culture, science, medicine, education (29.8%), industrial enterprises (23.5%), trade, consumer services, housing and communal services (10.7%), financially credit workers (8%), representatives of the transport and communications sectors (7.6%,), workers of construction organizations (6.2%), representatives of governing bodies (5.3%), employees of the Ministry of Internal Affairs and the army (4.9% ), agricultural workers (4%). In the structure of clients by the level of their monthly incomes, the groups of respondents with an income level of 4,000 to 8,000 manat prevail. (33%), as well as income from 8,000 to 15,000 manat (31.5%). Clients with income up to 4000 r. (12.8%), from 15,000 to 20,000 manat (11.4%), from 20,000 to 30,000 manat (8.1%), above 30 000 manat (3.2%) of respondents. Thus, the majority of customers surveyed refers to the segment of mass customers whose income does not exceed 15,000 manat.

For further analysis of the results, all respondents were divided into four segments: students -- 40 people (13.3%); pensioners -- 48 people (16%); commercial customers -- 64 people (21.3%); mass customers -- 148 people (49.4%). The assumption was made that the following categories of consumers of banking products belong to mass customers: specialists with higher education and private entrepreneurs with personal incomes below 15,000 rubles. monthly, specialists with secondary education, workers, drivers, housewives, military personnel. Commercial clients included: directors, top managers, middle managers, specialists with higher education and private entrepreneurs with personal incomes above 15,000 manat monthly.

Initially, it was assumed that the concept of «quality of service» includes a number of equilibrium parameters that were ranked by clients during the study in order to identify priorities. According to the results of the analysis, the sample locations were distributed between indicators of service quality (Table 1).

Clients and bank employees also rated these parameters, the average values of which are presented in Table 2.

Along with this, in order to determine the necessary, desired and sufficient level of the considered parameters, these indicators were ranked by the degree of importance for the bank by employees (Table 3).

Based on the results obtained, the following conclusions can be drawn. The most significant parameters of quality service, according to customers, are: «lack of queues» (1.0), «professionalism of the bank staff» (2.3), and also «the friendly attitude of the bank employees to the client» (3.0). Parameters of average importance: «convenient mode of operation» (4.3), «speed of service when performing operations at the window» (4.5), «the ability to get detailed advice» (6.3), «comfortable conditions in the branch (to fill documents)» (6.8). The clients consider the least significant parameters: «the presence of advertising and informational material in the hall and its sufficiency» (8.0), «the interior of the bank premises and the appearance of employees» (9.0).

The following trends attract particular attention:

• personal communication («the opportunity to get detailed advice») is evaluated by customers higher than the ability to obtain information about banking products from leaflets and booklets;

• the friendliness of the bank's employees and their professionalism are practically inseparable in importance in representing clients.

At the same time, the «absence of queues» ranks first in all segments, and the «professionalism of the bank staff» is in second place only in three segments; for pensioners it turned out to be more important «friendly attitude of bank employees to the client.» At the same time, for commercial customers, the «convenient mode of operation» is a more significant indicator compared to the «friendly attitude of bank employees to the client». Such indicators of service quality as: «the presence of advertising and information material in the hall and its sufficiency» and «the interior of the bank premises and the appearance of employees» occupy the eighth and ninth places in all segments, respectively.

Table 1. Ranking of indicators of the quality of customer service

	General	sample		Among the
Service Quality Score	middle rank	rank	students	senior citizens	commercial customers	bulk clients
No queues	1.0	1	1	1	1	1
Professionalism of the bank staff	2.3	2	2	3	2	2
Friendly attitude of bank employees to the client	3.0	3	3	2	4	3
Convenient mode of operation	4.3	4	5	5	3	4
Window service speed	4.5	5	4	4	5	5
The opportunity to get a detailed consultation	6.3	6	7	6	6	6
Comfortable conditions in the branch (for filling out documents)	6.8	7	6	7	7	7
The presence of promotional information in the room and its sufficiency	8.0	8	8	8	8	8
The interior of the bank premises and the appearance of employees	9.0	9	9	9	9	9
T o t a l, %	--	--	13.3	16	21.3	49.4

Source: Data obtained from questionarries.

