Impact of Motivation Customer as Essential Tool in Financial Institution in Oman - Research Paper Example

Impact of Motivation as essential tool in financial in Oman Table of Contents ACKNOWLEDGEMENT 2 3 CHAPTER ONE: INTRODUCTION 4 CHAPTER TWO: LITERATURE REVIEW 7 CHAPTER THREE: RESEARCH METHODOLOGY 11 CHAPTER FOUR: DATA ANALYSIS 13 CHAPTER FIVE: SUGGESTION AND RECOMMENDATION 20 CHAPTER SIX: CONCLUSION 22 QUESTIONNAIRE 25 ACKNOWLEDGEMENT My first appreciation and thanks goes to Allah Almighty for the strength, power, and health He granted me during the period of writing this paper to its completion. I would like also to thank my financial manager for his unyielding financial support he granted me during this period. My sincere gratitude also goes to my supervisor for his professional guidance and advice he offered me during this time. He was a great source of motivation to me and an encouragement in the completion of this work and his timely feedback were critical to my work. Last but not least, I wish to thank my family for their encouragement and provision of their sincere economic, physical and emotional support. Without these people this work would not have come to a smooth completion. May the Almighty Allah bless you all and protect you. ABSTRACT Research findings have potent that customer motivation is an essential ingredient in the performance of a financial institution all over the world. It has been shown by business research that well satisfied customer’s guarantees at least 2% increment in business profitability by the end of every trading year. Customer satisfaction reduces the cost of business operations on advertising by over 5% every year according to research findings. This is because a satisfied customer is an advertisement to a business by itself. This research study is aimed at finding the motivational tools used by financial institutions in Oman in achieving their financial goals. The objective of this study is aimed at aiding in the evaluation of customer motivation techniques among Oman banks and other financial institutions. It focuses on the influences of these motivations to the achievement of these institutions goals and objectives. Business experts have agreed to the fact that businesses that invest in customer motivation more often than not makes high profits than those that do not. Over a long time financial institutions have adopted the idea of treating customers as assets. This has therefore necessitated the need to measure the value of the customer and the value customer by financial institutions. This also has provided several institutions with the need to identify opportunities for the growth of the customer value and the return of investment on customer base and loyalty to an institution. Such findings often are seen as the basis of employee actions in the creation of the values that attracted and increased the customer base in an institution. The achievement of such objective requires the development of appropriate incentive structures to the customer in value creation. Key words: customer motivation, Oman banks, Insurance Company, opportunities loyalty. CHAPTER ONE: INTRODUCTION The study of organizational behavior has incessantly tackled the issue of motivation and its relevance in organizations as a whole. The majority of findings from such studies have displayed a universal manifestation of the importance of motivation in the achievement of organizational goals and objectives. The study here is aimed at providing additional information to the study of organizational operations relating to motivation and effectiveness of the organization. The study establishes the relationship of customer motivation and the performance of an organization (Abdul, 2008). Motivation is also seen as a function of compensation and incentives. The need for multiplying the number of customers with the cash flow per customer results to the stability of the financial institution. The consideration of customer lifetimes enables for the estimation of long term values of customers. In the current financial markets, the key measurements of investments are retention and acquisition expenditures per customer. The distinction between acquisition, retention, cross-selling, and customer recovery activities is of essence in the analysis of customer motivation(Abdul, 2008). Over the decades, the Oman financial institutions have put up strategies which were product and transaction oriented. This strategy resulted into profitability focus on a transaction with a customer instead of a long term customer relationship. This led to poor customer performance which resulted to poor customer-institution relationships. This has resulted into adoption of customer relationships orientation values by the financial institutions in Oman. “The paradigm shift has been triggered by studies that have shown that a customer relationship orientation can greatly improve the overall profitability of an institution” (Bajaj, 2009). Current financial institutions in Oman are expected to put clear distinctive benefits for operating customer orientation procedures. Customer management has been seen as the marketing practice that aims at the implementation and profiting from a customer orientation theory. The management of customers is focused on the way it aids in customer retention and its aim in increasing the customer