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Financial Analytics: Science and Experience
 

On the issue of customer loyalty in credit institutions under contemporary conditions

Vol. 9, Iss. 24, JUNE 2016

PDF  Article PDF Version

Received: 14 March 2016

Received in revised form: 7 April 2016

Accepted: 2 June 2016

Available online: 29 June 2016

Subject Heading: FINANCIAL INSTRUMENTS

JEL Classification: G24

Pages: 42-50

Chernikova L.I. Financial University under Government of Russian Federation, Moscow, Russian Federation
tariff2004@mail.ru

Kozhevnikova N.V. Kazan (Volga) Federal University, Naberezhnye Chelny Branch, Naberezhnye Chelny, Republic of Tatarstan, Russian Federation
nkogevnikova@mail.ru

Bragina T.S. Financial University under Government of Russian Federation, Moscow, Russian Federation
bragina.tamara.94@mail.ru

Importance Considering complicated economic circumstances, high competition in the banking sector, credit institutions have to find new approaches to increasing customer loyalty. The customer-oriented approach becomes primary for the bank so to keep the existing reliable and trustworthy relationships with customers and attract new ones.
Objectives The research identifies the role of customer loyalty in credit institutions, its relation with the bank's reliability and a possibility to increase it.
Methods The research applies general scientific methods, content analysis, methods of comparative and statistical analysis, thus providing evidence for the conclusions, verify estimates and basic provisions.
Results We determined the correlation between banks' reliability and customer loyalty, and identified banks' approaches to increase it.
Conclusions and Relevance We conclude that, in unfavorable economic circumstances, it is especially important for banks to retain good customers. Credit institutions have to search for optimal solutions to create and increase customer loyalty by using rapidly evolving information technologies as much as possible, offering their customers beneficial terms of bonus, partnership and coalition servicing programs, paying higher attention to the speed and quality of customer services. The findings can be used as the theoretical framework for further researches and come in handy to implement the strategy for customer loyalty in national banking institutions.

Keywords: credit institution, customer loyalty, banking products, banking services, customer-oriented approach

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