Table 2. Assessment of indicators of the quality of customer service of the bank

	Average rating		Among the
Service Quality Score	employees	customers	students	senior citizens	commercial customers	bulk clients
Friendly attitude of bank employees to the client	8.4	6.7	6.8	6.6	6.4	6.8
Professionalism of the bank staff	9.1	7.0	7.2	6.7	6.5	7.2
No queues	8.1	4.3	5.5	3.2	4.3	4.3
Comfortable conditions in the branch (for filling out documents)	7.9	5.7	5.8	5.7	5.7	5.7
Convenient mode of operation	9.1	6.4	6.6	6.5	6.3	6.2
Window service speed	8.9	5.6	6.2	5.6	5.5	5.6
The opportunity to get a detailed consultation	8.6	6.3	6.5	6.1	6.3	6.3
The presence of promotional information in the room and its sufficiency	8.4	6.9	6.8	7.5	6.1	7.1
The interior of the bank premises and the appearance of employees	8.2	7.4	7.3	8.1	6.5	7.5
Integrated Service Satisfaction Rating	8.5	6.3	6.5	6.2	6.0	6.3

Source: Data obtained from questionarries.

Table 3. Ranking indicators of quality of service by bank employees

Service Quality Score	Middle rank	Rank
Professionalism of the bank staff	1.4	1
Convenient mode of operation	1.6	2
Window service speed	3.4	3
The opportunity to get a detailed consultation	4.6	4
Friendly attitude of bank employees to the client	4.8	5
The presence of promotional information in the room and its sufficiency	5.6	6
The interior of the bank premises and the appearance of employees	6.6	7
No queues	8.0	8
Comfortable conditions in the branch (for filling out documents)	8.8	9

Source: Data obtained from questionarries.

The main tasks of bank employees include the following: maintaining a high level of professionalism of employees (1.4) and ensuring the availability of services, including convenient working hours (1.6), increasing the speed of customer service (3.4). The tasks that are of average importance for the bank are: providing the opportunity to receive the necessary consulting assistance (4.6), friendly attitude to customers (4.8), providing the halls with advertising and information material

(5.6) , improving the interior and exterior of employees (6.6). The least significant tasks were: work on reducing the queues (8.0) and creating more comfortable conditions for filling out documents (8.8).

Estimates made by clients, by all indicators, are lower than those put by bank employees. Clients gave the highest ratings to those parameters that were least significant for them: «the presence of advertising and information material in the hall and its sufficiency» (6.9); «The interior of the bank premises and the appearance of employees» (7.4). The smallest estimates of indicators that are important enough for customers: «no queues» (4.3); «Comfortable conditions for filling out documents»

(5.7) ; «Speed of service during operations» (5.6). At the same time, the indicators that are most important for consumers are: «friendly attitude of the bank employees to the client» and «professionalism of the bank staff», the average ratings are quite high -- 6.7 and 7.0 points, respectively. Clients minimally rated the indicator characterizing the presence of queues, and gave the maximum rating to the indicator of the state of appearance of employees and the interior of the bank premises.

Bank employees rated all indicators of service quality on average at 8--9 points, with the maximum rating for the indicators: «professionalism of the bank staff», «convenient mode of operation» -- 9.1 points. The lowest ratings have parameters that the bank's customers also rated low: «comfortable conditions at the branch (for filling out documents)» (7.9), «lack of queues» (8.1). Thus, the first hypothesis of the study is confirmed -- the real level of satisfaction with the quality of service is lower than the desired optimum, that is, all assessments of the parameters of service quality set by customers are lower than the ratings set by the bank employees of the corresponding parameters. The integrated assessment of satisfaction with the quality of customer service amounted to 6.3 points, which is 2.2 points lower than the integrated assessment of bank employees.

-3-2-10+1+2+3

completely do not rather don't know / ratherI agreetotally

disagreeagree disagree can't rate agreeagree

Likert scale Source-. [12].

