Customers Preference N Satisfaction Banking Services
A Study on Customers Preference and Satisfaction of Four Basic Banking Services in Coimbatore and Erode
T Vetrivel* and T Devasenathipathi**
The purpose of this study is to investigate the differing preference and satisfaction level of customers towards Loans, Deposit schemes, Insurance and Value-added services rendered by various banks in Coimbatore and Erode cities. By using non-probability convenient sampling, 300 samples were taken at various branches and ATM centers, etc. Simple percentage and chi-square test results revealed that Business and Vehicle Loans are fast moving and customers had overall satisfaction. Bank loans, bank deposit schemes showed a positive response and in value-added services, customer preference for Net banking got the least rank. Among four basic services, Insurance services have been paid limited attention and the study recommends special attention on banking insuranceservice satisfaction and the implications were recorded for future researchers.
Introduction
After Liberalization, Privatization and Globalization (LPG) policy enactment, Indian banking industry has undergone tremendous qualitative changes. To face macro changes, many of the banks have framed strategies to survive by concentrating on rapidly changing markets, new technology, solving trade union issues, foreign banks entry, bank regulations, economic meltdown, fierce competition and have also understood the realities of long-term survival which depends on the
satisfaction of customers’ expectations. Still many of the banks are facing challenges to understand the mindset of their clients due to often changing preferences and expectations of the customers. The banks also rarely evaluate customer expectations. But well-known MNC companies continuously evaluate the consumers’ mindset with the help of Marketing consultants, educational institutions and then concentrate on fulfilling their requirements. As V Krishnamurthy (Staff reporter, The Hindu) of Banking
About
T Vetrivel* and T Devasenathipathi**
The purpose of this study is to investigate the differing preference and satisfaction level of customers towards Loans, Deposit schemes, Insurance and Value-added services rendered by various banks in Coimbatore and Erode cities. By using non-probability convenient sampling, 300 samples were taken at various branches and ATM centers, etc. Simple percentage and chi-square test results revealed that Business and Vehicle Loans are fast moving and customers had overall satisfaction. Bank loans, bank deposit schemes showed a positive response and in value-added services, customer preference for Net banking got the least rank. Among four basic services, Insurance services have been paid limited attention and the study recommends special attention on banking insuranceservice satisfaction and the implications were recorded for future researchers.
Introduction
After Liberalization, Privatization and Globalization (LPG) policy enactment, Indian banking industry has undergone tremendous qualitative changes. To face macro changes, many of the banks have framed strategies to survive by concentrating on rapidly changing markets, new technology, solving trade union issues, foreign banks entry, bank regulations, economic meltdown, fierce competition and have also understood the realities of long-term survival which depends on the
satisfaction of customers’ expectations. Still many of the banks are facing challenges to understand the mindset of their clients due to often changing preferences and expectations of the customers. The banks also rarely evaluate customer expectations. But well-known MNC companies continuously evaluate the consumers’ mindset with the help of Marketing consultants, educational institutions and then concentrate on fulfilling their requirements. As V Krishnamurthy (Staff reporter, The Hindu) of Banking
About
Bibliography: The IUP Journal of Marketing Management, Vol. IX, No. 4, 2010 Appendix (cont.) The IUP Journal of Marketing Management, Vol. IX, No. 4, 2010 Appendix (Cont.)