Factors Influencing the Retention of Customers of Ghana Commercial Bank within the Agona Swedru Municipality

Abstract

Customer retention is an important element of any banking strategy in today’s increasingly competitiveenvironment. This study examined the impact of retention factors that influence consumers’ decisions to staywith Ghana Commercial Bank within the Agona Swedru Municipal area. The descriptive survey design was usedfor the research. Simple random sampling and self administered questionnaires were utilised to obtained datafrom 480 customers of the bank. Correlation and regression techniques were used to examine the relationshipsbetween customer satisfaction, service quality, customer trust, customer commitment, switching barrier factorsand customer retention. The results revealed that on the whole, switching barrier emerged as the most significantfactor influencing customer retention. This was followed by customer commitment and customer trust. The studyrecommends that management of the bank should pay attention to customer commitment by investing more intocustomer relationship marketing strategies that can increase customers’ dependency and inhibit switching.

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