5th Trimester Final Dissertation (2)

8/6/2019 5th Trimester Final Dissertation (2)

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Consumer Experience inthe Indian Banking

Industry

Dissertation submitted to

Aryakul College of Management,LUCKNOW

In partial fulfillment of the requirementsfor the award

Of

Master of Business Administration

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Submitted by:-Siddhartha PandeyRoll no. 0939670047MBA 4 TH sem

DECLARATIONName Siddhartha pandey

Roll number 0939670047

I hereby state that the dissertation entitled ConsumerExperience in the Indian Banking Industry submitted by mein partial fulfillment of the requirements for the award of MBA is my original work and that it has not previouslyformed the basis for the award of any other Degree,Diploma, Fellowship or other similar titles.

I am thankful to Mr. Vipin Srivastava for giving me the

opportunity to do my project work in the banking industry.

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Mentors SignatureSiddhartha Pandey

ACKNOWLEDGEMENT

This is to acknowledge that there has been a massive

support of some of the underwritten persons in the

successful completion of my Dissertation.

I would first of all like to thank my dissertation mentor Prof.

Arun Bhattacharya, who supervised this dissertation time to

time and gave me the courage and expertise to sum it up as

a report. I am also thankful to the other faculty members

who either directly or indirectly helped me all possible ways.

I would also like to thank the respondents, the people who

took part in the survey and helped by contributing their true

responses helpful for the completion of the survey.

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Last, but not the least I would like to thank Mr. Sasakat Singh

(Director, Aryakul College of Management) for providing a

high level of motivation and encouragement to me and all

the students of the institute for completion of dissertation.

Table of Contents:

Chapter 1 Introduction

Chapter 2 Banking in India

Chapter 3 Understanding Consumer experience

Chapter 4 Research Methodology

Chapter 5 Analysis and Interpretation

Chapter 6 Summary and Conclusions

Bibliography

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Introduction:Customer experience is the buzz phrase that almost everyone is hearing thesedays. In todays scenario customers value and remember the quality of their interactions with service providers. Apart from data about the customer purchases, it is the human interactions that assume greater importance incustomer retention. The key success factor today lies in the way you connectwith the customers to create brand value. The purpose of marketing has evolvedand is defined as Creating a valuable Customer Experience. A delightfulcustomer experience is the final frontier of marketing and branding. Mastering

creation of an experience is the key to sustainable market success for anyproduct/service. Organizations have realized that beyond products/services, it isthe experiential component that builds long term loyalty. If organizations candeliver a really powerful and pleasant customer experience and reinforce it in asmany ways as possible, then it leads to a change in the value equation in aconsumers mind from price to the pleasure of using the product/service. The

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relationship with the customer transcends from purely transactional to emotional.Experience is something which a customer carries in his own hand and is ownedby him alone, not the company trying to create the experience. Experience is anintangible quality that is so different from one person to the next. Experiences arebuilt around feelings, emotions, colors, spaces, sounds, human contact, brandingetc. A great experience is created and it does not happen by chance. Customer experience focuses on delighting customers at every opportunity and during allinteractions. It focuses on the value proposition from the customers point of viewat various touch points and in all interactions. In the words of David Szymanski,Director Centre of Retail Studies, Mays Business school at Texas, Researchshows that customer satisfaction is not enough to guarantee sustained superior performance in the market, for that a company requires enthusiastic customers.Creation of enthusiastic customers leads us to decipher the meaning of customer experience. Experience is not about entertaining customers but engaging them.

About 80% of companies believe they deliver superior customer experience, butonly 8% of their customers agree. In a survey by CRM Guru, positive andmemorable experiences with organizations were found to be the key reason for profit and growth, 32% of happy consumers said they recommended their serviceprovider to a friend or colleague and 19% said they purchased more productsand services from the same service provider. A substantial number of customers

leave because of indifferent attitude of an employee, which leads to poor experience with the organization. One failed interaction has become goodenough reason for customers to leave and this explains the need to focus oncustomer experience instead of customer relationship initiatives. The ability of anorganization to re-design the customer experience based on customer inputs anddelivering them will be a major differentiator for their service over time.

The scope and objective of my study is to:

Understand the Consumer experience in the banking sector

Analyze and compare the level of consumer experience in 2 public sector and 2 private banks in India

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In terms of the customer base, there are two main types of consumers in theindustry: individuals (households) and non financial businesses. At the aggregatenational level, 20 more than two thirds of checkable deposits are owned bybusinesses while 95 percent of time and savings deposits belong to households.Within business customers, 75 percent of time and savings deposits and 35percent of checkable deposits are held by the non farm non corporate sector,while the rest is held by the corporate sector. A limitation of the data is that itdoes not allow controlling directly for are similar, in that both cluster their purchases, especially of deposit services, with these different types of consumers. However, surveys of consumer finances and small- and medium-sized business finances indicate that the behaviour of these two groups their primary financial institution, which is typically situated close to their own

Banking in India:Bank originally referred to an individual, which exchangedone currency to another. But these days a bank refers to an

institution in which people keep there cash balances in theform of deposits. According to the banking regulation act,1949 banking means the accepting for the purpose of lending or otherwise, withdrawal by cheques, drafts,otherwise. Banking system occupies an important place in

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the nations economy. A banking institution is dispensable inthe modern society. In India though, money market is stillcharacterized by the existence of the organized and theunorganized segments, institutions in the organize money

market have grown significantly and are playing anincreasingly important role. The unorganized sector,comprising the moneylenders indigenous bankers. In theorganized sector of the money market, commercial banksand co-operative banks have in existence since the middle of seventies.

Functions:

The main function of modern bank is evident from the verydefinition of the term but there are certain other services toorender to them.

Lending of money

Loans are also advances through the discounting of bills,besides making cash credit and thus, the bank help in thedevelopment to industry and trade in the country.

Borrowing of money

The first important function of bank is to receive and acceptdeposits from those who can save and cannot profitably usethemselves.

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. Fixed deposit

. Current deposit

. Saving deposit

The safe custody of valuables and securities

A bank undertakes the safe custody of valuables andimportant documents against theft and fire. They are kept inspecially constructed strong rooms and the bank acts as abale of the goods entrusted in its keeping.

