Service Quality Perceptions and Preferences of Stock Broking Customers
Purpose – This study aims at identifying the services required by the customers of Stock broking firms and to assess the priorities that have to be accounted when planning their services. This research explored the effect of perceived quality of service on customer satisfaction. It also tried to establish the most and least important aspects of perceived customer satisfaction service
Design/methodology/approach- Questionnaire was developed and randomly distributed to Stock broking service users to measure perceptions. The questionnaire includes 22 SERVQUAL items and four demographic items (gender, age group, qualification for education and average transaction). The test SERVQUAL has been a revised scale developed by Parasuraman et al.(1991). The measure explores perceptions and output disparities across 22 items and has five dimensions: tangibility, reliability, responsiveness, assurance, and empathy.
Findings – The paper finds that, the customers considered Service Consistency, Safety and security and Investors’ relationship management as their top priorities. The customers are not satisfied with transaction accuracy, promptness and investor interactions since the Expectation and Perception gap is maximum for these items. The expectation perception gap is minimum for investor care and implementation of investor’s feedback.
Research limitation/implications – This study indicates that academicians and Stock brokers can focus on how the results can be used to measure the Performance and Expectation gap, identifying the demographic profile of the customers and their relationship with satisfaction.
Practical implications – This result indicates that the stock broking firms should concentrate more on Service Consistency, Safety and security and Investors’ relationship management since words customers considered these as their top priorities.
Originality/value – Previous research has examined measurement of SERVQUAL in various services such as banking, healthcare etc., this research will add new insights into what customer expects from stock broking firms.
Paper type - Research paper