Essay: Customer Perception In Australian Banking - Analysis

What are the main factors that determine the perception of the customers in the Australian Banking Sector?

How do the Australian banks influence the choice of the customers?

What are the issues that cripple the banking services in Australia?

Overview of Australian Banking Industry

The title of the following Research is “Analysis of Customer Perception in Australian Banking Sector”.  The following title exactly describes the Research as it is totally linked with the discussion and the analysis of the customer perceptions to the banking service accordingly. 

The following Research deals with the customer perceptions in the Australian Banking industry. The perceptions of the customer are one of the most important considerations in the successful running of the bank. Therefore the maintenance of a proper service is utmost important to the banking business. The prevalence of service failure in the retail services settings and the growth in the importance of the following service sector of the world economy points out to the need for a clear and transparent understanding of the role of the following industry about the modern day competitive market (Amin, 2016). The Research provides an in depth analysis of the perceptions of the customers towards the services provided by the organization and analyze the factors that are responsible for enabling the success and also the factors that generally leads to the degradation in the service quality. The Research starts with the background of the banking industry of Australia and progresses accordingly with the maintenance of an efficient format. The Research also presents a statistical result of the findings that are generally derived from the results of the different Reponses or the secondary sources. The methods on the process to determine the results of the following Research have also been highlighted in the following Research (Ali, Kim & Ryu, 2016).

The banking sector of Australia is one of the most developed in the Asia Pacific regions. It forms the greatest part in the financial system of the island continent. It contains around 55% of the assets of the different financial institutions of Australia. There are four different banks in the island continent which enjoys the status of the major banks. These are namely Commonwealth Bank of Australia, Australia and New Zealand Banking Group Limited, Westpac Banking Corporation and the National Australia Bank limited. Most of the banking business in the country is dominated by all these banks. Apart from this there are subsidiary banks of these large scale firms which also enjoys an efficient market share. Apart from this the presence of domestic banks like Bank of Queensland and the presence of Foreign banks like HSBC Bank Australia Limited, ING Bank fulfill the total banking sector of the country. Apart from this there are also branches of different kinds of foreign banks in the market which have the license to conduct their business in the country. As said earlier the Research is based on the identification and analysis of the perceptions of the customers in Australia towards the services of the bank. The long term survival and success of the different kind of organizations depends on the high quality of products and providence of high value for the products and services that are offered by the management of the organizations (Ali, Kim & Ryu, 2016). The positive consequences of the companies to achieve a high level of customer satisfaction and service quality are quite well documented. Service Quality is one of the most critical issues in the service industry and also of a particular importance to the financial service providers like the banks of Australia. The success of the banks has been generally associated with the providence of unique and quality services that displaces all the other kinds of services provided by the competitors in the market.

Importance of Customer Perceptions in Banking Business

Customer perception in banks can thus be described as the marketing concept that generally encompasses the impression of the customers, their awareness to the policies, products and different types of the other services provided. Therefore the following term in simple words can be described as the thinking that the customer or the potential customers generally have in their mind(Baker&Sinkula, 2015). The management of the different banks in Australia generally spends a lot to ensure the presence of customer perception towards their business. Running advertising campaigns, promoting their banks through efficient channels, promoting unique deposit services and most importantly helping out the customers in their needs are some of such factors that help the organization to be at their very best (). The management of large banks of Australia concentrates on some general principles like listening properly, advising properly, communicating properly and most importantly using the social media channels effectively to attract more and more customers towards them. The Research will serve a vital source of information regarding the determinants of customer satisfaction and also the methods and processes on how to attain the same (Baker&Sinkula, 2015). The presence of the customer satisfaction will facilitate the sustainability of the business in the long run.

The globalization of the banking industry in Australia has been a boon for the world. Australian banks too have adapted to different kind of techniques for globalization. Despite the high level of penetration of banking services especially digital banking services in Australia, the customers still face different kind of problems which is an area of concern for the management of these banks. Most of the customers generally like to address their issues to the bank by facing the bank officials personally with face to face interactions. Thus they like to visit the nearest bank branches and meet the representatives of the bank to solve the issues. However the digital transformation of the banks has reduced the workforce in the banks and most of the banks present in Australia are doing away with such posts and in turn pursuing the customers to adapt to the digital ways to solve the different problems. Thus the existence of such problems can have a negative impact on the perceptions of the customers of the following bank.   

