Customer Satisfaction Research on Bank

Customer Satisfaction Research on buzzwordCHAPTER 1 INTRODUCTION1.1 COMPANY PROFILEHDFC buzzword was instaled in overbearing 1994. It was among the first companies to receive an in principle approval from the Reserve assert of India (RBI) to set up a branch in the private sector. The camber operated as a commercial verify under the liberalization policies of RBI. In February 2000, this bank experienced a merger with Times Bank possess by The Times Group (Bennett Coleman co.). This was the first merger between two private banks in India. 1 sh be of HDFC Bank was received by sh argonholder of Times bank for every 5.75 shares of their own.HDFC bank acquired Centurion Bank of Punjab on 23 May 2008 taking its complete branches to more than 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 restrain provides banking as sound as various financial helpings to una resembling corporations, and midd le upper income nodes in India. The bank operates by means of three primary election(prenominal) divisions which are wholesale banking, retail banking, and treasury operations. HDFC also provides function like credit cods, debit cards, third party distribution, investment advisory run, card and automated teller machine (ATM) acquiring transactions, and depositary services. Foreign exchange and derived function 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 capitalisation as of 24 February 2014. On January 2 2014, the market cap honor of HDFC was ready to be USD 27.00B, as compared to the credit Suisse group with USD 48.00B. It was promoted by the living accommodations development finance corporation, a premier housing finance lodge of India set up in 1977.Some of the latest achievement of HDFC bank are gameboard 1.1 Ac hievements of 2014 and 2013.2014Asiamoney exceed of Best Domestic Banks-India.2014Dun Bradstreet- Mannapuram pay Limited Corporate Award 2014Best corporate in Banking Sector.2013AsiamoneyBest domestic bank in India.Best local cash direction bank in India.2013Institute for development and research in banking applied science awardsBest bank- managing IT risks.Best bank- best IT team.2013BusinessworldBest bank in India. intent OF THE REPORTTo study the felicity received by the client comprise 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 bonk the problems faced by the customers.CHAPTER 3 RESEARCH METHODOLOGY3.1 Research inventExploratory design has been selected as data has been self-contained from questionnaire as well as direct contact to understand the satisfaction take aim of the customer and to study the areas in which these customers prefer to invest their m oney.3.2 Data Collection orderMost 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 merely 100 involve been taken into consideration inorder to reduce the error. This data collected is from Noida region scarce and has been collected according to the convenience of the researcher.3.3 SamplingThe 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. psyche 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 both(prenominal) basic speech communic ation 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. smack of the questionnaire is abandoned in Annex. A.3.4 Instruments UsedThe primary data was collected through a structured questionnaire by interactions with investors through telephone and through emails.3.5 analytic thinkingAfter the data collection, it was compiled, classified and tabulated manually with the help of the computer.CHAPTER 4 rendition AND FINDINGSwhy 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 interpret 4.1It was revealed that the customers were highly squelched by the communication (80%) followed by the problem solving capabilities (75.24%) of the staff. The customers were not much fit by the reli index of this organization.Interpretation the bank shou ld focus on its ability to perform well consistently and increase responsiveness to attract more customers.Analysis of investors preferenceThe survey was conducted to capture investor nonsubjective for investment in financial instruments, reveals the following.Graph 4.2Most of the investors invest money for the purpose of incoming welfare followed by high growth, so company should suggest those instruments which shake up a positive return for their investment which will help in fulfilling both the objectives.Customers reasons for being a part of this organizationCustomers were asked about the reasons because of which they became a part of this organization, the study showed a following leave alones.Pie chart 4.3From the study it was found that 25% people joined this organization because of the image, 25% people