The company knows the demands of the customers and they are well orientated in the service and the knowledge of the products and this is the element that makes them prosperous. Jean’s Rare Find Books belief in customer service and satisfaction enables a comfortable and peaceful atmosphere and in return produces a strong customer loyalty for the company. Customer satisfaction and customer retention externally and internally is measured by the perspective of the customers and thus implements the reason for the company’s prosperity. Customer perspective is a key factor on how the customer views the company.
Three key things need to take place internal controls, strengthen financial reporting, and corporate governance.. For protection of the bank, there needs to be more than one sign on/log in into a system
Descriptive survey type of research was used because this method or type of research is commonly conducted to collect detail description of existing phenomena with the intent of' employing data to justify current conditions and whenever possible to draw valid general conclusions from the facts discovered (Koul, 2006). As it fits to the purpose of the study, this research design was used to assess the quality of service delivery by asking customers about their expectations with regard to the bank's service and their perception on the actual service delivered by the bank and finally to compare and contrast the two for the sake of reaching up on discrepancies, if any.
Some customers still prefer to transact with tellers one-to-one instead of ABMs and it is a challenge for banks to meet this demand. Financial institutions such as banks, credit unions etc rely on their services to maintain customers and operate their business. If a customer were unable to make a deposit or withdrawal from their bank account, they wouldn’t be long taking their business to a new bank. Maintaining and improving quality would e another objective for financial institutions. As the electronic age continues to grow, people want to be able to do more and more transactions on line. As banks are able to offer on-line banking, automatic payments, pay pal related services etc, they will continue to maintain and gain customers.
Commence with the concept of service quality, satisfaction is an substantial idea which known as noted value to comply with customer expectation (Edvardsson 1998). Therefore, it is needed satisfaction measurement in perceiving quality of service whether for customer or non customer perception (Fellesson and Friman 2008). Moreover, converting satisfaction into qualitative
Customer Satisfaction is one of the main topics rises recently. Before years there was a revelation of a customer service to concentrate on customer, to treat with him in a better way, to please and fulfill his demands of the customer. In order to achieve that, researchers analyzed the customer population then took random samples and after that generalized the results and came with procedures to treat and please the customers. The first thing is spark in the satisfaction of the customer concept added to the private sector, later applied to the other sectors.
Aside from stakeholder requirements, the internal environment of banking institutions is also changing due to the changing features in the modern day society. As the population reveals decreasing trust and the banks reveal lower access to funds, they are forced to reshape their internal affairs in order to make them more efficient. Examples of some common measures taken include restructuring and downsizing, elimination of operational redundancies or the cost cutting across various departments.
Banks are competing intensely in a highly competitive environment to offer quality oriented services according to customers’ expectations. Various important parts of banking sector like operations, service quality, employee satisfaction, customer satisfaction, financing products, efficiency, financial performance are being studied by many researchers to better understand and serve the community at large (Arokiasamy, 2013).
Customer satisfaction, sustainable stakeholder value creation, professionalism and good corporate governance underline and mould the corporate and business strategy of the Bank.
Banking in today’s era is in process of upgrading itself by joining the wave of latest technologies and trends. Currently, it is in the midst of chaos and disruptions and is in process of reshaping its business models to alienate the traditional processes. The driving force for Banks to adopt such changes can be a. Changing customer needs, b. Optimization of cost and Banking Operations, c. Digitization and Automation, d. Streamlining of complex and lengthy processes and e. New competitors in the industry.
Information technology may be considered to be the harnessing of electronic technology in its various forms to improve the operations and profitability of the business as a whole. Information Technology provides significant improvements with facilities such as word processing (improving secretarial, typing and some reprographic services) communication facilities in the form of electronic mail, databases in relation to filing and data retrieval. Such advances improves business efficiency eliminating unnecessary delays in communication between different parts of the
As a student of Masters of Business Administration specialization in general management with the background of Bachelor of Industrial engineering the writer has four years experiences in the automobile industry. These experiences and background help me to understand the role of customer satisfaction in terms of organization profitability.
These claims on banks can act as money because they are negotiable or repayable on demand, and hence valued at par. They are effectively transferable by mere delivery, in the case of banknotes, or by drawing a cheque that the payee may bank or cash.
The banking system is facing the challenges with stiff competition and advancement of technology, the services provided by banks have become more easy and convenient. The competitive character has been promoted by facilitating the entry of foreign banks. The country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers. Phone banking and net banking are introduced. The entire system has become more convenient ad swift. Time is given more importance than money.
Over the last few decades information technology has played an important role in Indian economy. It has affected all the industries especially the banking industry and has provided a way for the banks to differentiate their products and services. The traditional way of financial services delivered to customers called the branch based operations which had been used by the banks for more than 200 years, has been replaced by the advent of multiple technologies and application. For instance, Automated Teller Machine (ATM) displaced cashier tellers, telephone represented by call centers replaced the bank branch, the internet replaced mail, credit cards and electronic cash replaced bank transactions. The reason was the numerous key advantages that banks could gain by providing electronic banking services. In this way they had lower transactions cost, 24 hour trading, more extended business territory and also increased efficiency in daily banking process. The Banking Sector is also facing very stiff competition. In order to succeed such competition, they must offer a wide array of products with the latest technology. At present many banks and financial institutions are actively developing new electronic banking products for their customers throughout the world (Alagheband 2006) . The key players of banking industry are its customers and all the efforts made by the banks are to satisfy the desirable needs of