The second hypothesis that the level of satisfaction with the quality of service varies depending on the segment of consumers of banking services has also proved to be true. Integral assessments of satisfaction with the quality of service for pensioners, commercial customers, and also mass customers are quite critical -- 6.2, 6.0, and 6.3 points, respectively. The highest integral rating was given by students -- 6.5 points. Determining the level of customer loyalty to the bank was carried out by identifying the level of consent or disagreement of consumers with a number of statements, from the proposed set of answer options from «completely agree» to «completely disagree». To assess the responses of the respondents, the Likert scale (fig.) was used, which allowed them to express the intensity of their feelings.

The integral loyalty index of each group of customers was calculated as the arithmetic average of the private values of loyalty for each statement (Table 4).

The integral customer loyalty index of 0.83 demonstrates agreement with the statements, since all values are expressed in positive values. However, the position value of «completely agree», corresponding to the optimal index value of 3, is not observed for any indicator. The positive thing is that all segments intend to continue to remain customers of the bank and would recommend it to their friends (the spread between the first and second rank is small and amounted to 0.16). It should be noted that the bank has formed a group of commercial customers who currently regularly use banking services and intend to use them in the future. This segment has a maximum loyalty index of 1.02. This group of customers is the most positive in relation to the bank. Also, a rather high loyalty indicator is observed among mass customers -- 0.82, and the lowest among pensioners -- 0.65.

Thus, the third hypothesis that the real level of customer loyalty below the desired level was confirmed, since the integral customer loyalty index -- 0.83 turned out to be much less than the optimal value («3»).

The fourth hypothesis formulated that communication between consumers of banking services and bank employees is intense and often characterized by an increased level of conflict was fully confirmed, as more than half of the customers (58.7%) confirmed that they either entered into a conflict, or witnessed a conflict at the bank's offices for the following reasons:

• incorrect customer behavior -- 32.4%;

• employees cannot give the client detailed and understandable advice on issues of interest to him -- 29%;

• employees are inattentive to requirements, requests, customer complaints -- 28.4%;

• employees do not know how to establish good business contact with a bank client -- 23.9%;

• other reasons -- 6.25%.

Among other reasons, respondents emphasize especially: the presence of queues and insufficient technical support. The majority of respondents (32.4%) admit that the cause of conflicts was incorrect customer behavior. Thus, the tension in communications between consumers of banking services and bank employees is mainly due to the inability of employees to pay off customer irritation, prevent the development of a conflict situation, and reconfigure the client to the tone of a friendly mutually beneficial conversation.

To assess the level of communication between consumers of banking services and bank employees, respondents were asked to express their degree of agreement or disagreement with a number of statements on the actions of bank employees presented in the questionnaire. To determine the degree of customer loyalty, the Likert scale was used.

The value of the integrated assessment of the tension of communications between employees and consumers of banking services was 0.4, it is intermediate in relation to the estimates «I don't know» and «rather agree», which indicates a sufficient degree of uncertainty of the respondents in their agreement with the statements made. The highest rating of interaction with bank employees was given by mass customers -- 0.48, commercial customers rated -- 0.42, other respondents expressed approximately the same opinion and gave rather low ratings: pensioners -- 0.24 and students -- 0.23. Clients who came into conflict or were witnesses of conflict situations gave a sharper assessment of the level of communication between employees and customers of the bank than representatives of the general sample.

The integrated assessment of communications tension was -0.057. This value is intermediate in relation to the estimates «I rather disagree» and «I don't know,» which indicates that a number of clients have negative opinions about the assessed statements. The highest and most positive assessment of interaction with bank employees was given by mass customers (0.093), and the lowest by pensioners (-0.399).

Clarification of the main causes of customer dissatisfaction was the aim of the study. For this purpose, a regression analysis of the factors affecting customer satisfaction with the product of restructuring of unsecured loans to individuals was carried out. To build a linear regression function as a variable, a customer satisfaction index was introduced on a scale of 1 to 10 points. In addition, the following work was carried out:

a) based on an analysis of the Ishikawa diagram [13], a list of issues has been prepared that reflect individual root causes (problems in the process of providing restructuring);

b) a questionnaire has been prepared with the first question clarifying the degree of customer satisfaction with the provided product (debt restructuring).

