Customer Satisfaction Research on Bank

Customer Satisfaction Research on Bank CHAPTER 1: INTRODUCTION 1.1 COMPANY PROFILE HDFC bank was founded in august 1994. It was among the first companies to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a branch in the private sector. The bank operated as a commercial bank under the liberalization policies of RBI. In February 2000, this bank experienced a merger with Times Bank owned by The Times Group (Bennett Coleman co.). This was the first merger between two private banks in India. 1 share of HDFC Bank was received by shareholder of Times bank for every 5.75 shares of their own. HDFC bank acquired Centurion Bank of Punjab on 23 May 2008 taking its total branches to more than 1000. The amalgamated bank came out with a base of Rs. 1, 22,000 crores and net advances of about Rs. 89,000 crores. HDFC Bank Limited provides banking as well as various financial services to different corporations, and middle upper income customers in India. The bank operates through three main divisions which are wholesale banking, retail banking, and treasury operations. HDFC also provides services like credit cards, debit cards, third party distribution, investment advisory services, card and automated teller machine (ATM) acquiring transactions, and depositary services. Foreign exchange and derivative products is provided by the treasury division. The bank also provides telephone banking, Net Banking, Internet banking, and mobile telephone banking services.It is the largest bank in India by market capitalization as of 24 February 2014. On January 2 2014, the market cap value of HDFC was found to be USD 27.00B, as compared to the credit Suisse group with USD 48.00B. It was promoted by the housing development finance corporation, a premier housing finance company of India set up in 1977. Some of the latest achievement of HDFC bank are: Table 1.1: Achievements of 2014 and 2013. 2014 Asiamoney Best of Best Domestic Banks-India. 2014 Dun Bradstreet- Mannapuram Finance Limited Corporate Award 2014 Best corporate in Banking Sector. 2013 Asiamoney Best domestic bank in India. Best local cash management bank in India. 2013 Institute for development and research in banking technology awards Best bank- managing IT risks. Best bank- best IT team. 2013 Businessworld Best bank in India. OBJECTIVE OF THE REPORT To study the satisfaction received by the customer form HDFC staff as well as technical staff in Noida region, Uttar Pradesh, India. To study the areas in which the customer from this particular region invest in. To know the problems faced by the customers. CHAPTER 3: RESEARCH METHODOLOGY 3.1 Research design: Exploratory design has been selected as data has been collected from questionnaire as well as direct contact to understand the satisfaction level of the customer and to study the areas in which these customers prefer to invest their money. 3.2 Data Collection Method: Most of the data has collected from secondary sources whereas for conduct of research the primary data has been collected through a structured questionnaire wherein a total of 120 respondents took part out of which only 100 have been taken into consideration inorder to reduce the error. This data collected is from Noida region only and has been collected according to the convenience of the researcher. 3.3 Sampling The study mainly deals with the satisfaction of the customer in Noida, Uttar Pradesh, India. The required data was collected through a pretested questionnaire administered on a combination of convenience andjudgment sample of 100 individual investors. Judgment sample selection isdue to the time. Respondents were screened and inclusion was purely on the basis of their knowledge about financial organizations, HDFC in particular. This was necessary, because the questionnaire presumed awareness of some basic terminology used in these organizations. The purpose of the survey was to understand where the interest of the customer lies when investing in these organizations depending on various like satisfaction, awareness level. Sample of the questionnaire is given in Annex. A. 3.4 Instruments Used: The primary data was collected through a structured questionnaire by interactions with investors through telephone and through emails. 