How to Retain a Bank Customer: A Qualitative Study of Jordanian Banks Relational Strategies

摘要

This paper studies how banks in Jordan promote long-term strategies in an effort to attract and retain loyal customers. An exploratory qualitative study was undertaken in order to develop a clearer understanding of background issues relating to the research problem. An in-depth interviewing technique was used, experts from nine different Jordanian banks participated in the data collection, the interviewees consisted of marketing directors, managers and executives as well as senior relationship managers and direct banking managers. Content analysis was used to analyze textual information from interviews in order to draw conclusions from them. Findings revealed Relational strategies, tactics, and tools used to achieve customer retention used by banks and benefits of customer retention, it also showed how retention is linked with customer profitability, findings showed that internal marketing is important for achieving retention. A number of drivers were found to be critical in banks efforts toward fulfilling relational strategies; trust, satisfaction, loyalty, commitment, closeness, communication, transparency, confidentiality, privacy, culture, customer acquisition, and reputation. However this study should be carried out in a different context. Further study is needed to explain how these constructs are linked in order to develop a model of customer retention.