Unveiling Drivers of Consumer Loyalty for Private Sector Commercial Bank Service in Colombo District, Sri Lanka

The development of new services to meet consumer needs is becoming a crucial issue for the banking sector in Sri Lanka, as the rivalry within the sector is growing daily and services are rapidly becoming the driving forces of economies. Accordingly, current research is a comprehensive study of the identification of the determinants of consumer loyalty in the Private Sector Commercial Bank Service. A structured questionnaire was used to collect data from 306 banking consumers. Data were analyzed using SPSS Software. Findings revealed that customer loyalty is positively influenced by trust, commitment, satisfaction, corporate image, and perceived value. Moreover, the results showed that the highest positive correlation of the level of customer loyalty was with customer satisfaction, the second-highest positive correlation was with corporate image and the lowest positive correlation was with commitment. The findings encourage Sri Lankan banks to employ technology to enhance customer satisfaction and service quality, which would enable them to handle contemporary challenges in a banking market.