Identification of drivers of client satisfaction and loyalty in banking industry

The aim of this paper is to identify key drivers of satisfaction and loyalty among the bank clients. The data has been collected by means of a questionnaire. The following statistical analysis has been applied: descriptive statistics, analysis of variance, factor analysis and multiple regression analysis. The results indicate that service quality, bank image and client trust are significant drivers of satisfaction. On the other hand, client satisfaction has been stressed as the most important driver of client loyalty. Statistically significant influences of bank image and client trust on client loyalty have also been confirmed. The results of the undertaken study can help bank managers in recognizing factors that need special attention in designing the strategy that targets long-term relationships with clients. The originality of the research lies in the fact that few studies implemented in the Western Balkan region were focused on identifying the factors that affect satisfaction and loyalty of clients in the banking industry. The confirmation of the significant impact of client trust on satisfaction and loyalty is particularly valuable. Specifically, trust as an independent variable can rarely be found in satisfaction and loyalty measurement models applied in North America and Europe.