Human Capital Development has become a global issue in human resource deployment practices and it spreads across various sectors including the banking industry. This makes the need to develop employee’s knowledge and skills in contemporary organisations more important as a way to enrich their job related experience. However, what remains contentious is whether the employees have the required stock of human capital that is knowledge, skills and experience to discharge their responsibilities accordingly.

Studies have established shortage and deficit of competent employees in the Nigerian commercial banks as among the numerous factors that have contributed to ineffective operational performance to their customers [1-3]. Sanusi [3] admitted that knowledge gap of regulatory requirements cum standards among bank employees has been a major factor, which has contributed to the inconsistent service quality, and service delivery failure of commercial banks in Nigeria to customers while Olalere and Adenugba [2] admitted that there was a challenge of qualified personnel to support the industry’s rapid expansion. With the literacy level of Nigerian bank customers of today about risk, costs, and returns associated with various financial services, studies have shown increasing rate of dissatisfaction regarding the quality of banking services provided by the Nigerian banks to their customers [4].

Based on the foregoing, researchers have divided opinion as to the effect of human capital development on customers’ satisfaction in the banking industry. While some agreed with the position above that inefficient service delivery from bank employees can lead to customers’ satisfaction, they oppose the view that it might directly affect customers’ retention in many commercial banks in Nigeria [1-3]. This is because of customer loyalty and the fear of insolvency of the banks. Within the last two decades, some banks became distressed and folded up in Nigeria and this affected some depositors’ monies. This school of thought believe that dissatisfied customers prefer to leverage on complaints lodging procedures of the banks to address their dissatisfaction and grievances rather than leaving the bank they are very sure of its capital adequacy and financial health as they are much more concern with the safe-keep of their hard earned monies. On the contrary, another group of authors argued that poor human capital development has affected customers’ retention. For instance, a research carried out by Carlson [5] on banks in developing countries revealed that, many banks have employees’ skill deficit as one of their most serious obstacles to improving banking performance while that of Ebiringaand Ibekwe [6] decried the qualitative imbalance in the availability of ICT-skilled manpower in the Nigerian banking industry. The authors also identified some other areas in which the employees were deficit in skills such as intra-personal skills, problem-solving skill, and capacity to make judgements based on a relevant set of guidelines, teamwork, and communication, among others. According to them, this has contributed to their inability to deliver services to customers effectively and has resulted into customer dissatisfaction and caused multiple account openings with other banks.

Considering the above positions, it is obvious that there are lack of consensus on the effects of human capital development on customer satisfaction and retention especially in the banking industry. Many of the studies on the past have either focused on customers’ satisfaction or retention as the case may be but this study will combine the two and investigates how human capital is affecting both customers’ satisfaction and retention.

Consequently, the main objective of this study is to investigate the impacts of human capital development on both customer’s satisfaction and retention in the Nigerian banking industry. The remaining aspects of the study are divided to literature review, methodology, results and discussion and finally conclusions and recommendations.

Lietarture Reviews

Anastasiou and Nathanailides [7] investigated the effects of human resources policy on customer’s satisfaction in banks. Published data for job satisfaction and indicators of customer services of banks were gathered from relevant published works, which included data from five different countries. The scores of customers and employees satisfaction of the different published works were transformed and normalized to the scale of 1 to 100. The data were analyzed and a regression analysis of the two parameters was used to describe the link between employee’s satisfaction and customer’s satisfaction. Assuming that employee satisfaction has a significant influence on customer’s service and the resulting customer satisfaction, the reviewed data indicate that employee’s satisfaction contributes significantly on the level of customer satisfaction in the Banking sector. They recommended that modern organizations should always consider their personnel as a capital, which is the driving force for success in the future. They further posited that appropriate human resource management policies can increase the level of job satisfaction of the personnel with positive consequences for the level of customer’s satisfaction.

In another study, Faisal and Madam examined the relationship of human capital investment with customer satisfaction. The mediating variable employee performance is also included in the study which gives the positive and significant results. The results are concluded by applying the regression analysis in three steps. The primary data is collected by using questionnaires and sample size was 345. Hence the results accepted the entire hypothesis and there is significant relationship between human capital investment and customer satisfaction.