lifetime value and equity as well as the aggregate estimation of the life time value of present and prospective customers. The management approaches in the link between the customer and sales channels is of crucial benefit in the motivation of customers (Bajaj, 2009). The management of multiple marketing and sales channels has presented financial institutions with confusing array of choices and operational challenges. Decomposition and standardization of customer buying cycle provides the basis of developing decision support tools in management of customer-seller relationships. Support tool for decision provides the capacity to increase decision quality, and optimize customer management decisions and expand the industrialization of relationship in the financial institutions in the industry (Coltman, 2010). The discussion on whether strengthening customer loyalty in a financial institution can enable an institution to gain financial stability has resulted into mixed feelings. As a result, institutions have added a multiplicity of channels with the hope of increasing customer base. The ability of institutions to command a large and loyal customer base would mean the strength of an institution in the industry (Coltman, 2010). 1.1 Aim/Purpose of the study This research aims at understanding, evaluating, and analyzing effects of motivation of customers as an essential tool in financial institutions in Oman. The study is trying the find out whether there exists a correlation between customer satisfaction and institutions performance. 1.2 Objectives for the study To investigate the customer motivation techniques in Oman banks and insurance company To determine the factors that increase customers’ motivation in Oman Banks and Insurance co. To examine the benefits of customer loyalty to Oman banks and insurance company. To analyze the relationship between Oman banks and insurance company growth and customer motivation 1.3 Rationale of selection of topic A major attraction in the Oman economy is the tax-free income. Opening and running a bank account in Oman has become easy and an efficient activity. The paradigm shift to a customer-focused view from a product-focused view is an indication of institutions has to put consideration for the needs of their customers as a priority. The achievement of a competitive advantage in an organization requires the adoption of customer centered ways of conducting business (Corner, 2009). Such techniques adoption of entails risks and uncertainties that may hinder the success of an institution. Recent analysis have shown that there has been an increase in growth of business needs that has led organizations in developed countries to adopt customer oriented business actions. However, in light of modern concepts of business competitiveness which is a characteristic of Omani business, the adoption of customer motivation is considered important especially in the financial institutions (Corner, 2009). Given the significance of financial institutions in Oman and its impacts on many sectors, it is important to analyze the effectiveness of this sector in relation to the services to the customer. The importance of financial institutions in an organization cannot be overemphasized and as such, it is important to understand the operations of the institutions in the financial sector (Darke, 2011). CHAPTER TWO: LITERATURE REVIEW The quest for customer satisfaction has become an important issue in service industry. In recent years, services of banks and other financial institutions have changed their orientations, environment, rules and operations worldwide. Bankers have identified of increasing customer base and limiting customer defection. Bankers in Oman have not only focused on customer satisfaction but have also in customer retention in the long run (SBFI 2009). Customer satisfaction is an important function of the performance of a financial institution. When the customer’s desires are satisfied by the service provider, the result would be customer loyalty. It has been shown that it is difficult to alter customer perceptions in short term retaining them in long run (SBFI 2009). Financial institutions have to take steps in building relationships with customers by providing awareness on various transactions that are of interest to the customer. The customer of today has become more aware of the kinds of services they expect from the service provider and will not hesitate to shift to another service provider in case of dissatisfaction. As such customer motivation has become an important element of the banking strategy in the increasing competitive financial institution (Darke, 2011). There has been an increase in the concentration of factors of performance of an employee, friendliness, professionalism, level of knowledge, communication, willingness to solve problems, and sales skills in the banking sector. Customer satisfaction has also been increased through bank rates, policies, and locations of branches. The competition in the market today has increased among the bankers and even non-financial institutions. This has called for an increase in customer bank relationships besides the provision of superior services (Darke, 2011). The Oman Arab Bank SAOC, a member of Arab Bank Group had a strong influence and presence in the Sultanate of Oman. Its establishment was on 1st October 1984 