3.5 Analysis: After the data collection, it was compiled, classified and tabulated manually with the help of the computer. CHAPTER 4: INTERPRETATION AND FINDINGS Why you chose HDFC? The survey was conducted to see whether the customers are happy with the service provided by the bank. The study is given below Graph 4.1 It was revealed that the customers were highly satisfied by the communication (80%) followed by the problem solving capabilities (75.24%) of the staff. The customers were not much satisfied by the reliability of this organization. Interpretation: the bank should focus on its ability to perform well consistently and increase responsiveness to attract more customers. Analysis of investors preference The survey was conducted to capture investor objective for investment in financial instruments, reveals the following. Graph 4.2 Most of the investors invest money for the purpose of future welfare followed by high growth, so company should suggest those instruments which have a positive return for their investment which will help in fulfilling both the objectives. Customers reasons for being a part of this organization Customers were asked about the reasons because of which they became a part of this organization, the study showed a following results. Pie chart 4.3 From the study it was found that 25% people joined this organization because of the image, 25% people because of the extra services and 45% mainly because of the normal services provided by them whereas only 5% joined this bank because of all the above factors. Best service provided by the bank This was done to get an idea of the service most liked/preferred by the customers. The result showed, Table 1.2 Service Respondents % of respondents Savings a/c 33 33% Fixed deposits 40 40% Current a/c 12 12% Demat a/c 0 0% Credit cards 0 0% Mutual funds 10 10% Loans 5 5% Graph 4.4 According to the results, the customers find fixed deposit to be the best service provided, followed by savings and currents a/c. not even a single customer opted for demat a/c or credit cards. Perception about the services of the bank The customers were given three choices and the result was recorded to know the problems with the services and how to solve them in order to provide better services from the next time. Table 1.3 Response No of respondents % of respondents Good 35 35% Average 55 55% Poor 10 10% Graph 4.5 The result clearly shows that 55 % found the service to be average whereas 35 % found to be good. The remaining 10% found the service to be poor. Satisfied with the dealing of bank officials. Dealing with the customer plays an important role in the organization and to check it, a report has been made. The results show, Table 1.4 Response No of respondents % of respondents Yes 30 30% No 25 25% To some extend 45 45% Pie chart 4.6 The pie charts shows that maximum customers were satisfied by the dealing to some extend whereas 30% were completely satisfied. Only 25% were not satisfied and asked to make appropriate changes. Problems faced regarding the bank? Table 1.5 Response No of respondents % of respondents timeliness 78 78% Customer relationship 12 12% infrastructure 10 10% others 0 0% Graph 4.7 Most of the customers face a problem with the timeliness (78%), whereas only 12 % and 10% people face problems with customer relationship and infrastructure respectively. Will you recommend this bank to any of your friends? Table 1.6 Response No of respondents % of respondents Very unlikely 8 8% Somewhat unlikely 30 30% Neither likely nor unlikely 17 17% Somewhat likely 35 35% Very likely 10 10% Pie chart 4.8 According to the result, around 40% of the people agreed to recommend this bank to their friends whereas 25 refused to do so. Rate HDFC bank in maintaining good customer relationship Table 1.7 Respondents No of respondents % of respondents Good 20 20% Average 57 57% Poor 23 23% Graph 4.9 The result shows perfectly that the customers found the service to be average in terms of customer relations. Overall satisfaction rating with HDFC Table 1.8 Respondents No of respondents % of respondents Very dissatisfied 2 2% Somewhat dissatisfied 9 9% Neutral 21 21% Somewhat satisfied 48 48% Very satisfied 20 20% Graph 5.0 Review from customers show that 48% are somewhat satisfied whereas 21 percent are neutral about the satisfaction level. Only 2% and 9% customer were very and somewhat dissatisfied respectively. 4.1 Findings Majority of the customers are satisfied with the service provided. Majority of the customers found the services to be average. They also found that the respondents are average in maintaining good customer relations. Majority of the customers are facing the problem of timeliness. The perception of the majority of the customers is good and are satisfied with the services and were ready to recommend the products of the bank. Majority of the customers are interested in fixed deposits, savings a/c, and mutual funds. Majority of the customers are satisfied with the dealing of the bank officials. The most important point is that, services provided by the banks attract customers. CHAPTER 5: CONCLUSION 5.1 Suggestions More stress should be given on advertisement and promotional activities. Banks should improve the efforts to make good relationship with the customers. Enhancing their services should also be an important task. Procedures should be made less time consuming. Banks should inform their customers about their extra services. 