Challenges Faced By The Indian Banking Sector Essay

After speaking to several of my former colleague at Chase, they mentioned The Banking System have made changes and is taking the necessary steps to improve their appearance. Many have moved to others Banks due to the stress. Michael Bane (2016, September 28), said he left and went to another bank due to the sales pressure and the constant reminder that he was under performing. In an interview with Britt, L (2016, September 28), J.P. Morgan Chase focus is now on customer service and numbers. My experience as a former Chase employees, the numbers increased every year. As part of the sales requirements, we were expected to get two accounts from every customer that walked in the door. As Branch Manager I had to review all new account and at times had to advise the Banker against the bank policy. An interview with my sister, Leblanc, A., (2016, October 1) she said the bank have strict internal guidelines and there is a zero fraud tolerance policy for not following compliance. These are all examples of Bank branch restrictions, no one is certain what goes in back offices.

For most of us living in the 21st century, we have spent the majority of our childhood in a classroom. People usually have the same overall educational experience in the way of having teachers, homework, tests and spending hours studying. We could agree that the method of our education has also been the same; listening, note taking, memorizing, and hoping to God that we did not just bomb our most recent test. What if someone told us in high school that this grueling and boring process was all wrong? Well, this is exactly what, Paulo Freire, a Brazilian educator and philosopher, proposes in his essay, “The Banking Concept of Education.” Freire argues “banking education” stunts and discourages critical thinking and creativity. I would disagree with his position on “banking education” and maintain that it has endless advantages. There are many holes in his arguments and the solution he provides is vague and without proof or examples. While some portions of Freire’s argument deserve merit, I contend that his problems with the banking system are exaggerated and false. I would argue that not only is the banking system effective, but it also promotes the benefits that Freire claims it discourages.

In today’s society consumers want it quick, fast, in a hurry and they are not willing to wait. Customers are becoming more demanding and critical when not having their expectations met. It is important company adjusts to the ever changing attitudes and expectation of customers in the market place. Therefore it is a must for company to satisfy their customers. Customers’ satisfaction is the key to the success of any company. James McGaran is the manager in the Financial District office at Citibank; locate in the Los Angeles area. “Citibank is a niche player and pride themselves on building a profitable franchise by providing relationship banking combined with a high level of service to its customer” (Harvard Business School.

(ALBERT CARUANA) (2000) examined customer loyalty plays a mediating role in the result or service excellence on service loyalty among sell banking customers in Msida, Malta. Effects of a number of demographic indicators on services loyalty were as well reported. (AHMAD & SANA-UL-ALLAH) (2011) completed that trouble-free accessibility of unused parts, easy accessibility of technicians, parts alternate, warranties and customization services have positive important impact on consumer business behavior , also economical extra parts, well-matched spare parts and services centers have unimportant impact on consumer buying behavior of vehicle consumers in Pakistan. Manufactures and importers of automobiles need to ensure trouble-free accessibility of unused parts and technicalities, parts replacements. Warranties and customization on influence customer buying intensions. Helpful relationship exists among customer satisfaction, honesty and customer loyalty. Long time

In the current competitive environment, customers have been provided with a wide range of choices to satisfy their needs and demands at the global level. It means that customers’ bargaining power has increased dramatically in the present business environment. It not only adds pressure on enterprises to develop new customers, but also increases the difficulty for enterprises to retain existing customers. Therefore, the development of customer loyalty is often the challenges for enterprises although its importance has been generally accepted. This research attempts to add implications for enterprises to develop and maintain customer loyalty.

