The effect of relational benefits on customer loyalty_ An empirical study of Vietnamese banking industry

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business NGUYEN THI AI TRAN THE EFFECT OF RELATIONAL BENEFITS ON CUSTOMER SATISFACTION AND CUSTOMER LOYALTY: AN EMPIRICAL STUDY OF VIETNAMESE BANKING INDUSTRY MASTER OF BUSINESS (Honours) Ho Chi Minh City – Year 2014 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business NGUYEN THI AI TRAN THE EFFECT OF RELATIONAL BENEFITS ON CUSTOMER SATISFACTION AND CUSTOMER LOYALTY: AN EMPIRICAL STUDY OF VIETNAMESE BANKING INDUSTRY ID: 22110067 MASTER OF BUSINESS (Honours) SUPERVISOR: DR NGUYEN THI MAI TRANG Ho Chi Minh City – Year 2014 TABLE OF CONTENTS ACKNOWLEDGEMENT ABSTRACT TABLE OF CONTENTS LIST OF FIGURES LIST OF TABLES CHAPTER 1: INTRODUCTION .1 1.1 Research Background 1.2 Research Objectives 1.3 Research Scope and Research Methodology 1.4 Structure of The Research CHAPTER 2: LITERATURE REVIEW 2.1 Customer Loyalty 2.2 Customer Satisfaction 2.3 Relational Benefits 10 2.4 The Conceptual Model and Hypotheses of The Research 14 CHAPTER 3: RESEARCH METHODOLOGY 17 3.1 Research Design 17 3.1.1 The Unit of Observation 17 3.1.2 Measures of The Constructs 17 3.2 Questionnaire Design 19 3.3 Data Procedure 22 3.3.1 Qualitative Research 22 3.3.2 Quantitative Research 22 3.4 Data Analysis Method 26 CHAPTER 4: DATA ANALYSIS AND DISCUSSIONS 28 4.1 Descriptive Statistics of Samples 28 4.2 The Reliability Test: The Cronbach’s Alpha Test 29 4.3 Exploratory Factor Analysis (EFA) 33 4.4 Regression Analyses 36 4.4.1 Simple Regression Analysis 36 4.4.2 Multiple Regression Analysis 38 CHAPTER 5: CONCLUSIONS, IMPLICATIONS, AND LIMITATIONS 45 5.1 Conclusions 45 5.2 Managerial implications 46 5.3 Limitations 49 REFERENCES 50 APPENDICES 54 Appendix A: Guidelines for in-depth interviews 54 Appendix B: Questionnaire In English 56 Appendix C: Questionnaire In Vietnamese 59 Appendix D: Total variance explained in Exploratory Factor Analysis 62 Appendix E: Histogram, Normal Regression & Scatter Plot of Dependent Variable: Customer Satisfaction 64 ACKNOWLEDGEMENT I would like to give my gratefulness to my research instructor, Dr Nguyen Thi Mai Trang for her intensive support, valuable suggestions, instructions, and encouragement during the time of doing my research I would like to express my deepest gratitude to Professor Nguyen Dong Phong, Professor Nguyen Dinh Tho, Dr Tran Ha Minh Quan for their valuable time as the members of the proposal examination committee Their comments and meaningful suggestions were contributed great help for my completion of this research My sincere thanks are given to all of my teachers at International Business School – University of Economics Ho Chi Minh City for their teaching and guidance during my MBA course In addition, I would like to special express my thanks to all of my classmates, my colleagues at Samsung Vina Insurance Company Limited and my friends who are working in some banks in Ho Chi Minh City for their support and encouragement during the time I was doing my research ABSTRACT This study will examine the effect of relational benefits on customer satisfaction and consequently, the influence of customer satisfaction on customer loyalty in Vietnamese banking industry Based on the theories and measurements of those factors existed in the current liturature, and a qualitative research conducted in Vietnam, a model has been released following measurement scale of those concepts A quantitative research of 186 banking customers has been done to evaluate the measurement scale and test the model The results of Cronbach’s alpha test show that the scale is satisfactory with the allowed reliability and validity It also can indicate that the theoretical model is suitable in Vietnam banking industry and all hypotheses are accepted For specific, the study shows that