Assessing the Impact of Service Recovery Strategies on Customer Satisfaction in the Hospitality Industry

Assessing the Impact of Service Recovery Strategies on Customer Satisfaction in the Hospitality Industry

Dr. C. Yuvasubramaniyan

Abstract

Studying customer Opinion of service quality in the banking industry holds immense importance for both financial institutions and the customers they serve. Firstly, understanding customer perception allows banks to identify areas of strength and weakness in their service delivery. This insight enables them to make targeted improvements in the dimensions that matter most to their customers. For example, if customers perceive a lack of empathy in their interactions, banks can focus on training and developing their staff to be more empathetic, ultimately enhancing the customer experience. Secondly, the study of customer perception helps banks gauge their competitive position in the market. In a highly competitive industry like banking, where customers have numerous choices, having a clear understanding of how customers perceive the quality of their services can be a strategic advantage. Banks can use this information to differentiate themselves from competitors and attract and retain customers. Moreover, customer perception studies provide valuable feedback that can be used for benchmarking against industry standards and best practices. Banks can compare their performance with that of peers, leading to industry-wide improvements in service quality. Additionally, a positive perception of service quality can directly impact customer loyalty and retention.

Keywords: Customer perception, Banks, Reliability, Assurance, Responsiveness and credibility.