The Influence of Agency Banking as a Strategy on Customer Service in Equity Bank Limited in Kenya
Abstract
The purpose of this study was to establish the influence of Agency Banking as a Strategy
on Customer Service at Equity Bank Limited in Kenya. Agency banking is an innovation
that has developed recently in the banking industry due to the continuous innovations in
the business world. In Kenya a few organizations have been able to adopt the strategy and
Equity Bank was among the pioneers in implementing agency banking in its operations
with the aim of creating financial inclusiveness. Every organizations has a responsibility
of ensuring that the needs of the customers are met in the best way possible and that
customer service is enhanced; Equity banking is not an exception in this. The study had
two objectives; to determine the services devolved to Equity Bank agents and to establish
the influence of agency banking as a strategy on customer service at Equity bank limited.
The research sought to identify the functions and roles of agents at equity bank and their
ability to provide excellent customer service which is very crucial in the current business
world. The study adopted a case study research design and data was successfully
collected from a total of 51 out of the selected 53 respondents through an interview guide
and summative analysis was used to come up with the results. The study revealed that
equity agents are mostly allowed to handle cash deposit and withdrawal services as well
as handling some customer complaints related to transactions handled by them. The
agents are not allowed to handle some operations that may lead to breach of customer
confidentiality and trust or that go beyond the stipulated policies by the bank. There are
also guidelines in regard to selection of the potential agents in order to safe guard the
bank and the customers in terms of the image, the level of customer services given and
the risks involved both from internal and from the external environment. Customers,
agents and the bank alike agreed that agency banking has made significant changes on
customer service since it provides efficient, effective and personalized services and their
expectations are met to a high level. The researcher found the study significant in the
development of organizations and creating good relations with the customers who are the
most important asset of the organization. Its exclusion from operation may therefore hurt
the bank in its efforts to enhance customer service and in its efforts to position it's self in
the competitive market where the customers anticipate receiving absolute satisfaction in
services given. most of them fully understand what among their expectations should be
reached. Agency banking in Equity Bank Limited was found to be a successful venture
that has raised the bank to high extent in providing enhanced customer service to its
customers and with some a few improvements in future the strategy will continue to grow
the bank to higher levels. The researcher found the research to be very beneficial in the
banking sector as well as in organizations where the customer is superior and therefore
requires to be valued by providing strategies that align with making their needs be met
and in the most satisfying and convenient manner.
Citation
Degree Of Master Of Business Administration (MBA),Publisher
University of Nairobi,