Consumer satisfaction is the core goal of most organizations and companies, as customer satisfaction leads to successful organizations. One measure of customer satisfaction is service quality. In service quality, customers compare the quality of the product after usage to that of their expectations before usage and indicate whether or not they were satisfied with the products or services purchased. Customers evaluate service quality by comparing the service provider’s actual performance “perception” with what they think service performance would be `expectations’ in their service experience (Gronroos, 1992). Customers judge products on the effect they have on them after use, and if the effect is not the desired one, customers tend to turn to other products from competitors. Organizations have to identify service quality if they are to stand a chance with customers, and banks are no exception especially because service quality affects their quality, productivity and profitability. Delivering high service quality is considered an essential strategy for success and survival in this competitive environment (Clow and Vorhies, 1993;

The term “Brand Loyalty” also called as “Customer Loyalty” has been in the business industry since a very long time as a model to be used in conducting business. But it wasn’t until the mid to late 1900’s that the term was actually given its due importance by making it a vital part of advertising and marketing. The concept of marketing evolved substantially from being focused on sales of a product to having Customer satisfaction to be its focal point. Studies further revealed that there was a positive correlation between customer satisfaction and Brand Loyalty.

The case of Hong Kong banking industry is investigated in order to understand the impact of customer service and customer satisfaction. The marketing strategy based on a customer centric approach is required to undertake initiatives of customer relationship management as well as measure customer satisfaction. The survey of 150 individual and corporate customers is performed to validate the research hypothesis. The staffs of 15 different banks are also interviewed to understand the

India has been under the rule of many kingdoms. Each allowed for a certain practice of monetary exchange for a fixed or variable time period.

In this section, it is noted that researchers gain knowledge based on observation and experimentation. Using the determinants of customer satisfaction like service quality, customer perception, customer experience, customer awareness, customer compliance process and customer trust and confidence, we have presented the empirical evidence which many researchers have discussed on the concept of customer satisfaction within the financial sector as well as in a regulatory environment in some cases.

The system of banking in India is very extensive. The value of Indian banking sector is US$270 billion. And the deposit of the Indian banking sector is US$220 billion. Now the Indian banking sector has changed. Nowadays using of things like internet banking and core banking have made the daily operations of bank more easy to use. Mumbai is also known as the trade and commerce capital of India. These are the few basic things which are related to the Indian economy like Indian rupee is equal to 100 pause, the fiscal year is from 1 April-31 March, the trade organisations are WTO,SAFTA,BRICS,G2O and others. The current GDP growth is 5.8%.If we see the GDP in sectorial wise then in agriculture the GDP is 13.7%, in the industry sector the GDP is 21.5% and in the service sector it is64.8%The unemployment percentage in the urban areas is 3% and in the rural areas it is 2%.and in the numbers I id 10.8 million. The main industries in India are agriculture, petroleum products, chemicals, pharmaceuticals, software,

In India, Merchant Banking activities followed the footsteps of similar activities in UK and USA starting from the year of 1967. Currently Merchant Banking activity have blossomed in the Indian market. Merchant banks have both public and private sector that set up their respective merchant banking divisions. Currently in india the total numbers of merchant bankers are approximately one thousand four hundred and fifty with more than nine hundred and thirty registered with SEBI. The SEBI authorized Merchant Bankers that include merchant banking divisions in all of India. Both nationalized and foreign banks financial institutions subsidies in commercial banks. While private merchant banks engaged in stock broking, underwriting activities and financial consultancy and investment service firms.

The Surface of Mahila Urban Co-Operative Banks (UCBs) In Indian context; Its Tribulations and Prediction:

During the last decade, banking became the most competitive industries of Bangladesh with a huge amount of growth. A large number of new banks have made their way in the industry and yet there are more to come. In such a highly competitive service industry, ‘customer satisfaction’ is a very important factor to consider. High customer satisfaction and loyalty give an organization a better base than its competitors and allows it to flourish in the industry.

A bank is a financial institution that provides banking and other financial services. By the term bank is generally understood an institution that holds a Banking Licenses. Banking licenses are granted by financial supervision authorities and provide rights to conduct the most fundamental banking services such as accepting deposits and making loans. There are also financial institutions that provide certain banking services without meeting the legal definition of a bank, a so-called Non-bank. Banks are a subset of the financial services industry.