Transfer of funds from one bank to another

By arrangements a customer can also draw cheques on aparticular office of bank and have them cashed at otheroffices or agencies.

Acting as trustee of executor

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The administration of a will or of a settlement requiresspecialization knowledge and a modern bank is willing for asmall fee, to undertake such complicated duties on behalf of such of its customer as may desire to nominate it is such

capacities. Collection of dividends of interest on stocks andshares although it is not the usual practice for a bank toadvice its customer regarding investments, it will furnish himwith such particulars as may be obtained from a recognizedstockbroker. It will however, undertake a purchase or sellstocks or shares on behalf of its customers. It doesnt levyany charge on the customer for the service, but share withthe stockbroker commission and latter is entitles to receive.

Customer accounts with banks

The relationship between a bank and its customer beginswith opening of an account by the former in the name of thelater. Initially, the customer opens all the accounts withdeposits of money and hence these accounts are calleddeposits accounts. The bulk of the resources of a bank aremobilized by accepting deposits from the public.

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KINDS OF BANKING INSTITUTIONS

The primary business of a bank is to receive deposits andadvance loans, but this work can be done in so many ways.E.g. banks can specialize either in mobilizing deposits or inlending to different sectors and for different periods. Themost common type of banks is the commercial banks thatreceive deposits from public and give loans especially for theshort period. They permit the depositors to withdraw or

transfer their deposits by means of cheques.In contrasts tothe commercial banks and protect the interest of depositingpublic. It acts as the lender of the last resort to the bankingsystem and the right to issue currency notes. In somecountries, there are saving banks-a good example is the postoffice saving banks in India-which collect the savings of smallsavers, in the form of savings accounts. Their major aim is topromote saving habits among the lower income groups andprovide them with a decent rate of interest. Cooperativebanks are organized among the farmers artisans and othersto promote thrift among the members and also to them.

There are five other types of banks:

Branch banking

Unit banking

Group banking

Chain banking

Corresponding banking.

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Branch bankingIn this system, every bank as a single legal entity having onebroad directors and one group of shareholders, operatesthrough a network of branches through out the country.

Unit banking

Under this system, the banking operations are carriedthrough a single banking office rather than through anetwork of branches. Each banking company is a separate

company, separate licensed, having its own capital, board of directors and stockholders. Ordinarily there will be only oneplace of operations and no branches elsewhere but theremay be branches within a strictly limited area.

Group banking

It is only one where two or more separately in corporatebanks is brought under the control of holding company that

may or may not be a banking company. The banks sobrought together may be unit banks or both.

Chain Banks

They refer to separately in corporate banks are broughtunder the common control a device other than the holdingcompany. This may be through some persons being directorsof two or more banking companies or some group of person

owing them.

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Corresponding Banking

Banks are linking together through deposits by smallerbanks of some of their cash reserves with bigger banks withwhich deposits are so made are called correspondent banks.

These banks in turn may deposit some of their cash balanceswith still bigger banks in metropolitan cities. Thecorrespondent banks also transfer balance of banks.

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Understanding Consumer Experience in thebanking sector:

In terms of the factors involved in the consumer decision-making process,consumers are expected to value and to be able to recognize several of a banksattributes when searching for a deposit service provider. These include branch

location and its characteristics, prices and range of services (account types,financial advising, electronic services such as ATMs and debit cards) and thebanks expertise and overall quality and effectiveness in providing services. Withthe advent of new technology, some consumers are likely to care about further electronic and online services because the choice process for services isinherently risky with many unknown; the experience itself often dominates theevaluation process. Services are high in experience and credence qualitiesrelative to goods, thus how consumers evaluate the actual experience of theservice is very critical in their evaluation process and their decision to repurchaselater. Noted customer experience experts have stated that the experience is the

marketing Consumer experience is not limited to fun, exciting or memorableexperience only. Instead consumer experience encompasses service processesthat span the mundane to the spectacular. All services are experiences- someare long in duration and some are short, some are complex and others aresimple, some are mundane whereas others are exciting and unique.

Unobserved bank characteristics are variables such as the banks service quality,reputation for customer service, prestige, expertise, and even reputation aspectsrelated to its soundness as a financial institution and ability to counter systemicfinancial distress Banks have also introduced products that specifically tailor to

the evolving needs of the customer. For example, Standard Chartered Bank haslaunched three financial plans that cater to the individuals different life stages,i.e. education, retirement and lifestyle. As most people now own mobile phones,banks have also introduced mobile banking to cater to customers who are alwayson the move. Mobile banking allows individuals to check their account balancesand make fund transfers using their mobile phones. Am Bank customers may

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even top-up their mobile phones prepaid airtime access via SMS. Some bankshave even done away with branches manned by staff and have instead replacedthem with self-service branches with round the clock e-banking facilities. UnitedOverseas Bank also provides drive-through banking for their customers in KualaLumpur, Ipoh and Penang. Last year, Affin Bank implemented their Bankingwithout Barriers concept at two of their branches. These branches, called

Customer Relationship Centres have been transformed to focus purely on salesand service. The branches now boast of comfortable lounge with internetfacilities and plasma TVs. Furthermore, there are no banking counters and thestaff sit in the open for easy access to customers. There is also a self-service

lobby which provides customers with 24-hour e-banking facilities. With thisconcept, the bank promises a more informal atmosphere within the branch and ashorter waiting time for their customers. Depending on their location and thecomposition of their customer profile, branches are categorised into in-storekiosk, service kiosk, retail branch, business branch or flagship. Enhancementsare then made to these branches in all aspects of their operations, including thefaade of the branch and the way customers are served. Under this new concept,the bank hopes to align the branches according to their customers needs and thereby improve service levels as well as branch economics. Realising theimportance of good customer service, Public Bank launched Phase 5 of its

Customer Care Campaign in May last year, titled Your Needs, Our Focus. TheCampaign aims to achieve zero complaints from the banks customers whilststriving to maintain its ISO9001:2000 certification that limits the waiting time to 2minutes and transaction time to 1 minute. Apart from regular questionnaires sentto their customers for feedback on the service quality levels, the bank alsoconducts its own evaluations on the front-line staff through their MysteryCustomer Project. Malaysian consumers are becoming increasingly discerningand knowledgeable about banking products and services. Gone are the dayswhen banks provided deposit and loan facilities only. The industry now providesa myriad of products that are specifically tailored to their customers needs. To surpass the high expectations of the public, service delivery standards areconstantly being monitored and improved upon. Bank staff is regularly trained toenhance their customer service skills as well as to improve their knowledge onthe banks products and services. With the rapid advancement of technology,speed and innovation will also be quintessential to consumer banking Banks canstreamline and improve customer service, and deepen customer relationships, by

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providing relationship officers, call centre staff, loan specialists, financialadvisors, and other bank employees with comprehensive customer knowledgeand a holistic view of each customers financial needs and activities. Thepopularity of online banking is growing fast, -In an effort to gain a deeper understanding of their customers and improve customer relationships, manybanks have turned to technology.