The main idea of the conceptual framework depends on the five different features that determine the customer perception in the Australian Banks. Assurance, reliability, tangibility, responsiveness and empathy are these five different dimensions of the customer satisfaction. The combination of all these 5 different dimensions determines the service quality presented to the customers by the organization and then ensures a better quality perception of the banks. The conceptual framework has been discussed in detail in the literary review of the following assignment.

In any Research or research the problem is constructed after a proper review of the literature that is directly related to the problem. It is also similarly useful to probe into the earlier research works on the same subject or the same topic. The following Research has included a number of contents from the study done on the customer perceptions of the Australian banking industry (Balmer & Chen, 2017). The reference has been taken from a large number of journals, books, online sources and many more as such. The literature review in this particular Research has used a number of different aspects related to service quality in retail banking, customer loyalty as well as customer satisfaction along with the different types of relationship among them as populated by the different kind of earlier researchers as described. 

Determinants of Customer Perception in Australian Banks

As mentioned earlier, customer Perception is believed to be the most important outcomes of the marketing activitities of the financial institutions of Australia.. It helps in the linking up of the processes those results in the consumption and purchase and post purchase phenomenon such as attitude range, repeat purchase and brand loyalty. Different researches on the term Customer satisfaction provide different inferences. However, all such researches establish the same idea that the absence of customer satisfaction spells doom for the business(Bansal & Taylor, 2015). According to, Belás & Gab?ová (2016) the satisfaction is supposed to be the response of the customers to and evaluation of the perceived discrepancy between prior experience and the actual performance of the product and the services of the organization. Customer satisfaction can also be classified as the post purchase evaluation of the product or service quality by measuring and comparing the same with the pre purchase expectations. The definitions of the customer satisfaction provide a clear and transparent idea about the term and help the customers to get a better concept of the following.

The notion of the quality of service provided by the banks has become increasingly important because of the increase in the service quality of the different kind of service industries. The quality of the service available in the service industries acts as a main determinant of market share, return on investment and also acts as a source of reduction of the cost (Belás & Gab?ová, 2016). There are a number of different types of dimensions of the quality of service that are provided by the banks in the industry. The two main service quality parameters are namely Technical Quality and functional Quality. Technical Quality is said to be “What customer receives as a result of the interactions with a service firm”. apart from this the five different attributes related to the dimensions are namely identified employees, technical ability, knowledge of the employees, Technical solutions, computerized system and the machinery quality. Many researchers researching in this particular topic has defined functional quality as the way by which the technical quality is transferred and has identified behavior, attitude, accessibility, appearance, customer compact, internal relationships, service-mindedness as seven of his different attributes.

The banking industry in Australia like the other banking sectors of the different countries has a mass service based completely on the retail banking. The mass service industry has a very low degree of variation in customer interaction/customization (Davcik & Sharma, 2016). The mass service firms face several challenges which include the problem of making the services provided by the Australian Banks warm or responsive in nature.  The banks also face problem while attracting or retaining customers by paying attention to the physical surroundings. The following firms are also faced with the task of service classification. On the other hand the developed a multi dimensional instrument or strategy to measure the customer perceived quality as a starting point and then adding different items that was extracted from a qualitative study commissioned to establish quality service standards as a particular irative process and identified conducts of the staffs in the bank (Ding et al. 2014). The differences in the selection criterion for the retail banks with respect to the basic demographic factors can be another source of study(Davcik & Sharma, 2016). The study has found out the quality reputation of the selected white collared households along with the modern facilities and location, greater importance to the interest rates of the banks in Australia, opening and closing hours of the bank branches, number of the staffs in the branches of the bank and the friendliness of the staffs. The bank choice of the staffs is totally based on the particular ethnic, sex equality, cultural or the religious context of the Australians(Ennew, Binks & Chiplin, 2015). Customer satisfaction is generally considered to be the most important competitive factor for the future and will be the best indicator that will act in the profitability of the business organization. This also further suggests that customer satisfaction will drive the firms to improve their reputation and image and to reduce the turnover of the customer and increase their attention to the needs of the customer. The Australian banks needs to be at their very best to ensure the presence of customer satisfaction and maintain an effective and smooth business (Ding et al. 2014).