as Joint Stock Company has seen its tremendous rise in the customer loyalty and base due to superior services it offers to them. It acquired its operations after by establishing and buying branches of Arab Bank; Plc., Jordan which had operated in Oman from 1973.The operations and expansion of bank was further escalated through the acquisition of major retail branches of Omani European Bank in 1992. Currently the Arab Bank Plc holds 49% share while Omani Investment Company holds 51% of OAB. Currently the bank operates through a network of 50 branches with a staff head count of 750. It offers a range of services from trade, corporate banking, finance, and investment banking retail banking. It offers technical and managerial services by an agreement of the management. It has access to network of Arab Banks with 450 branches international in 40 countries (Davids, 2013). The impacts of investments in customers by these institutions in customer’s mindset metrics through brand perception and word of mouth are measured by the level of customer satisfaction. The focus on key customer metrics by financial service institutions is based on the need to multiply the customer base.The institutions develop models to measure and analyze the interdependence among the key customer needs. Customer motivation has been found to be a function of customer loyalty. It has formed an important element in the banking strategy in the current competitive financial market. Several financial institutions have developed the strategic work plans aimed at hoeing and maintaining a stable customer base (Ebner, 2010). Today many banks across the world have tapped into the robust and active social media platform in order to enable interactive and frequent contacts with their customers. Through this they are able to collect substantial information in regard to customers’ needs and attitudes. A common belief is that customer satisfaction should lead to higher profitability may not hold water. It calls for the understanding of interactions between different customer attitudinal matrixes. The emergence of financial intermediaries on electronic credit marketplace has placed a challenge to bank’s traditional consumer credit business. As such these measures have ensured the increase of customer belief and trust in these institutions. On these markets, financial intermediaries have emerged as leaders of groups performing functions of commercial banks including risk evaluation and analysis. This has led to the operations of competitiveness in the management of customer base and loyalty(Wright, 2011). There has been an increase in the lending market place for private customers as an additional customer’s attraction effort. The examination of whether this market place adds to customer motivation is under consideration in terms of customer base growth. Applications and technologies considered as “Web 2.0” spreads on the internet with an upsurge on retail banks have begun to influence customer relations. There has been an increase in customer acquisition through affiliate programs which enhances the effectiveness of affiliate marketing for customer acquisition. Affiliate-programs have effectively used the network to refer customers to various bank’s website where they can get quick help and answers to their problems. The increase in information flow between the institutions and their customers has increased customer motivation through trust building and quick service provision (Parimal, 2011). The need by firms to increase productivity and efficiency in service provision has led to expansion knowledge in the area of motivation over the years. Scholars have developed keen interests in trying to find out the factors responsible for stimulating the will to customer loyalty.Motivation as a result has become an important issue of concern for scholars, practioners, and personnel managers. The orientation of every institution is towards a goal and all efforts are therefore channeled towards the achievement of the goals. Service provider’s institutions’ major goal is the attainment and satisfaction of the customer. Banks and insurance institutions all of over the world have continued to put in place mechanisms that will enable customer attraction and retention in there institutions (Parimal, 2011). Financial institutions in Oman have increased their innovations into products that fit both international and local customers. In the banking sector it is acceptable for any person both foreign and nationals to obtain bank products and have an account so long as one has the recommended travel and stay documents. They for provide their services in a multilingual basis thereby increase their customer base and attraction. It has been documented that for any institution to have any degree of meaningful success in pursuit of its goals and aspirations, it must possess an ability to create motivation enough to provide incentives to the loyal customers. Such motivators do come in various forms to both employees and customers such as good training policies, provision of incentives, status symbol, and promotion (Rajeev, 2009). Environmental, institutional, and individual changes should be put in mind while implementing motivational tools. This therefore calls the urgency, flexibility, and dynamics in the application of such tools. When applying motivational tools both