The bank provides customer service in the following manner:Reception

Recognize the presence of the customer and make him feelimportant listen to him patiently guide him properly to theconcerned person. Helping the customers help him in fillingup various forms and resolve his problems in complying withprocedural requirements with minimum in convenience and

without any sort of alterations.Efficiency

Prompt disposal of work to the satisfaction of customercompletion of pass- book of accounts etc. over the counterin time take care of one of the major courses of customercomplaints.

Punctuality

The dealing staff must be in their seats will in time ready toserve the customer for this purpose no counter leftunattended during the customer hours and incumbents incharge may consider starting of office hours 15 min prior to

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banking hours in consultation with the regional managers. They would facilitate the staff to settle on counters well intime and cash would also be available to the cashiers beforecommencement of customer time.

Decorum

The decorum of the office being first contact points for thecustomer makes the first impression about the institutionwork force on the customer. Therefore bank should maintainproper decorum in the office. Transfer of accounts;instructions of customer for transfer of his account to

another office must be carried out immediately on receipt of and in accordance with his instruction. It must be ensuredthat along with the balance of accounts, the relative accountopening form, specimen signature, standing instruction etc.are also simultaneously transferred under advice to thecustomer.

Grievances

Redressed of customers grievances speedily and to thesatisfaction of the customer must always receive top priority.Bank should educate customers about the provisions forventilation of these grievances.

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Cleanness layout

It is necessary that cleanliness is maintained and layout of the branch is such that customer can avail of desired service

without much movement or in convince. Standinginstruction: standing instruction must be accepted in alldeposit accounts for payment like insurance premium, taxes,rentals etc. Intimation of compliance of standing instructionsshould be sent to the customer immediately. Whenever thesame is not carried out for any reason, the account holdershould be informed at once. Failure to carry out the standinginstructions correctly and in time may cause considerable inconvenience, irritation and damage to the customer besidesadversely affecting banks image.

Delivering the Right Information at the Right Time

Because of legacy technology, most banks remain organizedby traditional product silos, such as mortgages, personalloans, credit cards, savings and checking accounts. Theheart of the issue is the proliferation of disparate anddisconnected systems, which has made it difficult and costlyto provide customers with a consistent experience across allchannels or to empower employees to identify specific up-sell and cross-sell opportunities. During a mortgageapplication process, for example, a bank gets to knowcustomers thoroughly, including their marital status, thenames and ages of their children, what types of insurancethey carry, the cars they drive, as well as their investments,credit history and current savings. Yet few bankers in otherdepartments can easily access this information to sellcollege savings plans or insurance.

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Providing a 360-degree view of high-value bankingcustomers

CRM can help banks create a comprehensive and integratedview of each customer, and put this critical information inthe hands of bank employees when and where they need it.If a customer moves a large retirement fund into a personalchecking account, for example, the bank may have no morethan 36 hours to call with investment suggestions before thefunds are moved to another institution. By combining todayssoftware solutions with existing legacy systems, banks cansend an automatic alert to ensure those calls are made

within the crucial window. Alerts also can be sent to highlightinactive credit cards or checking accounts, which mayindicate a customer is preparing to leave. An alert canprompt a call to the customer to discuss other bankingservices that may lead to customer retention .

Presenting information in a familiar format

For a solution to be viable in todays business environment,it must be built on the simple premise that it is better tointegrate and implement customer relationship managementinto how people already spend their workday than to try toforce them to use a separate and more complicated CRMapplication business users have the right information, in theright format, at the right time to make the best operational

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decisions, generating more revenue and increasingefficiency with every customer-related decision and activity.

Supporting bankers in the field

In an effort to expand their business and improve theircustomer service, an increasing number of banks aresending bankers into the field to call on current andprospective customers at their offices. To make the most of those contacts, bankers must be able to access customerinformation from any location; mobile bankers have accessto customer information locally on their laptops, PDAs, oreven their phones in an offline mode. In addition, they canremotely and securely call up the information on virtuallyany Web-enabled device.

Improving Customer Service and Satisfaction

As banks look for new ways to generate revenue andincrease their profitability, they are beginning to focus onproviding more personalized service that can help themattract new customers, deepen and extend theirrelationships with long-term clients, and expand

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opportunities to up-sell and cross-sell more products toexisting customers. The power of banks to increase revenueand profitability through an enhanced customer experienceis indisputable. According to Christopher Beede, CFO of

PNCs Consumer Segment, a 1 percent increase in new-customer retention is worth $7 million to $8 million annuallyto his organization. And its a benefit that compounds andaccrues to the bank year after year in balances, fees,interest, and opportunities to sell additional products andservices to loyal customers who need them. From themoment customers first contact the bank or open a newaccount, bank employees can begin to review, evaluate andanticipate their current and future financial needs. That kindof personal care and attention breeds loyal customers, andmore loyal customers lead to increased revenue and higherprofits.

Creating customer loyalty

The question, then, is how banks can cultivate more loyalcustomers and increase their profitability? The BAI researchshows that the best way for retail banks to differentiatethemselves, avoid becoming commodities, and increase their

number of loyal and profitable customers is to improve thecustomer experience. For example, a financial advisor mightnotice that a customer is keeping a large balance in a low-interest savings account. While that is profitable for the bankin the short term, it may not be in the customers bestinterest. By providing the customer with options to movethose funds to an account with higher returns, the advisorprovides better customer service and helps the bank buildcustomer loyalty and gain additional assets in the long run.

