Investigating the Equality of Customer Loyalty between Two Commercial Banks in Anambra State, Nigeria: Hotelling T-square Approach

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Investigating the Equality of Customer Loyalty between Two Commercial Banks in Anambra State, Nigeria: Hotelling T-square Approach

July 9, 2020 Economics and Management 0

Aims: This study examined the equality of customer loyalty between two Banks in Anambra State, Nigeria. The objective of this study was to determine if there exists significant difference between loyalties of customers in two commercial banks in Anambra State.  Methodology: The data used for this study was primary data collected through the aid of administered questionnaire. The statistical tool used in analyzing the data was the permutation method for Hotelling T-Square.  Results: The result of the analysis found a test value of 1.03 and a corresponding p-value of 0.43 which indicates that there is no significant difference between customer loyalties of the two commercial banks. This result could be attributed to the improved supervision of the apex bank in Nigeria (Central Bank of Nigeria) on the activities and operation of the banking sector. Since, customer loyalty can help firms develop strategies to grow the right customers and in turn customers can be viewed in terms of their lifetime value.  Conclusion: Based on the outcome of this study, studies on determining the retention and lifetime value of commercial banking customers in Nigeria is recommended as a fruitful area for future research, for it appears that the banking industry is one of the most profitable within the Nigerian economy, hence, higher performance could be attained in terms of customer retention and loyalty thereby creating wealth to her shareholders and rendition of social obligations to the larger society.

Author(s) Details

C. O. Aronu
Department of Statistics, Chukwuemeka Odumegwu Ojukwu University, Anambra State, Nigeria

G. O. Ekwueme
Department of Industrial Production Engineering, Nnamdi Azikiwe University, Awka, Nigeria.

J. O. Emunefe
Department of General Studies, Mathematics and Statistics Unit, Petroleum Training Institute, Effurun, Nigeria

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