21453452 service delivery process an analysis through service blueprinting at il fs invest smart

8/10/2019 21453452 Service Delivery Process an Analysis Through Service Blueprinting at IL FS Invest Smart

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ContentsAbstract........................................................................................................................2

Executive Summary..........................................................................................................3

Industry Profile...............................................................................................................4

Major Players in India....................................................................................................6

Company Profile..............................................................................................................8

Theoretical Bac!round...................................................................................................17

Service Blueprint........................................................................................................17

Service Encounters......................................................................................................18

Customer Satisfaction..................................................................................................18

Introduction to the Study..................................................................................................22

"bjectives....................................................................................................................23

Scope of the study..........................................................................................................23

#imitations of the study...................................................................................................23

Methodolo!y of the $esearch............................................................................................24

%ata Analysis...............................................................................................................25

&indin!s......................................................................................................................40

Su!!estions..................................................................................................................41

#earnin! from the $esearch..............................................................................................42Conclusion...................................................................................................................43

APPE'%I(..................................................................................................................44

)*ESTI"''AI$E.................................................................................................44

Biblio!raphy................................................................................................................46

Biblio!raphy

A bstract

1



The project aims at analy+in! the service delivery process of I#,&S Investsmart Securities

#imited- Ban!alore- throu!h service blueprint of the or!ani+ation. The research is done by

surveyin! the customers and the employees of the or!ani+ation. Customers of the company arethe centre of this research as they are the internal customers of the or!ani+ation. As such the

research also taes into account the /!aps model0 and service encounters- and tries to formulate a

satisfaction index as 1ell. This has been done because surveyin! customers- especially if they

are hi!h2profile is very tou!h tas and as such asin! them a lar!e number of 3uestions is not

feasible. So- fe1 important parameters have been set in this re!ard so as to understand the

customer perceptions and expectations and subse3uently the maximum possible !aps existin!

throu!h minimum number of 3uestions. The study is very ambitious but it has its o1n limitations

lie !eo!raphical constraints and availability of database. In order to do the research- extensive

field1or 1as undertaen. Then based on the understandin! of the field1or- office 1or and

interaction 1ith the employees the existin! service blueprint 1as dra1n and then analy+ed. Thesatisfaction index formulated has subtle similarities to SE$4)*A#. The research found out that

service encounters play a crucial role in customer satisfaction. It concludes that for a hi!her level

of satisfaction lesser number of service encounters should be there. Besides- the research also

found out the major !aps existin! in the service delivery at I#,&S Investsmart Securities

#imited. Also the existin! service blueprint of the company 1as analy+ed for the purpose of

identifyin! those encounters 1hich should be deleted and those encounters 1hich should be

encoura!ed. &inally based on the findin!s of the research some steps have been su!!ested to

improve the customer satisfaction.

Executive Summary

2



The industry is a part of 1hat is broadly termed as service sector. So before movin! further let us

first have a loo at services. Services are deeds- processes and performances- and as such are

intan!ible. Services are produced not only by service businesses but are also inte!ral to the

offerin!s of many manufactured2!oods producers.

It is important to note here that services and customer service are distinct concepts. &or example

I#,&S Investsmart provides the service of online tradin! and broin! to the customers. But

1hen the customers call on toll free number of the company re!ardin! any doubt or for any help-

say re!ardin! chan!e of his correspondence address- they are provided customer service.

Customer service is the service provided in support of the company0s core product. The broad

definition of services implies that intan!ibility is a ey determinant of 1hether an offerin! is

service or not. 7o1ever- actually very fe1 products are purely intan!ible or totally tan!ible. It

can be said that 1hile services are more intan!ible than manufactured products. This can be

understood throu!h tan!ibility spectrum. "ther than intan!ibility- hetero!eneity- perishability-

non transfer of o1nership- and inseparability are some other important features of services.

Service sector in India accounts for more than half of the =%P of India. The share of service

sector in India0s =%P for the fiscal year <>>?2<>>@ stood at . This is a trend 1hich is

observed in developed economies only. Service sector !ro1th in India 1itnessed a dramatic pace

in ;@?>s and ;@@>s- especially so in ;@@>s. Bet1een;@> to <>>> the share of services in the

=%P increased by <;- forty percent of that !ro1th 1as seen in ;@@>s. This 1as primarily due

to liberali+ation in the re!ulatory frame1or of the economy and this !ave rise to innovation and

increased exports from the service sector. Services or the 8tertiary sector: of the economy covers

a 1ide !amut of activities lie tradin!- banin! , finance- entertainment- real estate etc.

=enesis of Stoc Maret 2 Stoc maret is a maret 1here tradin! of company stocs- othersecurities and derivatives tae place. Stoc exchan!es are corporations or mutual or!ani+ations

1hich are speciali+ed in tradin! stocs and securities. The first security 1as issued publicly in

4enice in the fourteenth century 1here the !overnment made the first no1n issue of bonds.

Merchants and lando1ners purchased these securities as investments. In and around ;D>s- in

En!land- traders of the shares of early companies 1ould commonly meet in onathan0s Coffee

7ouse to trade shares and mae business deals. Early share bids and offers 1ere 1ritten on the

1alls of the coffee house and the tradin! process 1as hi!hly unre!ulated- 1ith insider tradin!

formin! the basis for most investment decisions. Tradin! clubs had been formed by early ;DD>s-

and in ;?>; a !roup of traders raised <>->>> pounds to build the #ondon Stoc Exchan!e in

Capel Court. A similar process 1as bein! 1itnessed in America as 1ell. By the early;D@>smerchants had be!un tradin! in shares and just as in #ondon- these early traders often met at

coffee houses. In ;D@<- a !roup of <F broers- each of 1hom had paid GF>> for a 8tradin! seat:

si!ned the Button1ood Tree A!reement. This a!reement outlined the re!ulations under 1hich

the shares could be bou!ht and sold. These re!ulations formed the basis for tradin! rules that still

exist today and led to the formation in ;?;D of the 'e1 Hor Stoc Exchan!e.

1



In the early days broers in the stoc exchan!es 1ould use the method of 8open outcry: for

tradin!. By the late ;@@>s- ho1ever- most of the stoc exchan!es across the !lobe had been

automated. Today- the open outcry method has become a thin! of past. Today computers have

become very important in this re!ard. The order placed on internet by the clients are first

processed and authori+ed throu!h the stoc broers0 computer system before bein! automatically placed on the stoc exchan!es0 computer system. Today- online tradin! and broin! has not only

found acceptance but is also !ainin! popularity. Stoc maret has become an industry in itself

from such humble ori!ins. People lie arren Buffet and Allen Soros have made their fortune

by doin! nothin! but investin! in capital maret.

Indian Stoc Maret J The Indian stoc maret is re!ulated by SEBI 5Securities and Exchan!e

Board of India6. It 1as established on April ;<- ;@?? as a non2statutory body to promote the

!ro1th of the of the securities maret and also to provide ade3uate investor protection. The SEBI

1as accorded a statutory reco!nition by an ordinance in the year ;@@<. #ater the ordinance 1as

replaced by an act.

There are t1enty2four stoc exchan!es in India- the major amon! them are BSE 5Bombay Stoc

Exchan!e6 and 'SE 5'ational Stoc Exchan!e6. The 'SE and BSE are e3ual in si+e in terms of

daily traded volume. Most ey stocs are traded in both the exchan!es. BSE is- ho1ever- older

and more 1idely follo1ed. Both the exchan!es have s1itched over from open outcry to fully

automated systems no1n as B"#T 5BSE "nline Tradin!6 and 'EAT 5'ational Exchan!e

Automated Tradin!6.