Potluri and Zeleke [8] evaluated customer-handling competencies of Ethiopian employees in banking sector. The study asserted that competencies are observable behaviours,  knowledge, skills,  and abilities  of  marketing personnel  to  attract and retain  customers  by delivering  quality  service. The study found that competent frontline employees are invaluable assets for any organisation’s survival in the dynamic and competitive environment. The study recommended that competency level of employees help organisations to communicate desired behaviours, control costs and increase customer satisfaction.

However, many of the studies on customer retention are more concern with the measurement. For instance, Nwankwo and Ajemunigbohun [9] found that customer relationship management positively influences customer retention in the insurance industry, and thus helps create values for insuring populace in Nigeria. But, Msoka and Msoka [10] conducted the study on determinants of customer retention in commercial banks in Tanzania and discovered that academics need to incorporate quality of products provided by the banks together with pricing of banks products in customer retention models. Hennig-Thurau [11] customer retention model explains from two perspectives. The author viewed the retention of customer from both the organisational and customers perspectives. His work was based on reflections of the relational Concept. In his linear equation model, four factors namely closeness to the customer, the profit which a firm is getting, security that a customer feel and customer independence were seen as a function of customer retention. The model was presented as:

C = f (Cl, P, S, I)

Where: 

• C: Customer retention 

• Cl: Customer closeness

• P: Profit which the company gets 

• S: Security that a customer feels to have in his/her firm

• I: Independence of the customer

In the light of the above, what is used to measure customer retentions varies depending on the organisation and industry. Customer retention has measured in different sectors including banking.  For instance, Nwankwo and Ajemunigbohun [9] measure customer retention in the insurance industry, Shukla explored customer retention in airlines, Khan examined hotel, Ibojo [12], Msoka and Msoka [10] and Sundaresalingam and Charanya [13] have also identified measures of customer retention in the banking industry.

Another study that focused again on customer retention is the study of Sundaresalingam and Charanya [13]. They submitted that fastness of service is a key measure for customer retention in the banking industry while Nirmala [14] suggested the number of years that the customers have spent with the organization as a good measure of customer retention. The study further pointed out that a substantial time exceeding five years is regarded as a successful effort of customer retention. Generally, repeat purchase intention is an indication of customer retention.

It is evident that none of the aforementioned studies investigated he impacts of human capital development on customers satisfaction and retention which might help contribute to the discussions on the lack of consensus that exists between them. This is the major focus of this research work.

Methodology

This section discusses the research design adopted, the population of the study and sampling technique as well as the method of analysis.

Research Design 

This study adopted the descriptive survey research design. On the first hand, it describes the relationships which exist between the identified variables in the study and the extent of impact. Survey research design involves a systematic data collection and presentation of data to give an explanation to a particular phenomenon [15]. The survey method is found useful to present facts concerning human capital development and customers satisfaction in the selected commercial banks, as it exist now. Also, the study made use of quantitative method on the ground that it involves a wide spread study, highly structured sample which will make research outcomes more robust.

Population of the Study

The population of the study include the bank customers and staff of both the first and second generation banks in Nigeria. The selected first generation commercial banks were: Union Bank of Nigeria and United Bank for Africa (UBA) Plc. Union Bank of Nigeria was among the first set of commercial banks in Nigeria and United Bank for African Plc was the first Nigerian bank to undertake an Initial Public Offering (IPO) operating in Nigeria. They are leading commercial bank with the highest number of customer base and staff strength. While for the second-generation commercial banks, Zenith Bank Plc and Guaranty Trust Bank were picked. The tabular presentations of the both the staff and customer covered in the study are presented in Tables 1,2.

Sample Size Determination

For the staff, all the ninety-six (96) functional heads of the main branches of the selected commercial banks in the cosmopolitan cities constituted the sample size. This is due to the small size of the target population.  Bank customers are of different categories but comprises of people that maintain an account with a bank. Lopez et al. [16] classification of bank customers along businessmen/traders, students/apprentice, salary earner, retirees and unemployed was adopted in this study. The study made use of convenient sampling technique in selecting bank customers that participated in the study within the banking halls in each of the main branches of the commercial banks with a target of at least six (6) conventional customers of each of the branches.

Research Instruments

In this study, questionnaire was used. The questionnaire was considered for the study because of its ability to collect a large amount of information in a reasonably quick period of time and cost effective manner while it also guarantee confidentiality of the respondent through anonymity without compromising standardization [17].