Independent variables (X_p X , X₃, ..., X_n) are individual root causes (problems in the process of providing restructuring). The number of questionnaires collected is over 50 measurements, which is enough to work with continuous data. Following table shows 11 variables (Table 5) that represent the questions of the questionnaire, as well as the root causes leading to the appearance of these factors. The following abbreviations have been adopted here: Debt Restructuring Unit (DRU), Bank Regulatory Document (BRD), Bank Office (BO).

Using the MS Excel package, we will compose a correlation matrix and analyze it, select statistically significant coefficients >0.7 (Table 6).

Table 4. Determining the level of customer loyalty to the bank

Service Quality Score	General sample	Students	Senior citizens	Commercial customers	Bulk clients
	average rating	rank	average rating	rank	average rating	rank	average rating	rank	average rating	rank
I regularly use the services of a bank	0.75	3	0.50	4	0.38	3	1.12	2	0.76	3
I intend to continue to be a client of the this bank	1.21	1	1.08	1	1.08	1	1.38	1	1.22	1
I would recommend the bank to my friends, acquaintances and colleagues	1.05	2	1.05	2	1.06	2	1.06	3	1.04	2
I am proud to say that I am a bank customer	0.32	4	0.55	3	0.06	4	0.50	4	0.27	4
Integrated Bank Customer Loyalty Index	0.83	--	0.80	--	0.65	--	1.02	--	0.82	--

Source-. Data obtained from questionarries.

As we can see that there is no multicollinearity, since none of the variables strongly correlates with other variables (the correlation modulo does not exceed 0.7). We get that the proposed linear model should have the form

^Y=A, + AA + AA + AA.

To find the regression coefficients A₀, A , A₃, A , we also use the MS Excel package (Table 7).

As follows from the data, the value of R₂ = 0.886 is close enough to unity, which confirms the relevance (Hjorland Birger, 2000) [14] of the proposed model.

Table 5. Independent variables

Name of variables	Questions related to the variables
	Indicate in which settlement you live and in which you had to hand over and sign documents for restructuring
	How many weeks have elapsed since the date of the application?
*3	How many times did you have to visit a bank branch and / or other departments of the bank in the process of providing services for the restructuring of your debt?
*4	How many times did you have to visit a bank branch and / or other divisions of the bank to provide documents and sign additional agreements?
*5	Did you immediately know at what address and which specialist you needed to apply for restructuring?
*6	Who advised you when you first applied to solve the arising difficulties with paying on a loan?
*7	Was the process of collecting documents incomprehensible and / or time-consuming for you?
*8	Was it necessary to additionally submit documents to the bank after you submitted a full package of documents in accordance with the initial request?
*9	Was the initial consultation of the branch employee and / or problem debt officer clear? (After the consultation, you had a clear understanding of the terms of the restructuring and the list of necessary documents)
*io	Would it be more convenient for you to submit an application and necessary documents via the Internet?
*11	From what sources, from which of the employees did you learn about the possibility of restructuring the loan?

Source: Data obtained from questionarries.

Table 6. Statistically significant coefficients

	Y	X1	A	X3	X4	X5	X6	X7	X8	X9	X10	Xn
Y	1,00
A	-0,06	1,00
A	-0,70	0,16	1,00
X3	0,88	0,04	0,52	1,00
X4	-0,76	0,08	0,52	0,62	1,00
X5	-0,22	0,03	0,11	0,23	0,18	1,00
A	-0,09	-0,12	0,09	0,08	0,14	-0,03	1,00
X7	-0,02	0,24	0,06	0,07	-0,06	0,06	-0,11	1,00
A	0,11	-0,08	-0,13	-0,15	-0,09	-0,08	-0,02	0,04	1,00
X9	0,16	0,06	0,05	-0,20	-0,07	-0,04	0,02	0,17	-0,11	1,00
A	-0,16	0,16	0,27	0,21	0,10	0,05	0,13	-0,03	0,12	-0,14	1,00
A	-0,26	0,00	0,04	0,26	0,16	0,1	0,32	-0,01	0,13	-0,15	-0,05	1,00

Source-. Results of analysis. Table 7. Regression statistics

Explanation of indicators	Results
R-squared	0,886112143
Modified R-Square	0,880787864
Observations	67
R-statistics	163,3912959
Significance of R-statistics	1,14954E-29

Source- Results of analysis.

