The role of the corporate branding on the customer retention at the selected developmental bank in KwaZulu-Natal

Abstract

The study's goal was to look into the role of corporate branding on customer retention at a selected development Bank of KwaZulu-Natal in the greater Durban area. The study focused on determining the increasing tendency of respondents to migrate to other banks. The quantitative research design was used. Respondents included clients that were account holders at the selected bank branches in KwaZulu-Natal. The most appropriate technique was a personadministered survey. A total of 400 structured questionnaires were administered. Descriptive and inferential statistics were used to analyze the data. The influence of corporate branding on client retention at the bank was investigated using a confirmatory factor analysis model. Customer retention is influenced by cultural values and family ties, according to the CFA analysis. According to the findings, respondents have a positive relationship with their bank and give high ratings to its services. Regarding inferential statistics, it was discovered that there is a significant price agreement among IThala SOC Ltd products. The ANOVA test shows that the respondents' decision-making differs only by their age group. Furthermore, there is widespread agreement among bank employees about the importance of teamwork and the Ubuntu spirit, and another area of focus was determining whether there were any service quality issues that could contribute to customers' negative perceptions of the bank. As a result, further research into the quality of service and its impact on clients at IThala SOC Ltd is recommended. Some clients expressed a desire to elaborate on the quality of service they received.