Singapore stock broking service quality: fifteen percent gap

摘要

Purpose - The purpose of the paper is to adapt the SERVQUAL instrument and provide a unique analysis of service quality, value, customer satisfactionrnand loyalty of Singapore stock investors.rnDesign/methodology/approach - The paper uses results from a mail survey with 300 copies of a self-administrated questionnaire utilising thernSERVQUAL instrument with experienced stock investors using stockbroker (remisier) services in Singapore. Altogether, 169 useable returns (56 percentrnresponse rate) were analyzed.rnFindings - Investors expect high quality service from brokers, particularly in terms of reliability. There was a 15 percent gap in service quality, and a 20rnpercent gap in service value. Customers who relied on brokers' advice perceived higher service quality. Brokers need more empathy with customers.rnSERVQUAL translated to Singapore stock broking customers with good reliability.rnResearch limitations/implications - Results may not generalize beyond Singapore or to other financial services.rnPractical implications - Brokers need to focus on personal, empathetic relationships with investors and aim for near perfect reliability in accurate andrntimely execution of customers' orders. Customers' level of expertise is important and brokers need to make more effort to educate their clients, andrnproactively advise them.rnOriginality/value - Service quality, customer perceived value, customer satisfaction and loyalty of customers have been important research areas inrnthe marketing literature. Research on these variables simultaneously in stock brokerage services is limited and the study sheds light on these variablesrnin a new field. The study provides practical advice for brokers and other financial service providers, particularly in the light of emerging credence servicernand commercial friends concepts in the financial services sector.