Table 8. The found coefficient of levels and a statistical assessment of their significance

Variables	Coeffi cients	Standard error	(-statistic	E-value	Lower 95%	Top 95%	Elasticity
Constant	15,5645	0,4388	35,5384	2,1757E-43	14,6796	16,4393	--
A	-0,5634	0,1132	-5,4765	8,6989E-07	-0,7697	-0,3670	-0,45
X3	-1,3175	0,1400	-10,1397	7,5676E-15	-1,5773	-1,0675	-0,86
X4	0,7019	0,1449	-4,8788	7,8826E-06	-0,9886	-0,4232	-0,32

Source- Results of analysis.

The value of F-statistics indicates the significance of the regression equation as a whole, which also confirms its significance coefficient. The probability of error using the selected variables is approximately 1.15 * 10^-29, those the probability of making a mistake of both the 1st and 2nd kind is practically zero [15].

Following table presents the found coefficients A(i = (1.4)^-) and a statistical assessment of their significance is carried out (Table 8). In addition, the aggregate average elasticity indicators for each factor variable are given.

Analyzing the data 4, it can be noted that if all the variables are equal to zero, then Y = A₀ = 15.56, i.e. when conducting an instant restructuring without visiting a bank and without having to provide documents, customer satisfaction will far exceed the upper limit of the satisfaction index, which was set at 10. The P-value is many times less than 0.05 and practically equal to zero. That is, at any level of significance, these indicators affect the satisfaction of customers when receiving debt restructuring services.

The aggregate average elasticity indicators, determined by the formula show how strongly Y depends on the independent variable x. that were included into the model. Most of all, the customer satisfaction index is affected by the number of visits to the bank (elasticity coefficient -0.85). For greater confidence in the constructed regression model and the conclusions made, we give the rationale for the application of the least squares method (least squares) on this statistical material.

The regression analysis confirmed the dependence of customer satisfaction on receiving bank services for debt restructuring on the following factors:

1) the duration of the process, in which at least 4 divisions of the bank are involved, the complex process of assessing the grounds for providing restructuring to the client, the lengthy approval process, the lengthy process of forming additional agreements;

2) the bank's regulatory documents do not provide for restructuring without the appearance of the client and without signing additional agreements and a new loan repayment schedule.

The final equation is: y = 15.6 - 0.56X₂ - 1.32X₃ - 0.7X₄. Thus, analyzing the variables left and the elasticity coefficient, we find that the number of visits to the bank has the greatest impact on customer satisfaction, and therefore, it is necessary to reduce the length of the restructuring process with multiple client attendance and reduce the number of documents submitted.



CONCLUSIONS

The main purpose of this research is to determine the interaction between customer satisfaction and loyalty factors, also provide the level of satisfaction with the quality services. The main sample size of analysis was 300 respondents aged mainl from 20 to 60 years, consisting of representatives of various segments. Simultaneously, questionnaires were conducted of 100 bank employees who ranked and rated the quality service parameters in their department.

Based on results, the most significant parameters of quality service, according to the customers are the lack of queues, professionalism of the bank staff and the friendly attitude of the bank employees to the clients. According to the survey results, convenient mode of operations, speed of services, the ability to get detailed advice and comfortable conditions in the branch are the parameters of average importance. At the same time, the customers consider the presence of advertising and informational material in the hall and the interior of the bank premises as a least significant parameter. The answers of bank employees also emphasize the results of customers from questionnaires.