Challenges Faced by Australian Banks in Maintaining Customer Satisfaction

The measurement of customer satisfaction cannot be completed until and unless the dimensions that affect the customer satisfaction levels in the banks are discussed properly. Different type of the researchers has found out that the different banks have their own ways of satisfying the customers. The dimensions affecting the customers in the Australian retail banking sector has been studied by Hao et al. (2015). The study has presented a structured questionnaire to the respondents of the research and the following set was administered by the faculty members who are workers of the bank. The dimensions that have the ability to affect the customer satisfaction levels in the Australian banks were studied by Hinterhuber& Liozu(2017). The following study was conducted using the survey method. The major findings of the study showed that there are generally four generic dimensions in the technology based banking services. They are namely customer service, technology, security and information quality and the ease of using the technology in the banks. It was found out that customer service and technology usage easiness have positive and a significant impact on the customer satisfaction of the banks.On the other hand the study conducted by Kasiri et al. (2017) was based on a theoretical framework related to the relationship between relational benefits and customer satisfaction in the banks. The results of the particular study highlighted that the confidence benefits have a direct and positive effect on the satisfaction of the customers with the banks. The study of,Lan et al. (2016) found out five key dimensions of consumer satisfaction in Australian Banks namely Competence, Customer trust, Quality of the relationship, communication and conflict handling.  The study of () showed that the service problems in Australian banks and the service recovery ability of the banks generally have a large role on the determination of the customer satisfaction and the intentions to switch over. Different features such as customer convenience also possess a major role in the customer satisfaction of the organization along with the presence of competitive interest rates and skilled employees within the bank. There was much other kind of researches conducted by different researchers to determine the perception of banking service on the customers (Li, Liu&Li, 2014).

The following approach studied the main dimensions that supported the customer perception in the banking sector of Australia. The Research was constructed in an efficient manner to determine the best results out of the available resources as well as data.

The dimensions of customer perception in the Australian Banking Sector have been identified while the conduction of this literature reviews. The main kinds of dimensions that determine the perceptions of the customers in Australia are reliability, responsiveness, Assurance, tangibility, behavior and technology.

• Reliability-The study of,Saeidi et al. (2015) defines the service reliability as the degree of discrepancy between the customers. The normative expectations for the availability of the service when needed and the actual rates available to the customers when they are needed the most. The time when the service delivery is totally consistent in nature and the customers are promised to be delivered with on time services, the service is said to be much reliable in nature. On the other hand the service is deemed to be unreliable at the time when the organization fails to provide the promised services to the customers. According to, Sayani(2015) the customers in Australia generally prefer a specific bank to carry on different banking activities which proves the reliability with the bank. This makes it easier for the banks to establish a branded and reputed customer perception for the banks. Reliability for a service provides significant impact on the customer preference of a bank and the customer’s satisfaction. It also assures that in banking sector, a customer who is satisfied with the services of the provided by the banks in Australia(). This helps the Australian banks to ensure that it has a proper and efficient process in place to ensure reliability.
• Responsiveness-Selvakumar, (2016) defines responsiveness as the coordinated reaction towards the needs and demands of the customers that is within the time limits and also fulfills all the different type of expectations of the customers. Responsiveness is deemed to be one of the most important factors in the Australian Banks(Selvakumar, 2016). It helps to determine the customer satisfaction and the perception of the value of the customers to whom they serve. The responsiveness helps the organization to ensure the service quality of the banks. The banks especially that of Commonwealth Bank, ANZ Bank ensures that all the mechanisms to meet the standard criterion are in place. The meeting up of the standard criterion helps to attract more and more customers.
• Assurance-Providing assurance to the customers is one of the main elements of the customer perception of the Australian Banks. Assurance is mostly determined by the way banks demonstrate competence in service provision. The time when the management of the bank has the proper set of skilled and knowledgeable employees, they have the capability to provide the required service and help the customers to provide a confidence. The management of ANZ Bank uses a unique training program that helps the employees to mix and gel up in a proper and efficient manner with the customers. The following training program helps the organization to provide a unique competitive advantage to the organization.
• Tangibility-The tangibility of the different rates and financial products provided by Australian Banks really helps the customers having their accounts in these banks. The tangible item in most of the cases refers to the most important tangible asset of the company which is the employees of the organization(Sengupta, Balaji & Krishnan, 2015). The presence of tangible assets helps the banks to assure the customers and instill a sense of confidence among them. Such an activity also helps in providing the best services to the customers of the banks. The management of Commonwealth Bank and some selected foreign banks provide special care to the maintenance of a proper dress code and appearance of their employees. This special care is meant to attract more customers to the banks(So et al. 2017).
• Empathy-The term empathy refers to the caring behavior that is generally extended to an individual in a personalized manner. The empathy here refers to the personalized services provided to the customers of the Australian banks. The introduction of schemes and rates that helps the banks to allow the people falling under the low income category are the example of such empathy (So et al. 2017). The rural branches of Australia especially the New South Wales have launched a number of different marketing activities in order to ensure that all the people are enrolled in the banking services.

