A simulation model for customer retention and product innovation in banking sector in Uganda

Abstract

The impact of customer retention enquiry scale on brand value of Indian banking sector. The data were collected from 500 customers selected of five nationalized banks (State Bank of India, Punjab National Bank, Industrial Credit and Investment Corporation of India, Housing Development Finance Corporation, and Jammu and Kashmir Bank from Jammu City). Hypotheses were tasted through structural equation modeling technique. The study revealed that customer retention strategies which include loyalty and affinity schemes, special treatment benefits, customer feedback survey, courtesy system, and content marketing play a significant role in retention equity. A positive and significant impact of retention equity on brand value and its dimensions brand loyalty, brand association, and brand awareness was also found in the study(Chahal et al 2017). Innovation has been recognized as one of the most important drivers of competitiveness in organizations. Customers can now conduct banking transactions anytime and anywhere in the world without physical presence at the bank counters (Agolla et al 2018).