synopsis icici & customer satisfaction.docx

7/28/2019 synopsis icici & customer satisfaction.docx

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BANKS IN INDIA

SYNOPSIS ReportON

CUSTOMER SATISFACTION


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BANKS IN INDIA

INTRODUCTION

The banking section will navigate through all the aspects of the Banking System in India. It

will discuss upon the matters with the birth of the banking concept in the country to new

players adding their names in the industry in coming few years.

The banker of all banks, Reserve Bank of India (RBI), the Indian Banks Association (IBA)

and top 20 banks like IDBI, HSBC, ICICI, ABN AMRO, etc. has been well defined under

three separate heads with one page dedicated to each bank.

However, in the introduction part of the entire banking cosmos, the past has been well

explained under three different heads namely:

History of Banking in India

Nationalization of Banks in India

Scheduled Commercial Banks in India

The first deals with the history part since the dawn of banking system in India. Government

took major step in the 1969 to put the banking sector into systems and it nationalized 14

private banks in the mentioned year. This has been elaborated in Nationalization Banks in

India. The last but not the least explains about the scheduled and unscheduled banks in India.

Section 42 (6) (a) of RBI Act 1934 lays down the condition of scheduled commercial banks.

The descriptions along with a list of scheduled commercial banks are given on this page.

HISTORY OF BANKING IN INDIA

Without a sound and effective banking system in India it cannot have a healthy economy.

The banking system of India should not only be hassle free but it should be able to meet new

challenges posed by the technology and any other external and internal factors.

For the past three decades India's banking system has several outstanding achievements to its

credit. The most striking is its extensive reach. It is no longer confined to only metropolitans

or cosmopolitans in India. In fact, Indian banking system has reached even to the remote

corners of the country. This is one of the main reasons of India's growth process.


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BANKS IN INDIA

Not long ago, an account holder had to wait for hours at the bank counters for getting a draft

or for withdrawing his own money. Today, he has a choice. Gone are days when the most

efficient bank transferred money from one branch to other in two days. Now it is simple as

instant messaging or dial a pizza. Money have become the order of the day.

The first bank in India, though conservative, was established in 1786. From 1786 till today,

the journey of Indian Banking System can be segregated into three distinct phases. They are

as mentioned below:

Early phase from 1786 to 1969 of Indian Banks

Nationalization of Indian Banks and up to 1991 prior to Indian banking sector

Reforms.

New phase of Indian Banking System with the advent of Indian Financial & Banking

Sector Reforms after 1991.

Major Banks in India

ABN-AMRO Bank

Abu Dhabi Commercial Bank

American Express Bank

Andhra Bank

Allahabad Bank

Bank of Baroda

Bank of India

Bank of Maharastra

Bank of Punjab

Bank of Rajasthan Bank of Ceylon

BNP Paribas Bank

Canara Bank

Catholic Syrian Bank

Indian Overseas Bank

IndusInd Bank

ING Vysya Bank

Jammu & Kashmir Bank

JPMorgan Chase Bank

Karnataka Bank

Karur Vysya Bank

Laxmi Vilas Bank

Oriental Bank of Commerce

Punjab National Bank Punjab & Sind Bank

Scotia Bank

South Indian Bank

Standard Chartered Bank
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Central Bank of India

Centurion Bank

China Trust Commercial Bank

Citi Bank

City Union Bank

Corporation Bank

Dena Bank

Deutsche Bank

Development Credit Bank

Dhanalakshmi Bank

Federal Bank

HDFC Bank

HSBC ICICI Bank

IDBI Bank

Indian Bank

State Bank of India (SBI)

State Bank of Bikaner & Jaipur

State Bank of Hyderabad

State Bank of Indore

State Bank of Mysore

State Bank of Saurastra

State Bank of Travancore

Syndicate Bank

Taib Bank

UCO Bank

Union Bank of India

United Bank of India

United Bank Of India

United Western Bank

UTI Bank
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OVERVIEW

ICICI Bank (formerly Industrial Credit and Investment Corporation of India). ICICI

Limited was established in 1955 by the World Bank, the Government of India and the Indian

Industry, for the promotion of industrial development in India by giving project and corporate

finance to the industries in India.

ICICI Bank has grown from a development bank to a financial conglomerate and has become oneof the largest public financial institutions in India. ICICI Bank has financed all the major sectors ofthe economy.

