Year: 2024
Type: article
Study design: Observational Study
Abstract: The banking industry plays a crucial role in the economy by providing essential financial services such as savings, loans, and investment opportunities to individuals and businesses. This study examined branding strategies, service quality, and customer retention in Panay Island's banking industry for 2024, using data from 396 customers of thrift banks in Antique, Kalibo, Roxas, and Iloilo. Thrift banks were purposefully chosen, with six banks selected from each of the six provinces to ensure comprehensive coverage. Customers were selected using stratified sampling to represent various subgroups within the population, enhancing the precision and reliability of the results. Employing a descriptive-correlational design, the research analyzed demographic profiles, branding effectiveness, service quality, and customer retention. Findings indicated a balanced demographic profile with a strong focus on borrowing transactions. While banks effectively established their brand identity, they needed to improve stakeholder analysis and market research. Service quality and customer retention were very high, reflecting strong satisfaction and loyalty among customers. Statistical analysis revealed that educational attainment significantly affected perceptions of branding, service quality, and customer retention, whereas age, sex, and civil status had minimal impact. Notably, service quality had the strongest effect on customer loyalty. The study recommended improving stakeholder analysis, tailoring branding strategies to educational backgrounds, and maintaining high service standards. Future research should investigate branding impacts across different demographics and explore the effect of financial technology on customer perceptions.
Institution: Guimaras State University
Language: English
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4408645500