An Exploratory Factor Analysis on Customer Loyalty over the Banking Services with Special Reference to Public Sector Banks

Abstract

In today's prosperous and cutting-edge banking business, the standard of services is the most important thing. All private banks have to offer almost the same services because the central bank has rules that everyone has to follow. The most important thing, though, is how these services are provided..Need:In today's competitive market, banks need to do the following to do well: it is critical that they draw in more customers. It is the discrepancy between the true Loyalty of the consumer and their happiness with banking services. Methodology: 170 customers of public sector banks in the Namakkal district participated in this survey. The exploratory study included thirteen bank customers' Loyalty indicators that were adapted from other research studies on banking services.Analysis: Three stages were involved in the EFA.  In order to determine the authenticity and dependability of the entire set of data, KMO and Bartlett's Test were undertaken.  In the second step, the eigen value for each of the thirteen markers is summed up. In the last step, factor estimation with principal component evaluation using varimax rotation was done.Findings: With a variation in the relationship between customer Loyalty of banking services factors, three components are revealed by 54.601 percent.