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Increasing revenue and profitability through customerservice

According to research by BAI, the financial industrys leadingprofessional services organization, loyal customers bring 24percent more deposit and 14 percent more consumer loanbalances to their primary banking institution than the U.S.national average, and they are three times more likely torecommend their bank to a friend or family member. Quitesimply, more loyal customers mean more profitability forbanks.

Yet, only 20 percent of U.S. banking customers can beclassified as loyal, and the numbers vary substantially by

size and type of institution. Large banks consider only 15percent of their customers loyal, compared to 24 percent atcommunity banks and 26 percent at credit unions. Clearly,there is room for improvement .

Using customer service to gain competitive advantage

As banking becomes more commoditized, with manycustomers viewing one bank as indistinguishable fromanother, quality service is what enables a bank todifferentiate it from competitors. But many banks are failingto provide the service customers expect. An independentmarket research study of customer experience and saleseffectiveness within the worlds top 300 retail banks showedsome surprising results. Globally, 97 percent of the banksstudied had no integration among channels and provided novisibility into previous customer interactions from relatedcommunication channels. 65 percent made no attempt to understand customer

needs and interests before recommending products, and Only 7 percent attempted to cross-sell or up-sell relatedbanking products during customer interactions.

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The same study, which was commissioned by Siebel andIBM, also showed that among the most successful banksworldwide 32 percent failed to respond to customer emailinquirieslet alone convert those contacts into opportunitiesfor productive interactionand 68 percent failed to capturebasic customer contact information for identification andfollow up. CRM provides relationship officers, financialadvisors, call centre agents, platform bankers, and othercustomer-oriented bank employees with complete customerinformation, enabling them to answer questions, resolveproblems, and identify opportunities to sell additionalproducts or bring in more customer assets. The technologyhelps them match product information with customerprofiles to determine the savings, investment or loan optionsthat would be right for each customer. It also provides anideal centralized repository for customer service data that

can be used to improve banking products and services or todevelop and refine business strategies.

Providing an Integrated, Multi-channel Experience forCustomers

Customers today can contact and do business with theirbank through many different channelsfrom the traditionalbank branch and call centre to ATMs, online banking, andmobile financial services. With customers using anycombination of the channels available to them, it is essentialthat banks form a coherent multi channel strategy. Offeringa variety of channels may appear in itself to be goodcustomer service. But if those channels remain isolated and

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disconnected in separate silos, and are not fully integrated,they can actually undermine the customer experience.

Providing cross-channel customer service

Customers may use different channels to conduct businesswith their bank, but they are clearly frustrated by the lack of integration and coordination across channelsand theresulting lack of confidence can have a negative effect onbank revenue and profitability. A survey of bankingcustomers found that 45 percent of households did notbelieve their current bank could offer all the banking andinvestment services they need and do it well, and 64 percentof households with high net worth felt the same. Ironically,33 percent of the customers surveyed said they wouldconsider another product from their current bank. Theproblem seems to be a lack of confidence, not a lack of interest. Most banks today can see only one view of theirclients activities at a timeaccount by account. Without theability to easily see and respond to relationships betweenexisting accounts and new opportunities, efforts to identifyand serve customers needs are severely limited.

Overcoming legacy technology

Helping banks find a way to solve the problem of disconnected channel systems is vital. Banks can take fulladvantage of existing technology investments andinfrastructure so they can integrate their disconnected

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channel systems and consolidate their technical resources. This yields lower costs while providing new levels of customer data aggregation and customer knowledge. As aresult, banks are able to create a single, integrated sales and

service platform that gives bank employees comprehensivecustomer information and provides customers with access toproducts and services across all channels. Banks canimprove their customers experiences and deploy newproducts and services more easily. Using tools that can bedeployed and adopted by a broad base of users makes iteasier for banks to improve operational efficiency andmanage risk.

These factors include service quality dimensions, perceivedrisk factors, user input factors, price factors, service productcharacteristics, and individual factors. The demographicvariables include age, gender, marital status, ethnicbackground, educational qualification, employment, income,and area of residence.

The banking industry is constantly responding to changes incustomer preferences and needs; increasing competitionfrom non-banks, changes in demographic and social trends,information technologies advances, channel strategies, andgovernment deregulations of the financial service sector(Giannakoudi, 1999; Byers and Lederer, 2001). Success orfailure of many retail banks is dependent upon thecapabilities of management to anticipate and react to suchchanges in the financial marketplace. In the search forsustainable competitive advantages in the competitive andtechnological financial service industry, banks haverecognized the importance to differentiate themselves fromother financial institutions through distribution channels.

This has resulted in banks developing, and utilizing new

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alternative distribution channels to reach their customers(see Daniel, 1999; Thornton and White, 2001).Furthermore, information technological developments in thebanking industry have speed up communication and

transactions for customers (Giannakoudi, 1999). Theinformation technology revolution in the banking industrydistribution channels began in the early 1970s, with theintroduction of the credit card, the Automatic Teller Machine(ATM) and the ATM networks. This was followed by telephonebanking, cable television banking in the 1980s, and theprogress of Personal Computer (PC) banking in the late1980s and in the early 1990s (Giannakoudi, 1999).

Service Quality (SERVQUAL):

SERVQUAL as a measurement instrument, and the fiveSERVQUAL dimensions identified by Parasuraman, Zeithamland Berry (1985; 1988; 1991), have been used in thebanking industry (Zhu, Wymer and Chen, 2002). SERVQUALhas been acknowledged and widely used in assessingbanking service quality. For example, Llosa, Chandon andOrsingher (1998) investigated the applicability of SERVQUAL

in the banking industry, and Levesque and McDougall (1996)adapted a selection of service quality items fromParasuraman, Zeithaml and Berrys (1988) SERVQUALmeasurement in order to gain insights into service qualityfrom the bank customers perspective and to betterunderstand the determinants of customer satisfaction.

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Jun and Cai (2001) identified bank customers perceptions of service quality dimensions using quantitative techniques.

The authors conceptualized banking service quality basedon three quality perspectives; banking service product

quality, customer service quality and online systems quality.Bank service product quality was primarily related to productvariety and the diverse features of the service products.Customer service quality was related to the differencesbetween customers' expectations of service provider'sperformance and their evaluation of the services theyreceived. Online system quality was associated with thequality that the customer perceived when they where theend-users of an information system. The authors alsoidentified seventeen underlying dimensions of bankingservice quality including product variety/diversity features,reliability, responsiveness, competence, courtesy, credibility,access, communication, understanding the customer,collaboration, continuous improvement, contents, accuracy,ease of use, timelines, aesthetics, and security. Avkiran(1994) developed six dimensions to measure branch bankingcustomers perceived service quality for a major Australiantrading bank. Using principal component factor analysis, theauthor reduced the six dimensions into four dimensions, staff

conduct, credibility, communication, and access to tellerservices.

