EFFECT OF BRAND EQUITY ON CUSTOMER SATISFACTION IN THE BANKING INDUSTRY: A STUDY OF GUARANTY TRUST BANK PLC ENUGU

ABSTRACT The study dwelt on investigating the effect of brand equity on customer satisfaction in the banking industry with emphasis on Guaranty Trust Bank Plc Enugu. The objective of the study was to determine the relationship between brand equity dimensions such as brand awareness, brand association, brand preference, brand loyalty and brand quality and customer satisfaction in Guaranty Trust Bank Plc Enugu. To achieve these objectives research questions and hypotheses were raised and a descriptive survey research was conducted. Primary data were collected using questionnaire, while secondary data were collected from already existing literature materials. The Simple random sampling was used to select a sample size from the population of marketing staff and customers of Guaranty Trust Bank Plc, Enugu. The hypotheses formulated were tested using the chi-square ($x^2$) statistical tool. Among other findings, the study unveiled that through different levels of statistical interactions and directions of relationships, all the dimensions of brand equity studied—brand awareness, brand association, brand preference, brand loyalty and brand quality have a positive and significant relationship with customer satisfaction in Guaranty Trust bank plc Enugu. In conclusion, there exists sufficient evidence to show that brand equity significantly affects customer satisfaction. The study recommends amongst others that management of Guaranty Trust bank Plc Enugu should key into the five dimensions of brand equity surveyed in this study (brand awareness, brand preference, brand association, brand quality and brand loyalty) to improve customer satisfaction, since the study reveals that there is a statistically significant relationship between them.