The ori!in of Indian securities maret can be traced bac to ;?D- 1hen << enterprisin! broers

sittin! under a banyan tree established the Bombay Stoc Exchan!e as KThe 'ative Share ,

Stoc BroersL AssociationK. Its index is no1n as SE'SE(. Presently there are around fourthousand stocs listed in BSE. It is the principal stoc exchan!e in the country accountin! for

nearly D> percent of the a!!re!ate paid2up share capital of all the listed companies and ?>

percent of the a!!re!ate maret capitali+ation of the listed companies. The Board of =overnors

of BSE comprises @ elected directors- an executive director- three !overnment nominees- an $BI

nominee and five public representatives. hile India has a lon! history of securities tradin!- the

marets have not al1ays ept pace 1ith the chan!in! trends and re3uirements for this industry to

eep pace 1ith its full potential. Particular issues of concern have been lac of transparency- lac

of fair and accessible and tradin! members- dated procedures and practices and lon! and

uncertain settlement cycles. So some investors decided to address these issues and brea the

monopoly of BSE broers. 'SE- incorporated in ;@@<- 1as !iven reco!nition as a stocexchan!e in April ;@@ and started operation in une ;@@F. It has been set2up as a public limited

company- o1ned by the leadin! institutional investors in the country.

Besides- there is "TCEI 5"ver2the2Counter Exchan!e of India6. It 1as established in order to

have faster transactions- !reater li3uidity in the maret and a transparency in transactions. It 1as

the first exchan!e in India to offer transparent and screen2based tradin!.

2



Also- there is MC( or Multi2Commodity Exchan!e 1here the tradin! in commodities taes

place. It is a demutualised nation1ide electronic multi commodity futures exchan!e set up by

&inancial Technolo!ies 1ith permanent reco!nition from =overnment of India for facilitatin!

online tradin!- clearin! , settlement operations for futures maret across the country. The

exchan!e started operations in 'ovember <>>.

#ajor Players in %n"ia

• ICICI %irect 2 it is the online tradin! and broin! arm of the ICICI Ban. Today it is a

leadin! player in the maret. It offers three inds of online tradin! platforms to its

customers. It has a very 1ide customer base. 7o1ever- in recent times the firm had to

suffer a lot o1in! to hi!h and non2ne!otiable broera!e- and also because of some

ne!ative publicity.

• ShareNhan 2 it is online stoc tradin! company of SSNI =roup- provider of India2based

investment banin! and corporate finance service. ShareNhan is one of the lar!est stoc

broin! houses in the country. "ne of the !reatest stren!ths of the firm is anexceptionally lo1 broera!e char!ed by it. It has a very loyal customer base. It is no1n-

particularly- for intra2day tradin!. They provide t1o inds of online tradin! platform.

7o1ever- they have lot of hidden rules- lie one cannot trade throu!h Sharehan for

scrips belo1 $s.<>.

• $eli!are 2 it is promoted by $anbaxy #aboratories. It is involved in e3uity relatedservices include online tradin! at BSE and 'SE- %erivatives- commodities- IP"- Mutualfund- Investment banin! and institutional broin! services. $eli!are also provides itscustomers 1ith three inds of tradin! platforms.

• Paisa stoc tradin! 2 paisa is "nline Stoc Tradin! Company of India Infoline

Securities Private #td.- "1ner of popular business portal Indiainfoline.com. Besides hi!h3uality investment advice from an experienced research team- the site offers real time

stoc 3uotes- maret ne1s and multiple tools for technical analysis. It is also no1n for

its very lo1 broera!e char!es. 7o1ever- it also has many hidden char!es.

In addition to these there are other players also lie $eliance Money- Motilal "s1al-

India Bulls- and Narvy. The last of these 1as the first player to enter the online tradin!

and broin! in India but it has not been so successful as others.

Company P rofile

2

http://www.sski.co.in/

http://www.sski.co.in/



Infrastructure #easin! , &inancial Services #imited 5I# , &S6 is one of India0s leadin!

infrastructure development and finance companies. I#,&S has a distinct mandate J cataly+in!

the development of infrastructure in the country. The or!ani+ation has focused on the

commerciali+ation and development of infrastructure project and creation of value added

financial services. &rom concept to execution I#,&S houses the expertise to provide thecomplete array of services necessary for successful project completion9 visionin!-

documentation- finance- development- mana!ement- technolo!y and execution. "ver the years-

I#,&S has broad based its share holdin!- 1hich today includes #ife Insurance Corporation of

India- "$I( Corporation J apan- 7ousin! %evelopment Corporation of India and Abu %habi

Investment Authority- State Ban of India and Central Ban of India.

%&'$S %()ESTS#A*T SEC+*%T%ES &%#%TE,

I#,&S Investsmart securities limited 5IIS#6 1as created by I#,&S as an arm to tae part in

!ro1in! Indian capital maret. 7o1ever- later on the company 1as taen over by 7SBC in the

year <>>D to !ain an entry into the Indian financial maret.

I#,&S Investsmart securities limited 5IIS#6 is one of India0s #eadin! financial services

or!ani+ations. IIS#- throu!h its subsidiaries in India and Sin!apore- provides a 1ide ran!e of

investment products to its retail and institutional banin!- insurance broin! , distribution-

mutual funds distribution and related financin! services. IIS#0s <>>> employees provide a

complete ran!e of investment solutions to over ;?->>> customers in India throu!h its @F

branches and ;@ franchise outlets across all the states in India and has been reco!ni+ed as

8'ational Best Performin! &inancial Advisor J $etail: for t1o years in a ro1 5>2>D , >D2>?6

by C'BC T4 ;?.

*etail Offerings

• A%4IS"$H P$"%*CTS J mutual funds- portfolio mana!ement services 5PMS6 IP"0s

insurance advisory etc.

• T$A%I'= P$"%*CTS J e3uity and derivatives- etc. The company no lon!er provides

tradin! in commodities as accordin! to re!ulation forei!n financial institutions cannot

tae part in tradin! of commodities and as of no1 7SBC has @. stae in I#,&S

Investsmart.

IIS#0s Institutional business thrives on the stron! relationships it has built amon! domestic

mutual funds- bans- financial institutions- insurance companies and private sector funds over the past fe1 years. Efficient execution- 3uality research and hi!h de!ree of compliance 1ith stoc

exchan!e re!ulations and ethical business standards bac IIS#0s services to institutional

investors.

%&'$S ,epository Services

1



%emateriali+ation and tradin! in the %emat mode is a safer and faster alternative to the physical

existence of securities. %emat as a parallel solution offers freedom from delays- thefts- for!eries-

settlement riss and paper 1or. This system 1ors throu!h %epository Participants- 1ho offer

%emat services and the securities are held in the electronic form for the investor directly by the

depository. These services are re!ulated by 'ational Securities #imited 5'S%#6.

I#,&S Investsmart %S offers %emateriali+ation services to individual and corporate investor. It

has a team of professionals and latest technolo!ical expertise dedicated exclusively to its %emat

department- apart from a national net1or of franchise main! of services 3uic- convenient and

efficient.

A person -ho has an account -ith %&'$S %nvestsmart is benefite" in the follo-ing -ays:

The internet can provide a ne1 sense of control over financial future. The amount of investment

information available online is truly astoundin!. It0s one of the best aspects of bein! a 1ired

investor. &or the first time in history- any individual 1ith an internet connection can do thefollo1in! activities9

Nno1 the price of any stoc any time and follo1 the maret events in depth.

$eceive a 1ealth of free commentary and analysis about stoc marets and the !lobal economy.

At Investsmart- customers can !et real time stoc 3uotes- daily roundups of the stoc maret-

expert commentary- and a deep community of fello1 investors.

