Customer Satisfaction and Bank Loyalty In today's world the competition has increased so much mainly because of all the globalization taking place around us. As a result of this increase in competition it is very important for all the organizations, including the banking sector, to retain the customers and make sure that they there customer base is increasing instead of decreasing. The most definite way of achieving all this is by making sure that the changes that are brought by the bank are in line with the needs and wants of their customers, for this reason and to gain the competitive edge over other organizations it is very important that the organizations build their customer relationships, bring in product innovations, motivate and train their employees as well as produce the customized products and make the technology better (Titko and Lace, 2010).

However, in case of the Wells Fargo bank it hard to say that they are following all the ideas that have been mentioned above in order to improve the customer base in this competitive result. It has been noticed that the main reason for this lack of customer loyalty in case of the Wells Fargo bank is their slow system as, the slow systems means that the workforces is no efficient enough and because of this the customers have to wait for a long period of time before their work gets done and for this reason they are getting more and more agitated by the bank as their needs and wants are not being satisfied properly.

The importance of ensuring the satisfaction of the customers or the people affiliated with your organizations even the financial organizations should always be a very important part of the company's goal (Fisher, 1930; Copeland et al., 2002; Helfert, 2003; Sinkey, 2007). It is the relational capital that tells us about the kind of relationships that the organization has with its employees, customers, suppliers, investors (Mertins et al., 2009). 70 percents of an organization's value depend on the intangible assets specifically the relational capital (Kaplan&Norton, 2003).

Today in a world where the competition is increasing with each passing day it is very important for the companies to make sure that they are being able to retain their existing employees and that their customer base is increasing by attracting new employees. However, in terms of the profits it is a lot more important for the banks to retain the existing employees rather than getting new ones as the cost that the company has to spend in attracting new employees is a lot more than retaining them (Titko and Lace, 2010).. Therefore, if a bank is looking for the maximization of their profits customer loyalty is the most important thing for them. For this reason it is very important for the Wells Fargo bank to improve the performance of their system as, only them will the dissatisfaction of the employees change into satisfaction and the bank will be able to retain their existing customers by getting their loyalty.

Problem Definition:

Today the financial market has become very saturated which has given rise to extreme competition resulting in a huge increase in the demands of various services and products like; mobile phones and internet (Methlie and Nysveen, 1999; Jun and Cai, 2001; Bradley and Stewart, 2003), this trend has made it very important for the company who come under the service industry to make sure that they provide their customers with what they want (Gronroos, 1994; Berry, 2002) as, otherwise the customer has a huge amount of other options to choose from and not only will their choosing some other service cause the Wells Fargo bank all the time and money that they invested in the customer but also a decrease in the customer base, for this reason strong long-term relationships are very important to be build among the customer and the Well Fargo bank.

Although, the availability of such huge market and all the information available on various products help the customers in choosing the one that they believe is the best, it can also prove to be very help for the Wells Fargo bank as it will help them in releasing what their customers are going for and what they want the most and in this way they will be able to build and improve their relationship with their customers (Gronroos, 1994; Berry, 2002) like, in case of the improvement of the electronic channels will not only decrease the cost of the bank as it would have use its man force but at the same time it will increase the customer satisfaction...

Whereas, a lot of cross-sell opportunities can be achieved with the face-to-face consultations of the customers with the employees (Clemons et al., 2002).
In order for the Wells Fargo bank to understand the needs of their customers and to know about the scenarios in which they have picked the services that they have is very important as in this they will be able to know the ways through which they can improve the customer satisfaction (Petruzzellis et al., 2010).

The main reason behind a customer going for a service are; how he/she perceives it is going to help them and what are the perceived costs of using that product (Eastlick and Liu, 1997) what this means is that the value that the customer thinks the product can provide him/her is the factor which will decide his deciding to use the product in the first place. A quality of this kind is identified by the convenience the product offered (Black et al., 2002; Devlin and Yeung, 2003), the costs that the customer will have to bear when conducting business through that product (Devlin, 2002; Fader, Hardie and Lee, 2003), the service quality of the product (Montoya-Weiss et al., 2003) and the risks that are there risk when the transactions are conducted through the "product" (Black et al., 2002; Grewal, Levy, and Marshall, 2002; Reardon and McCorkle, 2002).

Hence, as it has been said in the literature, there are two main loyalty dimensions:

1. A past loyalty (Zins, 1998) which basically associates with the behavioral loyalty if the customer (Snehota and Soderlund, 1998; Chaudhuri and Holbrook, 2001) and it also depends on the previous banking service that the customer made use of and how did that experience go for him.

2. Cognitive loyalty, which tells the bank if the customers is going to make use of their services in the future (Methlie and Nysveen, 1999; Van Rail et al., 2001).

The perceived satisfaction, service quality and the past loyalty are basically the factors that can help the Wells Fargo bank in getting to know if the customer is going to make use of their services in the future and for this reason it is very important to ensure that best services are being provided by the bank and that the customers are retained and there is strong relationship among the two (Mefford, 1993; Jun and Cai, 2001). Also, the committed customers are less likely to switch and thus the bank won't have to face the damaging effects of the switching costs (Fullerton, 2003).

There exists a positive relationship between the switching costs and the commitment specifically in contexts of the services. This can be explained by the fact that if a customer is using a service whose switching cost is going to be very high then the commitment doesn't have much to do with the switching in this case as, he/she would probably keep on using the service anyway (Sharma and Patterson, 2000).

Satisfaction is a reaction to the experience that the customer has while he/she uses a service (Sharma and Patterson, 2000) therefore, when a customer has achieves higher levels of satisfaction this means that he/she has more good experiences with the firm, this also result in that particular customer in sharing this piece of information with his friends and family members and as a result with the help of the word of mouth the highly satisfying services of the bank are conveyed to others (Cronin and Taylor, 1992; Jaishankar et al., 2000).

In the literature customers repurchase intentions of a particular service or product shows how much effect the satisfaction has on commitment. According to the relationship marketing literature there exists a positive relationship between the commitment and satisfaction as, when a customer is satisfied with some service he/she will buy it again thus, getting committed to it (Morgan and Hunt, 1994).

There are a lot of models on loyalty in the marketing literature and these models tell us about the different ways in which the perceived satisfaction, loyalty and quality are related to each other. In the light of the complexity of all these models it has been hypothesized:

H1. The attributes of the product or the service are positively related to loyalty as when there will be stronger satisfaction the customer will be more committed to the product or service and won't feel any uncertainties in using the services of the Wells…