Banking on Values: Unraveling the Dynamics of Corporate Social Responsibility, Customer Satisfaction, and Loyalty in the Financial Landscape
1Dr.Thenmozhi.S
Assistant Professor & Head, Department of Corporate Secretaryship
Patrician College of Arts and Science, Chennai
2Dr.R.SUGAVANESWARI,
Guest Lecturer, Thiruvalluvar University, Vellore
3Dr. Kalaiarasan C,
IDE, University of Madras
ABSTRACT
Corporate Social Responsibility (CSR) has evolved beyond conventional philanthropy, becoming a cornerstone in shaping corporate values. This transformation holds particular significance for the banking sector, where institutions face heightened scrutiny regarding their commitment to ethical, social, and environmental considerations. Customers, now more socially conscious, actively seek partnerships with banks aligned with their values. This study investigates the nuanced relationship between customer perceptions of a bank's CSR initiatives and the consequent impact on satisfaction and loyalty. The research addresses a crucial gap in understanding the dynamics between CSR, customer satisfaction, and loyalty within the banking sector. It aims to assess the perceived impact of CSR initiatives, examine their influence on customer satisfaction, investigate loyalty dynamics, and explore potential demographic variations. The objective is to provide valuable insights for both academia and the banking industry, aiding in a deeper comprehension of the intricate interplay between CSR perceptions and customer behavior.
The study's findings indicate the suitability of the collected data for factor analysis, with high Kaiser-Meyer-Olkin (KMO) and statistically significant Bartlett's Test results. The CFA model exhibits robust convergent validity, supported by regression weights and factor loadings, affirming the reliability of the constructs. The model fit indices, including Cmin/df, GFI, AGFI, and RMSEA, further validate the adequacy of the proposed model. In conclusion, this research emphasizes the practical significance for banks aiming to align CSR strategies with customer expectations. It contributes valuable insights to enhance customer relationships, foster satisfaction, and bolster brand reputation, guiding future studies into the evolving dynamics between CSR perceptions and customer behavior in the banking industry.
Keyword: CSR, Banking, Customer, Loyalty