"ne of the !reatest appeals of usin! an Investsmart online account is the fact that the account

belon!s to the customers- and is under their direct control. hen they 1ant to buy or sell stoc-

they no lon!er need to call their broer on the phone- hope that the broer is in office to placetheir orderO possibly ar!ue 1ith the broer about the orderO and hope that the transaction is

executed immediately.

Investsmart speciali+es in the techni3ue that offers the best price for the best buy and sell orders

of the investors and traders. Also due to the hi!h level of transparency 1ith re!ard to display of

information relatin! to the specific stocs and company profiles- customers !et the best 3uote for

their orders.

"nline tradin! offers the customers !reater transparency by providin! them 1ith an audit trial.

This involves a complete inte!rated electronic chain startin! from order placement to clearin!

and settlement and finally endin! 1ith a credit into their depository account. All these sta!es are

subject to inspection- thus brin!in! in transparency into the system. "nline tradin! inte!rates the

customer0s ban account- their tradin! account and their %emat accounts- 1hich leads to easy

and paperless tradin! for them.

Investsmart online customer 1ill be able to execute the entire tradin! transaction- ri!ht from

lo!!in! on to the site- to the execution and settlement of customer0s ban accountin a very short

2



period. Tradin! on the net !ives even the smallest retail investor access to information that

earlier 1as available to the bi! traders only. This provides a level playin! field for all investors in

the securities maret. This method of tradin! reduces the settlement ris for the investor- as in

this case all short sell orders are s3uared off at the specified cut off time and are not allo1ed to

be carried for1ard. In the case of a %emat account- customers %emat account is checed byInvestsmart before executin! their sell transaction. This reduces the settlement ris for the buyer-

1ho is assured of the delivery of these securities. As the clients of Investsmart online- customers

are !iven free access to steamin! ne1s to !ive them the latest financial information as it occurs.

Customers can contact the Tele Tradin! Executives from the Tele Tradin! team durin! and after

maret hours. Customers can as their problems and discuss their tradin! strate!ies and ideas

accordin!ly 1ith the executives. Every trade is confirmed immediately and clients 1ill receive

an on2screen confirmation follo1in! the trade 1ith full details for their records. This avoids

costly errors that 1ould have been discovered 1hen it is too late. Client0s ban- %epository and

online account are inte!rated for hisher convenience. An Investsmart "nline client has an option

of banin! 1ith five financial bans that provide the option of online fund transfer J 7SBC-7%&C- Citiban- Axis and Corporation Ban.

Investsmart "nline 1ors hard to eep customers0 personal information secure.

Product Profile of I#,&S Investsmart

I#,&S investsmart offers t1o types of products for clients interested in online tradin!. They are9

Smart %nvest

$eatures:

This tra"ing platform is a bro-ser base" system desi!ned for customers 1ho transact

occasionally. It is ideal for investors 1ho believe in the buy and hold approach to1ards

investment in e3uities. It is very user frien"ly.

Smart Invest0s capability as a bro1ser based tradin! platform !ives you the benefit of real time

streamin! data 1ith the flexibility of tradin! on any internet capable system. ith access to boththe 'SE and BSE- the customer is in the driver0s seat 1hen routin! your order to the best price

on either of the exchan!es. Smart Invest0s sophisticated yet easy to use point and clic order

entry interface allo1s you to react more 3uicly to the marets and mae better decisions.

Smart Tra"e

2



$eatures9

This platform can be accessed on any internet2enabled net1or. They can be accessed even fromthe 1or place.

%nstant &oa"ing The bro1ser2based applet system allo1s access to client0s account 1ith no 1ait

time- unlie other system that taes a fe1 minutes to load. &ive streaming /uotes0Color2coded

price chan!es help customers to spot trends and in turn help the customer to react faster.

#ultiple -atch 0 list allo1s the customer to create up to ;> !roups of 1atch list 1ith each !roup

accommodatin! ; scripts. Each 1atch list can be personali+ed by the customers accordin! to

their choice of scripts. It provides the facility of tradin! on both 'SE and BSE via a sin!le

screen. Single or"er form for Cash an" $'O offers the customers the convenience of

transactin! in various se!ments of the maret 1ithout havin! to s1itch bet1een multiple1indo1s. Point an" Clic! or"er entry maes order entry 3uic and simple 1ith a clic on the

security- the same is inserted on the order form in the trade screen. *sin! a sin!le eystroe

5hot!ey6 function the customer can achieve important tas very similar to a broer0s terminal.

Accessin! important reports is also one eystroe a1ay. #ar!et "epth -in"o- !ives an

immediate 8at a !lance: information about the stoc they are follo1in!. The vie1 provides the

best bids and offers 3uotes and the outstandin! order 3uantities. ac! office access allo1s one

to vie1 se!ment 1ise led!er bills and contract notes- trades- positions- account balance-

reali+edunreali+ed profit and loss- and buyin! po1er all in real time. This account is an E(E

based destop soft1are desi!ned for active traders 1ho transact fre3uently to capture favorable

short2term price movements. The platform offers active traders the tools they need to maecritical decisions 1ith confidence. Smart Trade is desi!ned and built from the !round up to

address the needs of active traders. Smart Trade maes the most of state of the art technolo!y to

deliver po1er- speed and reliability. Throu!h an easy to use interface- users are provided 1ith the

same tools and advanta!es that the professionals enjoy. $ully customizable "isplay allo1s the

clients to save their created trade screen layout- so the next time they access the application the

created layout is not lost. ,ynamic charts -ith in"icators provides the clients 1ith a 1ealth of

chartin! capabilities and timin! indicators- 1hich allo1 them to !o ri!ht into the action 1ith real

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time daily charts- and intra2 day charts. atch price movements by minutes- days or 1ees.

Through EO, Charts1 Smart Trade puts up to years of in depth history at their command

1ith the po1er to instantly bac test any tradin! strate!y they desi!n- before risin! one rupee of

their tradin! capital. Customers can !et the real time maret data from both 'SE and BSE-

similar to 1hat a professional broer !ets. A"vance" alert capabilities allo1 the customer to befree from 1atchin! every tic. *sers can be notified once a security has reached the set

parameters. Multiple securities can be monitored usin! the set parameters. These alerts can be

tri!!ered both visually and audibly. Tracin! all their orders are made easy throu!h the live

or"er status screen. &urther drill do1n into all details pertainin! to an order is available in the

order detail sub report. All their positions are updated automatically and instantly. The need of

refresh button is avoided. It reflects their credits and debits instantly on every trade execution.

'o need to refresh each statement to no1 their latest buyin! limits. The feature of "erivative

chain provides 1ith a list of all derivative contracts available for the selected security. To vie1

derivative prices of a security just ri!ht clic on the symbol and clic on derivative chain. &oc!

terminal option locs the tradin! platform for the customers 1hen it is left unattended and can be accessed a!ain only on providin! the proper lo!in details. #essage -in"o- "oc!ing enables

the customers to receive tradin! messa!es- intraday tradin! calls and messa!es from both the

exchan!es flashed real time onto their screens. The company is havin! dedicated and trained

tele2tradin! executives 1hich allo1s the customers to trade 1hen they are unable to trade

throu!h internet.

2SC in %n"ia

The 7SBC =roup in India is represented by several entities includin! The 7on! Non! and

Shan!hai Banin! Corporation #imited 1hich offers a full ran!e of banin! and financial

services to its over < million customers in India throu!h its FD branches and ;D> ATMs across <

cities. 7SBC is one of India0s leadin! financial services !roups- 1ith over ->>> employees in

its banin!- investment banin! and capital marets- asset mana!ement- insurance broin!- t1o

!lobal IT development centers and !lobal resourcin! operations in the country. The ban is the

foundin! and a principal member of 7SBC =roup 1hich- 1ith over ;>->>> offices in ?

countries and territories and assets of *S S <F billion at ; st %ec <>>D- is one of the 1orld0s

lar!est banin! and financial services or!ani+ation.