Sureshchandar, Rajendran and Kamalanabhan (2001) usedfactor analysis to identify five major service qualitydimensions for banking. These include core service orservice product, human element of service delivery,systematisation of the service delivery, tangibles of service,and social responsibility . Core service or service productreferred to the features of a service. The human element of service delivery quality dimension related to the reliability,responsiveness, assurance empathy, moments of truth,

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critical incident and the recovery aspects that fall under thedomain of the human element in the service delivery. Theservice quality dimensions, as identified in this research, arerepresented as a bank customers overall impression of their

banking service experience. In the context of electronicbanking, the literature review identified three service qualitydimensions; reliability, assurance and responsiveness.

Experiential marketing to Enhance consumer

experience:Increasingly, companies are strengthening the bondcustomers have with their products using ExperientialMarketing or Branded Experiences; that is getting closerto consumers by engaging brands in their customers lives,

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adding value, and creating an emotional attachment. Theresult is increased brand relevance, a higher level of customer loyalty, and true brand differentiation that isdifficult for a competitor to copy.

Experiential Marketing can be a strong ally for us, too,helping strengthen our listeners loyalty while attracting ourcompetitors soft loyalists. This strategy is both timely andimportant as the pool of "switchable" listeners becomesincreasingly shallow .

DELIVERING A SUPERIOR EXPERIENCE THROUGHCUSTOMERS CHANNEL OF CHOICE

As banking continues to change, and customer expectationsand preferences change as well, a successful financialinstitution must have the ability to sell products and providesupport over a variety of channels. One of those essentialchannels is the web.

When it comes to choosing a bank, I think customers todayexpect a good web site, or rather, a satisfying web bankingexperience, Claypool states. It isnt enough to have astatic web site with information that may be difficult to find,and weak search capabilities. If a bank doesnt have adynamic web site with online banking capabilities andpowerful search tools, it will be at a real disadvantage inattracting and retaining business. Whats more, study afterstudy shows that web channel users represent highlydesirable business. Online banking customers tend to havehigher

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checking and savings balances, and maintain higherbalances on mortgage loans and equity lines of credit. Inaddition, they have significantly lower rates of attrition,making them much more valuable for the bank. I dont

think that any customer chooses to bank here solelybecause of our web channel, comments Claypool.Retention is based on a composite of how we treatcustomers through a variety of interactions across allchannels. But providing a good web experience creates astickinessresulting in deeper, longer-term, and more profit tablerelationships that can prove highly beneficial to everyone.

MAKING VISITORS MORE AT HOME

In addition to the online banking service, Bank of Americawelcomes hundreds of thousands of visitors monthly to itsBank of America.com home page. The bank is now receivingan average of more than 400,000 search queries eachmonth. Almost 80 percent of the web site visitors usingsearch are existing Bank of America customers, illustratinghow important the site is as part of customer support. Byanalyzing the kinds of queries we receive, its clear thatmany are related to servicing products the customersalready have, explains Claypool. This tells us severalthings. First, many customers have made the decision thatthey want to use the web channel for all their banking, if possible. They arent using online banking to just checkbalances from home. They want to get questions answeredonline, apply for loans online, and so on. But the flip side of that coin is, if customers cant find what they need on ourweb site, theyll opt for a higher-cost channelsuch as thephone or e-mailto do it. With the web becoming a

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preferred channel of convenience for many of its customers,Bank of America knew that it had to make finding whatcustomers are looking for easy and fast. In 2000, afterevaluating and

piloting various search engines, Bank of America selectedthe InQuira self-service search solution Unlike commonkeyword-based search engines, which deliver accurateresponses just 3050 percent of the time, InQuira employsnatural language capabilities to achieve an accuracy rate of greater than 85 percent. It also provides unique functionalitycalled personalized response, which can understand theintent expressed in a customers inquiry, and dynamicallydisplay related content, products, and promotions that canhelp the customer accelerate the purchase decision process.For example, if a customer is searching for a credit card thatearns air travel mileage, the sophisticated solution cananswer the query with the exact card that earns miles,present FAQs about that card, and provide an Act Nowoffer to apply for the card. Or, if Bank of America receives aquery that asks, Do you have a credit card for kids?, the

search engine not only provides information about Bank of Americas Visa Buxx, a prepaid Visa card designed for kids,but also dynamically displays a promotion for gift cards andrelated information. This ability to understand and anticipatecustomers next steps enables Bank of America to directlyand preciselyanswer questions online, while helping to accelerate thecustomers decision process.

Building loyal Customers

Service marketing, customer service satisfaction and thetransition of the economy from product manufacturing to aservice oriented economy have received extensive attentionin the business world. In this kind of an economy, customers

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who experience a high level of satisfaction become repeat,loyal customers. The result of loyalty in banking is thatcustomers remain customers, even when they have anegative experience. In addition to loyalty an emerging area

of interest is customers advocacy which is build on thebasics of customer satisfaction and loyalty. The advocatecustomer in turn communicates with other individuals whomight become new customers

Creating an exceptional customer experience Customers and the employees are two key constituentsinvolved in bank metrics. When the employee is not trained,motivated and provided with comprehensive products andservices delivered in a pleasant and professional manner,the customer will sense the constellation of feelings fromthat employee both positive and negative Emotionalattributes of the customer such as trust, mind share and

share of heart are becoming important differentiators in avery competitive arena where one banks offerings are verysimilar to its competitors. A positive customer experience isthe goal to which they strive. This goal is to create a loyalfollowing of customer advocates that proactively promotethe bank to family and friends. An important caveat is that inshaping positive experience, it is critical to nurture, improve,and track the interactions between bank employees andcustomers. Meuter et al (2000) discussed the importance of so-called critical incidents defined as customer experiencesthat have an important impact on customer satisfaction.

