Customer Satisfaction of Indian Overseas Bank in Thanjavur District

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1 Available online at International Journal of Advanced Scientific Research & Development Vol. 02, Spl. Iss. 02, Ver. II, Aug 2015, pp e-issn: p-issn: Customer Satisfaction of Indian Overseas Bank in Thanjavur District S. SUJATHA Ph.D., (Part Time) Research Scholar, Govt. College for Men (Autonomous), Kumbakonam. ARTICLE INFO Article History: N. ARUMUGAM Assistant Professor in Commerce, Govt. College for Men (Autonomous), Kumbakonam. Received: 16 Jul 2015; Accepted: 17 Jul 2015; Published online: 10 Aug Key words: Customer Satisfaction, Customer Services, IOB, Indian Overseas Banks. ABSTRACT Today every business organizations are facing tough competition here no exemption for financial services or Banking industries. Customer service is an integral part of any organization it is necessary to identify the key success factors in terms of customer To develop and to sustain business any of the banks must have quality of customer service that can link up cordial relation with the customer and result in to the satisfaction level of the customer. In the present research an effort has done to measure satisfaction level of customer to bank located in Thanjavur District. The main focus is done on whether private banks bring more satisfaction then public sector banks to the people residing in Thanjavur District and what are those factors which are considered when people say they are satisfied. Copyright 2015 IJASRD. This is an open access article distributed under the Creative Common Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. INTRODUCTION After liberalization, privatization and globalization (LPG) policy enactment, Indian banking industry has undergone tremendous qualitative changes. International banks are coming to market, which are competing with local banks irrespective with that they are private sector banks or public sector banks. Various banks are available with new offers, schemes, and services with wide range of products. Customer has range of choices where proper information can be gathered at cheap cost, and can take the advantage of such competitiveness. In the era of globalization customer has more rights to choose right product according their profile, opportunities available for their money. In Thanjavur district majorly in IOB, Customer is king in market" by Adam Smith suggest that in this competitive era of service industry customer hold power to choose the best and having maximum opportunity with Wide range of product with the variety of services with different schemes. How to cite this article: Sujatha, S., & Arumugam, N., (2015). Customer Satisfaction of Indian Overseas Bank in Thanjavur District. International Journal of Advanced Scientific Research & Development (IJASRD), 02 (02/II), [Special Issue Aug 2015], pp

2 International Conference on Innovation in Commerce and Management (ICONICM 2015) Organized by Department of Commerce, A.V.C. College (Autonomous), Mannampandal, Mayiladuthurai , Tamil Nadu, India. 1.1 Review of Literature Customer satisfaction: A customer satisfaction is an important and relevant concept. The level of satisfaction will vary from person to person, product to product and service to service. There may be some possibilities of gaps between customers' expectation and actual perception of experience in any service, which leads to customer dis Hence all the service industry should try to narrow down this gap to increase customer (Zeithaml, etal, 1988) Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty. Customer satisfaction data are among the most frequently collected indicators of market perceptions (Abu Bakar Siddique, etal Many researchers agreed that consumer satisfaction and service quality are conceptually distinct (Bitner, 1990) 1.2 Statement of the Problem Customers are lifeblood for any business. Banking industry is highly service oriented business. When there is service concern, it always deals with the perceptual decision taking of the customer. Here in this paper tried out to figure out the reason for the perception of the people residing in Thanjavur dist, for choosing the banking service on the basis of cost, convenience, facility and general factors like modernization of the bank, promptness for attending customer. 1.3 Objective To study the banking services and customer satisfaction of public and private sector banks in Thanjavur dist. To know in which service quality dimension the bank is performing well and in which dimension it needs improvement. 1.4 Limitations The geographical scope of the study was limited to Thanjavur dist, and does not represent the whole state, which makes it difficult to generalize the findings. The result is based on primary and secondary data that has its own limitations. METHODOLOGY To meet up with the objectives of study 100 customers were selected as sample unit. So, the questionnaires were filled by 100 respondents which were structured with questions of demographic profile, satisfaction level and dimension which derives satisfaction to the customers. DATA ANALYSIS AND FINDINGS The demographic profile of the any region customer can help banks to create their marketing strategy. Let us have look at demographic profile of people residing in Thanjavur dist. 347 Volume 02, Special Issue 02, Version II 10 th & 11 th August 2015

3 Table 1: Level of Satisfaction Customer Satisfaction of Indian Overseas Bank in Thanjavur District Sl. No. Level of Satisfaction No. of Respondents Percentage (%) 1 High Satisfaction 56 56% 2 Medium Satisfaction 28 28% 3 Low Satisfaction 16 16% Total Percentage analysis table mention 56% Respondents are high satisfied theirs job, 28% Respondents receives medium level of satisfaction and 16% Respondents receives Low level of Table 2: Educational Qualification SI. No Educational Qualification No. of Respondents Percentage (%) 1 Graduate 62 62% 2 Post Graduate % 3 Higher Secondary 7 7% Total % Percentage analysis table mention 62% Respondents are Graduates, and 31%) Respondents are Post Graduates, and 7%o Respondents done HSC. Table 3: Age Basis SI. No Age No. of Respondents Percentage (%) 1 Below % % % 4 Above % Total % The above Age basis percentage analysis table explains 13% of the respondents belonging to the age group of below 30 years. 25% of the respondents are belonging to the age group of years. 33% of the respondents are belongs to the age group of years and 29% respondents are belongs to the age group of above 50 years. So lower level of age group of people 13. Volume 02, Special Issue 02, Version II 10 th & 11 th August

