An evaluation of mobile banking service quality on customer retention in banking: a case study of Co-operative Bank of Nigeria
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Background of the Study
Mobile banking has revolutionized the delivery of financial services by offering customers the convenience of conducting transactions anytime and anywhere. Co-operative Bank of Nigeria has invested significantly in mobile banking technology to enhance service quality and improve customer retention. The bank’s mobile platforms provide features such as real-time account management, secure digital payments, and personalized financial services, all of which are designed to meet the evolving needs of today’s tech-savvy customers (Ogunleye, 2023). Improved service quality in mobile banking is strongly associated with higher customer satisfaction and loyalty, as seamless digital experiences reduce transaction times and enhance overall convenience (Ibrahim, 2024).
However, challenges such as network instability, system downtimes, and varying levels of digital literacy among customers may affect the perceived quality of mobile banking services. The competitive nature of the Nigerian banking sector further pressures institutions to continually refine their digital offerings. This study aims to evaluate the impact of mobile banking service quality on customer retention at Co-operative Bank of Nigeria by analyzing performance metrics, customer feedback, and retention rates. The research will identify key determinants of mobile service quality and assess how they correlate with long-term customer loyalty, providing insights into strategies that can strengthen digital engagement and retention in a competitive market.
Statement of the Problem
Despite substantial investments in mobile banking, Co-operative Bank of Nigeria faces challenges in maintaining consistent service quality that fosters strong customer retention. Customers have reported issues such as intermittent connectivity, slow application response times, and difficulties navigating the mobile interface, leading to frustration and reduced usage (Olutola, 2023). These technical and usability issues compromise the bank’s efforts to build long-term relationships and may prompt customers to switch to competitors with more reliable digital services. In addition, varying levels of digital literacy among the customer base contribute to disparate user experiences, further complicating retention efforts. This study seeks to identify the key factors that affect mobile banking service quality and to evaluate their impact on customer retention, with the goal of proposing actionable strategies to enhance service performance and improve overall customer loyalty.
Objectives of the Study
– To evaluate the quality of mobile banking services at Co-operative Bank of Nigeria.
– To assess the relationship between mobile service quality and customer retention.
– To recommend improvements to enhance mobile banking reliability and user satisfaction.
Research Questions
– How does mobile banking service quality affect customer retention?
– What are the main technical and usability challenges faced by mobile banking users?
– What measures can improve mobile service quality and retention rates?
Research Hypotheses
– H₁: Higher mobile banking service quality is positively correlated with increased customer retention.
– H₂: Technical issues negatively impact customer satisfaction and retention.
– H₃: Enhanced user interface design and support improve retention outcomes.
Scope and Limitations of the Study
This study focuses on Co-operative Bank of Nigeria’s mobile banking platform across diverse customer segments. Data will be collected from usage analytics, customer surveys, and system performance records. Limitations include network variability and potential self-reporting biases.
Definitions of Terms
• Mobile Banking Service Quality: The effectiveness and efficiency of mobile banking platforms in delivering financial services.
• Customer Retention: The ability of a bank to retain its customers over time.
• Digital Literacy: The capacity of users to effectively navigate and utilize digital banking services.
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