Competition, efficiency and productivity in Cyprus banking system

Abstract

The banking system today is at the core of various changes and rapid developments. The liberalization of markets, offering a variety of products and services, the expanded use of technology and the globalization of activities increased competitive pressures and led banks to adopt quality practices in their efforts to maintain market share and increase profits. The need to attract new customers and retain the existing ones, has necessitated the implementation of policies focusing on the needs and expectations and improving the degree of satisfaction. This thesis aims to identify the factors that contribute to customer satisfaction and to examine the criteria on which the banking organization is based. On the other hand, an attempt is made comparing the factors they consider banks as important to achieve the quality and analysis of the initiatives implemented to achieve efficiency and competitive advantage. For the writing of this thesis articles and books were collected on service quality, efficiency, competition and customer satisfaction and an effort was made to place all research carried out to date and concern in the quality of banking services in Cyprus and abroad. The main findings of the study were that the crucial factor determining the development of services and public banking is the quality that characterizes them, since there is fierce competition in the banking sector. This makes it important to provide quality services.