The second hypothesis that the level of satisfaction with the quality of service varies depending on the segment of customers of banking services has also proved to be true. Another issue formulated that communication between consumers of banking services and bank employees is intense and often characterized by an increased level of conflict was fully confirmed, as more than the half of the customers (58.7%) confirmed that they either entered into conflict, or witnessed a conflict at the bank offices from some reasons, such as the incorrect customer behavior, understandable advice and inattentiveness to requirements and requests.

Determining of the main factors effecting the customer dissatisfaction was the another aim of the study. Results indicates that the duration of bank process and the hardness of the bank regulatory documents are the main factors of customer dissatisfactions.

REFERENCES

1. Cebeci I., Cabuk Z. Tuketicilerin banka tercihini etkileyen faktorlerin belirlenmesi: Gire- sunda bir arastirma. Finansal Arasdirmalar Dergisi, 2016, Vol. 8, No. 14, pp. 57-66.

2. Blaug M. Economic theory in retrospect. Cambridge University Press, 1962.

3. Faramarzpour F., Mahmoudzadeh A. The effect of marketing of bank services on customers' preference of private banks: Case study of Mellat and Tejarat banks in Khorasan Razavi Province. International Journal of Management, Accounting and Economics, 2015, Vol. 2, No. 3, pp. 219-232.

4. Batra R., Myers J.G., Aaker D.A. Advertising Management. Kyiv, 1999 [in Russian].

5. Chigamba C., Fatoki O. Factors influencing the choice of commercial banks by university students in South Africa. International Journal of Business and Management, 2011, Vol. 6, No. 6, pp. 66-76.

6. Taskin C., Akat O., Erol Z. Determining consumer choice criteria in bank selection: A research in Bursa. Anadolu Universitesi Sosyal Bilimler Dergisi, 2020, Vol. 3, No. 3, pp. 11-22.

7. Mokhlis S. Relevancy and Measurement of Religiosity in Consumer Behavior Research. International Business Research, 2009, Vol. 2, pp. 75-84.

8. Karamustafa K., Yildirim M. Tuketicilerin bireysel banka tercihine iliskin Kayseri ilinde yapilan bir arastirma. Ekonomik ve sosyal arapttrmalar dergisi, 2007, Vol. 3, No. 3, pp. 56-92.

9. Rozanova V.A. Psychology of Management. Moscow, 1999 [in Russian].

10. Rossiter J.R., Percy L. Advertising and Promotion Management. Saint-Petersburg, 2000 [in Russian].

11. Solovyev B.A. Marketing. Moscow, 1993 [in Russian].

12. Joshi A., Kale S., Chandel S., Pal D.K. Likert Scale: Explored and Explained. British Journal of Applied Science and Technology, 2015, Vol. 7, Iss. 4, pp. 396-403. https://doi.org/10.9734/ BJAST/2015/14975

13. Ishikawa K. What is quality control? The Japanese way. Moscow, 1988 [in Russian].

14. Birger H. Relevance Research: the Missing Perspectives: «Non-relevance» and «Epistemological Relevance». Journal of the American Society for Information Science, 2000, No. 51 (2), pp. 209-211.

15. Krasnov V.K., Krasnov G.A., Lvova M.V. Application of selective procedures for minimization of probabilistic risks of the auditor. Journal of the Russian University of Cooperation, 2016, No. 1 (23), pp. 62-64 [in Russian].

СПИСОК ВИКОРИСТАНОЇ ЛІТЕРАТУРИ

1. Cebeci I., Cabuk Z. Tuketicilerin banka tercihini etkileyen faktorlerin belirlenmesi: Gire- sunda bir arastirma. Finansal Arasdirmalar Dergisi. 2016. Vol. 8. No. 14. P. 57--66.

2. Blaug M. Economic theory in retrospect. Cambridge University Press, 1962. 720 p.

3. Faramarzpour F., Mahmoudzadeh A. The effect of marketing of bank services on customers' preference of private banks: Case study of Mellat and Tejarat banks in Khorasan Razavi Province. International Journal of Management, Accounting and Economics. 2015. Vol. 2. No. 3. P. 219--232.