For the bank staff, items on human capital development in relations to their jobs were contained in the instrument. The questionnaire was divided into four (4) sections, namely A to D. 

• Section A: This was personal data on the respondents, such as: gender, age group, name of the bank and branch, designation, years of work experience in bank, degree field, academic qualification, professional qualification, position and department

• Section B: Contains six items on employees banking industry specific skills and customer satisfaction. Respondents evaluated each items according to the degree to which they agree with it - Strongly Agree (5), Agree (4), Undecided (3), Disagree (2), and Strongly Disagree (1). This was self-generated based on the reviewed related literature

• Section C: This was made up of five items on employees job related experience and customer retention. Respondents evaluated each items according to the degree to which they agree with it - Strongly Agree (5), Agree (4), Undecided (3), Disagree (2), and Strongly Disagree (1). This was self-generated based on the reviewed related literature

• Section D: This was made up of five items on employees’ academic and professional qualifications and service innovation. This was adopted from Salunke, Weerawardena and McColl-Kennedy.  Respondents evaluated each items according to the degree to which they agree with it - Strongly Agree (5), Agree (4), Undecided (3), Disagree (2), and Strongly Disagree (1)

• For the bank customers: The questionnaire gathered information from bank customers about their views on bank service quality and probe into their satisfaction level, and the reasons they have remained with their banks. The questionnaire was divided into two (2) sections A-B

• Section A: Customer satisfaction was adopted from Chavanand Ahmad [18] customer satisfaction survey. This was measured with five (5)-point Likert scale: Strongly Agree (5), Agree (4), Undecided (3), Disagree (2), and Strongly Disagree (1)

• Section B: Customer retention was adopted from Gerpott et al. [19] instrument. This was measured with five (5)-point Likert scale: Strongly Agree (5), Agree (4), Undecided (3), Disagree (2), and Strongly Disagree (1)

Table1: Summary of the Target Population of the Study for Bank Staff 

Table 2: Summary of the Target Population of the Study for Bank Customers 

Table 3: Construct Reliability for Bank Staff Questionnaire

Source: Pilot Result, 2017

Table 4: Construct Validity Test using Kaiser-Meyer–Olkin (KMO) and Barlett’s Test for Bank Staff Questionnaire

Source: Pilot Result, 2017

Table 5: Construct Reliability for Bank Customers Questionnaire

Source: Pilot Result, 2017

Table 6: Construct Validity Test using Kaiser-Meyer–Olkin (KMO) and Barlett’s Test for Bank Customers Questionnaire

Source: Pilot Result, 2017

Reliability and Validity of Research Instruments

Reliability defines the extent to which measures are free from error. Therefore, reliability analysis is conducted with the aim of testing the internal consistency of the measures before using the questionnaire for the main study using Cronbach's Alpha [17]. Sekaran [20] suggested that a Cronbach's alpha lower than .60 is considered poor while the ones from .70 and above is acceptable.

On the other hand, validity is a psychometric property of measurement to ensure proper wording of the content of the instrument [17]. Therefore, one of the reasons why pilot study of the questionnaire was carried out was to ensure face and content validity. According to KMO and Bartlett’s test, each variable is said to be valid, if the value obtained is more than 0.6. 

Subsequently, the two instruments used in the study have the results of their pilot study summarized in Table 3 to 6 below:

Table 3 shows the summary of reliability examination of the variables for bank staff questionnaire. The Cronbach's alphas values for all variables ranged from .789 to .861. These results showed that all the constructs have acceptable internal consistency.

Table 4 shows the summary of validity of the variables for bank staff questionnaire. These results showed that all the constructs have face and content validity.

Based on the pilot result in Table 4, the variables in the bank staff questionnaire are valid because the KMO measures obtained are all more than 0.6. 

Table 5 shows the summary of reliability examination of the variables for bank customer questionnaire. The Cronbach's alphas values for all variables ranged from .752 to .952. These results showed that all the constructs have acceptable internal consistency.

Based on the pilot result in Table 5, the variables in the bank customers’ questionnaire are reliable because the Cronbach’s Alpha Coefficient ranges from .752 to .952. This is the opinion of Sekaran [20] is considered acceptable. 

Table 6 shows the summary of validity of the variables for bank customers’ questionnaire. These results showed that all the constructs have face and content validity.