because of the additional 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 bankThis was done to get an idea of the service about liked/preferred by the customers. The result showed,Table 1.2ServiceRespondents% of respondentssavings a/c3333%Fixed deposits4040%Current a/c1212%Demat a/c00%Credit cards00% plebeian gold1010%Loans55%Graph 4.4 check 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 bankThe 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 succeeding(a) time.Table 1.3 rejoinderNo of respondents% of respondentsGood3535% bonnie5555%Poor1010%Graph 4.5The result clearly shows that 55 % found the service to be average whereas 35 % found to be wide. The remaining 10% found the service to be poor.Satisfied with the dealing of bank officials.De aling with the customer plays an important social occasion in the organization and to check it, a report has been made. The results show,Table 1.4ResponseNo of respondents% of respondentsYes3030%No2525%To some extend4545%Pie chart 4.6The pie charts shows that maximum customers were live up to by the dealing to some extend whereas 30% were completely at rest. Only 25% were not satisfied and asked to make appropriate changes.Problems faced regarding the bank?Table 1.5ResponseNo of respondents% of respondentstimeliness7878%Customer birth1212% al-Qaida1010% another(prenominal)s00%Graph 4.7Most of the customers face a problem with the timeliness (78%), whereas only 12 % and 10% people face problems with customer kin and infrastructure respectively.Will you advocate this bank to any of your familiaritys?Table 1.6ResponseNo of respondents% of respondentsVery unlikely88%some unlikely3030%Neither likely nor unlikely1717% more or less likely3535%Very likely1010%Pie chart 4.8According t o 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 relationshipTable 1.7RespondentsNo of respondents% of respondentsGood2020%Average5757%Poor2323%Graph 4.9The result shows perfectly that the customers found the service to be average in terms of customer relations.Overall satisfaction rating with HDFCTable 1.8RespondentsNo of respondents% of respondentsVery dissatisfied22%some dissatisfied99%Neutral2121%Somewhat satisfied4848%Very satisfied2020%Graph 5.0 round from customers show that 48% are somewhat satisfied whereas 21 part are neutral about the satisfaction level. Only 2% and 9% customer were very and somewhat dissatisfied respectively.4.1 FindingsMajority 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 c ustomers 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 CONCLUSION5.1 SuggestionsMore 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 slight time consuming.Banks should inform their customers about their extra services.5.2 LimitationsThe research was carried out in a short period of 6 weeks because of which simple random and judgemental sample is used.Limited sample size (100).The information might be biased becau se the information collected is given by the customer which doesnt have any proof and depends upon different customers according to their satisfaction level.5.3 ConclusionAt 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 consign on them.BIBLIOGRAPHYwww.google.comwww.hdfcbank/products/financewww.iloveindia.comhttp//en.wikipedia.org/wiki/HDFC_Bankhttp//www.slideshare.net/ankurshrivastava3762/customer-satisfaction-level-in-hdfc-bankhttp//articles.econo mictimes.indiatimes.com/2002-11-16/news/27339334_1_sanjay-ralhan-primus-and-american-express-auto-financeANNEXUREANNEXURE 1 QuestionnaireNAME ________________ AGE ___________________GENDER_______________ OCCUPATION______________EMAIL_________________ ADDRESS__________________Why you chose HDFC?Resolve problemsCommunicationsReliabilityResponsivenessWhat are your investment objective in HDFC bank?High incomeStable incomeFuture welfare taxation benefitHigh growthReasonable incomeRetirement protectionWhat are the reasons that attract you to be a customer?ImageServicesProducts solely of the aboveBest service provided by the bank are? nest egg a/cFixed depositCurrent a/cDemat a/cCredit cardsInsuranceMutual fundsLoansWhat are your perceptions about the services of the banks?GoodAveragePoor be you satisfied with the dealing of the bank officials?YesNoTo some extend all problems you are facing regarding the bank?TimelinessCustomer relationship rootAll of the aboveHow likely are you to recomm end the services to your friend or family?Very unlikelySomewhat unlikelyNeutralSomewhat likelyVery likelyHow will you rate HDFC bank in maintaining customer relationship?GoodAveragePoorWhat is your overall satisfaction with the company?Very dissatisfiedSomewhat dissatisfiedNeutralSomewhat satisfiedVery satisfied