customer satisfaction highly impacts on customer loyalty in Vietnamese banking industry Moreover, among relational benefits, special treatment benefits and confidence have positive impacts on customer satisfaction, however, social benefits not show the influence on customer satisfaction Besides, special treatment benefits also have been proved to have a strongest impact on customer satisfaction In general, researching of the effects of these variables will support the banks’ managers get thorough understanding of the effect of each relational benefits factors on customer satisfaction, then, help them to identify which variables are the best predictors to customer satisfaction to place emphasis on Furthermore, the study also indicates that making customers satisfied will remarkably affect to the loyalty of customers to the banks, which will help banks’ managers to release effective decisions to gain long-term loyal customers in such highly competitive marketplace in Vietnam LIST OF FIGURES Figure 2.1 Conceptual Model Figure 3.1 Research Process Figure E1 Histogram of Customer Satisfaction Figure E2 Normal Plot of Customer Satisfaction Figure E3 Scatter Plot of Customer Satisfaction LIST OF TABLES Table 3.1 The Result of Questionnaires Delivery Table 4.1 Sample Characteristics Table 4.2 Reliability Test Results Table 4.3 KMO and Bartlett's Test of Independent Variables Table 4.4 Rotated Component Matrix of Independent Variables Table 4.5 KMO and Bartlett's Test of Dependent Variables Table 4.6 Rotated Component Matrix of Dependent Variables Table 4.7 Model Summary of Simple Regression Analysis Table 4.8 ANOVA of simple regression analysis Table 4.9 Coefficients of simple regression analysis Table 4.10 Correlations matrix Table 4.11 Model Summary of multiple regression analysis Table 4.12 ANOVA of multiple regression analysis Table 4.13 Coefficients of multiple regression analysis Table 4.14 Summary of hypotheses testing result Table D1 Total Variance Explained of Independent Variables Table D2 Total Variance Explained of Dependent Variables Table D3 Model Summary b of multiple regression analysis CHAPTER 1: INTRODUCTION 1.1 Research Background The globalization of economy has created an environment more competitive than ever in Vietnam All companies, with no exception in any industries, strive to differentiate themselves from other rivals to get successful survival In this perspective, customer loyalty has emerged as an important aspect that most companies want to be strong at since it is considered as a competitive advantage for all companies to achieve stable development Regarding services industry’s aspect, achieving loyalty of customers has become much more important since the operation of service involves much on the interactions between service providers and customers In banking industry, for specific, achieving customer loyalty is a key to help banks gain sustainable competitive advantage, retain customer, grow in sales, and gain longterm customers Obviously, there are many factors affecting customer loyalty Achieving customer satisfaction is known as one of them, showing a positive impact on loyalty of customer (Zeithaml, Berry, & Parasuraman, 1996; Fornel, Johnson, Anderson, Cha, & Bryan, 1996; Selness, 1993) When customers are satisfied, they are more likely to return to those service providers and when there is an increase in satisfaction level, they will stay loyal to those companies (Anderson & Sullivan, 1993) Therefore, numerous studies have been conducted to identify and measure the components of satisfaction In Vietnam, some important factors affecting customer satisfaction have already been investigated such as service quality (Vu & Nguyen, 2008; Lam, 2012; Nguyen, 2013), service personal value (Pham & Le, 2010), brand (Nguyen, 2013; Ngo, 2012) However, little research in Vietnam has been devoted to