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Introducing ACSI Model to Measure Customer’s Satisfaction for

Banking Service
SHI BaoJuan, ZHAO GuoJie
Hebei Polytechnic University , Shandong University of Finance

Absract: Satisfaction theory is the basis of not only establishing customer’s satisfaction index model,
but also the analyzing and evaluating the result of customer’s satisfaction index measure. customer’s
satisfaction can lead to two basic results: customer’s complaint and customer’s loyalty. The author made
the customer’s satisfaction sample investigation to banking in Qinhuangdao city. From the analysis we
can get to the conclusion that consumer in our country has strong quality consciousness and recognizing
ability to product quality, this is the premises of large-scale customer’s satisfaction measure in our
country and formally promulgate Chinese customer’s satisfaction index.
Keywords: ACSI Model; Measure; Customer’s Satisfaction of Banking; Qinhuangdao city

1. American customer’s satisfaction index model


American customer’s satisfaction index (ACSI), is a tried level index which is from multi-equation
quantitative economic model. The index utilizes latent variable cause and effect pattern to forecast the
anticipated relations between indexes. It is founded by American Society for Quality Control (ASQC)
and National Quality Center (NQQC) locates in the business management institute of Michigan
University with investment of one million. It can be utilized as tool which can measure product quality,
forecast the prosperity and decline of industry, forecast long-term profit of the enterprise and reflect
competition situation of industry.
In 1999, the usage for customer’s satisfaction measure of the index has expended to 29 industries
and 30 services supplied by federal state department.
The theory of American customer’s satisfaction index has been accepted by Sweden, Korea and
some other countries.
America has certain authority in customer’s satisfaction research and it has deep and lasting study.
The purpose of satisfaction theory is to find and ensure the influence factor of customer’s satisfaction
and the function mechanism between customer’s satisfaction index and these factors. Satisfaction theory
is the basis of not only establishing customer’s satisfaction index model, but also the analyzing and
evaluating the result of customer’s satisfaction index measure. The customer’s satisfaction theory
believes, customer’s satisfaction relates to the pre-sale anticipation and post-sale performance of product.
Moreover, customer’s satisfaction can lead to two basic results: customer’s complaint and customer’s
loyalty. With the functional relation expression is:
Customer’s satisfaction=f (pre-sale anticipation, post-sale performance)
With the demonstration research of customer’s satisfaction theory deepening, people’s realization
of the influence factor of customer’s satisfaction and the function mechanism becomes clearer and
clearer. In ACSI model, customer’s satisfaction and its influence factor can be expressed as Figure 1,
and the measure of durable goods domain in manufacturing industry model can be seen as Figure 2.

Figure 1 Customer’s satisfaction index model

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Figure 2 American customer’s satisfaction index model
Idiographic structure and simultaneous equations can be expressed as following:
 x 1   λ 11  δ 1 
 x  =  λ  ε + δ 
 2   21   2
 x 3   λ 31   δ 3 
 y1   λ 11 0 0 0 0   ε1 
 y  λ 0 0 0 0  ε 
 2   21   2
 y 3   λ 31 0 0 0 0  ε3 
     
 y4   0 λ 42 0 0 0  η 1   ε 4 
 y5   0 λ 52 0 0 0  η 2   ε 5 
     
 y6  =  0 0 λ 63 0 0  η 3  +  ε 6 
y   0  
0 λ 73 0 0  η 4   ε 7 
 7    
 y8   0 0 λ 83 0 0  η 5   ε 8 
y   0 0 0 λ 94 0  ε 
 9    9
 y 10   0 0 0 0 λ105  ε 10 
     
 y 11   0 0 0 0 λ115   ε 11 
η 1   0 0 0 0 0  η 1   γ 11  ε 1 
η   β 0 0 0 0  η 2   γ 21  ε 
 2   21    2
η 3  =  β 31 β 32 0 0 0  η 3  +  γ 31  ε + ε 3 
        
η 4   0 0 β 43 0 0  η 4   0  ε 4 
η 5   0 0 β 53
β 54 0  η 5   0   ε 5 
This model can be calculated by PRELIS procedure of SPSS software.

