Abstract
Quality service and customer satisfaction make up key aspects that all business firms endeavor to comprehend with a specific end goal to stay focused in business and consequently develop. It is exceptionally essential for organizations to know how to quantify these aspects as well as the variables in these realms from the customers' viewpoint with a specific end goal to better comprehend their requirements and thus fulfill them. Quality service is viewed as imperative since it prompts higher client fulfillment, productivity, lower operation costs, loyalty, and customer retention. Along these lines, this research, with a focus on the money transfer business, endeavors to explore the impact of quality service and customer satisfaction in money transfer business on immigrants use of legal means with a specific focus on Ghanaian residents in Hannover, Germany. The primary objective, therefore is to outline the plausible interdependence among quality service delivery, its influence on customer satisfaction, and the significance of service quality tools and techniques. Self-completion questionnaires will then be utilized based on the SERVQUAL tool and simple random sampling method employed to gauge the subjects perception of quality service.
Chapter 1:
Introduction
Today, as businesses strive to remain relevant in light of the predominant competition, provision of quality services is of central significance for any monetary venture. The present day competitive environment necessitates cutting-edge service provision and customer satisfaction. Moreover, most products in notable domains such as the banking sector have progressively grown to be synonymous to commodities, quality of service. According to Leeds (1992), numerous customers were recorded to shift banks citing poor services. As a result, the aspect and comprehension of customer satisfaction has interested an array of researchers and experts given the imperative role that customers play (Tam, 2004). Customer satisfaction, therefore, is an outcome of buy and utilize emanating from the purchasers' assessment of the expenses of the product or service in connection to the foreseen outcomes. It is additionally characterized along the lines of an emotional expression that more often than not emerges from an assessment of a specific product or service (Westbrook, 1981). The first school of thought is founded on the way that fulfillment is resolved through a psychological method by contrasting what customers forego to acquire a product or a service. The second viewpoint on customer satisfaction takes fulfillment as a passionate feeling that stems amid the procedure of assessment (Tam, 2004). Thus, customer satisfaction can be plausibly characterized as an emotional reaction, driven by an intellectual procedure of evaluating a product or a service against the underlying costs and expenses that the buyer gives up in the process (Woodruff et al. 1991). Subsequently, customer satisfaction accelerates the measure of how products and services meet the underlying needs, making it a key performance pointer in business realms. Ordinarily, service organization screen and analyze the satisfaction level of customers on a progressing system by utilizing diverse scales to quantify the level of customer satisfaction which is mostly in view of services provided.
Quality service provision and customer satisfaction and customer loyalty have now been perceived as significant parts for achievement and survival in today's competitive markets. Extensive research further underpins significant relationship between organization's execution and level of fulfillment announced by customers. Therefore, it is contended that customer satisfaction should be viewed as a definitive objective for all organizations. Pragmatic case studies and research have upheld that customer satisfaction decreases the probability of absconding or potentially is emphatically related with retention and customer loyalty (Oliver, 2009).
Background
Today, business is characterized by heightened competition making the markets more aggressive and testing than ever before. With these multidimensional difficulties and the prevalent globalization, business firms are compelled to restructure their products and services as well as their business and marketing frameworks to enhance service quality and remain relevant on the global spectrum. Thus, customer service plays an imperative role and is considered to an essential component of any feature of industry as it characterizes the eventual fate of any association. The dynamic advances in innovation based frameworks identified with the internet are prompting principal courses on how diverse associations cooperate. The same case applies for the connection of an association with its customers. In various service enterprises, the connection between consumer satisfaction and service quality credits have been hard to recognize in light of the fact that service quality is elusive and not easily quantifiable (Guo, Duff, & Hair, 2008). In light of the comprehension of the nature of service quality, it becomes rather challenging for the organizations to dissect how the customers view and assess the sought-after result of the service quality.
Subsequently, the money transfer business is classic example of such a service industry. The industry, has been characterized by rapid innovations and an uphill development patterns that has seen the onset of remarkable advancements. These advancements have revolutionized the ease with which people across the world transfer funds. Along these lines, immigrants account for the greater percentage of money transfer users. In the United Kingdom, the region acts as a significant sender and transmitter of remittances (Vargas-Silva, 2016). For instance, in 2014, UK nationals remitted approximately 13 billion on average (Vargas-Silva, 2016). In any case, every principle data sources concur the region is one of the top senders of remittances in the world, accounting for more than 10% of the total remittances to Pakistan. Here, the underlying costs differs across destination countries and forms of money transfer utilized. The significant money exchange service providers such as Western Union and MoneyGram ordinarily charge up to 10% of the aggregate sum transferred. Be that as it may, there lacks sufficient data in regards to the qualities of remitters in the extensive United Kingdom region, counting attributes such as pay levels and support programs. A few reviews propose that there are ethnic contrasts in remittance conduct in the United Kingdom.
Following, the end of foreign trade controls in the UK in the late 1970s, there has been no official component for recording global fiscal exchanges including the volume, destinations, and utilization of remittances from the UK CITATION Wor15 \l 1033 (World Bank, 2015). The UK Office for National Statistics (ONS) does not distribute assessments of remittances to and from the region. Remittance streams are likewise hard to get hold of and illustrate in totality. Informal exchanges such as funds cash sent with visiting family members and friends may represent a critical bit of the transferred funds making it hard to record the streams. Subsequently, there are a few wellsprings of remittances information as depicted by the table below.
Table 1: Remittances from the United Kingdom in 2015
Source Remittances ( Billion)
World Bank 1.5
Eurostat 5.3
World Bank Migration Remittances Factbook 7.0
World Bank Bilateral Remittances Factbook 16.5
Source: (Vargas-Silva, 2016)Problem StatementCustomer satisfaction measures the extent by which a company meets or exceeds clientsneeds. A happy customer is loyal to a particular brand and is likely to recommend it to other customers (Lee, 2013). Although service cannot be quantified, the attitude and the means of delivering the services is what the consumer regards as exceptional or mediocre (Lee 2013).Therefore, customer satisfaction should be at the core of every business with constant attempt toimprove service delivery and meet the customer at their needs. Thus, there is a domineering need to focus on service and customer satisfaction in the money transfer business with the aim of offering recommendations on how they can enhance their efficiency by concentrating on their client and attracting new customers.
Justification of Research TopicThis research will be useful for institutions such as Banks, Western Union Money Transfers, World Remit, RIA, and MoneyGram wishing to increase their customer base. Research shows that customers satisfaction is based on the perception they have on a company and the benefit that they obtain from consuming a certain good (M...
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