Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria

Felix Akinlade Babatola; Oluwatoyin Odunayo Fabiyi; Sikiru Ayodeji Animasaun; Emmanuel Makanjuola Ogunjemilua; Adeola Aroyewun

doi:doi:10.11648/j.ijebo.20241202.15

Research Article |

| Peer-Reviewed

Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria

Felix Akinlade Babatola^*

, Oluwatoyin Odunayo Fabiyi

, Sikiru Ayodeji Animasaun

, Emmanuel Makanjuola Ogunjemilua

, Adeola Aroyewun

Published in International Journal of Economic Behavior and Organization (Volume 12, Issue 2)

Received: 24 May 2024 Accepted: 15 June 2024 Published: 27 June 2024

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

This study examined the influence of relationship marketing on customer satisfaction among selected deposit money banks in Nigeria. The research design used was a survey. The population of the study consisted of all customers of the top five performing deposit money banks from six states in southwest Nigeria. A stratified random sampling technique was employed to determine the sample size. Cochran's formula was utilized to determine the overall sample size, resulting in a total of three hundred and eighty-four (384) participants. Data were obtained through self-administered questionnaire of three hundred and eighty-four (384), while three hundred and twenty-one (321) copies of questionnaire were adequately filled, returned and used for the research. Inferential statistics used was linear regression and Statistic Package for Social Science (SPSS) version 23 was used for data analysis. The result revealed that commitment is 0.732 with t = 6.948 and (p = 0.000 < 0.05); empathy is 0.696 with t = 15.901 and (p = 0.000 < 0.05. The study concluded that relationship marketing variables have a positive and significant influence on customer satisfaction. The study recommended that bank employees should improve the level of commitment among their customers and treat them with outstanding service in order to boost customer’s satisfaction. Also, bank staff members should improve the working atmosphere for the customers’ conveniences; attend quickly to customers whenever issues arise with their account, and show empathetic ability in order to satisfy the customers.

Published in	International Journal of Economic Behavior and Organization (Volume 12, Issue 2)
DOI	10.11648/j.ijebo.20241202.15
Page(s)	105-113
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Relationship Marketing, Commitment, Empathy, Customer Satisfaction

