Final answer:
To enhance customer satisfaction regarding the likelihood of recommending the bank, an organization can use a knowledge management theoretical model to effectively manage the cycle of capturing, storing, creating, sharing, applying, and preserving customer feedback and insights.
Step-by-step explanation:
To improve customer satisfaction and responses to the question, "How likely are you to recommend this bank to a friend?", an organization can utilize a knowledge management theoretical model. Knowledge management involves processes such as capturing, storing, creating, sharing, applying, and preserving knowledge within the organization.
One such model is the Nonaka and Takeuchi knowledge spiral, which involves four modes of knowledge conversion: socialization, externalization, combination, and internalization. Through this model, the bank can systematically capture customer feedback, store it in an organized manner, analyze it to create new insights, share the findings with relevant teams, apply the improvements to enhance services, and preserve this knowledge to maintain the improved service quality over time.
Examples of application include capturing feedback from customer surveys, storing it in a centralized database, creating new insights through analysis, sharing findings with relevant stakeholders, applying changes to improve service, and preserving this knowledge in company policies and training materials.