A study on occupationwise satisfaction level of customers in banking sector

Banks have traditionally performed the role of financial intermediaries. Apart from the old world game of transforming liabilities or deposits to assets or loans, traditional banking has now expanded to cover areas like logistic support for their customers for collection of receivables (e.g. Citi-Commerce One), tie-ups with other service providers to facilitate bill payments, and providing customised solutions to customer segments. The current trend is to try and be a part of all financial transactions in the market space, and increase the share of the customer wallet. As banks face the mutually interdependent forces of competition, regulation, technology, and customer expectations, a picturesque setting for the tremendous upheaval and opportunity emerges. This interdependency, in turn, is built upon mutually dependent technological trends. Hence, the quality of services rendered by a bank has a significant bearing on the psyche of the customers. The relationship between a bank and its customer is not a one-time, transitory relationship, but a relatively permanent and enduring one to these inherent characteristics of the banking industry, a prompt and efficient customer service is very important for the success of the industry. The gradual entry of private and foreign banks into Indian banking industry has transformed the hitherto protected and regulated banking environment to a liberalized and highly competitive one. In this changed banking scenario, the importance and significance of the customers has increased manifold. Banks have to devise suitable systems and mechanisms to satisfy the needs and expectations of various segments of customers for their survival.

Against this backdrop, this above matter attempts to introspect about the past, makes an assessment of the present and outlines the strategy for the future in the context of occupationwise satisfaction level of customer service in banks.