References

[1]	Ashley, C., Noble, S. M., Donthu, N., & Lemon, K. N. (2011). Why customers won’t relate: Obstacles to relationship marketing engagement. Journal of Business Research, 64(7), 749–756.
[2]	Bataineh, A. Q., Al-Abdallah, G. M., Salhab, H. A., & Shoter, A. M. (2015). The effect of relationship marketing on customer retention in the Jordanian’s pharmaceutical sector. International Journal of Business and management, 10(3), 117-131.
[3]	Catherine, N., Kenneth, L. W., & Severina N. (2019). Relationship between empathy dimension and customer satisfaction in the insurance industry in Kenya. International Journal of Research in Business and Social Science, 8(6), 357-366.
[4]	Chakiso, C. B. (2015). The effect of relationship marketing on customers’ loyalty (Evidence from Zemen Bank). Emerging Market Journal, 5(2), 60-70.
[5]	Dedy, A. H. A., Dita, A. & Rubayah, Y. (2019). Why relational marketing impacts on bank’s customer satisfaction?. BISMA (Bisnis dan Manajemen), 12(1), 43-53.
[6]	Edward, L. & Kanbiro, Orkaido. (2023). Effect of employees’ commitment on customer satisfaction of banks in Africa. Atlantic International University. Qeios ID: 6SVWNR https://doi.org/10.32388/6SVWNR
[7]	Geoffrey, M. B., Kennedy, N. O., Zippy, M. N. & Peter, W. K. (2022). Relationship Marketing and Customer Satisfaction of Commercial Banks in Kenya, Baltic Journal of Law and Politics, 15(7), 1198-1210.
[8]	Giovanis, A. N., & Athanasopoulou, P. (2018). Consumer-brand relationships and brand loyalty in Technology-mediated services. Journal of Retailing and Consumer Services, (40), 287-294.
[9]	Gololo, I. A. (2018). Challenges of the Nigerian Banking Sector and the Way Forward. American Finance & Banking Review, 3(1), 10-19.
[10]	Hamilton-Ibama, E. L. & Ogonu, C. G. (2022). Customer perceived value and customer satisfaction of hotels in Port Harcourt, Nigeria. South Asian Journal of Marketing & Management Research (SAJMMR), 12(1-2), 75-93.
[11]	Homans, G. C. (1958). Social Behavior as Exchange. American Journal of Sociology, 63, 597-606.
[12]	Imouokhome, E. O., Adegbola, E. A., Abdulraheem., M., Bello., K. A. (2020). Relationship Marketing: A sustainable tool for customer satisfaction in the Nigerian banking Industry, Journal of Sustainable Development in Africa, 22(1), 172-177.
[13]	Kang, J. Y. M., & Kim, J. (2017). Online customer relationship marketing tactics through social media and perceived customer retention orientation of the green retailer. Journal of Fashion Marketing and Management, 21(3), 298-316.
[14]	Kosile B. A, Adebusoye A. B, Ajayi S. O., & Babatola F. A (2023), Effect of Product Strategies on Customer’s Loyalty in Bakery Industries in Osun State, Nigeria. International Journal of Strategic Management, Entrepreneurship and Innovation (IJSMEI) Vol 2(3), 74-90.
[15]	Kotler, P., & Keller, K. (2016). Marketing Management Book, 15th edition. United States of America: Pearson Education, Inc.
[16]	Marina, P. P., Marta, C. & Ivana, I. (2022). The impact of relationship marketing on customer satisfaction and loyalty in luxury hotels in Croatia. MISAO I PRAKSA DBK. GOD XXXI. 1(9), 189-210.
[17]	Morgan, R. & Hunt, S. (1994). The commitment trust theory of relationship marketing. Journal of Marketing, 58(7): 20-38.
[18]	Narteh, B., Agbemabiese, G. C., Kodua, P., & Braimah, M. (2013). Relationship marketing and customer loyalty: Evidence from the Ghanaian luxury hotel industry. Journal of Hospitality Marketing & Management, 22(4), 407–436.
[19]	Okonkwo, C. D., & Ugwuonah, G. (2019). Improving Bank Customers’ Satisfaction through Relationship Marketing Practices. International Journal of Marketing Research Innovation, 3(1), 10-18.
[20]	Olayiwola, R. O. (2016). Ethical climate’s relationship to job satisfaction, organizational commitment and turnover intention among employees, (Unpublished master’s thesis). Eastern Mediterranean University, North Cyprus.
[21]	Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1988). SERVQUAL: A multiple-item scale for measuring consumer perceptions of service quality. Journal of Retailing, 64(1), 12-40.
[22]	Payne, A., & Frow, P. (2017). Relationship marketing: looking backwards towards the future. Journal of services marketing. 31(1), 11- 15.
[23]	Rouse, M., Shaio, D. & Aberle, L. (2019). Relationship marketing. Available at: https://searchcustomerexperience.techtarget.com/definition/relationship-marketing (accessed 10 October, 2021).
[24]	Saungweme, W. P., Naicker, V., & Chuma, W. (2020). Realtionship Marketing: Strategic and Tactical Challenges for SMEs. International Journal of Accounting, Auditing and Taxation, 7(1), 1-8.
[25]	Shirley, C. (2017). Relationship marketing: Explore the strategy of relationship marketing. Availableat: https://www.marketing-schools.org/types-of-marketing/relationship-marketing.html (accessed 10 October, 2021).
[26]	Simon, B., & Hamilton-Ibama, E. O. L. (2022). Relationship Marketing and Customer Satisfaction of Deposit Money Banks in PortHarcourt, River State. International Journal of Business and Management, 6(1), 2-14.
[27]	Suha, F. S. (2021). Do Relationship Marketing Construct Enhance Customer Retention? An Empirical Study within the Hotel Industry. Journals of sagepub. 11(2), 21582440211.
[28]	Su, L., Swanson, S. R., Chinchanachokchai, S., Hsu, M. K., & Chen, X. (2016). Reputation and intentions: The role of satisfaction, identification, and commitment. Journal of Business Research, 69(9), 3261–3269.
[29]	Vera, J., & Trujillo, A. (2017). Searching most influential variables to brand loyalty measurements: An exploratory study. Journal of Accounting and Administration, 62, 600-624.
[30]	Wachyudi, N. (2018). A study of the relationship marketing effect in banks: The case of an emerging market. Journal of governance & regulation, 7(1), 26-39.
[31]	Waseem, B. Saira, A. & Salman, Z. (2018). Effect of employee empathy on customer satisfaction and loyalty during employee–customer interactions: The mediating role of customer affective commitment and perceived service quality, Cogent Business and Management, 5(1), 1-21.

