A Study on Effectiveness of Customer Retention Strategies Factors in Banking Sector

Abstract

Competition among banks is fierce, and non-banks and other financial firms are also majorrivals. The problem is that it's really simple to replicate a financial product, and in the end, they allessentially do the same thing. Customer retention is a wide and complicated notion, and it is possible thatmany factors contribute to it. This paper study Customer service quality, customer happiness, switchingcosts, customer relationships, trust, and bank pricing were among the few determinants of customerretention that were examined in this study. India has a highly competitive banking sector thanks to theexistence of public, private, and international institutions. banks, faced with an increasingly competitivemarket, are implementing strategies to keep as many of their current clients as possible. Keeping currentcustomers happy is crucial in today's cutthroat business climate. The bank has to go above and beyondits basic functions to provide its clients a satisfying banking experience.