Can mobile technologies improve customer satisfaction? The perspective of the banking and retail sectors in Bulgaria.

Abstract

The current dissertation is focused on identifying whether mobile technologies can improve customer satisfaction in the banking and retail sectors in Bulgaria. For this purpose, the research is built on the basis of the views of customers of both a bank institution and a retail business who participated in the survey. The current work also reveals what is the effect of mobile technologies on the overall customer experience, along with a comparison of the effect of different types of services on customer satisfaction in the banking and retail sectors. Customer satisfaction has become one of the most important topics in the period of recession after 2008 due to the economic downturn and the subsequent challenges for manager to retain customers and preserve the positions of their businesses in the marketplace. The changing economic landscape has evoked the need for managers to try different approaches and innovative techniques to improve revenue growth and customer satisfaction rates, such as including modern mobile technologies in the companies’ offerings. The survey, conducted among customers of both a bank institution and a retail business revealed that mobile technologies have a positive effect on the overall customer experience and moreover, that the opportunity to use mobile technologies positively affects customer satisfaction both in the banking and retail sectors. However, the research revealed also several important facts, such as the major role of the basic service, which is crucial for staying loyal to the business, regardless of the positive effect of mobile technologies, the safety concerns that many respondents have when using mobile technologies and the difficulties some respondents find when using them which prevents them from fully utilizing the benefits of mobile technologies. Finally, the current work proposes several recommendations for what measures business from the banking and retail sectors may take to minimize the drawbacks that prevent customers from having a fully positive experience with mobile technologies and how to utilize all opportunities these technologies provide for further improving customer satisfaction.