Banks have to deal with many customers and render various types of services to its customers and if the customers are not satisfied with the services provided by the banks then they will defect which will impact economy as a whole since banking system plays an important role in the economy of a country, also it is very costly and difficult to recover a dissatisfied customer. Since the competition has grown manifold in the recent times it has become a herculean task for organizations to build loyalty, the reason being that the customer of today is spoilt for choice.
It has become imperative for both public and private sector banks to perform to the best of their abilities to retain their customers by catering to their explicit as well as implicit needs. Many a times it happens that the banks fail to satisfy their customer which can cause huge losses for banks and there the need of this study arises. The purpose of this study is to compare the public sector banks and private sector banks in terms of customer satisfaction and to study the various variables of service quality using servqual model.
The Business plan on Internship Report on Customer Satisfaction on the Services of Al-Arafah Islami Bank Limited
... is always trying to improve their customer service in every sector, but in today’s competitive business world, banks need to give additional concentration to ... Secondary data are very much important for conduct an efficient study and to have faithful result. 1.5.3 Data Collection Procedure: 1.5.3.1 ...
The work has been carried out with the objective of understanding the reasons of customer dissatisfaction and what are the opportunity areas wherein these banks need to focus and strengthen their Customer Relationship Management practices. The research work uses both the sources of information, i. e. Primary and Secondary sources, and thereafter SERVQUAL model has been used to identify the discrepancy in the service delivery system. Finally the study concludes by giving some recommendations to improve in the area where these banks do not meet the expectation of their customers.
Study of customer satisfaction in public sector and private sector banks of India 43 many retail banks are directing their strategies towards increasing customer satisfaction and loyalty through improved service quality. As banks benchmark themselves against global standards, there has been a marked increase in disclosures and transparency in bank balance sheets with a greater focus on corporate governance. Though banks have become quality conscious in providing their services, they are still struggling with resisting to change. The seller market mindset is yet to be changed coupled with fear of uncertainty and control orientation.
Acceptance of technology is slowly creeping in but the utilization is not maximized. In terms of workforce management, placing the right skill at the right place will determine success for the banks. For most of the public sector bank employees it is difficult to cope up with the customer requirements because they are yet to learn the customer centric orientation in work. The competency gap needs to be addressed simultaneously otherwise there will be missed opportunities. The focus of people will be on doing work but not providing solutions, on escalating problems rather than solving them and on disposing ustomers instead of using the opportunity to get more business. Once the service quality dimensions that lead to customer satisfaction are identified, service managers should be able to improve the delivery of customer perceived quality during the service process and have greater control over the overall outcome. It is for these reasons why practices of customer relationship management, assessment of customer lifetime value, relationship marketing are gaining ground. Along with it the measurement of quality which is provided at the banks is becoming the sole reason behind preferring one brand over the other.
The Term Paper on The Determinants of Service Quality
... and improve customer perceived service quality. The next section provides an overview of the literature on service quality determinants. Determinants of service quality 53 ... and Taylor (1992), in their research into service quality in banks, pest control, dry cleaning and fast food, also ... for this article is that the work on the determinants of service quality does not necessarily distinguish between ...
