Ethical Banking And Customer Satisfaction : A Comparison Between Bankmecu And Commonwealth Bank Of Australia

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Ethical Banking and Customer Satisfaction:

A Comparison Between Bankmecu and Commonwealth Bank of Australia

CONTENTS

1. INTRODUCTION 3
2. LITERATURE REVIEW 3
2.1. CORPORATE SOCIAL RESPONSIBILITY 4
2.2. ETHICAL BANKING IN AUSTRALIA 4
2.3. THE RADICAL AFFINITY INDEX 4
2.4. CUSTOMER SATISFACTION 5
3. RESEARCH DESIGN AND METHODOLOGY 5
3.1. CONCEPTUAL FRAMEWORK 5
3.2 SAMPLE AND PROCEDURE 6
3.3 DATA COLLECTION 8
3.4 PILOT STUDY 8
3.5 DATA ANALYSIS 10
3.5.1 Data Reduction 10
3.5.2 Data Display 10
3.5.3 Conclusion drawing 10
3.6 POTENTIAL LIMITATIONS AND DIFFICULTIES 11
4. CONCLUSION 11
A. BIBLIOGRAPHY 12
B. APPENDIX 15
APPENDIX 1: RAI COMPUTATION 15
C. PROJECT TIMELINE 17

1. INTRODUCTION

It is widely believed that financial
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Since then, the idea of socially responsible banking has grown commonplace in the financial markets, as a result of increasing social awareness and regulatory pressures (Scholtens, 2008). In light of the growing emphasis for banks to operate more ethically, this paper seeks to examine consumer responses to such initiatives in Australian banks with particular reference to Bankmecu and Commonwealth Bank of Australia (CBA). There have been much past research done on addressing ethics in banking and consumer satisfaction (Frye, 1997; de Clerck, 2009; Anderson & Sullivan, 1993), but few analysed the effects of ethical bank practices on customer satisfaction specifically, and whether these two hold a positive relationship. In exploring this, I hope to contribute to the aforementioned gaps in existing literature. This paper begins with a review of relevant literature on the theoretical background. Next, the research methodology will be elaborated on, explaining data collection and analysis process. Finally, the paper will be concluded with a summary addressing implications and limitations.
2. LITERATURE REVIEW

Traditionally, markets have been established around the notion of being ‘company-centric’ (Prahalad and Ramaswamy, 2004). In the 19th century, with the emergence of the New Economy, values and ethics brought about the rise of a modern consumer culture (Senge, P.M. and Carstedt, G., 2001;
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