5.2 Limitations The research was carried out in a short period of 6 weeks because of which simple random and judgemental sampling is used. Limited sample size (100). The information might be biased because the information collected is given by the customer which doesn’t have any proof and depends upon different customers according to their satisfaction level. 5.3 Conclusion At the end I would like to conclude by saying that the Indian banking market is growing at an astonishing rate. HDFC bank have a network of 1142 branches and 3295 automated teller machines in 528 cities in India. The majority of customers are satisfied but the bank should target the unsatisfied customers. Even though the customers are aware about the services, the bank should try to create more awareness among people. HDFC should use printing as well as other media to do so. Formalities should be reduced to a minimum level as the customers feel irritated and the whole process becomes a burden on them. BIBLIOGRAPHY www.google.com www.hdfcbank/products/finance www.iloveindia.com http://en.wikipedia.org/wiki/HDFC_Bank http://www.slideshare.net/ankurshrivastava3762/customer-satisfaction-level-in-hdfc-bank http://articles.economictimes.indiatimes.com/2002-11-16/news/27339334_1_sanjay-ralhan-primus-and-american-express-auto-finance ANNEXURE ANNEXURE 1: Questionnaire NAME ________________ AGE ___________________ GENDER_______________ OCCUPATION______________ EMAIL_________________ ADDRESS__________________ Why you chose HDFC? Resolve problems Communications Reliability Responsiveness What are your investment objective in HDFC bank? High income Stable income Future welfare Tax benefit High growth Reasonable income Retirement protection What are the reasons that attract you to be a customer? Image Services Products All of the above Best service provided by the bank are? Savings a/c Fixed deposit Current a/c Demat a/c Credit cards Insurance Mutual funds Loans What are your perceptions about the services of the banks? Good Average Poor Are you satisfied with the dealing of the bank officials? Yes No To some extend Any problems you are facing regarding the bank? Timeliness Customer relationship Infrastructure All of the above How likely are you to recommend the services to your friend or family? Very unlikely Somewhat unlikely Neutral Somewhat likely Very likely How will you rate HDFC bank in maintaining customer relationship? Good Average Poor What is your overall satisfaction with the company? Very dissatisfied Somewhat dissatisfied Neutral Somewhat satisfied Very satisfied

Consumer Attitude and Beliefs Essay

1. Explain a person’s attitude towards visiting Disneyland in Hong Kong in terms of the tri-component model. The tri-component attitude model is made up of three major components: (i) The Cognitive Component – a consumer’s attitude is initially based upon their own knowledge and perception through direct experience with the attitude object and related information from other sources. Prior Visit: if an individual has looked at brochures or searched up Hong Kong Disneyland online, then their attitude towards it should be positive, relating to their also positive perception received through information from sources After Visit: after visiting HK Disneyland, the individual would have had direct experience with the attitude object, thus their attitude would be based upon their experience there. (ii) The Affective Component – the emotions and or feelings a consumer associates with a particular brand or product. Prior Visit: assuming that the individual is a fan of rides and an adrenaline rush, the affective component would mostly likely involve the feeling of excitement of visiting Disneyland After Visit: if the individual’s visit to HK Disneyland was positive, they would probably have feelings of happiness and maybe even an emotion of sadness that they have to leave (iii) The Conative Component – the likelihood or tendency of a consumer to undertake a specific action or behave in a certain manner with regard to the attitude object. Prior Visit: since this component is based on an individual’s tendency to act (and not the actual acting), it would depend on each individual’s unique behaviour towards something; e.g. one may have the tendency to get too excited and not be able to concentrate on work properly. After Visit: an individual may hav e the tendency to boast to their friends about how fabulous their visit to HK Disneyland was. 2. Explain how the product manager of a breakfast cereal might change consumer attitudes toward the company’s brand by: a) Changing beliefs about the brand The product manager could change consumer beliefs about the brand by using the cognitive component of the tri-component attitude model, where a consumer’s knowledge and perceptions are acquired via direct experience with the attitude object plus information from other sources. (E.g. adding a  health attribute to the product so that consumers perceive the cereal brand as healthy, changing their beliefs about the brand.) b) Changing beliefs about competing