Cite This Article

Plain Text BibTeX RIS

APA Style

Babatola, F. A., Fabiyi, O. O., Animasaun, S. A., Ogunjemilua, E. M., Aroyewun, A. (2024). Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria. International Journal of Economic Behavior and Organization, 12(2), 105-113. https://doi.org/10.11648/j.ijebo.20241202.15

Copy | Download

ACS Style

Babatola, F. A.; Fabiyi, O. O.; Animasaun, S. A.; Ogunjemilua, E. M.; Aroyewun, A. Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria. Int. J. Econ. Behav. Organ. 2024, 12(2), 105-113. doi: 10.11648/j.ijebo.20241202.15

Copy | Download

AMA Style

Babatola FA, Fabiyi OO, Animasaun SA, Ogunjemilua EM, Aroyewun A. Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria. Int J Econ Behav Organ. 2024;12(2):105-113. doi: 10.11648/j.ijebo.20241202.15

Copy | Download

@article{10.11648/j.ijebo.20241202.15,
  author = {Felix Akinlade Babatola and Oluwatoyin Odunayo Fabiyi and Sikiru Ayodeji Animasaun and Emmanuel Makanjuola Ogunjemilua and Adeola Aroyewun},
  title = {Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria
},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {12},
  number = {2},
  pages = {105-113},
  doi = {10.11648/j.ijebo.20241202.15},
  url = {https://doi.org/10.11648/j.ijebo.20241202.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20241202.15},
  abstract = {This study examined the influence of relationship marketing on customer satisfaction among selected deposit money banks in Nigeria. The research design used was a survey. The population of the study consisted of all customers of the top five performing deposit money banks from six states in southwest Nigeria. A stratified random sampling technique was employed to determine the sample size. Cochran's formula was utilized to determine the overall sample size, resulting in a total of three hundred and eighty-four (384) participants. Data were obtained through self-administered questionnaire of three hundred and eighty-four (384), while three hundred and twenty-one (321) copies of questionnaire were adequately filled, returned and used for the research. Inferential statistics used was linear regression and Statistic Package for Social Science (SPSS) version 23 was used for data analysis. The result revealed that commitment is 0.732 with t = 6.948 and (p = 0.000 < 0.05); empathy is 0.696 with t = 15.901 and (p = 0.000 < 0.05. The study concluded that relationship marketing variables have a positive and significant influence on customer satisfaction. The study recommended that bank employees should improve the level of commitment among their customers and treat them with outstanding service in order to boost customer’s satisfaction. Also, bank staff members should improve the working atmosphere for the customers’ conveniences; attend quickly to customers whenever issues arise with their account, and show empathetic ability in order to satisfy the customers.
},
 year = {2024}
}