investigate the impact of relational benefits on customer satisfaction Besides, in the world, - 2- relational benefits have been widely studied, also in banking industry (Arturo, David, & Agueda, 2007; Sergios, 2010; Maria-Eugenia, 2008), however, these studies have showed the impact of relational benefits on customer satisfaction or directly on customer loyalty only, not indicated the impact of relational benefits on customer satisfaction, and consequently the influence of customer satisfaction on customer loyalty Hence, to address the gaps as mentioned above, this study aims to investigate the effect of relational benefits on customer satisfaction, and consequently the influence of customer satisfaction on customer loyalty in Vietnamese banking industry As opposed to the marketing management, relationship marketing tends to become a flourishing field as well as a generalized alternative conception in marketing theory and practice perspective (Berry, 1983) According to Kinard and Capella (2006), a fundamental condition for a relationship to develop over time is that both the firm and the customer perceive positive outcomes, or benefits The benefits the banks receive include loyalty of customers, longterm profitability, and sales growth What the customer gets is associated with the service itself and/or with benefits that can develop from being a regular customer of the company – called relational benefits (Gwinner, Gremler & Bitner, 1998; Reynolds & Beatty, 1999) Gwinner et al (1998) and Hennig-Thurau et al (2002) reveal that service comprises of the two components: core service and relationship, however, the relationship benefits framework focuses on the relationship component and defines relational benefits as the value a customer receives over and above the core service - 51- Fornell, C., Johnson, M.D., Anderson, E.W., Cha, J., & Bryant, B.E (1996) The American Customer Satisfaction Index: Nature, Purpose, and Findings Journal of Marketing, 60, 718 Greenland, K., & Looney, W (2007) Secondary market offers another option to manage loan portfolios Commercial Lending Review, 35(37), 44 Gremler, D D., & Brown, S W (1996) Service loyalty; its nature, importance and implications, Advancing Service Quality: a Global Perspective New York: ISQA Groănroos, C (1990) Relationship approach to marketing in service contexts: the marketing and organizational behavior interface Journal of Business Research, 20, 3-11 Gwinner, K.P., Gremler, D.D., & Bitner, M.J (1998) Relational benefits in services industries: the customer’s perspective Journal of the Academy of Marketing Science, 26(2), 101141 Hair, J F., Black , W C., Babin, B J., & Anderson, R E (2009) Multivariate data analysis (7th ed.) Prentice Hall Hennig-Thurau, T., Gwinner, K.P., & Gremler, D.D (2002) Understanding relationship marketing outcomes: an integration of relational benefits and relationship quality Journal of Service Research, 4(3), 230-247 Homburg, C., Koschate, N., Hoyer, W.D (2006).The role of cognition and affect in the formation of customer satisfaction: a dynamic perspective Journal of Marketing, 70, 2131 Kinard, B.R., & Capella, M.L (2006) Relationship marketing: the influence of consumer involvement on perceived service benefits Journal of Services Marketing, 20(6), 359368 Lam, V.H (2012) Antecedents of shopper loyalty in the Vietnamese supermarkets Master thesis, University of Economics Hochiminh City, Vietnam Retrieved from http://www.isb.edu.vn/ISBResearch.aspx?page=1¶m=21 Leech, N C., Barrett, K C., & Morgan, G A (2005) Spss for intermediate statistics: Use and interpretation (2nd ed.) Mahwah, NJ: Lawrence Erlbaum Associates Lewis, B.R., & Soureli, M (2006) The antecedents of consumer loyalty in retail banking Journal of Consumer Behaviour, 5, 15-31 - 52- Li-Wei, W (2009) Satisfaction, inertia, and customer loyalty in the varying levels of the zone of