Based on the pilot result in Table 6, the variables in the bank customers questionnaire are valid because the KMO measures obtained are all more than 0.6. 

Data Collection Procedure

Data for this study was from primary data source which were collected from participants through questionnaire. The field work was conducted for 5 months, from 14th March 2017 up to 19th August 2017. This took place at different locations of those main branches of the commercial banks. Two set of questionnaires were administered namely questionnaire for bank staff and questionnaire for bank customers.

Methods of Data Analysis

The data from questionnaire have been classified for easy transcription. This also involved two methods of analysis because of the two different questionnaires. Descriptive statistics (Simple frequency table and mean) was used to present the demographic characteristics of the bank customers while mean was used to analyze other responses to the items on the questionnaire. The effect of human capital development on both customers’ satisfaction and retention made use of the linear regression and Analysis of Variance ANOVA.

This section of the paper provides detailed account of the data gathered from the field as well as the analysis of the data gathered. The study elicited information from both the staff and customers of the selected banks for the study. Both descriptive and inferential statistics were employed for the analysis of the data gathered. Descriptive analyses were carried out and it was further classified based on the selected banks, gender, age, work experience as well as qualifications of the respondents while data collected from the relevant sources were classified and analysed accordingly. The research hypotheses were subjected to appropriate statistical tests in order to ascertain the patterns and effects among the data gathered.

Questionnaire Response Rate

Details on Table 7 revealed that out of the one hundred and ninety-two (192) questionnaires distributed to bank customers for the study, only one hundred and eighty-six (186) were returned while one hundred and eighty-two (182), which represent 95%, were used for the analysis. For the bank staff, there is a less response rate. Out of the ninety-six (96) expected, eighty-two (82) was returned while seventy-six (76) questionnaires representing (79%) was returned and subsequently used for this analysis. The major reason for the inability of the researcher to retrieve all the distributed questionnaires was due to lack of interest of bank customers and their haste to get in and out of the bank in spite of persuasion. 

Demographic Information of the Respondents

The study considered the demographic information of the respondents (bank customers and bank staff) to provide their background information. The demographic information of the respondents sought were age, gender, highest educational qualification, etc.

Tables 8 and 9 shows the demographic distributions of both staff and customers of the banks. The results show that the bank customer that were available to complete the questionnaires were mostly male which were about 108 out of the entire 182 customers included in the survey. Majority of them and well educated having minimum of first degree and they are married. This is an indication that experienced and matured customers were included in the survey. This guaranteed results that are more reliable. From the banks staff, more female staff attended to the questionnaire than male. Form the survey, highly experienced staff were included having about 78% with first degree and above. In addition, about 40% are at the managerial levels in the various banks. This composition gives the researcher many opportunities of getting responses from experienced staff of the banks, which is very germane for the results of this study. 

Analysis of Impacts of Human Capital on Customers’ Satisfaction

Human capital development is proxied by possession of banking specific skills aby the staff. This objective here is to assess the effect of banking operations specific skills in employees on customers satisfaction in the Nigerian commercial Banks. The results of the analysis are presented in the following tables.

To explore the effect of banking operations skills in employees on bank customers’ satisfaction, regression model was applied. The model summary of Table 10 shows how much of the variance of the dependent variable (bank customers’ satisfaction) is explained by the model. In this case the R square is .173 if expressed by a percentage it will be 17.3%. This means that the model explains 17.3% of the variance in the levels of banking operations skills in employees.

Table 12 explained which of the variables is making a statistically significant unique contribution to the model looking at the sig column in the table; it reveals the strength of the contributions of the independent variable (levels of banking operations skills in employees) to the dependent variable (customers’ satisfaction). It made a unique and statistical significant contribution to the model.

Decision

Hence, the null hypothesis (H0) was rejected while the alternate hypothesis (H1) was accepted. By implication, the levels of banking operations skills in employees have significant effects on bank customers’ satisfaction.  Therefore we conclude that human capital development have significant impact on customers satisfaction.

Analysis of Impacts of Human Capital on Customers’ Retention

In the same vein the study investigates the extent to which human capital development (levels of banking operations skills in employees) contribute to customers’ retention. The results from the various analysis are presented as follows.

