PRODUCT AND SERVICE QUALITY AS A DETERMINANT OF CUSTOMER PREFERENCE: A COMPARATIVE ANALYSIS OF MUTUAL /ISLAMIC BANKS AND COMMERCIAL BANKS
Structural developments in economy have followed a parallel pattern in banking sector and banks started to develop new product and services to satisfy ever increasing expectations of their customers. These new conduct of business is seems to be a determined of creating and sustaining competitive advantages for banks. To test whether any differences exist between commercial banks and mutual banks with regard to product and services quality provided by these institutions, 4 commercial and 4 mutual banks are sampled and “SERVQUAL” questionnaire has been applied. Findings of the study has revealed that; firstly, both commercial and mutual banks customers rated their banks in terms of “perfect banks” as “indifferent” and “agree” ; secondly, of “responsiveness” dimension of customer satisfaction rated in first rant with average score of 3,65 out of 4,00; thirdly, commercial bank customers have found to have higher “perfect bank” perception than that of mutual banks; and finally commercial bank customers have a more favorable views that that of mutual banks.
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