Loyalty Program and Customer Retention of Bank Credit Cards --an Logistic Regression Analysis based on Questionnaires

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1 oylty Progrm nd Customer Retenton of Bnk Credt Crds --n ogstc Regresson nlyss sed on Questonnres ZHU Qn IN Runyo College of Economcs Zhejng Gongshng Unversty P.R.Chn strct To Chnese credt crd ssuers oylty rewrds progrms hve ecome ncresngly mportnt especlly. Ths pper studes the oylty Progrm Memershp nd servce experences for customer retenton of credt crds y logstc regresson methods sed on the dt collected y 5 kert questonnres. The fndngs pont out tht customers mke reptronge decsons for the credt crd servce on the ss of ther pror reptronge ntentons or ehvor; memers n loylty progrms re generlly less senstve to losses n the dmensons of llng spects; nd so on. Implctons for nks re recommended to mprove customer retenton. Further mplctons for reserch re lso dscussed. Key words Credt crd Reptronge oylty progrms Servce experence Customer retenton 1. Introducton t the present tme Credt crd ssuers hve ttched more mportnce to the servce nd mngement of exstng customers. Mngers typclly eleve tht t s desrle nd expected for properly execute loylty rewrds progrm to ncrese usge of the compny s product or servce offerng (O Bren nd Jones 1995). Generlly the gol of these rewrds progrms s to estlsh hgher level of customer retenton n proftle segments y provdng ncresed stsfcton nd vlue to certn customers. The mngerl justfcton for these progrms s tht ncresed customer stsfcton nd loylty hve postve nfluence on long-term fnncl performnce (Rechheld & Ssser 1990). ccordng to Hwkns et l. (2001) the ojectve of these progrms s to ncrese the stsfcton nd retenton of key customers. The loylty progrm s rewrds-for-usge progrm. oylty rewrds progrm memers ccumulte ponts wth ech dollr trnscted tht re redeemle for wde vrety of goods nd servces such s r certfctes cr rentl vcton optons nd retl gfts.(bolton Knnn nd Brmlett 2000). However t must e verfed tht the postve fnncl outcomes of the rewrds progrm exceed the nvestment mde n the progrm. For Chn Credt crds entered domestc mrket n 1979 the fct tht Yun-denomnted credt crds hve only een round snce 1985 t frst n the desgnted Specl Economc Zones n costl Chn (Mnstry of Scence nd Technology 2001). s of erly 2006 there were t lest 15 ntonl nd locl nks ssung 106 types of crds tht ncludng lmted overdrft domestc credt crds nd nterntonl credt crds. Snce credt crds mrket s stll not mture n Chn ut the mrket dmenson s so lrge to keep the exstng customers hs een hnge mtter for Chnese commercl nks nd the credt crd ssuers. The ojectves of ths pper re: frst to dentfy the reltonshp etween reptronge ntentons nd susequent reptronge decsons; Second to study the nfluence of loylty rewrd progrm nd servce experences on reptronge decsons of credt crd holders; thrd to study dfferences n reptronge decsons etween memers of loylty progrm nd nonmemers. 2. terture Revew Inthr (1987) studed the system of electronc pyment n form of credt crds; he used questonnre to study the ehvor of credt crdholders nd retl outlets. Thtpong (1991) studed the mpct of ppernce of credt crds on consumpton ehvor. He found tht usng credt crd cused consumpton expendture hgher even wth unchnged (constnt) ncome. Pycht (1999) studed the spendng ehvor of credt crdholders. He mde comprtve nlyss etween the expendture ehvor of the credt crd holders s government offcls nd prvte employees. Kttpn (1995) 240