The model summary in Table 14 shows how much of the variance of the dependent variable (customers retention) is explained  by  the  model.  In this case  the R square is .121 if expressed by a percentage will be 12.1%. This means that our model explains 12.1% of the variance in the levels of customers’ satisfaction.

Table 7: Summary of Returned By both Customers and Staff of the Banks

Source: Researcher’s Computation, 2017

Table 8: Summary of Demographic Information of Bank Customers

Source: Computed Data, 2017

Table 9: Summary of Demographic Information of Bank Staff

Source: Computed Data, 2017

Table 10: Effect of Level of Banking Operations Skills in Employees and Bank Customers’ Satisfaction

Source: Computed Data, 2017

Predictors: (Constant), The levels of banking operations skills in employees

Table 11: Analysis Of Variance of Effect of Bank Operation Skills by Employee on Customers’ Satisfaction

Source: Computed Data, 2017

Predictors: (Constant), levels of banking operations skills in employees, Dependent Variable: customer satisfaction

Table 12: Regression Results of the Effect of Banking Operation Skills on Customer’s Satisfaction

Source: Computed Data, 2017

Dependent Variable: Customer satisfaction

Table 13: Summary of Effect Levels of Banking Operations Skills in Employees on Customers’ Retention 

Source: Computed Data, 2017

Predictors: (Constant), levels of banking operations skills in employees

Table 14: Analysis of Variance of Effect of Bank Operation Skills by Employee on Customers’ Retention

Source: Computed Data, 2017

Predictors: (Constant), levels of banking operations skills in employees, Dependent Variable: customers retention

Table 15: Regression Results of the Effect of Banking Operation Skills on Customer’s Retention

Source: Computed Data, 2017

Dependent Variable: customers retention

Table 15 shows the ANOVA assessment of the statistical significance (0.009). The F-value for the model was obtained by dividing the regression mean square (6.551) by the residual mean square (1.289). The F-value for the model is equal to 5.080.

Table 16 explained the effect of human capital as proxies by levels of banking operations skills in employees on customers’ retention. The coefficient of the levels of banking operations skills in employees is significant at 5% thus, indicating that it has significant impact on customer retention. 

Decision 

Hence, the null hypothesis (H0) was rejected while the alternate hypothesis (H1) was accepted. By implication, human capital development have significant effects on customer retention.

From the results and findings from the analysis, the null hypothesis which stated that levels of banking operations skills in employees have no significant effect on bank customers’ satisfaction was rejected. This implied that banking operations skills in employees contribute to bank customers’ satisfaction in all the selected commercial banks. The implication is that human capital development is an important factors that determines customers satisfaction in the Nigerian banking sector. This finding supported the finding of Thomas [21] pointed towards the importance of ICT skills in banking as one of the ways to improve human capital development especially in the banking sector and consequently promoting customer satisfaction. Also, this finding agrees with the opinion of Abu-ELSamen, Akroush, Al-Khawaldeh and Al-Shibly [22] that strongly believed that some operations skills which are acquired via human capital development programs of banks have positive impact on customer service satisfaction. 

Again, it can be concluded from the study that human capital also have significant impact on customers’ retention in the banking industry. This followed the rejection of the null hypothesis that human capital development does nto have significant impact on customer retention. This implies that levels of banking operations skills in employees’ influences bank customers’ retention significantly. This position re-affirmed the findings of Olujide and Dada [23] that reported high defection of bank customers due to inexperienced on employees in the Nigerian community banks. This implied that levels of banking operations skills in employees’ counts in keeping customers with the bank. 

However, on the two schools of thoughts that emerged at the beginning of the discussion. It is obvious from the findings in this study that the first school of thought, which says that human capital development, affects both customers satisfaction and retention might be correct in the Nigerian banking industry perspective. Furthermore, it implies that customers might not bother about their loyalty to a bank or the fact that the bank is financially healthy, once their poor human capital development is having negative impact on their service delivery customers might move to another bank with better service delivery.

Based on the foregoing, to reduce customer dissatisfaction, it is recommended that employees of the bank should continue to acquire industry specific skills. While the bank might have institutional arrangement for enhancing employees’ skill development, the employees should also seek personal means of acquiring skills that will make them do better on the job. This will assist employees in attending to customers in a timely manner and bring about desired satisfaction to the customers, which will prevent them from leaving the bank.

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