Determining Key Driving Factors for the Successful Retention of Customers of Indian Banks: An Empirical Contemplate
Puspalata Mahapatra1, Namita Rath2, Nishikanta Mishra3

1Dr. Puspalata Mahapatra, Assistant Professor, KIIT DU, Odisha.
2Dr. Namita Rath, Assistant Professor, FMS, Sri Sri University, Odisha.
3Dr. Nishikanta Mishra, Assistant Professor, KIIT DU, Odisha.

Manuscript received on May 18, 2020. | Revised Manuscript received on May 27, 2020. | Manuscript published on May 30, 2020. | PP: 2626-2633 | Volume-9 Issue-1, May 2020. | Retrieval Number: A2737059120/2020©BEIESP | DOI: 10.35940/ijrte.A2737.059120
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Abstract: This study is an attempt to examine the key drivers for successful retention of customers in the Indian banking sector. Due to flow of LPG, the competitiveness in the banking sector has increased significantly and banks are not only competing with each other but also with other non-banking financial institutions (Hull, 2002). As almost all banks provide nearly identical services, so to survive in the long term and to distinguish themselves, they have to apply their own strategy and one of that is how to retain the existing customers. So, in order to enjoy sustainable competitive advantages, customer retention is the most vital marketing strategy. The key objective of this research work is to find out different factors and to identify the key factors among them which will help the banks to retain the existing customers. The results indicate that Customer service, price of product and Service and CRM are the most significant and essential factors which work towards retention of customer. Here the study used both primary and secondary data under which 33 factors have been identified from the extensive literature review and grouped under five factors and through questionnaire the above items were ranked according to their weightage. Out of which five factors identified as drivers which will help the Banking Industry to become success through the customer retention. Here the study applies the statistical techniques like mean, standard deviation and weightage score to find out the driving factors which help to retain the existing customers as well as to create new customers in different banks of India. The findings of the study will help the Indian Banking sector, authority, policy framers, and researchers to study the customer’s perception, their priorities and attitude which will help the banks to minimize customer’s churn and maximize their retention. 
Keywords: Customer Retention, Service Quality. Brand name, CRM, Retention strategy.
Scope of the Article: Software & System Quality of Service