Copy | Download

TY  - JOUR
T1  - Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria

AU  - Felix Akinlade Babatola
AU  - Oluwatoyin Odunayo Fabiyi
AU  - Sikiru Ayodeji Animasaun
AU  - Emmanuel Makanjuola Ogunjemilua
AU  - Adeola Aroyewun
Y1  - 2024/06/27
PY  - 2024
N1  - https://doi.org/10.11648/j.ijebo.20241202.15
DO  - 10.11648/j.ijebo.20241202.15
T2  - International Journal of Economic Behavior and Organization
JF  - International Journal of Economic Behavior and Organization
JO  - International Journal of Economic Behavior and Organization
SP  - 105
EP  - 113
PB  - Science Publishing Group
SN  - 2328-7616
UR  - https://doi.org/10.11648/j.ijebo.20241202.15
AB  - This study examined the influence of relationship marketing on customer satisfaction among selected deposit money banks in Nigeria. The research design used was a survey. The population of the study consisted of all customers of the top five performing deposit money banks from six states in southwest Nigeria. A stratified random sampling technique was employed to determine the sample size. Cochran's formula was utilized to determine the overall sample size, resulting in a total of three hundred and eighty-four (384) participants. Data were obtained through self-administered questionnaire of three hundred and eighty-four (384), while three hundred and twenty-one (321) copies of questionnaire were adequately filled, returned and used for the research. Inferential statistics used was linear regression and Statistic Package for Social Science (SPSS) version 23 was used for data analysis. The result revealed that commitment is 0.732 with t = 6.948 and (p = 0.000 < 0.05); empathy is 0.696 with t = 15.901 and (p = 0.000 < 0.05. The study concluded that relationship marketing variables have a positive and significant influence on customer satisfaction. The study recommended that bank employees should improve the level of commitment among their customers and treat them with outstanding service in order to boost customer’s satisfaction. Also, bank staff members should improve the working atmosphere for the customers’ conveniences; attend quickly to customers whenever issues arise with their account, and show empathetic ability in order to satisfy the customers.

VL  - 12
IS  - 2
ER  -

Copy | Download

Author Information

Felix Akinlade Babatola

Department of Business Administration, Joseph Ayo Babalola University, Ikeji-Arakeji, Nigeria

Contact Email

http://orcid.org/0009-0004-5783-1427
Oluwatoyin Odunayo Fabiyi

Department of Business Administration, Joseph Ayo Babalola University, Ikeji-Arakeji, Nigeria

http://orcid.org/0009-0005-7726-9459
Sikiru Ayodeji Animasaun

Department of Business Administration, Joseph Ayo Babalola University, Ikeji-Arakeji, Nigeria

http://orcid.org/0009-0000-7435-4803
Emmanuel Makanjuola Ogunjemilua

Department of Entrepreneurship, Joseph Ayo Babalola University, Ikeji-Arakeji, Nigeria

http://orcid.org/0000-0002-6103-754x
Adeola Aroyewun

Department of Management Information System, College of Business, Bowie State University, Maryland, USA

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Babatola, F. A., Fabiyi, O. O., Animasaun, S. A., Ogunjemilua, E. M., Aroyewun, A. (2024). Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria. International Journal of Economic Behavior and Organization, 12(2), 105-113. https://doi.org/10.11648/j.ijebo.20241202.15

Copy | Download

ACS Style

Babatola, F. A.; Fabiyi, O. O.; Animasaun, S. A.; Ogunjemilua, E. M.; Aroyewun, A. Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria. Int. J. Econ. Behav. Organ. 2024, 12(2), 105-113. doi: 10.11648/j.ijebo.20241202.15

Copy | Download

AMA Style

Babatola FA, Fabiyi OO, Animasaun SA, Ogunjemilua EM, Aroyewun A. Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria. Int J Econ Behav Organ. 2024;12(2):105-113. doi: 10.11648/j.ijebo.20241202.15