Service Blueprint of I#,&S Investsmart Securities #imitedThe blueprint components identified at I#,&S Investsmart can be listed under the five heads asdiscussed earlier. These are9

Physical evidence

It is at the very top of the blueprint. Physical evidences provide some de!ree of tan!ibility to theservices. So anythin! associated 1ith the process can be listed under physical evidence if it provides tan!ibility. Seen in this re!ard- even employees of the company and their attire also

3



provide tan!ibility. Typically these physical evidences can be listed above each point of contactas 1ell.

%ifferent physical evidences associated 1ith the services of I#,&S Investsmart are9;. ebsite<. Bro1ser . EmployeesF. Attire of the employees. %emo sho1n to the clients. PamphletsD. "ffice

Customer Actions

The customer actions area includes the steps- choices- activities and interactions that the

customer performs in the process of purchasin!- consumin! and evaluatin! the services.The possible customer actions list for the clients of I#,&S Investsmart is a very lon! one- 1hichcan be modified into follo1in! broad actions9

;. 4isitin! 1ebsite2. Seein! advertisement these three actions can be listed as one3. Main! calls one action of Seein! InformationF. Tae Calls. =ivin! appointments to the executives. Meetin! the executives from the companyD. Si!nin! up the forms?. Submit documents

@. See the demonstration;>. Movin! funds from savin!s account to tradin! account;;. Pay throu!h che3ue12.ithdra1 funds from tradin! account to savin!s account Transaction;. Placin! order for purchase of shares14.Sellin! stocs;. Callin! up $elationship Mana!ers;. Addin! stocs or %eletin! stocs in the scripts display;D. $ene1al of account by payin! ASP

Thus above actions can be further narro1ed do1n to ten actions9

;. Seein! information

<. Tain! Calls. =ivin! appointments to the executiveF. Meetin! the executives. Si!nin! up the forms. Submit the documentsD. atch the %emo?. Transactions usin! the lo!in I%@. Callin! up $elationship Mana!ers

2



;>. Addin! stocs or %eletin! Stocs in the scripts display

"nsta!e Contact Employee Actions

'o1- parallelin! the customer actions there t1o areas of contact employee actions. The steps andactivities that the contact employee performs that are visible to a customer are the onsta!eemployee actions. The onsta!e contact employee actions identified at I#,&S Investsmart are9

;. Mae Calls or send e2mails<. Tae Appointments. Meetin! clients and pitch the productF. =ive the demonstration2 this action can be done either before the purchase by customer or

even after the purchase has been made.. =et the forms si!ned up. Collectin! documentsD. Process the forms?. Clear deficiencies in the form if any deficiency has been found.

Bacsta!e Contact Employee Actions

Those contact employee actions that tae place behind the scenes for the support of the onsta!eemployees are called bacsta!e contact employee actions. In the or!ani+ation are as follo1s9

;. Main! calls to the customers<. Attendin! calls of the existin! customers 5both internal as 1ell as external6 and

prospective customers 1ho call up for information.. &ixin! appointments for the onsta!e contact employeesF. Processin! the forms and for1ard for account activation

. Inform onsta!e contact employees about the deficiencies in the form if found.. Informin! the customers about the deficiencies in the form 5this can be clubbed 1ith thefirst action of main! calls6.

D. Advise the customers 5$elationship Mana!ers6

So- thou!h 1e have observed seven major actions- they can be considered under six majoractions only.

Support Processes

This part of the blueprint covers the internal services- steps- and interactions that tae place tosupport the contact employees in deliverin! the service. In this case- 1e have follo1in! support processes9

;. =enerate leads for the ac3uisition process<. Trainin! to ne1 employees. Processin! the forms

1



F. Inform about the deficiencies if found to the contact employees.. Activatin! the account

'o1- the above mentioned list of actions can be !rouped under remote encounters- phoneencounters and face2to face encounters also. &or example- visitin! the 1ebsite or placin! theorders online is remote encounter 1hile placin! the same order on phone is phone encounter.Every encounter is critical from the point of vie1 of customer satisfaction. All this can be seenin the service blueprint prepared on the basis of above discussion as seen in fi!ure J F belo1.

Physical

Evidence

Customer

Actions

1

website Pam hl em lo ee Attire of offic

Seek

!formati

"i#e

A oi!tme! $eet Si(! )p the

forms *ake +alls

See the

,emo!stratio!

S'bmit

,oc'me!ts *ra!sactio!s



"nsta!e

Contact

Employee

Actions

Bacsta!e

Contact

Employee

Actions

Support

Processes

&i!ure J ; 5Service Blueprint of I#,&S Investsmart- Ban!alore6

T heoretical ac!groun"

Service lueprint

A service blueprint is a picture or map that accurately portrays the service system so that thedifferent people involved in providin! it can understand and deal 1ith it objectively re!ardless oftheir roles or their individual points of vie1. If 1e loo at I#,&S Investsmart- service blueprint

1

A--,el Scrips

$ake +allsSe!- e/ *ake

A oi!tme

"i#e

$eet "et the form

Si !e- '

+ollect

+all the

elatio!ship

$ake +alls Process the o

forwar- for

*ake +allse/

!form !sta(e

+o!tact %mp abo't

i& Appoi!tme!ts

for !sta(e

+o!tact

+lear

Process the

*rai! +o!tact

%mployees !form

abo't

-eficie!ci

Process forms

a!- look for

A-#ise the

+lie!t

Acti#ate

+lie!ts

Acco'!t

"e!erate



assumes special si!nificance here. #et us first loo at an experience shared by some customers-1hich they themselves termed to be very memorable. "n ;th anuary <>>?- the share maret inIndia 1itnessed a dramatic fall- 1hich a leadin! national daily termed as 8blood on %alal Street:.Accordin! to the customers 1hich 1ere contacted- the next day 5;Dth an6 many of their friendstradin! 1ith other broin! houses simply could not trade as their terminals 1ere closed on thatdayO but these customers 1ere able to save themselves as I#,&S did not close its terminals.Clearly- such incident create not only positive ima!e of the company but also form an emotional bond 1ith the customers.

The blueprint 1ill have components9

• Physical Evidence

• Customer Actions

• "nsta!e 4isible Contact Employee Actions

• Bacsta!e Employee Actions and

• Support Processes

Physical evidence refers to those elements of a service 1hich provide certain de!ree of

tan!ibility to it lie pamphlets- 1ebsites etc. customer actions include all of the steps that

customers tae as part of the service delivery process. The actions of frontline contact actions

that occur as part of face2to2face encounter as termed as onsta!e contact employee actions. This

component of the blueprint is separated from the customers by the line of visibility. Everythin!

belo1 the line of visibility is not visible to the customers. Bacsta!e contact employees fall

belo1 this line. Bacsta!e contact employees fall belo1 this line. Telephone calls made to the

customers is one example of the bacsta!e contact employee action. Service blueprints provide

the employees 1ith an overvie1 so that they can have understandin! of their 1or. It reinforces

the customer focused approach. The line of interaction bet1een external customer and

employees illuminates the customer0s role. The line of visibility dra1n promotes a conscious

decision on 1hat customers should see and 1hich employees 1ill be in contact 1ith the

customers- thus facilitatin! relational service desi!n.

Service Encounters

Service encounters or the 8moments of truth: create the most vivid impressions of the service

1hen the customer interacts 1ith the service firm 5Qeithaml- <>>>6. Throu!h these encounters

the customers receive a snapshot of the or!ani+ation0s service 3uality- and each encounter

contributes to the customer0s overall satisfaction level and 1illin!ness to do business 1ith the

or!ani+ation. Errors committed at early sta!e are very critical and they do have a cascadin!

effect- because a failure at one point results in hi!her dissatisfaction at each subse3uent level.

