Customers Satisfaction from Financial Services of Indian Public Sector Banks A Study on State Bank of India

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1 Airo National Research Journal July, 2014 Volume IV ISSN: Customers Satisfaction from Financial Services of Indian Public Sector Banks A Study on State Bank of India By: Savita Dhawan Research Scholar Computer Science ABSTRACT He bank framework is confronting challenges with solid rivalry and headway of innovation. It gets to be basic for administration suppliers to meet or surpass the objective clients' fulfillment with nature of administrations expected by them. Henceforth, the present exploration endeavored to study clients' view of nature of administrations, both exchange based and IT empowered in wording of its constituent elements out in the open segment, private division and remote banks. Additionally through the present study, we would gage the degree of IT selection in broad daylight area, private segment and outside banks in this e-age. The present examination was arranged with the target to evaluate the degree of utilization of administrations particularly the IT empowered administrations in these banks and to investigate the constituent components influencing consumer loyalty with the nature of administrations. The present study was led openly division, private segment and remote banks of Delhi. Multistage arbitrary examining was utilized for determination of test. The study was proposed to be led in five zones (East, West, North, South, and Central) of Delhi. One branch of the above banks in any zone of Delhi was chosen haphazardly. While selecting the branch, consideration was taken to see that branch ought to give no less than five IT empowered administrations. This progression was taken after to have Intra Bank correlation. The study demonstrates that the clients of nationalized banks were not fulfilled by the representative conduct and base, while respondents of private and remote banks were not fulfilled with high charges, openness and correspondence.

2 1. Introduction Banks assume a part of impressive financial hugeness as delegates in assembling open reserve funds and channelizing the stream of stores for beneficial purposes, continuing the procedure of the financial development of the nation. Understanding the significance of the part of the banks in financial improvement, Government of India/Reserve Bank of India took a few significant activities after the nation accomplished autonomy to outfit the managing an account framework to serve the national goal. A standout amongst the most earth shattering of such activities was the substitution of private possession by open possession, through the medium of an statute, of the 14 biggest business banks in the private division on 19 July This has prominently come to be known as nationalization of these banks without which it would not have been conceivable to change the class managing an account into mass managing an account and adjust bank credit to serve the arranged needs and social needs. Branch development programs planned by the Reserve Bank of India went for making accessible important saving money offices in all parts of the nation uncommonly the unbanked rustic and semi urban ranges. This was seen as crucial for usage of task for provincial improvement furthermore, upliftment of financially weaker areas furthermore spreading the keeping money propensity even in the remote ranges of the nation. Customers Satisfaction A client can be characterized as a client or potential client of managing an account administration. A client would incorporate a record holder, or his delegate, then again a man doing easygoing business exchanges with a bank, or a man who, all alone activity, may go inside the managing an account fold (Talwar Committee Report 1976). The effectiveness of a managing an account area depends upon how best it can convey administrations to its target clients. With a specific end goal to get by in this aggressive environment and give persistent consumer loyalty, the suppliers of managing an account administrations are currently required to ceaselessly make strides the nature of administrations. The globalization of Indian economy has genuinely called for a great deal more taught approach with respect to Indian managing an account part to enhance the general nature of client

3 administrations through brilliant use, retention what's more, reception of adaptable and suitable data innovation. General Scenario SBI is one of the most promising and developing nationalized bank of India. Since its establishment it has been taking high rise growth over the accounts of its customers in merchant savings and corporate fields. Customer service is the provision of service to customers before, during and after a purchase. According to Turban et al. (2002), "Customer service is a series of activities designed to enhance the level of customer satisfaction that is, the feeling that a product or service has met the customer expectation." Its importance varies by products, industry and customer; defective or broken merchandise can be exchanged, often only with a receipt and within a specified time frame. Retail stores often have a desk or counter devoted to dealing with returns, exchanges and complaints, or will perform related functions at the point of sale; the perceived success of such interactions being dependent on employees "who can adjust themselves to the personality of the guest," according to Micah Solomon quoted in Inc. Magazine. From the point of view of an overall sales process engineering effort, customer service plays an important role in an organization's ability to generate income and revenue. From that perspective, customer service should be included as part of an overall approach to systematic improvement. A customer service experience can change the entire perception a customer has of the organization. SBI Growth Rate Years 63% % % % % 2013 From the above findings it was found that one of the S.B.I. Bank provided services is Online transactions. That is not much known to the customers, therefore the Bank management should take efforts to make awareness among the general public about online facilities. 2. Since 73% of the customers using savings account deposits in

4 every Bank. So the Bank management should think of introducing new schemes regarding savings accounts and marketing those to the customers. 3. While discussing with the customers about suggestions they want more information on loans with interest rates provided by the Bank. So the Bank should employ some contact persons through a toll free number. 4. Since 23% of the Respondents were dis-satisfy on transactions at Bank and time consumed too. To avoid this problem the Bank management should recruit more employees. 5. Majority of the customers will prefer online bill payment facility provide by S.B.I.Bank. so the management should give low service charges and offering prices on Online Bill Payments. 6. Advertisement of S.B.I.Bank is very less when compared with the competitors. It may leads to switching on other Banks. To overcome the Bank management should promote more advertisements through various advertisement vehicles. 7. Most of the customers felt that opening of an account is very difficult in the Bank. So the management should take care on new customers as well as old customers 8. Only24% of the customers will aware of the availability of shares in stock exchange. So the management should display their types of securities like equity shares, bonds, debentures etc in their branches. 9. The discussions of the customers, mostly to expanding of the branch for their convenience. The management try to expand the branch for customers convenience. 10. Since private sector Banks are the main competitors of the SB.I. Bank. So the Bank management should always work out special market strategies to retain the current customers and also bring out the market share of S.B.I. Bank customers, by regular advertisements, improving service quality, introducing new schemes for the customers. Conclusion: Some light was shed on some negative factors also like creating an awareness on online transactions, interest rates on loans, A.T.M. facilities etc.,that s why Some suggestion were provided to the management like concentrating on Online services, solving banking problem with a quick time and promote loan facilities like industrial, business, agriculture, individual loans etc, with an attracting advertisements.

5 References: AIEER REPORT 2010 AIEER REPORT 2009 AIEER BANKING REPORT 2009 M. Kailash, A Study on Customer Satisfaction with Service Quality in Indian Public and Private Sector Banks: Golden Research Thoughts (March 2012) [6]. Hummayoun Naeem, Asma Akram and M. Iqbal Saif, 'Service Quality and Its Impact on Customer Satisfaction: An Empirical Evidence from The Pakistani Banking Sector', International Business & Economics Research Journal December 2009 Volume 8, Number 12 pp [7].Uma Sankar Mishra, Bibhuti Bhusan Mishra, Saroj Kanta Biswal and Bidhu Bhusan Mishra, Employee Evaluations of Customer Satisfaction: A Comparative Study between Public and Private Banks in India, International Research Journal of Finance and Economics ISSN Issue 59 (2010), pp Dr. C.K. Amravati Finance Report 2011 *****