2 studed the fctors nfluencng the holdng nd usge of credt crds. By the use of questonnres he found tht the fctors nfluencng the usge of credt crds re occupton ge ncome nd the numer of credt crds. Keveney (1995) developed model of customer swtchng ehvor n servce ndustres. By collectng grounded events or ctul ncdents tht cused customers to swtch servces they used crtcl ncdent technque (CIT) to study on customer s ehvor nd found tht customers swtch servce provders for mny resons ncludng prcng nconvenence core servce flures fled servce encounters response to fl servce encounters competton nd ethcl prolems. Bolton Knnn & Brmlett (2000) studed the mplcton of loylty progrm memershp nd servce experences for customer retenton nd vlue. They employed logstc regresson nlyss to determne vrles explnng customer retenton nd t-test to test dfferences n reptronge decsons etween memers nd nonmemers of loylty progrm. ungkn (2001) used ndependent smple t-test to compre mens on vrles ncludng percepton towrd chrcterstcs of Internet nkng servce nd personl chrcterstcs etween two ndependent groups ntendng nd non-ntendng dopters. ogstc regresson nlyss s employed to fnd explntory vrles of dopton ntenton sx vrles re together found s predctors of dopton ntenton. They re opnon leders n terms of technologcl mtter reltve dvntge from tmesvng complexty trnlty comptlty nd electronc nkng usge n terms of telephone nkng usge. The result s tht ntendng dopters perceve the onlne servce to hve hgher reltve dvntge nd socl vlue. 3. Method nd Dt 3.1 Reserch hypotheses Hypothess sttements re conjecturl sttement of the reltonshp etween two or more vrles tht crry cler mplcton for testng the stted reltons (Dvs nd Cosenz 1993). oylty Progrm Memershp Memer Nonmemer Servce Experences Bllng spects Product enefts Overll qulty Overll prce Reptronge Intenton kelhood to recommend kelhood to renew kelhood to ncrese usge wth compny Reptronge Decson Sty Cncel Fgure 1 Dgrm of reserch frmework Estlshng conceptul frmework (Fgure 1) of hypothess testng model we set forth the followng hypothess sttements: H0: Customers reptronge ntentons hve postve effect on ther susequent reptronge decsons. H0: Memers of loylty progrms wegh reptronge ntentons more hevly thn nonmemers n mrkng reptronge decsons. Hc0: When customers ssessments of current experences re less stsfctory thn compettors servce levels the perceved dscrepncy (the coeffcent of NegComp) wll hve negtve effect on ther reptronge decsons wheres when customers ssessments of experences re more stsfctory 241

3 thn compettors servce levels the perceved dscrepncy ( the coeffcent of PosComp) wll hve postve effect on ther reptronge decsons. Hd0: Memers of loylty progrms wll wegh comprsons wth compettors less hevly thn nonmemers n mkng reptronge decson. He0: The mgntude of the effect of customers comprson of ther stsfcton wth ther current provder versus ther competng provder on ther reptronge decsons wll e lrger when the dscrepncy s negtve rther thn postve. We employ the non-prolty smplng method ecuse the prolty of selectng populton element s unknown (Cooper nd Schndler 1998). Quot smplng s selected n ths reserch whch lso refers to clssfy populton y pertnent propertes; determne desred proporton of smple from ech clss; fx quot for ech oserver (Dvs 1996). Self-dmnstered survey method s used n collectng dt. For the self-dmnstered questonnre they rely on the effcency of the wrtten word rther tht of the ntervewer (Cooper nd Schldler 1998). In ths study we scn respondents y skng queston whether they hve ever used credt crds or not. 3.2 Dt collecton nd methods nlyss Smplng unts re people who hve een usng nk credt crds n prl 3rd 2006; nvestgtons re enforced n Hngzhou the provnce of Zhejng. The populton of respondents n ths study ws ssgned nto two groups: memers nd nonmemers ech 150 persons. 