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Banking technology & Customer satisfaction: considering

1.1 INTRODUCTION:he rapid strides made in the information and communication technology (ICT)

arena have tremendously impacted the way banking is done worldwide.

Nowadays, the customer does not have to enter the brick-and-mortar structure of

the bank in order to get serviced by the bank. He or she can get all the services right at his

or her doorstep on his or her desktop. Such is the quintessential influence of ICT on

banking that all major operations/decisions with regard to deposits, withdrawals, and

investments can be made at the click of a mouse on a computer or at an automatic teller

machine (ATM).

The banks are continuously striving hard to bring the state-of-the-art ICT innovations to

make banking an even more convenient and pleasurable experience thereby increasing the

banks profits. Consequently, the banks have dumped their traditional product-driven

strategy to embrace the more logical and profitable customer-driven strategy. On the other

hand, customers have also become hungrierand want the banks to become a one-stop-shop

for all their financial and investments needs. This two-way demand and supply equation

has not yet reached equilibrium, and this precisely has given rise to an increasingly

difficult set of managerial problems for the banks to grapple with.

In this report those managerial problems are tried to expose through a customer

satisfaction survey on technological banking service offered in Bangladesh by two key

multinational players - & .

Key words: Customer satisfaction, Technology, Banking, Bangladesh

T

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1.2 OBJECTIVES:

1.2.1 Report objectivesThe main objectives of the report are as follows:

To know how to prepare a customer satisfaction survey. To know the emergence, usage and status of banking technology in Bangladesh. To analyze the Bangladeshi banking industry on the technological perspective.

1.2.2 Customer satisfaction survey objectivesCustomer satisfaction survey enables an institution to evaluate its performance by gauging

the feelings of those who benefit from its services or products. By so doing, the institution

may change direction if found to be drifting away from its original objectives or improve on

the status quo if found to be on course.

In this case, we made the customer satisfaction report for the following reasons

To know whether the advance innovations of ICT can satisfy the increasingcustomers or not.

To know perception of the Bangladeshi banking customers on banking technology. To point out the problems faced by the customer in current situations and give

recommendations.

To give an overview of customer satisfaction condition for decision making purpose.

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1.3 RESEARCH METHODOLOGY

1.3.1

Research designThe study generally examined every issue in terms of whether the different kinds of

customers, who use technological service, were satisfied or not and if so the degree of

satisfaction of lack thereof was then asked as a follow up. This method was able to isolate

services that are doing well and those which need to be looked into. The study used the

following methods to collect data:

i. Desk ReviewRelevant secondary material, such as- KPMG Nigeria Banking Industry Customer Satisfaction

Survey Report (2012),Australian Consumer Survey Report, were reviewed before embarking

on the fieldwork for survey organizing purpose. . The web site of Bangladesh statistics

bureau also visited to elicit valuable information. This review was meant to get a proper

understanding before making the study on customer satisfaction survey.

ii. Field surveyA field survey covering customers of & was conducted. The survey

employed a set of questionnaire including three sections- ATM, Mobile, and Online

(APPENDIX-1).

iii. Research FrameworkThe sample of customers was drawn based on the areas served by & .

The sample was stratified according to region. While corporate customers survey was

purposive, ordinary customers were subjected to exit survey using random sampling

technique.

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iv. Field administrationTo administer the questionnaires we made our 10 members team and everyone worked

carefully to make the survey flawless. In this regard, the Principal researcher- Tazrina

Farah, lecturer, department of Finance, University of Dhaka went through the

questionnaire and discussed each question in great detail to avoid any misinterpretation.

The questionnaires were pre-tested; necessary adjustments were then made before

commencement of the survey.

v. Data specification & CollectionThe study used one set of survey data collection instrument having 3 sections. The

individual customer satisfaction questionnaire was used to collect information from

customers visiting the ATM booth while some survey questionnaires were sent to special

customers via personal reference.

vi. Sample sizeThe total number of questionnaires developed that were sent out was 100. Table 1 below

indicates the questionnaires sent out per region and the number received back. 70

respondents were interviewed during the survey out of the targeted 100 respondents.

Since the target population was less than 10,000, a sample estimate () was calculated

using the following formula:

( )

( )

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The number of the interviewees was 70. Table-1 below indicates the number of

questionnaires sent out and received per region-

Table 1

1.4 SCOPE OF THE REPORTThe report mainly examine the technological activities of & . Other

multinational banks was not considered. So, our survey respondents are the customers of

stated two banks. And for that reason the overall customer satisfaction survey cannot

represent the whole country situation.

Region Customers

Sent out Received %

Dhanmondi 25 18 26%

Motijheel 25 15 21%

Gulshan 20 16 23%

Banani 15 9 13%

Mirpur 15 12 17%

Total 100 70 100%

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1.5 CONSTRAINTS OF THE REPORT:The most important factor constraining our study was the sample size which is not so high

so that standard error is high for the study.

Some of the respondents did not seem to understand the questions and made no effort to

ask for assistance in filling the questionnaire hence ending up not participating in the

study. Thats why, despite our utmost efforts possible; we couldnt come up with

satisfactory level of different data.

On the other hand Research work is very much comprehensive. It is an accumulation of

both information and creative thinking. It requires a great effort and long sound planning

to make this report. It is true that we got help from many responsible people. But still we

faced some problem. Because of some unavoidable reasons; we, sometime, face problem in

some portion of the report. But we tried our level best to overcome this.

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