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2. Work of investigation
The author made the customer’s satisfaction sample investigation to banking in Qinhuangdao city.
The purpose is to study the feasibility of measure satisfaction index in China from the point of view of
customer’s perception, and to validate the applicability of American customer’s satisfaction index in
China in order to provide theory support for large-scale measure of customer’s satisfaction in our
country.
This investigation content involves six kinds of questions related to customer’s satisfaction,
including customer’s anticipation, perception quality, perception value, total satisfaction, customer’s
complaint and customer’s loyalty (Table 1). Only the complaint item is weighed by the times that
consumer’s actual connected with bank official, all the other questions are arranged by degree from 1 to
10, 10 means the best. It is needed to indicate that the observation variable in American customer’s
satisfaction index model aims at products and durable consumable, not the service industry directly. So
some observation variable is needed to be modified in order to fix the service industry’s character well.
The corresponding relationship between pre-modification observation variable and post- modification is
seen as Table 1.
Table 1 investigation figure
Actual investigation variable in
Actual investigation variable in ASCI model Latent variable
questionnaire
1 total anticipation of product quality total anticipation of service quality
anticipation of making product as
anticipation according with personal
2 customer(anticipation according with
special need of service customer’s
personal special need of product)
anticipation
3 anticipation of product reliability anticipation of service reliability
4 Total evaluation of product quality Total evaluation of service quality
evaluation of making product as
evaluation according with personal
5 customer(evaluation according with
special need of service
personal special need of product)
perception quality
6 evaluation of product reliability evaluation of service reliability
evaluation of product quality evaluation of product quality
7
integrated with purchasing price integrated with service price
evaluation of purchasing price evaluation of service price integrated
8
integrated with product quality with service quality perception value
9 total satisfaction total satisfaction
product quality comparing with service quality comparing with
10
anticipation anticipation customer’s
product quality comparing with ideal service quality comparing with ideal satisfaction
11
product in customer’s mind service in customer’s mind
customer’s
12 Have you ever formally complained Have you ever formally complained
complaint
13 feasibility of repurchase feasibility of repurchase
customer’s loyalty
14 price enduring ability of repurchase price enduring ability of repurchase
This investigation didn’t doing strict sample design because it aims at getting experimental
correlative variable data of customer’s satisfaction and accumulating experience for large-scale measure
in the future. It is an experimental investigation. And the data we got mainly is used to analyzing the
feasibility of doing customer’s satisfaction investigation in our country, so it doesn’t show the
investigated satisfaction value strictly.

3. Measure result and analysis


Through the statistic of investigation result, it is further proved that most of the interviewee can
comprehend the questions and give clear, rational evaluation to the question in the questionnaire. The
result of investigation analysis is obviously reasonable. It shows that we can catch the customer’s
evaluation and satisfaction to the banking service through satisfaction investigation.

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The result also shows that the data distribution is not normal distribution but innormal distribution
when we investigate the customer’s satisfaction; this distribution character is accordant with overseas
findings. The customer’s satisfaction measure data which is innormal distribution requests that we
should think about it when choosing analyzing method.
Confirmation computation has been done to American customer’s satisfaction index model by
using investigation data. When computing, the least squares method has been used which request
nothing about data distribution. Figure 3 particularly shows computing result of each parameter in the
internal relationship (relationship between latent variable) and outer relationship (relationship between
latent variable and observation variable) of the model (calculated by PRELIS procedure of SPSS
software).
Firstly, path coefficient is the most obvious one among all the internal relationship of the model,
and is accordant with symbol of theoretical anticipation.
Secondly, when the main structure variable, customer’s satisfaction, is being regression,
explanation variable R-squared=0.63. In measure of American customer’s satisfaction index,
R-squared>0.65. So the result of regression is barely satisfactory. If we increase the sample number and
recognize the questionnaire quality, the value of R-squared will raise.
Thirdly, all the outer relationship of the model is obvious, the load value of project gene incarnated
is bigger (the biggest value is 0.986, the smallest is 0.342), moreover the latent variable can explain 85
percent of the observation variable’s variance.
Last, converts each parameter which is computed from the model to the percentage form, sees
Table 2.

Figure 3 Result of evaluation

Table 2 Result of evaluation


Customer’s satisfaction Anticipation quality Perception quality Perception value
65.5 76.4 76.2 66.4

4. Conclusion
From the above analysis we can get to the conclusion that consumer in our country has strong

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quality consciousness and recognizing ability to product quality, this is the premises of large-scale
customer’s satisfaction measure in our country and formally promulgate Chinese customer’s satisfaction
index. American customer’s satisfaction index model has some applicability in our country.

Reference

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1998(12):10~12 ( in Chinese)
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Journal of Beijing Institute of Business, 2000(5):30~33 ( in Chinese)
[4]Zhigang Guo. Method of social Statistical Analysis-Application of SPSS [M]. Beijing: publishing Company of
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The author can be contacted from e-mail : shibaojuan@126.com

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