IMPACT OF CUSTOMER SATISFACTION ON PERFORMANCE OF DEPOSIT MONEY BANKS IN F.C.T, ABUJA, NIGERIA

Globally, Deposit money banks (DMBs) play a great role in employment creation, income generation and economic growth. However, in Nigeria DMBs are faced with a number of factors including socio-cultural factors (SCFs) which hinder their customers satisfaction. This study assesses the impact of customer satisfaction on performance of deposit money banks in FCT. The study was conducted in FCT Abuja region employing cross-sectional and case study research designs in which 15 DMBs were surveyed using secondary data. Data were analyzed using descriptive statistics and binary logistic model. Findings show that The best measure of customer satisfaction is growth in the customer base of the bank which has significant influence on their ROE. In the Nigerian environment, where most customers do not know or exercise their legal rights, profit level may not be a sufficient parameter for measuring customer satisfaction. Internally, each bank should establish the deliverables and these should be made known to the customers and staff. Where the bank falls short of its deliverables, it should review its operations and systems. Conversely, They should demonstrate in their promises and conduct that the bank is indeed a friend of the customer. Customers should be made to have value for their money. Banks should match price with service quality. Regular visits are needed to reassure the customers of the bank’s preparedness to serve the customer better. Efforts at continually improving services should be communicated orally and in written form to the customer. The study generally concludes that . Each bank should be prepared to commit resources to providing excellent customer services that would reduce complaints to the barest minimum. Finally, It is recommended that the any winning bank is the one that makes customer satisfaction its top priority.