Through a series of studies on critical incidents, theydemonstrated that even in self-service technologies,employees initiatives to improve services, and customers

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satisfaction in areas such as technical support andtroubleshooting, still play a critical role

in the firms strategy, the study provides a framework for apragmatic evaluation of customer experiences withproviders of bank services. Understanding the perceivedquality of customer encounters can help to shape design anddelivery of future services. The purpose is to enhance overallperception of future service interaction. We illustrate howservice providers in a retail baking business environmentalsetting can identify needs and satisfaction triggers of variousclusters of customers. Retail banks are facing greaterchallenges than ever before in executing their customermanagement strategies. Intensifying competition,proliferating customer contact channels, escalating attackson customer information,

rising customer expectations and capitalizing on new marketopportunities are at the top of every bank executivesagenda.

The power of positive customer experiences-

Making and keeping customers happy may not be easy, butit is well worth the effort. 51% of US adults cite outstandingservice as the number one reason why they continue to dobusiness with a company, and an additional 60% said the topreason they would recommend a company is outstandingservice. Despite what many companies assume,outstanding service is more important than low prices andquality Service .

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Delivering the ultimate customer experience-

Happy, loyal customers are created one exceptional experience at a time.Keeping these customers also requires outstanding performance in severalareas, including:

Self-service : Customers want to be able to help themselves quickly andefficiently 46% of those online find it gratifying to be able to quickly andeasily find the information they need online.

Call centre : Arming call centre agents are more important than ever because 60% of consumers prefer speaking with a live agent. Amazingly,

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38% claim they have not had a phone-based customer service experiencethat exceeded their expectations within the past year.

Multi-channel choice : Customers expect choice and convenience, bothare prerequisites for a superior customer experience. While most prefer

the phone, 25% of consumers online want to engage with a company viaemail.

Feedback : To exceed customer expectations, companies need to knowwhat customer expectations are and take appropriate action. For example,9% of consumers continue to do business with a company because itcares about customer feedback and takes action to improve service basedon customer feedback.

Responsive : 36% of consumers online said they find it gratifying whenemail messages are answered quickly.

Parameters that determine Consumer Experience

Some of the major factors that determine ConsumerExperience are listed below

Product variety/diversity features, Reliability,

Responsiveness,

Competence,

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Courtesy,

Credibility,

Access,

Communication,

Understanding the customer

Continuous improvement,

Ease of use,

Timeliness

Aesthetics,

Security

Multi channel choice

Research Methodology:

The objective of the study is to understand and analyzeConsumer Experience among the banks. I started my workby designing a questionnaire that was made keeping inmind that information that I wanted to collect.

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In my study primary data will be collected throughquestionnaire: a multiple choices question with four ormore answers.

I have used probabilistic and random sampling in the

study.

Sample size:

The sample size of 100 customers is taken in the project. After taking the sample size the field works has to be done

for which I have to visit various bank branches of SBI,PNB, ICICI, HDFC

Questionnaires were filled by respondents in Delhi

Sources of data:

Primary data is used in the study. Primary sources of data are personal interviews with

customers with help of questionnaire at different branchesof banks.

After the collection of data I will take the step of analysis& findings.

LIMITATIONS OF THE STUDY

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Every study has its own limitations and so does this study . These limitations can be highlighted as below.

As the study is basically based on primary data, the

probability of personal bias cannot be overruled. The research has an intention to reach a large sample butdue to lack of time and financial resources it intentioncould not be accomplished up to the desired land.

As the analysis has been done manually and everypresentation has been taken but few errors are bound toappear.

The sample size is very small and therefore cannotguarantee a true picture.

ANALYSIS AND INTERPRETATION:

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Table No.-3.1

Age ProfileResponse

Total %

Up to20yrs

1

21-29 45

30-39 22

40-49 19

50 yrs

plus

13

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1

45

2219

13

0

5

10

15

20

25

30

35

40

45

up to 20 y

21-2930-39

40-49

50 yrs plu

Note: percentage has been shown in the bracket above

Out of randomly chosen sample of 100 respondents 1% arein the age category of 20 yrs and 45% are belongs to agecategory 21-29 yrs.22 % of respondent are from agecategory 30-39 yrs,19 %are from 40-49 yrs and 13%belongsto more than 50 yrs of category.

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Table 3.2

Occupation of respondents

Response Total %

Business 23

Agriculture 20

Govt.employee

25

Pvt.service 26

House wife 6

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2320

25 26

6

0

5

10

15

20

25

30

business

agriculture

govt.employeepvt.services

house wives

Out of sample size of 100 respondents 23% are employed inbusiness and 20% are engaged in agriculture. 25% of respondents are Govt. employees and 26% are in privateservice where as housewives are only 6%.

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Table 3.3

Income of respondents

Response

Total %

Up to5000

4

5000-10000

20

10000-15000

30

15000 &above

46

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4

20

30

46

0

10

20

30

40

50

upto 5000

5000- 10000

10000-15000

15000&above

The monthly income of respondents is divided into twocategories in which 4 percent have income of up to 5000monthly while 20 % belongs to income category 5000-10000, 30 percent belongs to income category of 10000-15000.and 46% belongs to 15000 and above category.

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Table 3.4

Education

Response

Total %

Illiterate ----

10+2 6

Graduate

30

Postgraduate

64

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6

30

64

0

10

20

30

40

50

60

70

illitrate

10+2

graduate

post graduate

The sample of 100 respondents which I have taken 6 percentwere of 10+2 education while, 30 % people were graduates.On the other hand remaining 64 % respondents were postgraduate.

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Table 3.5

Types of account having with the bank

Response

Total %

Savinga/c 82

Currenta/c

16

Recurring a/c

2

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82

16

20

20

40

60

80

100

saving a/c

current a/c

recurring a/c

There are various facilities offered by the banks but thesaving a/c are very much popular among the customers astable depicts 82% customers are having saving a/c & 16%customers are having current a/c & 2 % customers arehaving recurring a/c with the banks.

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Table no.3.6

Factor motivate to open a/c in the bank

Response

Total %

Safety 55

Interest 16

Liquidity

2

Returns 20

Betterservice

3

Bank credibility

4

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55

16

2

20

4

0

10

20

30

40

50

60

safety

interest

liquidity

returns

better service

bank credibility

As the services provided by the banks are very much diversefor the sake of convenience we considered six factors viz.safety, interest, liquidity, better services, returns and bankcredibility. What the data shows that 55 percent of

customers use bank services due to safety 16% customerare motivated by interest factors, 2 percent customer opentheir a/c in banks due to liquidity factors.20 percent forreturns factor, 3 percent for better services and 4 percentcustomers are motivated by bank credibility.