&irst interaction is especially critical for the ima!e of the or!ani+ation- ho1ever- that does not

mean that other interactions are not important. Every encounter is important as it helps in

formin! a composite ima!e of the or!ani+ation. The difference lies in the ma!nitude of

importance.

2



Belo1 is a simple three2sta!e service encounter that normally happens at I#,&S Investsmart

Securities #imited till the point of customer ac3uisition.

&i!ure J < 5Service Encounter at IIS#6

Encounters can of three !eneral types2 remote encounters- phone encounters- and face2to2face

encounters. $emote encounter can happen throu!h 1ebsites or mails- that is- 1ithout any direct

human contact.

Customer Satisfaction

The first basic concept is that of customer expectation. Customer expectation- as Bitner ,

Qeithaml say- are beliefs about service delivery that function as standards or reference points

a!ainst 1hich performance is jud!ed. Thus- for providin! a !ood 3uality service it becomes

critical to understand 1hat a customer expects comin! into the service experience. 'ot

understandin! the expectations of customer can put a lot of cost to the company. Besides- it 1ill

stand to lose its customers and this ultimately may even lead to extinction of the firm from the

maret.

The second important concept is that of customer perception. Perception can be termed as the

process by 1hich an individual selects- or!ani+es- and interprets stimuli into a meanin!ful and

coherent picture of the 1orld. 'o1- in our case perception is the reflection of ho1 a service has

actually been received. Perceptions are al1ays relative to the expectation.

E(PECTE%

C*ST"ME$ =AP

PE$CEI4E%

1

Sales +all

$eet the +lie!t

+o!#i!ce im

"et the orm Si(!e- )p



&i!ure J 5Customer =ap6

If there is no difference bet1een expectation and perception than a customer is said to be

satisfied- or in other 1ords- 1e can say that if upon evaluation of a service the customer finds it

to meet his needs and expectations then he 1ould be satisfied. This customer !ap can be betterunderstood throu!h table;.

"ne frame1or that has been put for1ard based on the 3ualities associated 1ith the !oods and

services to differentiate bet1een the t1o. These 3ualities are of follo1in! types 2

;. Search 3ualities J the 3ualities 1hich can be determined before the actual

purchase.

<. Experience 3ualities J the 3ualities discernable only after purchase or durin!

consumption.

. Credence 3ualities J the 3ualities that a consumer may find impossible to evaluate

even after the purchase and consumption.

Since the last t1o 3ualities dominate in the service sector- consumers employ different

techni3ues in decision main! process J information search- evaluative criteria- si+e and

composition of the evoed set of alternatives- perceived ris- attribution of dissatisfaction etc.

"ne important issue in the discussion of customer satisfaction is that of 3uality. It has been often

observed that 3uality and satisfaction are used interchan!eably. But these t1o are different

concepts. Satisfaction is a broader concept 1hile service 3uality assessment focuses specifically

on dimensions of service J

;. $eliability<. $esponsiveness

. Assurance

F. Empathy

. Tan!ibles

Customer satisfaction is influenced by specific product or service features and by perception of

3uality as discussed above. It is also influenced by customers0 emotional responses- their

attributions and their perceptions of e3uity.

Service features influence a customer to a !reat extent. $esearch su!!est that customers mae

trade2offs amon! different service features dependin! on the type of service bein! evaluated and

the criticality of the services.

Customer0s emotions are important factors affectin! his perception of satisfaction 1ith the

services. Emotions can be stable- pre2existin!- mood state or life satisfaction. A customer in !ood

mood may i!nore mistaes 1hile the same customer- 1hen in a foul mood may mae an issue of

sli!htest mistaes.

2



Attributions- i.e.- the perceived causes of events also influence the satisfaction level of

customers. &or many services- customers at least tae partial responsibility for ho1 thin!s turn

out.

Perceptions of e3uity or fairness- if a customer feel that he is fairly treated lie !ettin! services- payin! fair to services.

The difference bet1een customer expectations and perceptions is no1n as customer !ap.

=ap ;9 the promotional !apThe ori!in of the problem lies in the company0s maretin! communications.In the bid to !et ne1 customers by sellin! the benefits of their product or service companies canvery easily create expectations in the minds of customers that 1ill be difficult to fulfill.

=ap <9 the understandin! !apAnother problem area is that the or!ani+ations do not have a proper understandin! of customers0

needs and priorities. If they don0t reali+e 1hat is important to customers- it is 3uite possible thatcustomer 1ill not be satisfied despite !ood 3uality of service.

=ap 9 the procedural !ap%espite the or!ani+ation havin! proper understandin! of 1hat matters most to the customers itmay still fail to deliver customer satisfaction if it cannot translate customers0 expectations intoappropriate operatin! procedures and systems.

=ap F9 the behavioral !apSometimes or!ani+ations establish clear procedures 1hich can match 1ith the customers0 needsand priorities but still fail to achieve a consistently hi!h level of customer satisfaction because

staff may not be sufficiently trained or disciplined to follo1 the proper procedures at all times.

=ap 9 the perception !apIt is possible that above mentioned !aps do not exist still some customers may be dissatisfied.This is because of the customers0 perception of the performance of or!ani+ation 1hich maydiffer from reality. A customer 1ho 1as upset by offhand- unhelpful service sometime in the past 1ill form an attitude that the or!ani+ation is not concerned and it may tae considerabletime and much experience of !ood personal service before that perception !ets chan!ed.

1



Table J ; 5Actual v Expected Service6

% ntro"uction to the Stu"y

A service blueprint is a picture or map that accurately portrays the service system so that thedifferent people involved in providin! it can understand and deal 1ith it objectively re!ardless of

1



their roles or their individual points of vie1. Blueprintin! is 1idely used to analy+e and informservice delivery and service desi!n.

e have seen earlier- service sector is playin! a major role in the Indian economy. It is in thisli!ht that Mary o Bitner puts for1ard the ar!ument that firms can no lon!er compete solely on providin! superior value throu!h their core products- but rather they must move into the realm ofcustomer experience mana!ement- creatin! lon!2term- emotional bonds 1ith their customersthrou!h the co2creation of memorable experiences potentially involvin! a constellation of !oodsand services. It is here that service blueprintin! assumes an important role as a tool of serviceinnovation and service improvement. Service blueprints are customer2focused- allo1in! firms tovisuali+e the service processes- points of customer contact- and physical evidence associated 1iththeir services from customers0 perspective. Blueprints also illuminate and connect the underlyin!support processes throu!hout the or!ani+ation that drive and support customer2focused serviceexecution. This paper aims to create the service blueprint of the company 1ith the help of its customers-

both- internal as 1ell as external. The focus- ho1ever- 1ould be on the internal customers to findout 1hether they understand the service process and their satisfaction 1ith the support processes.Besides- the paper 1ill also see customers0 experience 1ith the onsta!e contact employees- thatis- the role of service encounters. As such- the paper needs to consider customer satisfaction andcustomer !ap also.

O

bjectives

The major objectives of the project can be stated as follo1s9

2



1. To analy+e the existin! service blueprint of I#,&S Investsmart Securities #imited.2. To assess the service encounters 1ith the customers.3. To find out the service encounters 1hich are most satisfyin! for the customers and 1hich

are most dissatisfyin! for the customers.F. To find out the customer !aps in the process. To su!!est strate!ies for the improvement of the service delivery process of the company

and as such delete those service encounters 1hich cause dissatisfaction and encoura!ethose encounters 1hich satisfy the customers most.