It is important to have a clear idea of the performances of the large scale Australian banks. Some of them include the likes of Commonwealth bank of Australia, ANZ Bank, Westpac Bank and many more as such.

The Commonwealth bank of Australia has been fast increasing the small business banking satisfaction levels of the customers. It started with a slow growth when it showed around 6.8 out of 10. Now the percentage stands at 7.6 out of 10.  Both Commonwealth Bank of Australia and Westpac have developed their banking services and now promises to show a much better improvement in terms of different kind of policies of Customer Satisfaction Levels. Westpac has lifted its customer satisfaction level score line to 7.4 out of 10 while the National Australian Bank to 7.2 out of 10. The Australian and New Zealand Banking Services stayed rooted at the fourth place with an overall customer satisfaction score of 7.0 out of 10. The ANZ bank however, showed signs of great recovery after the last decade which was quite tough for the bank as they underwent a financial crisis(Tadic et al. 2018). The satisfaction levels of the customer took a sharp drop after the company decided to cut off the present rates after the meeting with the board members of the Reserve bank of Australia. The satisfaction levels of the customers of ANZ Bank are expected to rise as because the company intends to lend $1 billion to different new businesses over the period of the next few years. According to the management of the company the following will have a serious positive impact on the customer satisfaction levels. Westpac Bank and Commonwealth bank held the first position jointly in terms of the consumer satisfaction levels with an average score of 7.4. This is much ahead of NAB’s average rating of 7.0 and ANZ’s 6.9.

Conceptual Framework of Customer Satisfaction in Australian Banks

As shown by, Van Quyet, Vinh & Chang, (2015) different business Researches released by neutral agencies has shown that recent trends suggest the increase in the customer satisfaction levels of the Large scale Banks in Australia especially the likes of Westpac Bank, Commonwealth Bank, NAB Bank and Australia and New Zealand Banking Services Bank. The satisfaction levels have reached almost 80% in these banks compared to the other small scale and medium scale banks currently operating in Australia. The customer satisfaction levels in the other banks have declined by almost 1% and stands well below 80%. This is a concern for these banks as they have a healthy number of customers in their banks. The following trend has been continuing for the better part of the decade. The last four years saw a better improvement in the satisfaction level which is shown in the figure below. The NAB has maintained the highest position in the year starting 2018 with a rating of 80.1%. It is followed closely by the likes of the NAB with 79.1%, ANZ bank with 78.6% and Westpac bank with 77.9%.

Among the ten largest commercial banks, Bendigo bank retained the highest satisfaction rating in January, 2018 with a percentage satisfaction of around 90%. It was followed by the Bank of Queensland with 86.9% and other banks with ratings more or less close to each other. 

The following aims show the present as well as the change in the percentage of the customer satisfaction level in these banks. The literary review has focused on the discussion part of the main changes in the percentages and the banks which enjoy the pole position in terms of satisfying the customers in Australia. The review chapter will be followed by the discussion of the methods to be applied to analyze the different data that will be collected in relation to the following topic. 

Research methodology contents different types of methodological tools that are used by the researchers while conducting the research(Wang et al. 2014). It provides a systematic approach to describe and explore the research topic using different types of methods. in the following chapter the former leader of the research evaluate the different kinds of methodological tools like philosophical stencils approach of the Research Design and the different types of data collection and analysis techniques. The researcher has also provided suitable justification for the selection of the methodological tools in accordance to the topic of the research.

The main types of research philosophies include positivism pragmatism and interpretivism. The positivism philosophy depends on the quantifiable observations that are generally dependent on the statistical analysis conducted by the research. On the other hand the positivism philosophy can also be viewed by various types of scientific tests. This helps to verify and validate the main truth. On the other hand the use of this particular philosophy restricts the formulator of the research during the interpretation and collection of the data towards the particular objectives. The pragmatism research philosophy conserves the scientific testing analysis of the selected topic and also considered the different types of perspectives that are related to it. This helps the researcher to consider the different types of meaningful observations and focus on the study of the human nature rather than the study of the scientific methodologies. It also helps to consider the different perspectives and opinions that help the researcher to formulate a broader concept and idea of the banking sector and the customer perceptions on the services of the banks in Australia.