staffs and customers should be taken into confidence, subordinates should be respected and honored; workers should be equipped with the right tools for proper provision to the customer. The institution should be keen to avoid personal and demoralizing influences since they disrupt the creative potential of employees resulting to poor customer service (Mathauer, 2012). It has been noted that the biggest fear in the business world is fear of change and not the fear of the unknown. Institutions should prepare for change in there actions and service provisions to their customers in order to be inconformity with the current changing trends in customer needs. Due to stiff competition, there has been an increased need for customer retention in financial institutions and as a result these institutions have facing and conforming to the inevitability of change. It has become a common practice in these institutions to renew everyday their approaches to customers in order to remain relevant and competitive (Wright, 2011). Banks and insurance institutions have today put in place human resource development training systems geared towards the understanding of a customer. They have employed various practices including; training and development, selection, job rotation, job analysis, performance appraisal, job enrichment, job evaluation, and merit rating. All these are for reaching the ultimate goal of customer satisfaction in terms of employee service provision through employee workforce revitalization. It has noted that in order to motivate customers, first employees must be motivated since it through them that the customers are served. Therefore, apart from training and wage allowance increases for employees, they should also be allowed to be their own bosses. An institution should adopt positive motivational tools as part of its culture for its employees. The workforce cannot be motivated by delegating responsibility alone, Authority and responsibility should be delegated as well (Mathauer, 2012). It is therefore held as true the argument of Douglas McGregor that, “The human side of enterprise is all of a piece and the assumption management holds a bout controlling its human resources determine the whole character of the enterprise.” This implies that the success of an enterprise is a function of customer loyalty and customer base level as such it behooves institutions to ensure customer satisfaction as a means for customer retention through motivation. Accumulation of knowledge on methods of customer satisfaction has led to the shift in managerial practices towards customer orientation (Rajeev, 2009). CHAPTER THREE: RESEARCH METHODOLOGY The study method involves the use of questionnaire and interview. This will ensure the determination of the level of motivation among the customers in the Oman financial institution. An interview will be scheduled for the manager deliberately implements customer satisfaction strategies. The secondary sources from the print media will be used to obtain the data of the influence of customer motivation on the performance of financial institutions in Oman. 3.1 Data Collection Primary and secondary data will be main sources of information used in this study. Primary data will be obtained by interviewing customers on the reasons for their loyalty to some institutions and their motivations. Managers will be interviewed through questionnaires which will be structured and the questions will be given on the mail for uniformity. Customer interview will be done on a face to face basis. A long with quantitative data, qualitative data will be collected by interviewing the managers of financial institutions to know the future prospects of customer motivation and retention in their institutions. The questions will be based on the current motivational tools being used in the wider market of banking and insurance. In addition, interviews will aid decode the information from managers and determine whether the results arerealistic in the real outcome. The data collected will be analyzed in order to determine effective means of customer motivation that have worked in different institutions. It will also aim at analyzing the impact of customer loyalty and motivation in the performance of a financial institution like banks and insurance service providers in Oman. The data from face to face interviews of customers will be used to measure the influence of institutional models of operations on the customers’ attitudes and mindsets towards the institutions. 3.2 Tool Analysis The statistical tools for analysis that will be used to determine the relevance of these study findings will be Statistical Package for Social Scientists (SPSS) new version. This is because of the relevance of these tools in the measurements of central tendency; mean, mode, and median. Measures of dispersion such as; standard deviation on customer behavior, correlations, as well as the variances, (Statistical tools like correlation, T-test,) 3.3 Limitation of Data The limitation of the study is that the data collected will be considered in absolute terms and the reactions of customers in an interview cannot be considered as absolute truth. The secondary sources of data used may not represent the actual situation in the current market trends. They may not therefore give the correct trends of customer and institutions relations. A