A Relational Study on Customer Satisfaction, Loyalty, Switching Cost & Word of Mouth: A Study of Islamic Bank in Bangladesh

The study was undertaken to investigate the relationship between
customer loyalty vis-à-vis word of mouth and customer satisfaction. Data
for the study were collected both from secondary and primary sources.
For primary data collection, total sample strength of the study was 80
and systematic sampling technique was used for the purpose. The SPSS
version 21 software was employed for data analysis. The result shows
the correlation among switching cost, customer satisfaction (employee
competence, reliability, product innovation, pricing, physical evidence,
convenience), word of mouth and customer loyalty. Through two step
wise regression, the study find out employee competence, pricing,
physical evidence and convenience fail to enter into the regression
equation, which indicates that it was not significantly related with
customer loyalty. employee competence, reliability, product innovation,
pricing, physical evidence and convenience failed to enter into the
regression equation, which indicates it was not that significantly related
with word of mouth..From the study discussion product innovation,
product reliability and switching cost were an important factor to gain
customer satisfaction. So product innovation is important so the bank
should continue this stage to gain overall good position in satisfactory
level at the banking sector. Product reliability result is not significant so
the bank management should modify their management system to
improve reliability for which customer loyalty can be possible to increase
in the bank. Another aspect is switching cost the result of which was not
so encouraging. Now customers are switching their account from this
bank and the bank management should take decision so that switching
over of accounts from the bank can be improved. If the bank
management wants zero percent switching cost to their bank, they would
improve reliability product.

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