Conclusion

The following research deals with the customer perceptions of the people in the organizations. In this particular case the formulator of the researcher has chosen the positivism philosophy. Taylor positivism philosophy enables the research researchers to use knowledge based on facts and formulate the different research questions and the hypothesis. Apart from this the use of the following philosophy also helps the researcher to analyze and gather the data in a scientific process. The positivism philosophy helps the researcher to analyze the data by collecting and use a statistical approach that is considered to be trustworthy in nature. In order to get a clear and transparent idea of the customer perceptions in the banking sector of Australia both the scientific and thus and statistical data analysis have been used. Therefore the use of the positivism philosophy supplies the provision of using both the scientific and the statistical data. In the particular case the use of the interpretivism philosophy has not been undertaken by the researcher as because the use of the particular philosophy would have restricted the researcher to collect data from only the secondary resources. This inter would have limited the researcher to collect and analyze the different types of information related to the banking sector of Australia and the perceptions of the people who are the customers of these banks.

There are generally two types of research approaches namely deductive research approach and inductive research approach. These two types of research approaches are generally used by the researchers to conduct different kind of researches. The choice of the deductive research helps the researcher to make the research hypothesis that is based on the earlier existing concepts and theories (Wang et al. 2014). The following also gives an opportunity for the formulator of the research to consult and gather information from different kind of secondary literatures and the existing concepts of the literatures. The deductive approach to be used in the research also helps in the thorough observation of the different events and happenings presented in the literature which are related to the Banks of Australia and their ability to satisfy the customers. As seen by, (Tadic et al. 2018) generalized data in the research also gets converted to a scientific data while using the following research approach. The use of positivism philosophy combined with the use of the deductive approach is proven to be one of the best steps in the lead up to the Research. On the other hand the Inductive Approach is based on the construction and formulation of new patterns and approaches. The formulator of the research has to make new concepts and theories based on the pattern of the different observations.

The following research on the comparison and determination of the type of customer perception existing in the different kind of large scale banks of Australia, the deductive research approach has been chosen. The use of the deductive research approach is helpful for the Research as it goes well with the positivism philosophy. The use of the deductive research approach also helped the formulator of the Research to frame and test the research hypothesis in a proper and efficient manner. Apart from this the choice of the tested secondary articles has also helped the research to ensure its trustworthiness and reliability. The use of the different kinds of comparison frameworks to identify the different kinds of services provided by the banks and their advantages and disadvantages has helped the research to analyze the data statistically. On the other hand the formulator of the Research has restrained himself from the use of the inductive approach as because in such a case the researcher had to formulate totally new theories and models that could have consumed much more time and would have reduced the reliability of the results prepared in the research.

The most commonly used research designs are explanatory, exploratory and descriptive research designs. An explanatory research design provides the researcher with the exact reasons for a particular kind of phenomenon. The explanatory research design also helps the research to predict different kind of future occurrences related to the topic of the research. The exploratory research design is used for the test of the research hypothesis and also to formulate the objectives and the questions of the research. The descriptive research design concentrates on the collection of data related to the topic from the live sources. The data is collected from a selected range of population who are the main sources of the responses for the following research.

The following research on the determination of the present state of customer services provided by the Australian banks has used the descriptive research design. The use of the particular research design has helped the researcher to formulate a deep understanding of the different types of cause and effect in the rationale and to understand and predict the future occurrences which may include the likes of the customer services which will be provided in the future by the management of the banks in Australia. The justified description for the use of the descriptive research design helps to increase the scope o0f the research. 

The selection of the sampling technique and sampling size is essential for the survey to determine the best results in the industry. The most widely used sampling technique or sampling size while conducting the research on the Research are non-probability, probability and sampling technique. The samples have to be gathered from a selected range of different sample size that is based on the age, gender, experience and sometimes income levels.

In the following research the researcher has used the systematic sampling technique to deduce the results. The selection of 50 people will be basically from four different banks. This will help to avoid biasness in the sampling of the research.