S cope of the stu"y

The study has been conducted on the I#,&S Investsmart0s Ban!alore operations. It has taen

into consideration the functionin! of the online tradin! and broin! arm of I#,&S Investsmart.

&or this purpose both internal and external customers of the company 1ere surveyed. The report

assumes importance because of the recessionary trend that the economy had been 1itnessin!

since last ; and half years and because of the ne!ative maret sentiments !enerated in the 1ae

of incidents related to #ehmann brothers and Satyam. 7o1 the company is still able to entice

customers into investin! and ho1 that can be made more effective is one 3uestion of special

interest.

& imitations of the stu"y

This study is conducted 1ith the aim of !ettin! accurate information- authentic information.7o1ever- there 1ere some constraints. The bi!!est challen!e 1as- in the present maret

scenario- as the maret crashed from <;>> points to ?>>> and people had lost their money it 1as

difficult to interact 1ith the customer because they 1ere not 1illin! to participate in !ivin!

feedbac also. The foremost limitation is to identify 1hich customers to choose for the intended

survey. Then a!ain the sample si+e and samplin! techni3ue to be used 1ill also be under

3uestion. "ne limitation 1as to !et into touch 1ith some of the customers because of they 1ere

premium customers and it 1as not easy to approach them. Also- because of the not bein! fluent

1ith the local lan!ua!e Nannada- it became difficult to interact 1ith many customers. "ne of the

bi!!est hurdles in this project is the part of customer vie1point mappin!. =ettin! customers to

elicit response 1hen they mi!ht not be interested in participatin! in any such exercise is a verytou!h and cumbersome tas- especially !iven the maret conditions.

1



#etho"ology of t he * esearch

Maretin! research covers a 1ide ran!e of phenomena. The tas of maretin! research is to helpspecify and supply accurate information to reduce the uncertainty in decision main!.

7ere the method of research adopted is descriptive. Besides- since the customers to be surveyed

are !enerally very hi!h profile 1ith 1hich interactions have to be limited- the number of existin!

customers surveyed cannot be very hi!h. So the sample si+e taen for research is >. Besides-

intervie1 of the employees of the company is also taen for the research.

The !eo!raphical area 1as restricted to Ban!alore city only.

Simple random samplin! is the basic samplin! techni3ue 1here 1e select a !roup of subjects for

study from a lar!er !roup. Each individual is chosen entirely by chance and each member of the population is e3ually liely to be chosen at any sta!e in the samplin! process. &or our purpose-

the respondents 1ere chosen from the customer database available to us throu!h simple random

samplin! only.

The methods follo1ed for data collection under primary sources are listed belo19

• )uestionnaire survey of existin! customers

• Intervie1 of external customers

• Personal intervie1 1ith the internal customers

Existin! customer database 1as collected before proceedin! for fillin! up the 3uestionnaire.

The 3uestionnaire desi!nin! is an important aspect of the research. &or this purpose- t1o inds of

3uestions 1ere taen2 in the first type there 1ere only t1o options for the customers- i.e.- yes or

noO for the second type a #iert scale 1as used. 7ere the customers are ased to rate the !iven

parameters on a scale of one to five. Besides- t1o open2ended 3uestions 1ere also ept in the

3uestionnaire.

1



,ata Analysis

In order to analy+e the service delivery process and the role of service encounters in customer

satisfaction- 1e conducted a survey of fifty existin! customers of the company.

The respondents 1ere ased about the first service encounter in the 1hole service delivery

process. The 3uestion 1as concerned 1ith the 1ay the executives pitch the product. &orty2six out

of fifty respondents felt that IIS# executives !ave them a proper explanation on the product

features and they 1ere 3uite convincin! in their presentations. This has been sho1n 1ith the help

of pie2chart belo1 5fi!ure J F6.

&i!ure J F

The next 3uery put for1ard to the respondents 1as concerned 1ith their perception re!ardin!

IIS# executives0 ability to understand the customer re3uirement. As 1e no1- the company

offers different products under one stable so it becomes imperative that the executive first listen

to the customer re3uirements and then pitch a particular product 1hich suits their needs. In this

case forty2four respondents felt that the IIS# executives did understand their needs 3uite 1ell and

su!!ested them the best product. Six customers felt that IIS# executives did not understand their

needs properly. They had different opinions on the matter- lie fe1 of them 1anted a hi!her ASP

but the executives pitched a lo1er ASP.

&i!ure 2

As re!ards to the reply to their 3ueries- ninety2 four percent respondents- that is forty2seven

people felt that their 3ueries 1ere ans1ered to their satisfaction.

&i!ure J

The fifth 3uestion ased to the respondents 1as concerned 1ith the punctuality of IIS#

executives. 'inety2six percent- that is forty2ei!ht people replied that the IIS# executives 1ere

never behind the schedule. Some respondents even admired the fact that the executives !enerally

reach fe1 minutes prior to the schedule.

1



&i!ure 2 D

The next 3uery 1as re!ardin! the demonstration !iven to the customers. This is one area of

concern 1hich emer!ed durin! the course of the study. Accordin! to ei!ht respondents- that is

sixteen percent- IIS# executives- thou!h !ave a demonstration- they could have !iven a moredetailed demonstration- see fi!ure2?.

&i!ure J ?

The respondents- ho1ever- 1ere unanimous in their appreciation of the tips received from the

company. They said that not only did they receive timely tips but also the tips 1ere !enerally

correct. This is sho1n belo1 in fi!ure2@.

&i!ure J @

The respondents 1ere ased about relationship mana!ers 5$M6 assi!ned to them. "nly five

respondents replied that they 1ere assi!ned an $M.

&i!ure J ;>

The above reply- ho1ever- cannot be used to jud!e the satisfaction. So the next poser 1as

important in this re!ard. The next poser 1as re!ardin! the satisfaction level of the customers

1ith their respective $Ms. A!ain four respondents out of five 1ere 3uite satisfied 1ith the 1or

of their respective $Ms.

&i!ure J ;;

All the respondents said that they have access to the research reports.

To the next 3uery- that is the utility of the toll2free number all the respondents 1ere once

a!ain unanimous that toll2free number is very helpful and they also appreciated that this

toll2free number 1ors from any cell2phone connection. The respondents 1ere a!ain

unanimously positive that their calls are properly ans1ered by the executives.

&i!ure J ;<

2



'ext- the respondents 1ere ased 1hether they found the 1ebsite useful. To this 3uestion 1hile

thirty2seven people replied in affirmative and ten in ne!ative- three people did not reply- as seen

in fi!ure J ; belo1.

&i!ure J ;

After1ards the respondents 1ere ased 1hether they are satisfied 1ith the online tradin!

facilities- thirty2nine 1ere positive- 1hile eleven people 1ere not satisfied. Some felt that online

account should also 1or on open2source bro1sers lie Mo+illa &irefox. This result is sho1n

belo1 in fi!ure J ;F.

&i!ure J ;F

$e!ardin! the next 3uery on their most satisfyin! experience 1ith IIS#- there 1ere varied

responses. The most prominent ans1ers 1ere9

a6 Seamless connection of savin!s 2 tradin! 2 demat accounts.

b6 Interactions 1ith the $M

c6 'o hidden char!es as told by the sales executive.

'o1- the next 3uery concerned 1ith the most dissatisfyin! experience of the customers. To this

3uery the most prominent reply 1as2 time taen in openin! the account exceeded beyond the

promised time limit of ?2;> 1orin! days. T1enty2three respondents felt that the time taen toopen the account 1as more than the promised duration and they should have been told of this

earlier. Ten respondents felt that the ASP should not be promoted as refundable because it is

very tou!h to !et the refund- and sales executives should not use the 1ord 8refundable:.