5-pont kert questonnre re employed. fter the dt were collected we employed the Sttstcl Pckge for the Socl Scences (SPSS) whch s wdely used dt nlyss progrm to nlyze the dt. Sttstcs used for dt nlyss nclude descrptve sttstcs nd nferentl sttstcs. Inferentl Sttstcs re used n Hypothess Testng; the methods to e ppled re ogstc Regresson nlyss. In logstc regresson estmted coeffcent (B) stndrd error of B Wld sttstcs sgnfcnce 2 nd odd rto (exp (B)) re clculted. Clssfcton tle R nd Model Ch-squre re used to ssess the goodness of fttng the model. The equton of the model s: Intent+ e oyl+ oyl Intent+ PosComp + c NegComp Decson = + oyl PosComp + coyl NegComp (1) Where Intent = vrle representng reptronge ntentons; oyl = n ndctor vrle tht on the vlue 1 f the customer s loylty progrm memer 0 otherwse; nd If ( OwnSt ) 0 CompSt > then; PosComp = ( OwnSt CompSt ); NegComp nd = 0 If ( OwnSt ) 0 CompSt < then; NegComp = ( CompSt OwnSt ); nd PosComp = 0 Where OwnSt = stsfcton of the current servce provder CompSt = stsfcton of the competng provder From equton (1) s dstngushed etween the effects of perceved servce experences on ll customers (denoted y the suscrpt ) nd the effects on memers of the loylty progrm (denoted y the suscrpt ). It ncludes seprte terms for postve nd negtve effects of comprsons wth compettors to llow for symmetrcl effects on reptronge ehvor. The four dmensons of the servce experence: the llng process product enefts overll qulty nd prce re denoted y the suscrpt. The decson rule for ll hypotheses s ccept Ho when for Hypothess 1; nd 0 for Hypothess 2; nd > c < 0 for Hypothess 3; nd < 0 c c > c + c > + for Hypothess 4; nd for Hypothess 5 242

4 4. Results Mle represents 41.7% of the respondents wheres femle respondents ccount for 58.3%. The mjorty of the respondents re ged from coverng 53.3%. Respondents ged nd cover 40.3% nd 6.3% respectvely. Respondents wth Bchelor s degree ccount for 65.3% whle nother 32% hve hgher degrees. The rest 2.7% hold degree lower thn Bchelor s degree. The verge ncome of 30.3% of the respondents les etween Yun followed y Yun nd Yun ccountng for 22.3% nd 18.7% respectvely. 17.3% of respondents ncome s ove wheres 11.3% of respondents ncome s elow Busness employees ccount for 76.3% of respondents students nd self-employed represents 13% nd 6.3% respectvely. Menwhle stte enterprsers nd government offcers cover 2.7% nd 1.7% of the respondents respectvely. Tle 1 Summry Descrptve Sttstcs y oylty Progrm Memershp Vrle Not oylty Memer oylty Memer M (SD) M (SD) Gn llng spects (0.445) (0.536) oss llng spects (0.296) (0.173) Gn product enefts (0.402) (0.453) oss product enefts (0.262) (0.195) Gn overll qulty (0.491) (0.574) oss overll qulty (0.419) (0.460) Gn overll prce (0.488) (0.619) oss overll prce (0.675) (0.730) Reptronge Intenton (0.786) (0.736) Reptronge Decson (0.475) (0.411) Tle 1 presents comprson of mny vrles cross the two segments to provde profle detls. The men score of gns on llng spects product enefts overll qulty nd overll prce of loylty memer re hgher thn not loylty memer s. The men score of reptronge ntenton of loylty memer s hgher thn not loylty memer. It lso ndctes tht customers who re memers of the loylty progrm re less lkely to cncel ther ccounts thn those re nonmemers. Wheres slghtly more thn 78.67% of the loylty progrm memers hve retned ther ccounts only 66% of the nonmemers hve retned. Tle 2 Summry of Hypothess Results Hypothess Su-vrles Decson Rule Fndngs Result H0 =0.604 ccept H0 H0 = Hc0 Bllng spects 1 =0.078 c 1 = ccept H0 Product enefts c 0 Overll qulty < 2 =1.922 ccept H0 2 = Overll prce 3 = c 3 = = =1.328 Hd0 Bllng spects 1 = c 1 =2.067 ccept H0 Product enefts < 0 c Overll qulty 2 =0.772 c 2 =3.584 Overll prce 3 =1.272 c 3 = = c 4 = He0 Bllng spects > ccept H0 Product enefts c > Overll qulty < < c + c > + Overll prce < < > <

