Customer Satisfaction in Indian Banking Products
CUSTOMER SATISFACTION IN INDIAN BANKING SECTOR
By,
Sushanta Chakraborty
PGDM 1st year, SEC B
Roll No. 57
INTODUCTION
Business need to attract and establish a customer market and would need to retain it through satisfaction. That is the key to its business performance (Johnson et al. 2000). In order to attain this goal, a company should have a high satisfaction rate from its clients. The increasing competition, whether for profit and non profit purposes, is forcing the business sectors to pay much and more attention to satisfying customers (Management library, 2008). Indian banking sector have undergone intense competition and a change in customers’ expectations over the last few years (Cheng et al., 1996). Intense competition and endlessly evolving customer demands have led Indian banks to identify drivers of customer satisfaction and loyalty (Lanka et al., 2009).
Customer satisfaction is the key for survival in the market. Cost of acquiring a new customer is much more than the cost of retaining the customers. Customers are giving top priority, and according to their expectation, new product and services are being developed to satisfy them with special focus on service quality. New marketing concept and strategies are paying greater attention to identifying customer need and expectation (Morgan, 1989), and offering high service quality to customers. The interest is largely driven by the realization that high service quality results in customer satisfaction and loyalty with the product or service, greater willingness to recommend someone else, reduction in complaints and improved customer retention (Zeithaml et al., 1996). There is a significant difference in customer and job satisfaction in both private and public sector.
A study should that layoff threats, quick turnover, less welfare schemes, and less scope for vertical growth increase job
By,
Sushanta Chakraborty
PGDM 1st year, SEC B
Roll No. 57
INTODUCTION
Business need to attract and establish a customer market and would need to retain it through satisfaction. That is the key to its business performance (Johnson et al. 2000). In order to attain this goal, a company should have a high satisfaction rate from its clients. The increasing competition, whether for profit and non profit purposes, is forcing the business sectors to pay much and more attention to satisfying customers (Management library, 2008). Indian banking sector have undergone intense competition and a change in customers’ expectations over the last few years (Cheng et al., 1996). Intense competition and endlessly evolving customer demands have led Indian banks to identify drivers of customer satisfaction and loyalty (Lanka et al., 2009).
Customer satisfaction is the key for survival in the market. Cost of acquiring a new customer is much more than the cost of retaining the customers. Customers are giving top priority, and according to their expectation, new product and services are being developed to satisfy them with special focus on service quality. New marketing concept and strategies are paying greater attention to identifying customer need and expectation (Morgan, 1989), and offering high service quality to customers. The interest is largely driven by the realization that high service quality results in customer satisfaction and loyalty with the product or service, greater willingness to recommend someone else, reduction in complaints and improved customer retention (Zeithaml et al., 1996). There is a significant difference in customer and job satisfaction in both private and public sector.
A study should that layoff threats, quick turnover, less welfare schemes, and less scope for vertical growth increase job
References: Bajpai N. and Srivastava D. (2004) “sectorial comparison of factors influencing job staisfaction in Indian banking sector”, abstract retrieved on July 10, 10, 2008 from http://blog.banknetindia.com/2007/11/customersatisfaction- lower-in-metros.html0569.html Johnson MD., Gustafsson A. (2000). “Improving Customer Satisfaction, Loyalty, and Profit: An Integrated Measurement and Management System, San Raja, M. (2007) “Indian banks face foreign attackers”, South Asia, retrieved on July 10, 2008 from