brands The product manager of a breakfast cereal is obviously not able to change the packaging or advertising of a competitor’s brand, thus their marketing strategy to change a customer’s attitude toward competing brands must be accomplished via packaging and advertising strategies of their own breakfast cereal brand. This may be accomplished by assuring that consumers are aware that the breakfast cereal is unique from its competitors and has something to offer that other brands do not. Advertising to customers that this cereal has extra to offer or that other brands have been simply imitating this brand would cause customers to believe that competing brands have simply been deceiving. c) Changing the relative evaluation of attitudes Changing the relative evaluation of attitudes would involve the product manager coming up with a strategy that positively affects and engages a larger number of consumers. This would include appealing customers by making the breakfast cereal stand out amongst other competitors, such as highlighting a significant attributive strength that other breakfast cereals do not offer. The product manager would want to use powerful positive statements to achieve this. d) Adding an attribute Consumer attitudes toward the breakfast cereal could be enhanced by adding a health attribute to the cereal. For example, consumers are most likely to believe there has been product improvement if the product manager decides to add positively perceived ingredients such as protein, fibre, minerals, etc. 3. What sources influenced your attitudes about studying buyer behaviour before class started? Has your initial attitude changed since the unit started? If so, how? The sources that influenced my attitude towards studying buyer behaviour prior starting the unit was mostly based on the unit description from the unit guide and how friends had described the unit  to be like. My current attitude towards the unit has not changed much, except for the fact that the group assignment was actually not as boring as expected but rather quite interesting. 4. Should the marketer of a popular computer graphics program prefer consumers to make internal or external attributions about the success that people have using the program? The marketer of a popular graphics program would most likely prefer consumers to make external attributions about the success that people have using the program. External attributes focus on the properties or features that are externally visible such as reliability and maintainability, hence this type of successful information would appeal more to consumers compare to internal attributions that are not visible. 5. Find an ad for a free service trial (e.g. carwash, free brake check or a free software trial). What attributions would consumers make about the advertiser? What self-attributions would a consumer make if he or she accepted the trial offer? A consumer may make the attribution that the advertiser of Spotify is personally a fan and recommends it. A free trial advertisement sends across a message somewhere along the lines of: â€Å"It’s great. You don’t believe me? Try it for yourself then.† From a consumer’s point of view, it makes the advertiser positive that an individual will not regret testing it out and want to actually purchase it again for an actual monetary amount. Possible self-attributions that a consumer may make if they accept the trial offer would be that they are now in the â€Å"social loop†, or praise themselves for accepting the trial offer and receiving free music on their phone and laptop for 30 days without having to pay. If they enjoyed the trial then an individual would make positive self-attributes and vice-versa. 6. Find examples of advertising that uses fear and humour and discuss why you think they are effective or not effective. Example of Advertisement Using Fear: This advertisement that uses fear in order to raise awareness and prevent people from smoking is effective in my opinion. A non-smoker who saw this would most likely be too scared to ever pick up cigarettes even to test it out knowing the possible consequences can be this bad, let alone death from lung cancer. An actual smoker would hopefully look at this and realise what they are doing to their own bodies and also take into account that this may be them at some point in time. It may not be strong enough to get an addict to completely quit smoking, but hopefully at least cut down. Example of Advertisement Using Humour: Personally I think the use of humour in this advertisement is the perfect way to capture the attention of consumers and potential consumers. Not only would LEGO fans be lured into the advertisement, but even those who have no clue about LEGO or are simply not interested are likely to take notice of the advertisement purely because it is humorous. It also indirectly targets Star Wars fans, allowing the advert to appeal to a whole range of individuals.