tolerance and alternative attractiveness Published Master Thesis, Tunghai University Retrieved from http://www.emeraldinsight.com/journals.htm?issn=08876045&volume=25&issue=5&articleid=1941501&show=html Maria–Eugenia, R.M., Irene G.S., & Gloria B.C (2008) Relational benefits and loyalty in retailing: an inter-sector comparison Published Master Thesis, Faculty of Economics, University of Valencia, Valencia Retrieved from http://www.emeraldinsight.com/journals.htm?issn=09590552&volume=37&issue=6&articleid=1789311&show=html Marzo, M., Pedraja, M., & Rivera, M.P (2004) The benefits of relationship marketing for the consumer and for the fashion retailers Journal of Fashion Marketing and Management, 8(4), 425-436 Ngo, O.H.T.Q (2012) Determinants of Brand Loyalty in the Vietnamese beer industry Master thesis, University of Economics Hochiminh City, Vietnam Retrieved from http://www.isb.edu.vn/ISBResearch.aspx?page=1¶m=11 Nguyen, C.T.M (2013) Factors affecting customer satisfaction in group buying in Vietnam Master thesis, University of Economics Hochiminh City, Vietnam Retrieved from http://www.isb.edu.vn/ISBResearch.aspx?page=1¶m=30 Oliver, R.L (1980) A cognitive model of the antecedents and consequences of satisfaction decisions Journal of Marketing Research, 17(4), 460-469 Oliver, R.L., Rust, R.T., & Varki, S (1997) Customer delight: foundations, findings, and managerial insight Journal of Retailing, 73(3), 311-336 Patterson, G., & Smith, T (2001) Relationship benefits in service industries: a replication in a Southeast Asian context Journal of Services Marketing, 15(6), 425-443 Pham, N., & Le, H.N (2010) Service personal values and customer loyalty: A study of banking services in a transitional economy International Journal of Bank Marketing, 28(6), 466470 Peterson, R.A (1995) Relationship marketing and the consumer Journal of the Academy of Marketing Science, 23(4), 278-281 Reynolds, K.E., & Beatty, S (1999) Customer benefits and company consequences of customer-salesperson relationships in retailing Journal of Retailing, 75(1), 11-32 - 53- Selness, F (1993) An Examination of the Effect of Product Performance on Brand Reputation, Satisfaction, and Loyalty International Journal of Social Economics, 29(2), 97-118 Sergios, D (2010) Testing perceived relational benefits as satisfaction and behavioral outcomes drivers Published Master Thesis, University of Economics and Business, Athens, Greece http://www.emeraldinsight.com/journals.htm?issn=02652323&volume=28&issue=4&articleid=1864314&show=html Vu, C.T.M, & Nguyen, A.V (2008) Measuring customer satisfaction based on service quality gap at a local bank in Vietnam Journal of International Business Research, 7(30), 29-31 Westbrook, R.A (1987) Product/consumption-based affective responses and post-purchase processes Journal of Marketing Research, 24( 3), 258-270 Zeithaml, V.A., Berry, L.L., & Parasuraman, A (1996) The Behavioural Consequences of Service Quality Journal of Marketing, 60(2), 31-46 - 54- APPENDICES Appendix A: Guidelines for in-depth interviews Original measurement scales Comments Final measurement scales Confidence Benefits I believe there is less risk that something will go wrong I feel I can trust this bank I am confident the service will be performed correctly by this bank I have less anxiety when I use services in this bank I know what to expect from this bank I get the bank’s highest level of service All interviewees stated that they understood the meaning of all items However, one of interviewees states that the meaning of question number and is nearly the same Besides, it is suggested that “the bank” should replace by “bank X” for clear meaning of the bank mentioned above I believe there is less risk that something will go wrong I feel I can trust bank X I am confident the service will be performed correctly by bank X I have less anxiety when I use services in