&i!ure 2 ;

After1ards- the respondents 1ere ased to rate some critical parameters on a scale of ;2 - 1ith

the smallest di!it standin! for hi!hly dissatisfied- < for some1hat dissatisfied- for neutral- F for

some1hat satisfied and for hi!hly satisfied. These parameters can help us to understand therole of different service encounters in the customer satisfaction.

The first 3uery 1as on the calls made by the IIS# employees. 7ere- it 1as found that ten

respondents 1ere hi!hly dissatisfied 1hile seven 1ere some1hat dissatisfiedO on the other hand

t1enty people 1ere satisfied 1hile three 1ere hi!hly satisfied. Ten people 1ere neither satisfied

2



nor dissatisfied. The reason for such hi!h level of dissatisfaction 1as mainly that on many days

more than one call 1ere made by different executives to the same customer for same objective.

&i!ure J ;

'ext- parameter 1as the behavior of the IIS# executives. To this- most of the respondents

5forty6 replied that they 1ere satisfied 1ith the behaviour- 1hile five people 1ere hi!hly

satisfied and five respondents 1ere neutral.

&i!ure J ;D

As re!ards to the reply of executives to the 3ueries of the customers- it 1as found that

t1enty2six respondents 1ere satisfied and six 1ere hi!hly satisfied- but ten respondents1ere neutral- seven respondents 1ere not satisfied 1hile one respondent said that he 1as

hi!hly dissatisfied.

&i!ure J ;?

Then one critical parameter for the study 1as taen to be the perception of the customers

re!ardin! the no1led!e of the executives to advice on tradin!. A!ain here it 1as found that the

satisfaction 1as very hi!h. In this case the number of respondents in the hi!hly dissatisfied

cate!ory 1as nil 1hile those 1ho 1ere sli!htly dissatisfied 1as found to be five- those on neutralside 1ere also just three 1hile those 1ho 1ere satisfied and hi!hly satisfied 1ere t1enty2nine

and thirteen.

&i!ure J ;@

The broera!e char!ed by the or!ani+ation is one important area of concern 1hich mi!ht cause

satisfaction or dissatisfaction. 7ere it 1as found that ten people 1ere hi!hly dissatisfied 1ith the

broera!e char!ed 1hile the cate!ory of dissatisfied and neutral customer both contained five

respondents each. A!ain t1enty2three respondents 1ere satisfied and seven 1ere hi!hly satisfied.

&i!ure J <>

2



The tradin! screen and the speed of the bro1ser 1as an important parameter of our study as it is

one service encounter that taes place almost every2day and even several times in one day

despite bein! a remote encounter. 7ere- it 1as found that thirty2one respondents 1ere satisfied

1hile seventeen users 1ere hi!hly satisfied and t1o 1ere neutral.

&i!ure J <;

The next important parameter for the study is related to both procedural !ap as 1ell as

promotional !ap. The 3uestion ased 1as concerned 1ith the time taen to open the tradin! and

demat account by IIS#. 7ere 1e found that thirteen customers 1ere hi!hly dissatisfied 1hile

seventeen respondents 1ere dissatisfied. "n the other hand- ei!hteen customers 1ere satisfied

1hile t1o customers 1ere hi!hly satisfied.

&i!ure J <<

Then- one area 1hich creates extra number of face2to2face encounters is concerned 1ith the

deficiencies in the forms. In order to clear these deficiencies an executive has to !o and meet the

clients more than once- and as such it is very difficult to secure an appointment for the purpose.

This pushes the activation date for1ard and conse3uently increases the chances of

dissatisfaction. So the respondents 1ere ased re!ardin! their satisfaction level 1ith the

meetin!s they have 1ith the executives prior to the activation of their account. It 1as observed

that three respondents 1ere hi!hly dissatisfied and seven 1ere dissatisfied- t1o respondents 1ere

neutral- t1enty2nine 1ere satisfied and nine 1ere hi!hly satisfied. This hi!h level of satisfaction

can be attributed to various factors lie prompt and pro2active approach of the executives- as 1e

1ere told by many respondents.

&i!ure J <

The last parameter is concerned 1ith the telephone encounter. The respondents 1ere ased about

their satisfaction level 1ith the time they have to 1ait on the toll2free number of the company. It

1as found that t1enty2nine people 1ere satisfied 1ith the response time- nine 1ere hi!hly

satisfied- t1o 1ere neutral- seven people 1ere dissatisfied and three 1ere hi!hly dissatisfied.

&i!ure J <F

1



e sa1 the various replies that 1e !ot from different customers on different parameters. These

parameters 1ere clubbed to!ether to !et a clear understandin! of the satisfaction of the

customers 1ith IIS#. All the levels of scale 1ere !iven different 1ei!ht as follo1s9

7i!hly dissatisfied 5hi!h dis62;- dissatisfied 5dis62<- neutral 5neut62-satisfied2F- hi!hly

satisfied5hi!h sat62. These values are sho1n in bracet besides the cate!ories under a bracet.

hi(h-is1

-is2

!e't3

sat4

hi(hsat5

calls ma-e 10 7 10 20 3

beha#ior 0 0 5 40 5

k!owle-(e of e&ec'ti#e 0 5 3 2 13

reply of e&ec'ti#e 1 7 10 26 6

brokera(e 10 5 5 23 7tra-i!( scree! browser spee- 0 0 2 31 17acco'!t ope!i!(-'ratio! 13 17 0 18 2meeti!( beforeacti#atio! 3 17 6 1 2

espo!se time 3 7 2 2 Table J <

'o1- number of respondents in each cate!ory for every parameter 1as multiplied 1ith theirrespective 1ei!ht and then all these values for the parameter 1ere added. This sum 1as divided

by the number of respondents that is fifty. This 1ay the avera!e 1as calculated for each

parameter- as sho1n belo1.

hi!h dis dis neut sat

hi!hsat Total Score

MaxScor

calls made ;> ;F > ?> ; ;F@ <.@?

Behavior > > ; ;> < <>> F

no1led!e of executive > ;> @ ;; <>> F

reply of executive ; ;F > ;>F > ;D@ .?

broera!e ;> ;> ; @< ;< .<F tradin! screen , bro1serspeed > > ;<F ? <; F.

account openin! duration ; F > D< ;> ;<@ <.?

meetin! before activation F ;? D ;> ;F; <.?<

$esponse time ;F ;; F ;?F .?

1



.FFFFF

Table J

'o1- for the study conducted each 1ei!hted avera!e is the score for that particular parameter-

1hile maximum possible score can be only five. Tain! these values the follo1in! !raph 1as

plotted.

&i!ure J <

As one can see in the above fi!ure- the blue line si!nifies the score or customers0 perception

1hile the red line sho1s the maximum possible score or customers0 expectation. So the arealyin! bet1een the t1o lines sho1s the customer !ap. 7ere- 1e can say that the difference

bet1een the score and maximum is the !ap in satisfaction level. Het- since maximum possible

score is five- any score above <. 1ill si!nify satisfaction 1hile values belo1 that 1ill satisfy

dissatisfaction. 'o1- in the above !raph 1e can see the least score is for the account openin!

duration- 1hich is <.?- 1hile the score for tradin! screen and bro1ser speed is F.- that is

approachin! - so satisfaction in this re!ard is very hi!h.

$in"ings

The last !raph in the previous section 5fi!ure J <6 can be used to summari+e the major findin!s

of the study.

Thus- the thin!s 1hich have emer!ed durin! the course of the study are9

1. Some service encounters are very critical in creatin! hi!her level of satisfaction. 7ere it

has emer!ed that the remote encounter 1hich occurs more fre3uently- that is the online

tradin!- is responsible for hi!her level of satisfaction.