The Yellow Wallpaper A Look Into Post-Partum Depression

Charlotte Perkins Gilman’s story, The Yellow Wallpaper, portrays the life and mind of a woman suffering from post-partum depression in the late eighteenth century. Gilman uses setting to strengthen the impact of her story by allowing the distant country mansion symbolize the loneliness of her narrator, Jane. Gilman also uses flat characters to enhance the depth of Jane’s thoughts; however, Gilman’s use of narrative technique impacts her story the most. In The Yellow Wallpaper, Charlotte Perkins Gilman uses interior monologue to add impact to Jane’s progression into insanity, to add insight into the relationships in the story, and to increase the depth of Jane’s connection with the yellow wallpaper it self. First, Gilman’s use of†¦show more content†¦In contrast, at the end of the story, Jane’s shocking proclamations of, â€Å"I’ve got out at last,† and, â€Å"In spite of you (John) and Jane. And I have pulled of most of the paper so you can’t put me back,† (336), mark Jane’s final mental collapse. The changes that Jane’s mental state go through are made more powerful by Gilman’s use of interior monologue, which allows the reader to experience the change first hand through Jane’s thoughts. Secondly, not only does interior monologue give impact to Jane’s thoughts toward her situation and illness, but this point of view style gives unique insight into the relationships among Jane and the other characters, especially the those between Jane and her husband, John, and her sister-in-law, Jennie. At the beginning of Gilman’s story, the husband and wife relationship of Jane and John follows the pattern of the time with John taking the part of the dominant yet well-meaning husband, and Jane taking the part of the obedient wife. Except for her forbidden writing, Jane follows John’s treatment guidelines (326); however, throughout the story, the respect and obedience Jane exhibits toward John at the first start to deteriorate, and suspicion and resentment replace it. One example of this change is when Jane states, â€Å"John is away all day, and even some nights when his cases are serious. I am glad that my case is not serious!† (327). Not only does her paranoia grow toward John, but also toward her sister-in-law, Jennie. TheShow MoreRelatedThe Yellow Wallpaper By Charlotte Perkins Gilman885 Words   |  4 Pagesand feminism. â€Å"The Yellow Wallpaper† was written by Charlotte Perkins Gilman in the 1900’s. â€Å"The Yellow Wallpaper† has many hidden truths within the story. The story was an embellished version her own struggle with what was most likely post-partum depression. As the story progresses, one can see that she is not receiving proper treatment for her depression and thus it is getting worse. 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Gilman is also telling the story ofRead MoreThe Yellow Wallpaper by Charlotte Perkins Gilman699 Words   |  3 Pagesnovel, and short stories. She also became a role model for the feminist movement for her unusual image and behavior. In her intriguing short story, â€Å"The Yellow Wallpaper†, she portrays her feministic point of views. The narrator of â€Å"The Yellow Wallpaper† is an unnamed woman. She recently had a child and is going through post-partum depression. Her and her family decided to get away for the summer and stay at a mansion. John, her husband, decides to put her in the room upstairs to keep her away

Global Warming and the Risk of Flooding in Tuvalu

Tuvalu is a tiny island country located in Oceania about halfway between the state of Hawaii and the nation of Australia. It consists of five coral atolls and four reef islands but none are more than 15 feet (5 meters) above sea level. Tuvalu has one of the worlds smallest economies and has recently been featured in the news as it is becoming increasingly threatened by global warming and rising sea levels. Basic Facts Population: 11,147 (July 2018 estimate) Capital: Funafuti (also Tuvalus largest city) Area: 10 square miles (26 sq km) Coastline: 15 miles (24 km) Official Languages: Tuvaluan and English Ethnic Groups: 96% Polynesian, 4% Other History of Tuvalu The islands of Tuvalu were first inhabited by Polynesian settlers from Samoa and/or Tonga and they were left largely untouched by Europeans until the 19th century. In 1826, the whole island group became known to Europeans and was mapped. By the 1860s, labor recruiters began arriving on the islands and removing its inhabitants either by force and/or bribe to work on sugar plantations in Fiji and Australia. Between 1850 and 1880, the population of the islands fell from 20,000 to just 3,000. As a result