customer is a dynamic business stake and is prone to change with changes in the market place and for that reason the results in this research may only be relevant for a short while depending on the rate of changes in the market place. CHAPTER FOUR: DATA ANALYSIS Summary analysis Data on comparisons for the bank’s withdrawals and deposits, owners’ equity, assets, credits, ROD, ROA, ROE and was found to posit an impeccable importance in the analysis of the hypotheses in the study. The overall deposits in the entire local commercial banks since 2001-2007 and there rate of growth on withdrawals and deposits were provided as in table 1. Here the overall customer activities on the financial institutions were regarded as a gauge in the determination of customer loyalty and satisfaction leading to the success of the institutions (Anderson, 2000). The average total deposits for various banks and financial institutions in Oman were found to be a representative indicator of the influence of customer activities on the performance and growth of these institutions. The levels of account openings and asset deposits represented the key determinant for this study analysis. It was found that various institutions represented different divers’ means of customer retention and attraction. The table above indicates the rates of growth of Bank of Muscat (BM), (NBO), Oman International Bank (OIB), and National Bank of Oman is 21%, -25.0%, and 5.8%, respectively. The total credits, credit growth rates, and average of credits total during 2008 - 2012for the bank is represented in table 2. In the table, the OIB bank is lowest in credit rate of growth in 2012 compared to 2008. It was clearly shown that the BM institution is the highest in total credit average while the AHB had the lowest total average credit. However, the financial institution with the highest average total credit growth did not imply having the highest average of total credits. On the basis of the total average on table 2; the financial institutions ranking would appear that BM is the first, NBO is second, and OIB, AHB, and BD following each other (Kamakura, 2002). The determination of the effects of customer satisfaction on financial institutions was a function of ranking of these institutions on the basis of their activities and profitability ratios. The table is showing that, Muscat Bank emerged first one in total transactions of deposits, assets, credits, and equity on shareholder. On profitability performance (ROA) it was found that it ranked forth position since it works as a specialized institution in Oman in the service to customers which enhance customer satisfaction. This study involved two null hypotheses: the initial one stipulated that there was a negative correlation relationship between satisfaction of customer and financial performance in banks, insurance and investment companies in Oman. The second hypothesis assumed that there was no impact on operational efficiency, corporate size, and asset management on the performance of financial institutions in Oman. The hypotheses of this study were tested using correlations and analysis of variance. These were measured using the Return on Asset (ROA) ratios, income size of interest, and the non-dependent variables (operational efficiency, asset management, and bank size). Analysis on the average secondary data on all variables between the periods of 2003-2007 as in table one, correlations together with analysis of variance were adopted in the calculations to determine the influences of dependent and independent variables on each other. The correlation analysis results between independent variables and dependent variables (institutional performance and customer satisfaction) established that there occurs a strong positive correlation of (+ 98%) on the relationship on customer satisfactions (the operational efficiency) and institutions financial performance. There is also a moderate positive correlation relationship of +56% between return on interest and financial institutions size. There exists a substantial positive correlations relationship between financial performances (interest on income size) and the independent variables having a correlation relationship coefficient at +39.5%, 40%, and 89%. Table 2, shows the summary results for the test of the hypothesis that customer satisfaction presents a positive correlation to the performance of a financial institution in Oman. The rule of testing of significance was to accept the alternative hypothesis if the level of significance was below 0.05. As such, appositive impact occurs due to customer satisfaction (independent variables) on financial institutions’ performances in Oman (Kamakura, 2002). It is authentic from table 2 that F. Sig Values of .037 and 0.17 are less than the significant level of 0.05 of significance. This therefore makes the hypothesis that there is an impact of customer satisfaction (in terms of bank size, asset management, and operational efficiency) to the financial institutions true and acceptable. Interview Survey Outcome The results obtained above were found to be in line with the outcome of the interview which was conducted through a face to face administration of a questionnaire to both customers and managers of financial institutions. It was found that over 60% of the customers interviewed had more than one bank account