The use of primary and secondary data collection techniques are the main techniques used while conducting researches on a large scale similar to this. The secondary data collection methods include the likes of the books, journals, various kinds of internet sources and other online contents. The researchers generally tend to use the secondary data collection resources in order to grow a deeper and perfect understanding of the different kind of resources used as secondary articles. The use of the secondary resources also allows the formulator of the research to use different kind of models and theories that are related to the topic of the research and also use the previously existing research literatures as the references to clear the concept of the following. The primary data collection method however, refers to the data collection from live participants who are also referred to as the research participants. The following data collection process includes both the qualitative and quantitative data collection techniques. Include the likes of the qualitative and quantitative data collection process. Quantitative data collection techniques consists interview process and on the other hand qualitative data collection technique include the survey process. The primary data collection techniques include the collection of the responses of the people both in forms of interview and survey.

In the case of the current research the primary as well as the secondary data collection methods is well suited for the purpose. The literary review of the research will be conducted by selecting the different kinds of theories and models and the books, bank journals, articles related to the performances of the banks, research papers on the performances of the Australian banks and their capability to provide the best services to the customers. The use of the secondary data collection procedures in the particular case is justified enough as the use of this procedure helps to present a clear and transparent picture of the concept of customer perception and customer satisfaction in the banks. The primary data collection techniques on the other hand are useful for the collection of data from the customers of the banks. A total number of 60 customers from 4 different banks have been selected to perform the analysis. The selection of the customers from different kind of banks is useful to avoid any kind of biasness within the Research.

The data for the survey were collected from 60 different customers of the four selected banks of Australia. Fifteen customers from each of the banks were selected for the collection of the responses. The data about the customers were obtained from the records of the bank on their consent. The consent was obtained by meeting the officials of the bank and also through the mutual consent of the people who were supposed to be the main respondents in the research. The permission of the bank along with the details on the customers was obtained from the respective headquarters and regional offices in Melbourne. The data regarding the customer of Commonwealth bank and NAB Bank of Australia was collected from the regional head offices of the banks from Collins Street Branch and 500 Bourke Street branch, Melbourne respectively. On the other handthe data about the customers of ANZ Bank and Westpac Bank were collected from the headquarters of the respected banks in Melbourne. The chief HR in charge helped to provide all the information regarding the customers of the bank. The researcher formulated an online questionnaireand circulated it to the respondents of the four banks through online mail. The respondents were provided a certain time to provide their responses and resend it to the mail address of the researcher. The data was thus totally collected by means of online process. The questionnaire has been provided in the appendix section of the assignment.

The data that has been collected from the primary data collection technique will be analyzed by means of statistical analysis which will involve a number of graphs, pie charts and tables that will help to come to the conclusion of the Research. The statistical analysis will be helpful to determine the3 results of the Research.

The selection of the statistical analysis will be useful for the analysis of the collected data or the responses from the research participants. The use of the statistical method will ensure the accuracy of the results in the research and also help to summarize the results in a statistical manner. Pie-Charts, Graphs, Tables have been used to determine the results of the Research.

The most important consideration in a research is the ethical consideration of the research. The research has been conducted using utmost honesty and integrity. The security of the research participants has been provided the foremost importance and the responses were kept secret. The consent of the research participants were taken before the start of the research. No force of any kind was applied to the participants to manipulate the research. Lastly the researcher strictly avoided plagiarism and maintained all the academic rules while conduction of the research.

The Research has been analyzed by means of a proper statistical analysis. The statistical analysis has shown the different scope and factors that have been determined by the study. The different statistical tables, graphs and pie charts have been the mainstay of the analysis of this particular Research. The participants of the survey were segmented according to their ages which helped to get a clear idea about the satisfaction levels of the customer. Starting from the age group of 22-28 years there were 3 people among the 15 participants from ANZ Bank. Similarly there were 4 people and 2 people respectively from that of NAB Bank and Westpac Bank in between the same age who participated in the research survey. On the other hand there were 5 people which were the highest number among the age group of 22-28 years from the Commonwealth Bank of Australia to participate in the research. The age group between 29 to 35 years consisted of 4 people and 2 people each from ANZ Bank, NAB Bank and Westpac Bank respectively. While Commonwealth Bank of Australia consisted of 3 different people of the particular age group to have participated in the following research. The age groups between 36 to 45 years were also considered for the survey and 2, 4, 6 and 4 persons were found to belong in this particular age from ANZ Bank, NAB Bank, Westpac Bank and Commonwealth Bank of Australia respectively. There were also some persons who were found to exceed the age group of 45 years. This included 6 persons from ANZ Bank, both 5 persons from NAB Bank and Westpac Bank and 3 persons from Commonwealth Bank.  