Copy | Download

@article{10.11648/j.ijebo.20241202.15,
  author = {Felix Akinlade Babatola and Oluwatoyin Odunayo Fabiyi and Sikiru Ayodeji Animasaun and Emmanuel Makanjuola Ogunjemilua and Adeola Aroyewun},
  title = {Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria
},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {12},
  number = {2},
  pages = {105-113},
  doi = {10.11648/j.ijebo.20241202.15},
  url = {https://doi.org/10.11648/j.ijebo.20241202.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20241202.15},
  abstract = {This study examined the influence of relationship marketing on customer satisfaction among selected deposit money banks in Nigeria. The research design used was a survey. The population of the study consisted of all customers of the top five performing deposit money banks from six states in southwest Nigeria. A stratified random sampling technique was employed to determine the sample size. Cochran's formula was utilized to determine the overall sample size, resulting in a total of three hundred and eighty-four (384) participants. Data were obtained through self-administered questionnaire of three hundred and eighty-four (384), while three hundred and twenty-one (321) copies of questionnaire were adequately filled, returned and used for the research. Inferential statistics used was linear regression and Statistic Package for Social Science (SPSS) version 23 was used for data analysis. The result revealed that commitment is 0.732 with t = 6.948 and (p = 0.000 < 0.05); empathy is 0.696 with t = 15.901 and (p = 0.000 < 0.05. The study concluded that relationship marketing variables have a positive and significant influence on customer satisfaction. The study recommended that bank employees should improve the level of commitment among their customers and treat them with outstanding service in order to boost customer’s satisfaction. Also, bank staff members should improve the working atmosphere for the customers’ conveniences; attend quickly to customers whenever issues arise with their account, and show empathetic ability in order to satisfy the customers.
},
 year = {2024}
}

Copy | Download

TY  - JOUR
T1  - Relationship Marketing and Customers’ Satisfaction of Selected Deposit Money Banks in Nigeria

AU  - Felix Akinlade Babatola
AU  - Oluwatoyin Odunayo Fabiyi
AU  - Sikiru Ayodeji Animasaun
AU  - Emmanuel Makanjuola Ogunjemilua
AU  - Adeola Aroyewun
Y1  - 2024/06/27
PY  - 2024
N1  - https://doi.org/10.11648/j.ijebo.20241202.15
DO  - 10.11648/j.ijebo.20241202.15
T2  - International Journal of Economic Behavior and Organization
JF  - International Journal of Economic Behavior and Organization
JO  - International Journal of Economic Behavior and Organization
SP  - 105
EP  - 113
PB  - Science Publishing Group
SN  - 2328-7616
UR  - https://doi.org/10.11648/j.ijebo.20241202.15
AB  - This study examined the influence of relationship marketing on customer satisfaction among selected deposit money banks in Nigeria. The research design used was a survey. The population of the study consisted of all customers of the top five performing deposit money banks from six states in southwest Nigeria. A stratified random sampling technique was employed to determine the sample size. Cochran's formula was utilized to determine the overall sample size, resulting in a total of three hundred and eighty-four (384) participants. Data were obtained through self-administered questionnaire of three hundred and eighty-four (384), while three hundred and twenty-one (321) copies of questionnaire were adequately filled, returned and used for the research. Inferential statistics used was linear regression and Statistic Package for Social Science (SPSS) version 23 was used for data analysis. The result revealed that commitment is 0.732 with t = 6.948 and (p = 0.000 < 0.05); empathy is 0.696 with t = 15.901 and (p = 0.000 < 0.05. The study concluded that relationship marketing variables have a positive and significant influence on customer satisfaction. The study recommended that bank employees should improve the level of commitment among their customers and treat them with outstanding service in order to boost customer’s satisfaction. Also, bank staff members should improve the working atmosphere for the customers’ conveniences; attend quickly to customers whenever issues arise with their account, and show empathetic ability in order to satisfy the customers.

VL  - 12
IS  - 2
ER  -

Copy | Download