with the Oman banks and frequently sought information of invests from insurance companies and investment institutions. Over 50% of the customers had trust on the banks repositioning strategies on the provision of customer focused services. While the institutions managements had a strong focuses on customer satisfaction and loyalty. Accessibility was found to be a key in customer retention and institutions performance. This was shown on the institutions’’ rapid focus on branch increments and access of new market areas within the Omani financial sector. The survey showed that each institution had at four to branches in the major cities of Oman. CHAPTER FIVE: SUGGESTION AND RECOMMENDATION Limitation of study The major limitation of the study is the overreliance of the secondary data on the analysis of findings in the study. The major part of secondary data used had been in existence for quite some time and may not provide the true picture of the situation as pit in the current environment of financial institutions. Even though the date was obtained from reliable sources such as the financial statements of the institutions for the last half a decade, they may not reveal the current realities due to the continuing changes in the business sector. However, the findings so far obtained can be used to deduce some useful inferences on the operations of these commercial institutions in Oman (Jones, 2005). The study may be able to provide some contribution towards filling certain gaps which may have been not covered in the literature. Its findings can add to the body of literature that is already in existence to provide the basis upon which future studies will be done. The practicality of dimension posits that the study provides the commercial institutions decision makers with the basis to focus on major commercial activities of financial institutions. The information enables the management of commercial institutions to create recommended financial strategies for attaining the necessary stipulated performance. Analysis of data in the study revealed that commercial institutions in Omani according to the basis of their assets, deposits, credits, and overall shareholders’ equity puts the Bank of Muscat as the number institution in terms of performance and achievements. This is because of the high standards of specialization that the institution has embraced and implemented making it the best in terms of customer preference. As such, it leads to the agreement with the fact that customer retention is an important ingredient in performance and growth in an organization (Reichheld, 2004). The study has shown that there occurs a strong positive correlation between customer loyalty and success of an organization and as such, institutions should embrace the initiative of ensuring customer satisfaction through increased specialization that would ensure that would increase customer service and satisfaction. Examination of the impacts of predictors by the study on financial performance of Omani financial sectors of banks, insurance and investments institutions showed a positive relationship on correlation between performance and customer loyalty. Regression analysis indicated financial performance of these institutions to be strongly and positively determined by the asset management, bank size, and operational efficiency of these institutions. These were further proven by the correlation analysis of the study variables which also showed a strong positive trend. All these results from the study were an indication of the need of employment of the operations that encourage customer loyalty and through customer satisfaction on the services provided by the institutions (Rucci, 1998). This study has explored the relationships among customer satisfactions, loyalty, and institutional financial performance in the context of commercial institutions such as banks, insurance companies and the investment companies. Service to consumers was found to have a big impact on company’s stability in the business environment. The study revealed that institutions that have invested on efficiency on customer service had better financial performance than those that had not embraced customer service through specialization. As a result, it was observed that customer satisfaction was strongly correlated with revenue among the Omani financial institutions. The relationship between financial performance and loyalty positively correlated. The results of this study therefore endorsed the conclusion that customer loyalty and satisfaction is an important of an organizations’ success. Therefore, it is recommended that, institution of commercial nature need to nurture the habit of customer satisfaction by employing many different approaches such as specialization. Specialization enables customer satisfaction through the provision of professional services that attracts the customer back in the organization. As it had been said, the success of any business depends on the ability of the organization to attract and retain more customers who are able to continue their operations with the organization as long as they can through asset investment and borrowings from such institutions (Johnston, 1995). The study result therefore provided a fundamental recommendation that companies should build on their own models to enable customer satisfaction which is only