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International Journal of Business and Management Invention ISSN (Online): 2319 – 8028, ISSN (Print): 2319 – 801X www.ijbmi.org Volume 2 Issue 1 ǁ January. 2013ǁ PP.55-62
Factors Affecting On Customer Satisfaction in Retail Banking: An Empirical Study
Ms. Jayshree Chavan, Mr. Faizan Ahmad
1
MBA, M.Phil. M.Com (adv.cost), M.Com, (Adv. a/c), Ph.D (reg.) Assistant Professor & HOD at Institute of Computer and Management Studies, pandhrpur. Dist: - solapur, Maharashtra. 2 Mr. Faizan Ahmad- MBA, B.Sc (maths) Senior Officer at Business Standard ltd, New Delhi
Abstract: Today, banking is regarded as a consumer-oriented services industry and banks have started realizing that their business increasingly depends on the quality of the consumer service provided and overall satisfaction of the customer. Relationship marketing has become the most critical aspect to corporate banking success. Today, customers expect higher quality services from banks which, if fulfilled, could result in significantly improved customer satisfaction, and potentially retention levels. This empirical research study focuses on exploring the major factors that lead to customer satisfaction in retail banking in Western Maharashtra in India. It also leads to developing a conceptual framework of relationship marketing practices in Indian banks by capturing the perspectives of consumers with respect to their satisfaction with various services. The findings revealed that customer satisfaction, a transaction-specific attribute, is dependent on nine different factors. It is hoped that this research paper would help the bank management not only in improving the overall level of customer satisfaction but also strengthening the bond between the banks and their customers, thereby helping the banks to retain and/or expand their overall customer base.
I.
CUSTOMER SATISFACTION AND RETAILBANKING
Retail banking is a service industry focused towards the customer‟s money and its management. An element
Factors Affecting On Customer Satisfaction in Retail Banking: An Empirical Study
Ms. Jayshree Chavan, Mr. Faizan Ahmad
1
MBA, M.Phil. M.Com (adv.cost), M.Com, (Adv. a/c), Ph.D (reg.) Assistant Professor & HOD at Institute of Computer and Management Studies, pandhrpur. Dist: - solapur, Maharashtra. 2 Mr. Faizan Ahmad- MBA, B.Sc (maths) Senior Officer at Business Standard ltd, New Delhi
Abstract: Today, banking is regarded as a consumer-oriented services industry and banks have started realizing that their business increasingly depends on the quality of the consumer service provided and overall satisfaction of the customer. Relationship marketing has become the most critical aspect to corporate banking success. Today, customers expect higher quality services from banks which, if fulfilled, could result in significantly improved customer satisfaction, and potentially retention levels. This empirical research study focuses on exploring the major factors that lead to customer satisfaction in retail banking in Western Maharashtra in India. It also leads to developing a conceptual framework of relationship marketing practices in Indian banks by capturing the perspectives of consumers with respect to their satisfaction with various services. The findings revealed that customer satisfaction, a transaction-specific attribute, is dependent on nine different factors. It is hoped that this research paper would help the bank management not only in improving the overall level of customer satisfaction but also strengthening the bond between the banks and their customers, thereby helping the banks to retain and/or expand their overall customer base.
I.
CUSTOMER SATISFACTION AND RETAILBANKING
Retail banking is a service industry focused towards the customer‟s money and its management. An element
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