The Bank is expanding in overseas markets and has the largest international balance sheetamong Indian banks. ICICI Bank now has wholly-owned subsidiaries, branches and

representatives offices in 18 countries, including an offshore unit in Mumbai. This includes

wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary through which the

hisave savings brand is operated), offshore banking units in Bahrain and Singapore, an

advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and representative

offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab

Emirates and USA. Overseas, the Bank is targeting the NRI (Non-Resident Indian) population

in particular.

The Bank is expanding in overseas markets and has the largest international balance sheet

among Indian banks. ICICI Bank now has wholly-owned subsidiaries, branches and

representatives offices in 18 countries, including an offshore unit in Mumbai. This includes

wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary through which the

hisave savings brand is operated), offshore banking units in Bahrain and Singapore, an

advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and representative

offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab

Emirates and USA. Overseas, the Bank is targeting the NRI (Non-Resident Indian) population

in particular.

ICICI Bank's equity shares are listed in India on the Bombay Stock Exchange and the

National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are

listed on the New York Stock Exchange (NYSE).

Th i i l bj i d l fi i l i i i f P idi
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to a diversified financial service group offering a wide variety of products and services, both

directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI

become the first Indian company and the first bank or financial institution from non-Japan

Asia to be listed on the NYSE.

BUSINESS OBJECTIVES

Vision

To be the leading provider of financial services in India and a major global bank.

Mission

We will leverage our people, technology, speed and financial capital to:be the banker of first choice for our customers by delivering high quality, world-classservice.

Expand the frontiers of our business globally.

Play a proactive role in the full realisation ofIndiaspotential. maintain a healthy financial profile and diversify our earnings across businesses and

geographies. Maintain high standards of governance and ethics. Contribute positively to the various countries and markets in which we operate. Create value for our stakeholders.

Product and Services

Service and banking of ICICI bank categorized in to personal banking, business banking

and NRI banking services.

Personal banking- Deposit in form of saving, recurring, term deposit, senior citizen depositand children depository account are there for individual customer can also avail of theirhousing, automobile, farm equipment, business or personal loan scheme. Personal client canalso invest in mutual funds and participate in stock trading through ICICI bank.

Business bankingBusiness banking services of ICICI Bank are exhaustive. Projectfinancing, deal assessment, and land evaluation are investment banking services offered to

corporate clients. Global trade and cash management transaction services facilitateremittances and receipts across important cities. Capital market and custodial services enablebusiness houses to participate in equity trading and transfer across major stock markets of

world.


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Customer

ICICI bank targets all segment of customer with various types of products and services. I

interacted with a a lot of customers and collect their feedback on the given services of

company, and feedback are positive response from all point of view. Customers are

beneficiary from both sides monetary as well as non monetary. The bank targets to add nearly

500,000 customers under the new scheme in the next one year and plans to offer auto loans

through the new online channel in the future, ICICI Bank's Executive Director, V

Vaidyanathan, said here.

"As of now, nearly 24 per cent of our customer transactions are happening through internet.

We are primarily targeting our urban customers, who constitute nearly 70 per cent of our total

customer-base," Vaidyanathan said.

Customers, opting for the service can also benefit from the quantum optima facility, wherein

if the balance exceeds Rs 5,000, the money will automatically be transferred to a fixed deposit

scheme, he said. The facility, which also enable customers to transact between an ICICI Bank

account and accounts in other banks, is being offered free of cost, he said ICICI bank,

presently, has above 2 crore customers. The lender opened nearly 470 branches in the last

fiscal. The lender has also plans to launch 'SMS n Cash' scheme later this week under which

ICICI account holders can transfer funds to those who do not have a bank account. ICICI

bank is strongly committed to protecting the privacy of its customers and has taken all

necessary and reasonable measures to protect the confidentiality of the customer information

and its transmission through the world wide web and it shall not be held liable for disclosure

of the confidential information when in accordance with this privacy commitment or in terms

of the agreements, if any, with the customers.

ICICI bank Endeavours to safeguard and ensure the security of the information provided bythe customer. ICICI bank uses 128-bit encryption, for the transmission of the information,

which is currently the permitted level of encryption in India. When the information provided

by the customers is not transmitted through this encryption, the customer's system (if

configured accordingly) will display an appropriate message ensuring the best level of secrecy

for the customer's information.