of its decline in population, the British government annexed the islands in 1892. At this time, the islands became known as the Ellice Islands and in 1915-1916, the islands were formally taken over by the British and formed a part of the colony called Gilbert and Ellice Islands. In 1975, the Ellice Islands separated from the Gilbert Islands due to hostilities between the Micronesian Gilbertese and the Polynesian Tuvaluans. Once the islands separated, they became known officially as Tuvalu. The name Tuvalu means eight islands and although there are nine islands comprising the country today, only eight were initially inhabited so the ninth is not included in its name. Tuvalu was granted full independence on September 30, 1978, but is still a part of the British Commonwealth today. In addition, Tuvalu grew in 1979 when the U.S. gave the country four islands that had been U.S. territories and in 2000, it joined the United Nations. Economy of Tuvalu Today Tuvalu has the distinction of being one of the smallest economies in the world. This is because the coral atolls on which its people are populated have extremely poor soils. Therefore, the country has no known mineral exports and it is largely unable to produce agricultural exports, making it dependent on imported goods. In addition, its remote location means tourism and the related service industries are mainly non-existent. Subsistence farming is practiced in Tuvalu and to produce the largest agricultural yield possible, pits are dug out of the coral. The most widely grown crops in Tuvalu are taro and coconut. In addition, copra (the dried flesh of a coconut used in making coconut oil) is a major part of Tuvalus economy. Fishing has also played an historic role in Tuvalus economy because the islands have a maritime exclusive economic zone of 500,000 square miles (1.2 million sq km) and because the region is a rich fishing ground, the country gains revenue from fees paid by other countries such as the U.S. wanting to fish in the region. Geography and Climate of Tuvalu Tuvalu is one of the  smallest countries on Earth.  It is in Oceania south of Kiribati and halfway between Australia and Hawaii. Its terrain consists of low lying, narrow coral atolls and reefs and it is spread over nine islands which stretch for just 360 miles (579 km). Tuvalus lowest point is the Pacific Ocean at sea level and the highest is an unnamed location on the island of Niulakita at only 15 feet (4.6 m). The largest city in Tuvalu is Funafuti with a population of 5,300 as of 2003. Six of the nine islands comprising Tuvalu have lagoons open to the ocean, while two have landlocked regions and one has no lagoons. In addition, none of the islands have any streams or rivers and because they are coral atolls, there is no drinkable ground water. Therefore, all of the water used by Tuvalus people is gathered via catchment systems and is kept in storage facilities. Tuvalus climate is tropical and is moderated by easterly trade winds from March to November. It has a heavy rain season with westerly winds from November to March and although tropical storms are rare, the islands are prone to flooding with high tides and changes in sea level. Tuvalu, Global Warming, and Rising Sea Levels Recently, Tuvalu has gained significant media attention worldwide because its low-lying land is so susceptible to rising sea levels. The beaches surrounding the atolls are sinking due to erosion caused by waves and this is exacerbated by rising sea levels. In addition, because the sea level is rising on the islands, Tuvaluans must continually deal with their homes flooding, as well as soil salination. Soil salination is a problem because it is making it difficult to get clean drinking water and is harming crops as they cannot grow with the saltier water. As a result, the country is becoming more and more dependent on foreign imports. The issue of rising sea levels has been a concern for Tuvalu since 1997 when the country began a campaign to show the need to control greenhouse gas emissions, reduce global warming and protect the future of low lying countries. In more recent years though, the flooding and soil salination have become such a problem in Tuvalu that the government there has made plans to evacuate the entire population to other countries as it is believed that Tuvalu will be completely submerged by the end of the 21st century. Resources and Further Reading Central Intelligence Agency. (2010, April 22). CIA The World Factbook -- Tuvalu.Infoplease.com. (n.d.) Tuvalu: History, Geography, Government, and Culture - Infoplease.com.United States Department of State. (2010, February). Tuvalu (02/10).