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Table no. 3.7

Satisfaction level with the attitude behavior of thestaff

Response

Total %

Highlysatisfied

8

Satisfied

79

Cantsay

1

Dissatisf ied

10

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Highlydissatisf ied

2

8

79

110

20

10

20

30

40

5060

70

80

highly satisfied

satisfied

can't say

dissatisfied

highly dissatisfied

The satisfaction level regarding attitude/behavior of staff isthat 8 % customers are highly satisfied 79 % customers are

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satisfied. 1 % customer doesnt give any response may bebiasness is there in response .10 percent customers aredissatisfied what I have noticed that customer shrinks inexpressing their views regarding attitude and behavior of the

staff.

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Table 3.8

Punctuality and presence

(a) Branch manager

Response

Total %

Alwayspresent

65

Generallypresent

25

Normallypresent

10

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65

25

10

0

10

20

30

40

50

60

70

always present

generally pres ent

normally prese nt

It is very important point regarding customer satisfactionwhat staff should be present on their seats. According tooverall survey conducted by me 65 percent customerssaid that branch managers are generally present but 10percent customer said that branch manager is normallypresent.

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(B) Officer

Response

Total %

Alwayspresent 21

Generally

Present

75

Normally

present

4

21

75

4

0

20

40

60

80

always present

generally pres ent

normally pres ent

21 percent of customers choose the option of alwayspresent for officers 75 percent tick the B option that isgenerally present and 4 percent customers said thatofficers are normally absent.

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(C) Clerk

Response

Total %

Alwayspresent

10

Generally

Present

74

Normallypresent

16

10

74

16

0

20

40

60

80

always present

generally pres ent

normally pres ent

According to response of respondents they claims that 10

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9

80

11

0

20

40

60

80

always present

generally pres ent

normally pres ent

About the sub staff they said that only 9 percent sub staff is always present 80 percent sub staff is generally present

and 11 percent persons of the staff are normally absent.

Table 3.9

Awareness to different schemes

Response

Total %

Yes 10

Yes tosomeextent

20

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No 70

10

20

70

0

10

20

30

40

50

60

70

yes

tes to some extent

no

As bank offer time-to-time new scheme for theircustomers. Like the availability credit at lower rate of interest or easy availability of loans for education and forproductive purpose but whether customers are awareabout these schemes 10 percent customers say yes thatthey know about the schemes 20 percent customers saidthat they know but very less of them while 70 percent arecustomers are unaware about the schemes.

Table 3.10

Bank motivation to avail the scheme

Response

Total %

Yes 19

No 81

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No 88

12

88

0

20

40

60

80

100

yes

no

As bank provides various loans like home loans, auto loans,consumer durable loans but whether the customer takesloans from the bank.88% of customers said that the donttake loans from the bank. There are various reasons thatwhy they dont avail this facility. Some customers said thatthe procedure of loans is very much lengthy others said thatthere are very much legal formalities are involved. Therewere some who told that loans provided by the banks arenot according to their needs.

Table 3.11(B)

Response

Total%

Lengthyprocedu

41

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Table 3.12

Level of satisfaction

(To withdraw cash)

Response

Total%

Highlysatisfied

9

Satisfied

87

Cantsay

1

Dissatisfied

1

Highly

dissatisf ied

----

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9

87

1 10

20

40

60

80

100

highlt satisfied

satisfied

can't say

dissatisfied

highly dissatisfied

We have taken various banking activity separately to getsatisfaction level regarding cash withdrawing activitycustomers faces the problem of over crowding and queuesin the banks they said that rush is there which hindersthere quick withdrawing of cash according to table withthis activity 9 percent customers are highly satisfied while87 percent customers are satisfied, 1 percent customersdid not give any response while 1 percent customers aredissatisfied with the activity.

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Table 3.13

Level of Satisfaction

(To deposit cash)

Response

Total%

Highly

Satisfied

8

Satisfied

86

Cantsay

3

Dissatisfied

3

Highlydissatisf ied

00

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8

86

3 3

0

20

40

60

80

100

highly satisfied

satisfied

can't say

dissatisfied

highly dissatisfied

To perform this activity i.e. to deposit cash what problempeople generally faces that is the rush, their much timespent due to long queues in the banks. Only 8 %customers are highly satisfied while 86 % are satisfied but3 percent customers didnt give any response.3 percentcustomers are dissatisfied and not a single person ishighly dissatisfied.

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Table 3.14

Level of Satisfaction

(To encase demand draft)

Response

Total%

Highlysatisfied

8

Satisfied

86

Cantsay

3

Dissatisfied

3

Highlydissatisf ied

00

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Table 3.15

To get access to locker

Response

Total%

Highlysatisfied

3

Satisfied

9

Cantsay

78

Dissatisfied

8

Highlydissatisf ied

2

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39

78

82

0

20

40

60

80

highly satisfied

satisfied

can't say

dissatisfied

highly dissatisfied

According to my survey 3 % are highly satisfied with this

activity while 9 % are satisfied, 78% of people didnt availthis facility, 8% of the respondents are unsatisfied theysaid the time involved is much in the activity.

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Table 3.16

To open new a/c

Response

Total%

Highlysatisfied

14

Satisfie

d

17

Cantsay

1

Dissatisfied

61

Highlydissatisf ied

7

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14 17

1

61

7

0

10

20

30

40

50

6070

highly satisfied

satisfied

can't say

dissatisfied

highly dissatisfied

While we ask about this activity that is opening new a/c in

the bank. Customers responded that legal formalities arevery much involved & to fulfill these formalities it is quitedifficult for them other said the time involved is very largesometimes they have to spend whole day in bank foropening new a/c in the bank. Regarding satisfaction level14% customers are highly satisfied.17% customers aresatisfied, 1% customers didnt give any response and 61%customers were dissatisfied while 7% of them were highly

dissatisfied.