one of the ways of increasing financial performance. Moreover, these institutions must determine how each defines customer satisfaction with respect to their niche of operation in the financial industry. The employee attitudes towards customer must be improved since it counts for 40 and 80 percent customer satisfaction and loyalty. Customer-employee relationships portray a different view on the company to a customer and as such, organizations should emphasize on employee satisfaction as means of achieving customer satisfaction. CHAPTER SIX: CONCLUSION Now, more than ever, organizations have come to potent with the fact that, they need to engage customers by determining how they would like to be served. Rapid changes in the market, technological disruption, and availability of opportunities have necessitated the reexamination between organizations connections to its consumers and their satisfaction. The focuses on the reigning financial indicators have been found to be a function of customer satisfaction and loyalty(Fredericks, 2001). In order to emphasize on improved financial performance and gain a competitive advantage, organizations must focus on customer satisfaction and loyalty. On average, 39% of employees’ satisfaction leads to customer satisfaction and as a result, it is important for organizations to focus on customer loyalty by ensuring that their workers are equally satisfied in their work stations and with their leadership styles. The majority of studies posit that organizations’ performance is strongly influenced by customer satisfaction. It has been suggested that of the things an organization can do impact customer loyalty is the focus on the day-to-day customer employee interaction through the provision of an effective customer care channel that emphasizes on the provision of customer needs and enhancing customer-employee interaction (Bernhardt, 2000). The existence of a positive correlation in customer loyalty and performance of an institution provides a fundamental basis for the adoption of activities by organizations that would ensure sustainable growth and development in industry of their operations. Therefore, it is important for the organization managers to understand and orient an organization towards activities that would enhance their financial performance. This can only easily be achieved through the provision of services that would foster customer satisfaction and loyalty. As such, customer satisfaction and loyalty are very important for the growth and development of an organization’s financial and physical growth. REFERENCE Anderson, E. W. and V. Mittal (2000). "Strengthening the Satisfaction-Profit Chain." Journal of Service Research. London Publishers. Bernhardt, K. L., N. Donthu, et al. (2000). "A Longitudinal Analysis of Satisfaction and Profitability." Journal of Business Research. Chicago Press. Fredericks, J. O. 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Mathauer, I., &Imhoff, I., (2012) “Staff Motivation: The Impact of Non-Financial Incentives and Quality Management Tools, A Way to Retain Staff?” Accessed 02 June 2010, from http://www2.gtz.de/migration-and-development/download/mathauer.pdf SBFI, (2009) “State Board of Financial Institutions Annual Accountability Report – FY 2008-2009”,http://www.scstatehouse.gov/reports/aar2009/r23.pdf Wright, B., (2011) “Public-Sector Work Motivation: A Review of the Current Literature and a Revised Conceptual Model”, Journal of Public Administration Research and Theory, Vol. 11, No. 4. QUESTIONNAIRE SECTION A: CUSTOMER 1. Do you hold any bank account in Oman with any of these financial institutions?(A) BM--, (B)AHB--, (C) BD--, (D)NBO--, or(E) OIB--. 2. Why do you prefer that banking institution you are having an account with?(A) Quick service--, (B) Convenience--, (C) Affordable interest rates--, (D) Financial advice--. 3. Are you happy with the services they provide you with? YES NO. If yes why? (A)Reliability (B) Customer focused (C) Good employees 4. How frequent do you visit the bank to deposit or withdraw in a month? ONCE, TWICE, THREES, 5. What does your bank do to you that makes happy? 6. Given an opportunity to open an account, which bank would you chose and why? 7. A part from depositing and withdrawing money, what else do you in the bank? 8. Does your bank engage you in community activities? YES, NO. If yes, how often? (A) Every week (B) In every fortnight (C) Once a month (D) Once a year 9. What would you like your bank to do that they haven’t done yet to the customer? 10. What do you consider motivational that your bank has done to you? SECTION B: MANAGER 1. What is the total customer base in your bank? 2. On average, how many new customers join your bank on monthly basis? 3. What initiatives have you put in place to ensure customer retention? 4. Is there a positive relationship between profitability and customer base? 5. How often do you offer community services to your customers? (A) Every week (B) In every fortnight (C) Once a month (D) Once a year 6. 7. What measures do you employ in ensuring customer satisfaction in Oman? 8. In this City how many branches does your bank have? 9. How often do you bring on board new employees to your bank? 10. In terms of customer base and profitability, what position do you think you hold in Oman? 11. What are your future plan for your bank and customers? Read More