5 In hypothess testng ogstc Regresson s used for testng H-He to fnd out explntory vrles of reptronge decson. The results derved from ths reserch (Tle 2)my e useful for nks currently ssung credt crd nd those consderng ssung credt crd n the future. The results cn help nks to mprove customer retenton. 5. Concluson 5.1 Conclusons for reserch ojectve The fndngs pont out tht customers mke reptronge decsons for the credt crd servce on the ss of ther pror reptronge ntentons or ehvor updtng y comprsons of ther pror stsfcton levels wth the compny versus ther stsfcton wth the compettors. However ther comprsons re reltvely complex. Customers mke comprsons on multple underlyng servce dmensons nd wegh losses more hevly thn gns n the dmenson of llng spects. The effect of loylty progrm tht emerges from the results s s follows. Memers n loylty progrms re generlly less senstve to losses n the dmensons of llng spects product enefts nd overll qulty when comprng the compny wth compettors nd less senstve to overll prce dvntges tht compettors could hve vs-à-vs the compny. Memers of the loylty progrm generlly hve lrger gns thn losses on llng spects product enefts nd overll qulty nd they generlly hve lrger losses thn gns on overll prce dmenson when comprng the compny wth the compettors. Yet they dscount these evlutons n ther reptronge decson. One possle reson could e tht they perceve tht they re gettng etter qulty nd servce for ther prce or n other words good vlue. 5.2 Further mplcton for reserch Memers of the loylty progrm generlly hve lrger gns thn losses on the llng spects product eneft nd overll qulty nd they generlly hve lrger losses thn gn on the overll prce dmenson when comprng the compny wth the compettors. It ndctes tht they dscount these evlutons n ther reptronge decsons. One potentl reson could e tht they perceve tht they re gettng etter qulty nd servce for ther prce or n other words good vlue. Thus the further reserch could hypothesze tht eng memers of loylty progrms nd perceptons of good vlue re hghly correlted. Ths sttstcl nlyzes show tht the credt crd compny s loylty progrm leds to ncrese revenues due to fewer cncelltons. However we cn speculte whether the hgher revenues offset the compny s cost of opertng the progrm. These fndngs my generlze to other consumer products nd servces. However ther generlze lty prtlly depends on the effectveness wth whch the loylty progrm s mplemented. Hence further reserch s requred concernng the underlyng mechnsm y whch loylty rewrds progrms operte to nfluence customers ssessments nd reptronge ehvor. References [1]Bolton Ruth N. Dynmc Model of the Durton of the Customer s Reltonshp wth Contnuous Servce Provder: The Role of Stsfcton. Mrketng Scence (1): [2]Hrrson Tn Fnncl Servces Mrketng. Gret Brtn: Redwood Books td. 2000: [3]Hwkns Del I. Best Roger J. nd Coney Kenneth. Consumer Behvor: Buldng Mrketng Strtegy. Boston: Irwn/McGrw-Hll. 2001:53-67 [4]Khnemn D. & mos Tversky. The Smulton Heurstc In Judgment under Uncertnty: Heurstcs nd Bses ed. Khnemn D. et l. New York: Cmrdge 1998: [5]Keveney Susn M. Customer Swtchng Behvor n Servce Industres: n Explortory Study. Journl of Mrketng (4): [6]O Bren ouse nd Chrles Jones. Do Rewrds Relly Crete oylty?. Hrvrd Busness Revew (My- June):

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