The above shown Pie Chart has been used to highlight the percentage of satisfaction levels in the different selected banks of Australia. Westpac Bank shows the highest Customer Satisfaction levels with 78.9% ratings followed by Commonwealth Bank of Australia and ANZ Bank respectively with 78.5% and 74.6% ratings. The National Bank of Australia was the last in the process with a rating of just 70.1%. 

The graph has shown the Customer Satisfaction Table of Westpac Bank. The table has been divided according to the different kinds of the customer’s age and preferences. Both of the two persons belonging in the age group of 22-28 years are quite satisfied with the performance of the Bank while each one of the two customers are satisfied and dissatisfied with the customer services of the organization. On the other hand,there are 2 persons who are satisfied with the services of the bank and three persons who are not satisfied. On the other hand there is one person who is confused on whether he is satisfied or not with the services of the bank. There are 3 persons above the age of 45 years who are satisfied with the services of the bank and 2 persons who are not satisfied with the performances and the commitment of the management of the bank towards their customers.  

The above shown table shows the customer satisfaction levels in Commonwealth bank of Australia. The Commonwealth Bank of Australia is one of the most famous banks in the country and has been in operation since a long time. However, some recent scandals have damaged its reputation. Though such a problem, the Bank has been able to hold up its reputation to be the second best in customer satisfaction levels. The following table starts with the age group of 22 to 28 years where both the two persons like the service quality of the Company. On the other hand there is 1 person each in the age group of 29 to 35 years who have the liking for the services and maybe has the liking for the services respectively. There are 2 and three persons respectively who have the liking for the services of the bank and a disliking for the services of the bank respectively in the next age group of 29 to 35 years. Whereas one person among the participants of the same age group may have a liking for the services of the organization. Lastly the age group of 45 years and above has as many as 4 persons who like the services of the organization whereas there is just 1 person who is neutral to his decision. 

The customer satisfaction in ANZ bank is highlighted in the above given table. The age group division and the results of each age group are provided to analyze the result. The following table starts with the age group of 22 to 28 years where each of the three persons like the service quality of the Company, does not like the service quality of the company and maybe likes the service quality of the company.  On the other hand there is 1 person each in the age group of 29 to 35 years who do not have the liking for the services and maybe has the liking for the services of the bank respectively. While there are two persons in the similar age group who have the liking for the services of the bank. Both the 2 Persons have the liking for the services of the bank in the next age group of 29 to 35 years. On the other hand two different persons from the particular age group do not have the liking for the services of the bank.  

The last table in the following chapter shows the customer satisfaction segmentation analysis of National bank of Australia. The analysis starts with the age group of 22 to 28 years which highlights the liking for only one person for the services of the organization and maybe a liking for the services of the organizations for two people. The next age group will be of 29 to 35 years age where both the two persons are seen to have a liking for the services that the bank provides to its customers. There are three persons in the age group of 36 to 45 years who have the liking for the services of the bank. On the other hand there is just one person among the 4 persons in this age group who does not like the services provided by the bank. There are total 5 persons among 15 persons in the age group of above 45 years in NAB Bank. Among them 2 of them likes the services of the bank whereas three of them do not like the services provided to them by the following Bank.

The Analysis of the following Research has shown a number of different results. The results have shown the variations present in the current satisfaction levels of the customers of the bank. The analysis has been done by constructing a number of figures, pie charts, tables and graphs. This statistical analysis has been beneficial for the identification of the different satisfaction levels of the customer in the chosen banks of Australia. The Table of figure no 6 shows the overall customer satisfaction of the different banks according to the survey. The pie chart in figure No 7 highlights the different customer satisfaction percentages of the selected banks of Australia. The Tables starting from figure No 8 shows the number of customers who are satisfied or dissatisfied in the Australian banks. The results of the following Research shows that the customer satisfaction of the banks is positively related to the service quality of the banking system of Australia and comprises of standard variables which are generally followed by the banks of Australia. The results of the following analysis are in accordance with the service quality of the business. The research clearly highlights that the service quality of the business is one of the main elements of customer satisfaction. The financial performance can also have a severe impact on the service quality which was seen during the global financial crisis of 2008. It is quite difficult to focus on customer satisfaction while ensuring quality of the service. This leads to the increasing fame for the assessment of the favor of the consumers. The results are also in accordance with the confirmation of the following research study that concludes that the service quality is one of the vital components for the expansion and the development of the consumer satisfaction. A significant relation was found after the conduction of the research between the Banking organizations of Australia and the customers of the Australian Banks. The financial performances of the Australian Banks thus depend on the quality of the services provided by the different financial institutions of Australia. Most of the customers of the Australian Banks are well aware of the technologies and the innovations used by the following industry and have been using them in a routine manner in compliance with the value of the banks. The major findings also provide areas of limitations and immediate response to such limitations by the banks to ensure strategic advantage in the Australian market.