4 International Conference on Innovation in Commerce and Management (ICONICM 2015) Organized by Department of Commerce, A.V.C. College (Autonomous), Mannampandal, Mayiladuthurai , Tamil Nadu, India. Table 4: Experience Basis SI. No Experience No. of Respondents Percentage (%) 1 Less than 10 Years 13 13% 2 10 to 20 Years 35 35% 3 Above 20 Years 52 52% Total % Above table mentioned 13% respondents belongs to the group of less than 10 years experience. 35% respondents belong to the group of 10 years - 20 years experience. 52% of the respondents belong to the group of above 20 years experience. Table 5: Income Basis SI. No Salary Per Month No. of Respondents Percentage (%) 1 Below INR. 10, % 2 INR. 10,001-25, % 3 INR.25,001-40, % 4 Above INR.40, % Total % Above table indicates 14%> respondents belong to the group of below INR. 10, %) respondents belong to the group of 10 INR. 10,001 to 25, %) of the respondents belong to the group of INR.25,000 to 40, % of the respondents belong to the group above INR.40,000. So high level of people is 10,001-25,000 Income basis. 3.1 Chi-Square Analysis Relationship between Education and Level of Satisfaction H0 There is no significance relationship between Educational Qualification and level of H1 There is significance relationship between Educational Qualification and level of Volume 02, Special Issue 02, Version II 10 th & 11 th August 2015

5 Customer Satisfaction of Indian Overseas Bank in Thanjavur District Total 2.85 Degree of Freedom V2 (C-l) (R-l) = (3-1) (3-1) = 4 Calculate Value = 2.85 Table Value = 9.49 Since the calculated value is less than table value. So the Null Hypothesis accepted. Hence, there is no significant relationship between Educational Qualification and level of Relationship between Age and Level of Satisfaction H0 There is no significance relationship between age and level of H1 There is significance relationship between age and level of Total 1.79 Degree of Freedom V2 (C-l) (R-l) = (3-1) (3-1) = 4 Calculate Value = 1.79 Table Value = 9.49 Since the calculate value is less than the table value. The Null Hypothesis accepted. Hence, there is no significant relationship between age and level of Volume 02, Special Issue 02, Version II 10 th & 11 th August

6 International Conference on Innovation in Commerce and Management (ICONICM 2015) Organized by Department of Commerce, A.V.C. College (Autonomous), Mannampandal, Mayiladuthurai , Tamil Nadu, India Relationship between Experience and Level of Satisfaction H0 There is no significance relationship between Experience and Level of satisfaction H1 There is significant relationship between Experience and level of Total 1.96 Degree of Freedom V2(C-1) (R-l) = (3-1) (3-1) = 4 Calculate value = 1.96 Table value = 9.49 Since the calculate value is Less than the table value. So the Null Hypothesis accepted. Hence, there is no significant between Experience and level of Relationship between Income and Level of Satisfaction H0 There is no significance relationship between Monthly Income and level of H1 There is significance relationship between Monthly Income and Level of , Volume 02, Special Issue 02, Version II 10 th & 11 th August 2015

7 Customer Satisfaction of Indian Overseas Bank in Thanjavur District Total 2.25 Degree of Freedom V(C-l) (R-l) = (3-1) (4-1) = 6 Calculate Value = 2.25 Table Value = 12.6 Since the calculated value is less than the table value. So the Null Hypothesis accepted. Hence, there is no significant relationship between Monthly Income and level of CONCLUSION From the study the researcher has come to know that most of the respondents have job satisfaction, the management has taken that best efforts to maintain cordial relationship with the employees. With the result of present study, it was concluded that level of satisfaction among the employees is moderate only. These findings pointed out the level of job satisfaction of the employee s. Indian Overseas Bank get more benefits compare to other banks. Hence, the management may be given opportunities to cope and use a wide variety of measure to maximize the job satisfaction and to increase the loyalty. REFERENCE [1] Arasli. H, Katircioglu, S. T, & Mehtap Smadi. S. A comparison of service quality in banking industry: some evidence from Turkish and Greek-speaking areas in Cypurs, International Journal of Bank Marketing, 2005, v.7, p [2] Almagir. M & Samsdoa. M. Service Quality Dimensions: A Conceptual Analysis, May-2008 from [3] Babakus.E, and Boller.G.W. An empirical assessment of the SERVQUAL Scale, Journal of Business Research, May-1992, V.24, P [4] Dedeke. A. Service Quality: A fulfillment oriented and interactions-centered approach. Managing Service Quality, 2003, p [5] Kangis. P & Volukelators. V. Public and private banks: a comparison of customer expectations and perceptions. International Journal of Bank Marketing.1996, p.30. Volume 02, Special Issue 02, Version II 10 th & 11 th August