Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE credits
The organizational change of banks into cashless banking is becoming quite common. Technological development, competition and changing attitudes of customers towards cash services offered force banks to shift their activity towards advice based approach. However, when changing to cashless activity banks undertake a change which directly impacts on their customers. Hence, in this research I try to answer the following question:
How could banks meet customers’ expectations when changing from cash services to deeper customer relationship?
The main purpose of this study is to contribute for better understanding of beneficiary customers’ expectations of banks going over to cashless activity. In order to fulfill the main purpose two studies are conducted. The first study is of preparatory nature based on the qualitative research through the semi-structured interviews. Based on the findings of the semi-structured interviews the theoretical framework, subdivided into bank and customer related theories, has been revised and hypotheses have been created for further study. The second study was conducted through the quantitative survey where 500 questionnaires have been sent to randomly chosen participants.
The survey findings have been analyzed statistically in order to test the hypotheses. Furthermore, analyses and suggestions for the bank (assigner of this case study) have been made in light of the theories related to both customer and bank.
The results have shown that customers react positively to some organizational changes such as limitation of cash services and their complete removal to another office. Furthermore, it has been shown that customers do not possess good knowledge about the changes even the one that was already implemented. Moreover, the results have shown that customers require information at least one month before the change is implemented. A large part of the customers would like to receive the information via letter sent per post. Regarding the limitation of cash services customers of all ages have expressed their worries and suggested to extend open hours until 6 p.m. at least during one day. With regard to the complete transformation of the bank into cashless activity, customers reacted mainly negative. However, it has been shown that only over 7% would be affected by this change to the extent where they would consider changing the bank.
Keywords: “cashless bank/ing”, “changing from cash services to deeper customer relationship”, “meet customers’ expectations of banks becoming cashless”, “organizational change”, “beneficiary customers”.
2009. , 97 p.
Hedström, Owe R. , Universitetslektor