2



2. Telephone encounters- related to toll2free number also create a hi!her level of

satisfaction.

3. Telephone encounters that relate to customer ac3uisition are responsible for a lo1er

satisfaction. This happens mainly because of the repeated calls to the same customer.

4. Customers are hi!hly satisfied 1ith the no1led!e of the executives.. The behaviour of the employees is satisfactory in the eyes of the customers.

6. The time taen to activate the account is a source of dissatisfaction as there exists a

promotional !ap. The company promises to activate the account in ;>2;< 1orin! days-

but in many cases this stretches to ;2;? 1orin! days.

7. =enerally- the customers are satisfied 1ith the demonstration- yet there is scope for

improvement. Even- durin! the interaction 1ith employees it 1as found that despite

no1led!e at times they are not able to !ive a very !ood demonstration.

?. The customers have- !enerally- been found to be satisfied 1ith the reply of the executives

to their 3uery. This can be inferred from the avera!e of the 3uery 1hich is .? and is

very close to satisfaction level.. It also emer!ed that many times application forms tae F2 days lon!er to !et activated

despite not bein! in deficiency- or after deficiencies are cleared.

;>. The response time of the executives has also played an important role in the satisfaction

level of the customers- as is clear from the avera!e of .?.

;;. Ei!hty percent respondents 1ere found to be satisfied 1ith the 1or of their relationship

mana!er 5$M6.

12.Ei!hty2ei!ht percent respondents believed that the IIS# executives understood their

re3uirements 3uite 1ell and 1ere hence satisfied.

;. Broera!e char!ed by the company is one area 1here the company should 1or on. The

satisfaction index sho1s the level of satisfaction in this re!ard to have an avera!e of .<Fonly.

S uggestions

The company can do 1ell by implementin! certain chan!es and brin!in! out someimprovements in its operations. e sa1 that- most of the service encounters are basic and could

not be done a1ay 1ith- yet certain aspects can be taen care of. As has been observed in the

satisfaction index !raph- the difference bet1een the blue line and red line sho1s the customer

!ap. Those points 1here the !ap is less- the company should try to 1or on in the lon! run as the

satisfaction is hi!her and thus 1ould be further enhanced. But those areas 1here the !ap is

!reater- the company should loo at and immediately try to brid!e the !ap. The company may9

1



1. Employees should be trained continually especially in the technical aspects of the job so

that they can eep the number of deficiencies to the minimum and thereby decrease the

procedural !ap. This 1ould not only fasten the process of account activation but also

improve customer satisfaction.

<. This trainin! 1ill subse3uently further reduce the number of face2to2face serviceencounters- the number of 1hich is already lo1. This 1ould place more importance on

remote encounter and telephone encounters 1here the satisfaction level is !ood.

3. Moc demonstration should be conducted by the employees in the office itself by the

onsta!e contact employees amon! themselves and they should try to assess their

1eaness and stren!ths in the presentation.

4. Account activation duration should be decreased from the present level of ;2;? 1orin!

days to the promised duration of ;>2;< 1orin! days. This 1ill brin! do1n the

promotional !ap.

5. Broera!e char!ed by the company should also be brou!ht do1n to compete 1ith other

players- as the customers feel that major players lie ShareNhan and $eli!are arechar!in! lo1er broera!e in different plans- especially in intra2day tradin!.

6. Company should dra1 a ne1 blueprint- 1hich 1ould clearly identify the contact

employees 1ho mae calls for customer ac3uisition. Besides it 1ill portray the service

system so that the different people involved in the process can understand and deal 1ith it

objectively re!ardless of their roles or their individual points of vie1.

&earning from the *esearch

%urin! the course of this study service blueprintin! 1as learned 1hich is a very important

concept in service desi!n and delivery. Besides 1orin! in the field instilled confidence and

no1led!e of financial maret. Moreover 1orin! in team and professional attitude are t1o

important attributes that 1as developed durin! the course of this study. The 1or environment

1



1as such that one not only !ets to learn the sales part- 1hich 1as the core 1or area- but also

helped develop an aptitude for understandin! ups and do1n of the e3uities maret.

It can be said that learnin! 1as not limited to academic field rather 1as also practical.

Conclusion

This project 1as an opportunity for the application of concepts of maretin! in the real2time. As

such- the research 1as conducted to apply the concepts learned before the be!innin! of this

internship. These concepts 1ere not limited to domain area- rather the research re3uired

application of several disciplines lie maretin! research- 3uantitative techni3ues- information

systems- finance and above all maretin! of services. The field1or undertaen 1as challen!in!

and one could easily observe the !roup dynamics at 1or.

2



Maretin! of services assumes special importance in the current economic scenario not only

because of the share of services in Indian =%P but also because of the fact that as an economy

develops its share in =%P increases- and as such this is applicable across the 1orld.

The research 1as an opportunity to understand the service delivery process of a major financialinstitution of the country. Then the concept of service blueprint 1as used to understand customer

needs and as a tool of service improvement. Throu!h the service blueprint- all the service

encounters 1ere analy+ed and classified as most satisfyin! and dissatisfyin! service encounters.

)uestionnaire desi!nin! 1as an important issue because throu!h it not only customer !ap had to

be understood but also- the service encounters 1hich could be satisfyin! or dissatisfyin! to the

customers had to be understood. &or this SE$4)*A# 1as taen as the model.

&inally the research has come out 1ith su!!estions 1hich could be implemented by the company

in order to enhance its service 3uality.

APPE(,%3

4+EST%O((A%*E

(ame:

Age : elo- 56777 56 8 96777 960 6777 above 6777

Occupation: Company:

1. 2o- long have you been associate" -ith %&'$S %nvestsmart Securities &imite"

;%%S&<=

a >0? years b< ?0 6 years c< more than 6 years

1. Are the %%S& executives able to properly explain the pro"uct=

2



a @es b< (o

1. Are the %%S& executives able to un"erstan" your re/uirements=

a @es b< (o

1. Are the %%S& executives able to reply to your /ueries to your satisfaction=

a @es b< (o

1. ,o the %%S& executives meet you at the sche"ule" appointments=

a @es b< (o

?. ,i" the executive give you a proper "emo=

a @es b< (o

1. ,o you receive timely tips from %%S&=

a @es b< (o1. ,o you have relationship manager ;*#< assigne" to you=

a @es b< (o

?. Are you satisfie" -ith your *#s -or!=

a @es b< (o

?. ,o you have access to research reports=

a @es b<(o

1. ,o you fin" the toll free number to be useful=

a @es b<(o

?. @our calls are replie" to in proper manner by the executive=

a @es b< (o?. ,o you fin" the -ebsite useful=

a @es b< (o

1. Are you satisfie" -ith your online tra"ing facilities=

a @es b<(o

1. Bhat -as your most satisfying experience -ith %%S&=

2. Bhich aspect of the service provi"e" by %%S& that left you "issatisfie"=

1



9. *an! the belo- mentione" parameters on ? to 61 the least being for "issatisfaction

an" higher "igits for satisfaction.

,issatisfie" (eutral Satisfie"

2igh &o- Some-hat 2igh

Calls ma"e by %%S& employees ? 5 9 6

The behavior of the employees ? 5 9 6

The employees reply to your /ueries ? 5 9 6

The employees !no-le"ge to a"vise you

about the tra"ing.

? 5 9 6

The bro!erage charge" ? 5 9 6

Online tra"ing screen ' spee" of the

bro-ser

? 5 9 6

Time ta!en to open your tra"ing

account by %%S&

? 5 9 6

(umber of times %%S& executives meetbefore activation of account

? 5 9 6

Time ta!en to ans-er on your toll free

number

? 5 9 6

ibliography

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?>.

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