bank X I know what to expect from bank X I get the bank X’s highest level of service Social Benefits 10 I am recognized by this bank’s employees I am familiar with the employee(s) that perform the service I have developed a friendship with this bank’s employees All interviewees stated that they understood the meaning of all items However, it is suggested that “the bank” should replace by “bank X” for clear meaning of the bank mentioned above They know my name I am recognized by bank X’s employees I am familiar with the employee(s) that perform the service I have developed a friendship with bank X’s employees They know my name Special Treatment Benefits 11 12 13 I get discount or deals from this bank that most consumers not The prices I get from this bank are better than those other customers get They services for me that they not for most All interviewees stated that they understood the meaning of all items However, it is suggested that “the bank” should replace by “bank X” for clear meaning of the bank mentioned above I get discount or deals from bank X that most consumers not The prices I get from bank X are better than those other customers get They services for me that they not for most - 55- customers customers 14 I am placed higher on the priority list when there is a line I am placed higher on the priority list when there is a line 15 I get master service than most customers I get master service than most customers Customer Satisfaction 16 17 This bank is a good firm to business with I am satisfied with the competence of salesperson of this bank 18 I am satisfied with the service quality of this bank 19 I am satisfied with the relationship with this bank 20 In general, I am satisfied with the services offered by this bank All interviewees stated that they understood the meaning of all items However, it is suggested that “the bank” should replace by “bank X” for clear meaning of the bank mentioned above Bank X is a good firm to business with I am satisfied with the competence of salesperson of bank X I am satisfied with the service quality of bank X I am satisfied with the relationship with bank X In general, I am satisfied with the services offered by bank X Customer Loyalty 21 22 When I need to make a purchase, this bank is my first choice To me, this bank is the best one to business with 23 I believe that this is my favorite bank 24 I seldom consider switching to another bank 25 I will more business with this bank in the future years All interviewees stated that they understood the meaning of all items However, it is suggested that “the bank” should replace by “bank X” for clear meaning of the bank mentioned above Moreover, the interviewees suggested that the title of the research should be deleted to make the interviewees less confused because the term “relational benefits” in their first thought is having got relationship with banks’ employees before in order to have good quality service When I need to make a purchase, bank X is my first choice To me, bank X is the best one to business with I believe that this is my favorite bank I seldom consider switching to another bank I will more business with bank X in the future years - 56- Appendix B: Questionnaire In English Dear Sir/ Madam, I am a student of Master of Business program at ISB – University of Economics Ho Chi Minh City Now, I am studying the service quality of Vietnamese Banking industry On this purpose, I hope you could spend time completing this short questionnaire, which takes you no longer than minutes to finish Kindly be noted that there is no right or wrong answer, all of your responses are considered valuable to me.Your personal information will be kept confidential and not be disclosed without your permission If you have any concerns or questions relating this study, please not hesitate to contact me via e­mail address: aitrannguyen88@yahoo.com