Customer satisfaction in indian banking products

Augusthas identified that Oppos Realme 1 led consumer satisfaction in India from June to August Key Report Findings Based on consumer satisfaction, the top three smartphones in India from June to August were from Chinese brands: Samsungs Galaxy J8 was rated fourth.

Customer satisfaction in indian banking products

The Role of marketing in the banking industry continues to change. For many years the primary focus of bank marketing was public relations. Then the focus shifted to advertising and sales promotion. That was followed by focus on the development of a sales culture.

Today banking sector all elements of the marketing concept — customer satisfaction, profit integrated framework and social responsibility are all equally important. When applying marketing to the banking industry, the bank marketing strategy can be said to include the following: The second element in formulation of marketing strategy in banking sector is development of proper marketing mix product, place, price, promotion, people, process, physical evidence so as to satisfy the needs of the target group of customers.

The bank marketing mix concept is very important for every bank in tough competition. Although all the BPR Technologia: The chief concerns of most bank executives still focus on legal and regulatory issues, according to most surveys.

Community banks are particularly concerned with eliminating barriers that give unfair advantages to financial services competitors, such as credit unions. However, another concern pertains to technology. Customers have shown a growing interest in online banking services, and banks have responded by quickly putting in place proprietary sites on the World Wide Web and offering PC banking.

With hour access to either automated information or live operators, customers do everything from check their accounts to apply for a loan. Bank executives also identified PC banking as having the most promise for the future, followed by Interest access and broad function kiosks.

Marketing Concepts Its application to Banking, when we apply marketing to the banking industry, the bank marketing strategy can be said to include the following — i A very clear definition of target customers. Marketing is the sum of all activities that take you to sales.

This aggregate of functions is the sum total of all individual activities consisting of an integrated effort to discover, create, arouse and satisfy customer needs. This means, without exception, that each individual working in the bank is a marketing person who contributes to the total satisfaction to customers and the bank should ultimately develop customer orientation among all the personnel of the bank.

Customer satisfaction in indian banking products

Different banks offer different benefits by offering various schemes which can take care of the wants of the customers. Marketing helps in achieving the organizational objectives of the bank. Indian banks have duel organizational objective — commercial objective to make profit and social objective which is a developmental role, particularly in the rural area.

All the techniques and strategies of marketing are used so that ultimately they induce the people to do business with a particular bank.with customer complaints, effective customer grievances handling mechanism and fast claim settlement procedure are some of the ways through which satisfaction level of customers can be increased.

Every aspect of the functioning of the Indian banking industry, be it a customer service, resource mobilisation, credit management, asset-liability management, investments, human resource development, and forex management are under going dramatic changes with the reforms gathering the momentum and speed.

In the Indian banking sector, human aspects are more important than technical and tangible aspects of service quality that influence customer satisfaction and promote and enhance customer loyalty.

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Anderson, E. & Sullivan, M. (). Customer satisfaction with different channels influences that customer’s future banking behavior, which in turn affects key factors such as additional cross-sell, increased profitability, and reduced cost to service. Impact of Customers Satisfaction And Customers Retention on Customer Loyalty products and services to their loyal customers (Rauyruen & Miller, ).

Customer satisfaction in indian banking products

In beginning, the study of loyalty used to customer satisfaction, . The banking sector reforms have focused on customer-satisfaction, asset-liability management, investments, training of human resource and use of technology to make banking .

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