The customer would be required to cooperate with ICICI bank in order to ensure the security

of the information, and it is recommended that the customers necessarily choose their


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passwords carefully such that no unauthorized access is made by a third party. To make the

password complex and difficult for others to guess, the customers should use combination of

alphabets, numbers and special characters (like! @, #, $ etc.). The customers should

undertake not to disclose their password to anyone or keep any written or other record of the

password such that a third party could access it.

ICICI bank undertakes not to disclose the information provided by the customers to

any person, unless such action is necessary to:

Conform to legal requirements or comply with legal process;

Protect and defend ICICI bank's or its affiliates rights, interests or property;

Enforce the terms and conditions of the products or services; or

Act to protect the interests of ICICI bank, its affiliates, or its members, constituents orof other persons.

Customer satisfaction is equivalent to making sure that product and service performance

meets customer expectations. It is the perception of the customer that the outcome of a

business transaction is equal to or greater than his/her expectation. Customer satisfaction

occurs when the acquisition of products and /or services provides a minimum negative

departure from expectations when compared with other acquisitions and when the marginal

utility of a transaction is equal to or greater than preceding acquisitions.

Customer satisfaction occurs when the perception of the reward from the purchase of goods or

services by the customer meets or exceeds his/her perceived sacrifice. The perception is a

consequence of matching past purchase and consumption experience with the current

purchase.

Customer Service and Satisfaction:

When we talk about customer service and/or satisfaction, we talk about creativity. Creativity

allows us to handle or diffuse problems at hand or later on rather in the process of conducting

the everyday business. We talk about how, or what, does the organization have to do to gain

not only the sale but also the loyalty of the customer. We want to know the payoff of the

transaction both in the short and long term. We want to know what our customers Want? We


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delighted and willing to come

Back, and so on. Fleiss 2 and Feldman 3 present examples of that delightfulness in their

writings. Fleiss has written about Ben and Jerrys ice cream and Feldman has discussed

excellence in a cab ride. As important as delightfulness is, some of us minimize it, or even

totally disregard it. At this point, we fail. Some of the issues that will guarantee failure in

sales, satisfaction, and loyalty are:

Employees must adhere to a rigid chain of command

Employees are closely supervised

Conflictin whatever formis not allowed

Rewards are based on carrot-and-stick principle


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Wrong objectives are measure.

We must understand customer expectation levels concerning quality. We must also

understand the strategy for customer service quality, and next we must understand the

measurement and feedback cycles of Customer satisfaction.

The customer is the person or unit receiving the output of a process on the system. In fact, it is

worth emphasizing that a customer can be the immediate, intermediate, or ultimate customer.

Also, a customer may be a person or persons, or a process or processes. Customer

satisfaction, however, is when the customer is satisfied with a product/service that meets the

customers needs, wants, and expectations.

There are at least three levels of customer expectations about quality:

Level 1. Expectations are very simple and take the form of assumptions, must have, or take it

for granted. For example, I expect the airline to be able to take off, fly to my destination, and

land safely. I expect to get the correct blood for my blood transfusion and I expect the bank to

deposit my money to my account and to keep a correct tally for me.

Level 2. Expectations are a step higher than that of level 1 and they require some form of

satisfaction through meeting the requirements and/or specifications. For example, I expect to

be treated courteously by all airline personnel. I went to the hospital expecting to have my

hernia repaired, to be in some pain after it was done, to be out on the same day, and to receive

a correct bill. And I went to the bank expecting the bank teller to be friendly, informative, and

helpful with my transactions.

Level 3. Expectations are much higher than for levels 1 and 2. Level 3 requires some kind of

delightfulness or aservice that is so good that it attracts me to it. For example, an airline gives

passengers traveling coach class the same superior food service that other airlines provide

only for first-class passengers. In fact, I once took a flight where the flight attendants actually

baked

cookies for us right there on the plane. When I went to the hospital, I expected staff to treat

me with respect and they carefully explained things to me But I was surprised when they


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called me at home the next day to find out how I was doing. And at my house closing, the

bank officer, representing the bank holding my mortgage, not only treated me with respect

and answered all my questions about my new mortgage, but just before we shook hands to

close the deal, he gave me a housewarming gift.

Research objective

1. To draw the comparative analysis of ICICI BANK Ltd with SBI etc.

2. To identify the major attributes of customer satisfaction.

3. To study customer perception about ICICI BANK Ltd.

4. To identify and study the various ways of ensuring customer satisfaction adopted by ICICI

BANK Vs HDFC & SBI.