Each and every research has different kinds of issues that increase the limitations of the researches. This limitation reduces the scope and accessibility of the research. In this particular research the aims and objectives of the research are broad enough and often tend to disperse from its actual purpose. The collection of the data also involved a detailed selection process which was too much tough to manage. The sample size which is directly related to the primary data collection methods have been kept to just 50 because of the limited ability of the researcher to involve and analyze the responses of more number of research participants. Apart from this the limited budget of the research is also a main factor in the selection of such a limited number of participants. Another important factor in this particular regard is the lack of previous studies in the research area. The literature review in this study has identified the study done on Australian banking and customer satisfaction in the banks of Australia. However, the absence of any specific studies which clearly shows different comparisons, the reasons behind the increase and decrease in the customer satisfaction levels of the different banks of Australia have limited the ability of the research to provide more compact and strong details of the customer satisfaction in these banks. The choice of such a contemporary and evolving research problem has also lead to such problems. The absence of quality papers on the comparison of the customer satisfaction levels of the banks in Australia thus proves to be one of the main issue or limitation.

The scope of the discussions is also one of the main problems of the research as because the less is the scope of the research, the less is the chance of its success. The research conducted in this particular case is totally new and is basically dependent on the minimum available secondary sources(Tadic et al. 2018). This limits the scope of the research and also the ability of the Research. The collection of the primary research responses are never reliable as because the participants may provide biased responses which may not be the true picture. This changes the results of the research and thus provides a different picture to the readers. The absence of too much time to conduct a full fledged detailed analysis of the Research is also one of the main factors that limit the capability of the Research. The presence of a standard time would have helped the research to be more appropriate and compact in nature.

Conclusion

The research has helped to identify the different factors related to the banking sector of Australia and the factors involved in the increase in the customer satisfaction levels of the business. The following study is important in the sense that it helps to understand the issues involved in the conceptualization and measurement of the different kind of bank customers satisfaction and service quality. The study thus holds a key to the different type of future studies that are to be conducted in the following case. First and foremost the future researches may explore the other different factors that are related to the satisfaction of customers in the bank but have not been discussed in the following research. There may be many such factors that have yet not emerged as full-fledged ones to bear an impact on the satisfaction level of the customers in the different Australian Banks. The behavioral intentions of the customers have not been determined or identified in this particular research however; it can be a main source of inclusion in the future research. The service quality dimensions may be re-examined or developed service quality when applying the model in the study. Secondly, the future researches might conceptualize different types of service quality in a proper and efficient structure. The primary dimensions of the service quality that has been identified in this study can be measured in terms of the in pertaining sub-dimensions. For example, the Interaction Quality may be measured by several sub-dimensions, such as staff conduct, and staff accuracy. Thirdly, the multi-level structure framework and methodology used in this study may be used by the banks to assess customers’ satisfaction and measure service quality in other countries and it should provide bank management with valuable strategic information.

The practical implication of the measurement of the service quality arose from the theoretical concept of the service quality that is acting as the foundation of the customer satisfaction and also influencing the trends of the Banks in Australia (Tadic et al. 2018). Apart from the identification and classification of the different factors behind the customer satisfaction in the banks, the researcher has also identified the different types of the trends of customer satisfaction in the banks. The providence of the different types of the results and Researches of the customer satisfaction levels in the different banks of Australia helps to make the research more compact and also provides a better scope. While considering the e-bank services which are now provided in the banks, the customers of the bank are often equipped with feelings of insecurities with e-banking services, feel difficulty in operating and carrying out transactions, and often perceive electronic banking as a difficulty. In terms of challenges, to digital services relative unawareness of the management about the reservations of customers in transitioning from traditional practices to digital methods is a common challenge. This is accompanied by lack of knowledge about the areas of improvement, and how to promote usage of digital services among the customers. The research gap has also been identified by the researcher. This will help to identify the different types of limitations of the research and approach the research in a positive way. The research thus proves to be one of the best and limited works in the study of the customer satisfaction levels of the different Australian Banks. 

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