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75/93

ied

9

23

4

54

10

0

10

20

3040

50

60

highly satisfied

satisfiedcan't say

dissatisfied

highly dissatisfied

Customers as soon as non customers use this facility of bankof purchasing demand draft, 9% customers are highlysatisfied, 23% are satisfied 4% of the customers didnt giveany response 54% customers are highly dissatisfied while10% customers are highly dissatisfied. They said that rush inthere on windows & so much of their time is spend bystanding in queues.

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Table 3.18

To send a telegraphic transfer

Response Total%

Highlysatisfied

13

Satisfied

21

Cantsay

54

Dissatisfied

10

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Highlydissatisf ied

2

13

21

54

10

2

0

10

20

30

40

50

60

highly satisfied

satisfied

can't say

dissatisfied

highly dissatisfied

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Most of customers respond to third option that they dontuse this facility & those who use said 13% customers arehighly satisfied 54% didnt give any response, 10%customers are unsatisfied while 2%are highly dissatisfied

what I have noticed much of the persons are unawareabout this facility.

Table 3.19

To get credit after depositing a local cheque

Respons

e

Total

%Highlysatisfied

2

Satisfied

4

Cant

say

4

Dissatisfied

71

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Highlydissatisf ied

19

2 4 4

71

19

0

20

40

60

80

highly satisfied

satisfied

cant say

dissatisfied

highly dissatisfied

According to my survey people generally face the problemof time in getting credit after depositing a local cheque.

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Get credit after depositing an out station cheques

Response

Total%

Highlysatisfied

3

Satisfied

7

Cantsay

1

Dissatisfied

65

Highlydissatisf ied

24

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37

1

65

24

0

10

2030

40

50

60

70

highly satisfied

satisfied

can't say

dissatisfied

highly dissatisfied

In my survey among all the activities customers aremaximum unsatisfied with the activity due to long time inclearing of an outstation cheque only 3% are highlysatisfied while 1% customers didnt respond, 65% are

dissatisfied and 24%are highly dissatisfied.

Table 3.21

Frequency of visit to bank

Response

Total %

Daily 14

Weekly 35

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Fortnight

15

Monthly

25

Morethanmonth

11

14

35

15

25

11

0

5

1015

20

25

30

35

daily

weekly

fortnight

monthly

more than month

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According to my data 14%of the respondents visit the

banks daily, 35% weekly, 15% fortnight, 25% monthlywhile 11% visit the banks in more than a month.

Table 3.22

Problem face by customer while transacting throughbanks.

Respon

se

Total

%Lengthyprocedure

44

84


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86/93

0

10

20

30

40

50

lengthy procedure

legal formalities

attitude of bank staff

Overall problem faced by customers while transectingthrough banks are divided into four broad categorieslengthy procedure, legal formalities & attitude of bankstaff and any other. 44% customers said that they face

the problem of lengthy procedure & 41% of them face theproblem of legal formalities and 15% customers faces theproblem of bad attitude of bank staff.

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Table 3.23

Readiness of staff to listen the grievances

Response Total%

Always 21

Mostly 58

Occasionally

12

Rarely 9

87


88/93

0

10

20

30

40

50

60

always

mostly

occasionally

rarely

In my survey I asked the respondents whether staff member listen your grievances if you face problems. 21%respondents said that they always listen to us, 58% of

them said that they mostly listen to them but at the timeof rush it is very difficult to communicate, 12% of therespondents said that they listen to our problemsoccasionally while 9% of the respondents said that theywere rarely listening to them. According to this I this thinkthere is a partial behavior of staff members.

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Table 3.24

Satisfaction with the services of the bank

Response

Total%

Highlysatisfied

5

Satisfied

57

Cantsay

1

Dissatis

fied

27

Highlydissatisf ied

10

89


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0

10

20

30

40

50

60

highly satisfied

satisfied

can't say

dissatisfied

highly dissatisfied

It is very important question of my study whether thecustomers are satisfied with the services provided by theirbanks only 5% customers are highly satisfied, 57%customers are satisfied, 1% customers didnt say anything, 27% customers are unsatisfied and 10% of themare highly unsatisfied

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SUMMARY & CONCLUSION:

SUMMARY

Banks provides different facilities to its customers andcustomers avail these facilities according to theirneeds. According to my survey most of the respondentsare having saving account with the bank.

People transact through banks as it is safest mode of transaction. Customers are having account with the bank as it

provides returns facility. Customers are not aware of different schemes of banks

and even bank doesnt motivate them to avail theseschemes.

Bank provides loan facility for different purposes butmost of the customer doesnt take loan from thesebanks.

In various banking activities like to withdraw cash, todeposit cash people face the problem of long queues inthe bank

The legal formalities involved while opening a newaccount with the bank are very large due to this reasoncustomers are not satisfied with the bank.

Customer faces the problem of long period of time ingetting credit after depositing local cheques.

The problem, which the customers face most, is thelengthy procedures of the banks and the legalformalities. People are also not satisfied with theattitude of bank of staff.

Different person has different frequency of visit tobanks according to their needs.

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Banking staff doesnt ready to listen the grievances upo the mark

Customers are no much satisfied with the banks, asthey should be.

CONCLUSION

For delivering a better and superior consumer experiencethere is a need of the following initiatives

1 Customers are motivated by interest factor whileopening an account

2 The banking staff should be polite behavior towardsthe customers

3 The banking staff especially the clerks need to be

punctual and present on their seat

4 Awareness among customers is needed about differentschemes of the banks and motivation is needed foravailing these schemes

5 The procedure of loan should be simple and accordingto the need of the customers

6 The legal formalities involved in opening new accountshould be minimized.

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BIBLOGRAPHY:

Kothari, C. R, Research Methodology, WishwasParkashan, New Delhi, 1990

Dutt Ruddar , Indian Economy, S. Chand & Co. Ltd ,NewDelhi,1996 3.Philip Kotler, Garg Armstrong, Principle of Marketing, Prentice hall of India private Ltd., New Delhi

www.pnbindia.com

www.sbiindia.com

CRM: The Customers View (James G. Barnes)

Customer Relationship Management concepts andapplication (Alok Kumar, Chhabi Sinha, Rakesh Sharma)

Services Marketing (Zeithaml, Gremler, Bitner, AjayPandit)

Synergy: Journal of IT and Management

Documents

5th Trimester Final Dissertation (2)