Demographic effects on customers’ expectations and perceptions of service quality in Singapore retail banking industry.

• Main Authors: Khoo, Yin Xue., Ng, Adeline Shi Han., Sim, Agnes Hui Qi.
• Other Authors: Wu Yuan
• Format: Final Year Project
• Language: English
• Published: 2010
• Subjects: DRNTU::Business::Finance::Banking
• Online Access: http://hdl.handle.net/10356/21216
• Institution: Nanyang Technological University

The aim of this study is to gain a better insight into the demographic effects on service quality in the Singapore retail banking industry. This project serves to assist the management in using the results generated from this study to better manage their service quality as well as to gain a competitive edge in the Singapore banking industry. With the transition of the market for financial services in Singapore, customers have more options to choose between local banks and foreign banks. Hence, customers’ expectations and perceptions on service quality were assessed to determine the customers’ satisfaction level. Three sample groups were used in this study so as to compare the satisfaction level of customers from local banks, foreign banks, as well as those who use bank services from both local and foreign banks. The SERVQUAL scale was used to analyze the data collected. Data from three samples of 488 respondents were collected using self-administrated surveys, which were carried out over four different zones of Singapore. Overall, customers generally have low level of satisfaction on the service quality in the Singapore Retail Banking Industry. However, customers who use bank services from both local and foreign banks have significantly higher level of satisfaction as compared to those who use bank services from local banks and foreign banks only. Based on the results of our study, bank customers have the lowest satisfaction level in terms of reliability and assurance and thus there is a need for the banks to improve their service quality in these areas.