Factors Influencing the Retention of Customers of Ghana Commercial Bank within the Agona Swedru Municipality

Rosemond Boohene, Gloria K. Q. Agyapong, Eric Gonu

Abstract


Customer retention is an important element of any banking strategy in today’s increasingly competitive
environment. This study examined the impact of retention factors that influence consumers’ decisions to stay
with Ghana Commercial Bank within the Agona Swedru Municipal area. The descriptive survey design was used
for the research. Simple random sampling and self administered questionnaires were utilised to obtained data
from 480 customers of the bank. Correlation and regression techniques were used to examine the relationships
between customer satisfaction, service quality, customer trust, customer commitment, switching barrier factors
and customer retention. The results revealed that on the whole, switching barrier emerged as the most significant
factor influencing customer retention. This was followed by customer commitment and customer trust. The study
recommends that management of the bank should pay attention to customer commitment by investing more into
customer relationship marketing strategies that can increase customers’ dependency and inhibit switching.

Full Text: PDF DOI: 10.5539/ijms.v5n4p82

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International Journal of Marketing Studies  ISSN 1918-719X(Print) ISSN 1918-7203(Online)

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