RESEARCH METHODOLOGY

Data Collection Techniques:

This project consists of two parts.

The first part is a study of the banking industry, ICICI Bank using secondary data sources.

This secondary information has been sourced from the internet and from business related

magazines and newspapers.

The second part of the study has been done using an exploratory research process and a

structured questionnaire was developed for this purpose. For the collection of primary data


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Fe

this was the only method used. The reason I used this method is because a need was felt for

the free influx of information about the products. Also this method allowed the use of skills

gained in class.

Sample Design:

The population considered for the purpose of the survey was people residing in Delhi and the

National Capital Region (NCR).

Sampling Technique Used:

Since the information required was not of a very technical nature and also looking at the

scope of the project and the extent of the target segment, the sampling technique employed

was Convenience Sampling. I administered the questionnaires.

Sample Size:

I have restricted the sample size to 50 respondents. This was done keeping in mind the time

constraints and the fact that I felt that this number would be enough to serve the information

needs required to show the trends.

Questionnaire

Dear SIR/MADAM, I am conducting survey on ICICI. I shall be very thankful to give your

few minutes to me for answering my few questions below.

Name:


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Add:Contact no:Gender Male male

E-mail Id :

Group: 1825 2535 3545 4555

55+

Age

Occupation:Journalist

StudentProfessionalRetired PersonTechnical expertOther, please specify:

Income: 1 laces 1

3 laces 3

5 laces 5

7 laces 7

10 laces+10 laces

1:-WHICH OF THE FOLLOWING ATTRIBUTES COMPELLED YOU MOST TO OPEN

BANK?

(a) ATM cum DEBIT Cards

(b) Cheque Book

(c) Internet Banking/ Phone Banking

(D) Working Hours

(e) Value Added Services


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2:-Which TYPE OF SERVICE PREFERS THE MOST by you?

(a) ATM SERVICE

(b) INTERNET BANKING

(c) MOBILE BANKING

(d) CORE BANKING

(e) Retail Banking

3:-Wh ich of f oll owing banks do you have account?

(a) ICICI Bank

(b) SBI Bank

(c) HDFC BANK

(D) Axis Bank

(e) Other Pls specify

4:-WHAT TYPE OF ACCOUNT DO YOU HAVE I N BANK?

(a) Saving

(B) Current

(c) Fixed

(d) NRI

(e) Others Pls specify

5:-How many services off ered by your banks?

(a) D-Mat A/C

(b) Mutual Funds


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(c) e-Instructions

(d) LI & GI

(e) Digitally Signed Statement

6:-How would you know about these services?

(a) Advertisements

(b) Friends and Relatives

(c) Direct Selling Agents

(d) Others Pls specify

7:-What the people think about the Banks?

(a) Necessity for protection security

(b) Imposition of a burden of expenses

(c) A compulsory tool for SAVING

(d) Others Pls specify

8:-What a respondent see in purchase of new plan from Banks?

(a) Standing and goodwill of the company

(b) Product range of the company

(c) Advertisement being released by the company

(d) Services being given by the company

9:-Is ICICI Bank Provide better facilities than SBI & HDFC Bank?


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(a) Yes

(b) No

(c)Can`t Say

10:-Do you know what type of value added services provide by ICICI BANKS?

(a)-Young star

(b)-Senior citizen

(c)-Pre paid card

(d)-Recurring deposits

(e)-other

11:-How would you rate product offered ICICI Bank than other?

Low 1 2 3 4 5 High

12:-How would you rate product service / product vs. cost by ICICI Bank?

Low 1- 2 -3 -4 -5 High

13:-How would you divide 100 points on the basis of service provide by ICICI Bank?

(a)-Less formality

(b)-Flexibility

(c)-Less documentation

(d)-others

14:-H ow would you rate services off ered by ICICI Bank?

(a) Extremely Satisfied

(b) Satisfied (c)

Moderate (d)

Dissatisfied


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(e) Extremely Dissatisfied

15:-Would you like any recommendation to ICICI Bank?

Bibliography

www.rbi.org.in

www.moneycontrol.co

m www.nseindia.com

www.icicibank.com

www.google.com

Economic timesBusiness world
http://www.rbi.org.in/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.nseindia.com/http://www.icicibank.com/http://www.google.com/http://www.google.com/http://www.icicibank.com/http://www.icicibank.com/http://www.nseindia.com/http://www.nseindia.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.rbi.org.in/

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