Thank you very much for your kind support PART 1: SCREENING INFORMATION Have you used the term deposit banking service in the last months? Yes If the answer is “Yes”, please keep moving on question No If the answer is “No”, please stop answering here, thank you so much for your time! Which bank are you using term deposit service most often? a Vietcombank b Asia Commercial Bank (ACB) c HSBC d Shinhan Bank Vietnam Limited e Standard Chartered Vietnam Limited f Other:……………………… Your above selected bank is considered as bank X in the following questionaire: PART 2: MAIN CONTENT - 57- Strongly disagree Disagree Fairly disagree Neutral Fairly agree Agree Strongly Agree To what extent you agree with each of the following statements, please indicate your answer using the following 7-point scale where: I believe there is less risk that something will go wrong I feel I can trust bank X I am confident the service will be performed correctly by bank X I have less anxiety when I use services in bank X I know what to expect from bank X I get the bank X’s highest level of service 7 I am recognized by bank X’s employees 7 7 7 7 = Strongly disagree = Disagree = Fairly disagree = Neutral = Fairly agree = Agree = Strongly agree 10 11 12 13 14 15 I am familiar with the employee(s) that perform the service I have developed a friendship with bank X’s employees They know my name I get discount or deals from bank X that most consumers not The prices I get from bank X are better than those other customers get They services for me that they not for most customers I am placed higher on the priority list when there is a line I get master service than most customers - 58- 16 Bank X is a good firm to business with 17 I am satisfied with the competence of salesperson of bank X 18 I am satisfied with the service quality of bank X 19 I am satisfied with the relationship with bank X 7 20 21 In general, I am satisfied with the services offered by bank X When I need to make a purchase, bank X is my first choice 22 To me, bank X is the best one to business with 23 I believe that this is my favorite bank 24 I seldom consider switching to another bank 25 I will more business with bank X in the future years PART 3: PERSONAL INFORMATION This section of the questionnaire refers to background or biographical information The information will allow me to classify and compare groups of respondents Gender  Male Female Age group in years  35 Employment status  Student Employee  Business Owner Others: ……………… THANK YOU SO MUCH FOR YOUR TIME - 59- Appendix C: Questionnaire In Vietnamese PHIẾU KHẢO SÁT Kính chào Anh/ Chị, tơi học viên cao học Viện Đào tạo quốc tế thuộc Trường Đại Học Kinh Tế TP HCM Hiện tại, nghiên cứu Chất lượng dịch vụ ngành ngân hàng Việt Nam Rất mong Anh/ Chị dành khoảng phút để trả lời Phiếu khảo sát Xin lưu ý Anh/ Chị khơng có câu trả lời sai, tất có giá trị nghiên cứu Thơng tin cá nhân Anh/ Chị hoàn toàn bảo mật khơng tiết lộ khơng có chấp thuận từ phía Anh/ Chị Trong q trình thực phiếu khảo sát này, Anh/Chị có thắc mắc nào, xin vui lòng liên lạc với thông qua địa email: aitrannguyen88@yahoo.com Cảm ơn giúp đỡ Anh/ Chị PHẦN 1: THÔNG TIN GẠN LỌC Anh/Chị có sử dụng dịch vụ gửi tiền kỳ hạn vòng tháng gần khơng? Có Nếu câu trả lời “Có”, xin vui lòng tiếp tục sang câu hỏi Không Nếu câu trả lời “Khơng”, anh/chị vui lòng ngưng trả lời từ câu hỏi Cảm ơn thời gian anh/chị! Anh/ Chị sử dụng dịch vụ gửi tiền kỳ hạn ngân hàng thường xuyên nhất? a Ngân hàng Ngoại Thương Việt Nam (Vietcombank) b Ngân hàng Á Châu (ACB) c Ngân hàng HSBC Việt Nam (HSBC) d Ngân hàng Shinhan Việt Nam e Ngân hàng Standard Chartered Việt Nam f Khác:…………………………………… Ngân hàng Anh/Chị lựa chọn xem Ngân hàng X bảng câu hỏi đây: PHẦN 2: NỘI DUNG CHÍNH - 60- Hồn tồn khơng đồng ý Khơng đồng ý Hơi khơng đồng ý Trung lập Hơi đồng ý Đồng ý Hoàn toàn đồng ý Xin Anh/ Chị cho biết mức độ đồng ý Anh/ Chị phát biểu cách đánh dấu chéo (x) Tôi cảm thấy rủi ro sử dụng dịch vụ ngân hàng X Tôi cảm thấy tin tưởng ngân hàng X Tôi tin dịch vụ ngân hàng X thực cách Tôi cảm thấy yên tâm sử dụng ngân hàng X 7 = Hồn tồn khơng đồng ý = Không đồng ý = Hơi không đồng ý = Trung lập = Hơi đồng ý = Đồng ý = Hoàn toàn đồng ý Tôi hiểu kỳ vọng sử dụng ngân hàng X Tôi nhận dịch vụ mức tốt mà ngân hàng X cung cấp Nhân viên ngân hàng X nhận Tôi quen với nhân viên Tôi kết bạn với nhân viên ngân hàng X 10 Các nhân viên biết tên 11 Tôi nhận ưu đãi từ ngân hàng X mà hầu hết khách hàng khác không 12 Tơi trả cho ngân hàng X mức phí thấp so với khách hàng khác 13 Có số dịch vụ ngân hàng X làm cho mà không làm cho hầu hết khách hàng khác 14 Khi có việc phải xếp hàng chờ đợi, ưu tiên - 61- 15 16 Dịch vụ nhận tốt hẳn so với đa số khách hàng khác nhận Ngân hàng X ngân hàng tốt, đáng để trì cơng việc với họ 7 17 Tơi hài lòng với lực nhân viên ngân hàng X 18 Tôi hài lòng với chất lượng dịch vụ ngân hàng X 19 Tôi hài lòng với mối quan hệ tơi với ngân hàng X 7 20 21 Nói chung, tơi hài lòng với dịch vụ mà ngân hàng X cung cấp Ngân hàng X lựa chọn tôi cần sử dụng dịch vụ ngân hàng 22 Tôi cho ngân hàng X ngân hàng tốt 23 Tôi tin ngân hàng X ngân hàng tơi u thích 7 24 25 Tơi nghĩ tới việc chuyển qua ngân hàng khác Trong năm tới tơi làm nhiều việc với ngân hàng X PHẦN 3: THÔNG TIN CÁ NHÂN Xin Anh/ Chị cho biết thông tin sau để phục vụ việc phân loại so sánh nhóm đối tượng khảo sát Giới tính  Nam Nữ Độ tuổi  35 - 62- Appendix D: Total variance explained in Exploratory Factor Analysis Table D1: Total Variance Explained of Independent Variables Initial Eigenvalues Component 10 11 12 13 14 15 Total Variance Explained Extraction Sums of Squared Loadings Total 5.340 % of Variance 35.597 Cumulative % 35.597 3.221 1.412 646 537 526 504 486 433 404 347 332 301 264 248 21.473 9.412 4.306 3.581 3.505 3.362 3.237 2.889 2.694 2.311 2.212 2.005 1.760 1.653 57.069 66.482 70.788 74.370 77.875 81.237 84.474 87.363 90.058 92.369 94.581 96.586 98.347 100.000 Extraction Method: Principal Component Analysis Rotation Sums of Squared Loadings Total 5.340 % of Variance 35.597 Cumulative % 35.597 Total 3.987 % of Variance 26.578 Cumulative % 26.578 3.221 1.412 21.473 9.412 57.069 66.482 3.121 2.864 20.809 19.095 47.387 66.482 - 63- Table D2: Total Variance Explained of Dependent Variables Total Variance Explained Extraction Sums of Squared Loadings Initial Eigenvalues Rotation Sums of Squared Loadings Total 4.929 % of Variance 49.288 Cumulative % 49.288 Total 4.929 % of Variance 49.288 Cumulative % 49.288 Total 3.627 % of Variance 36.266 Cumulative % 36.266 2.084 20.837 70.125 2.084 20.837 70.125 3.386 33.859 70.125 500 463 4.996 4.628 75.121 79.749 427 388 4.265 3.883 84.015 87.898 10 329 323 296 262 3.293 3.226 2.961 2.622 91.191 94.417 97.378 100.000 Component Extraction Method: Principal Component Analysis Table D3: Model Summary b of multiple regression analysis Model R 302a R Square 091 Std Adjusted Error of R the Square Estimate 076 6.89575 - 64- Appendix E: Histogram, Normal Regression & Scatter Plot of Dependent Variable: Customer Satisfaction Figure E1: Histogram of Customer Satisfaction Figure E2: Normal Plot of Customer Satisfaction - 65- Figure E3: Scatter Plot of Customer Satisfaction ... details the privacy protection commitment to respondents, estimated duration of response, and the intention of the author as well as the importance of conducting the questionnaires The second section... satisfaction In general, researching of the effects of these variables will support the banks’ managers get thorough understanding of the effect of each relational benefits factors on customer. .. however, these studies have showed the impact of relational benefits on customer satisfaction or directly on customer loyalty only, not indicated the impact of relational benefits on customer