Customer Satisfaction UAE Exchange

MAHATMA GANDHI UNIVERSITY
A STUDY ON CUSTOMER SATISFACTION

TOWARDS VARIOUS SERVICE OF UAE EXCHANGE,
KOLLAM DISTRICT, KERALA
by
RENJITH R
renjith08@yahoo.co.in
A Project Report submitted in partial
fulfillment for the award of the degree of
Master of Business Administration
(Marketing & HRM)
CC406
under the guidence of

Mrs. Jincy K C
Department of Management Studies

Sree Nikethan College
Chathanoor
April 2010
Declaration of Authorship
I, RENJITH, declare that this thesis titled, ‘A Study on Customer Satisfaction
Towards Various Service of UAE Exchange, Kollam District, Kerala’ and the work
presented in it are my own. I confirm that:
This work was done wholly or mainly while in candidature for a masters
degree at this University.
Where any part of this thesis has previously been submitted for a degree or
any other qualification at this University or any other institution, this has
been clearly stated.
Where I have consulted the published work of others, this is always clearly
attributed.
Where I have quoted from the work of others, the source is always given.
With the exception of such quotations, this project report is entirely my own
work.
I have acknowledged all main sources of help.
Signed:
Date:
i
“A Customer is the most important visitor on our premises.
He is not dependent on us.
We are dependent on him.
He is not an interruption on our work.
He is the purpose of it.
He is not an outsider on our business.
He is a part of it.
We are not doing him a favour by serving him.
He is doing us a favor by giving us an opportunity to do so. ”
Mahathma Gandhi
MAHATMA GANDHI UNIVERSITY
A Study on Customer Satisfaction Towards Various Service

of UAE Exchange, Kollam District, Kerala
Abstract
RENJITH R
This research investigates the satissfaction level of customers towards various ser-
vices offered by UAE Exchange Information was gathered using a customer survey
using a formulated questionnire. The literature provided discusses the various as-
pects of customer satisfaction. And the tools that can be used to measure level of
satisfaction. For the purpose of data analysis Percentage analysis, Graphical rep-
resentationa, Scaling techniques and chi-square test were used.Knowing the needs
and expectations of the customers, and meeting these, does not only lead to more
satisfied customers, but, very importantly, results in a more efficient and effective
provision of customer services. Overall findings from the study suggests various
feilds where much care to be put to get growth in the organisation.
Acknowledgements
I would like to thank my supervisor, Jincy K C for making this a meaningful
learning process. Her guidance and encouragement throughout the process of
formulating my ideas was invaluable. Her ability to view things pragmatically was
critical and priceless to the success of this study and needs to be commended.
I would like to thank Mr. Nainel S C, Head of the Department, Department of

Management studies for his valuable advices of conducting project work, which
form a part of the project and other lecturers of the department for the encourage-
ment, guidance and other instructions provided for the preparation of this report.
I express my sincere thanks to Mr. CHANDRA BOSE .B (Branch Manager, UAE

Exchange, Kulathupuzha) for granting me with the opportunity for doing this
project work worthwhile.
I would like to thank all employees from UAE Exchange Kulathupuzha, without
them this research would not have been successful.
Finally, I express my sincere thanks to my parents, well-wishers and all my friends

who helped me directly and indirectly for their encouragement and support to
complete the work.
Renjith R
iv
Contents
Declaration of Authorship i
Abstract iii
Acknowledgements iv
List of Figures viii
List of Tables x
1 Introduction 1
1.1 Background of the study . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1.1 UAE Exchange . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1.2 RBI Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2 Customer Satisfaction . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.3 Problem discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.3.1 Statement of the problem . . . . . . . . . . . . . . . . . . . 9
1.3.2 The objectives of the study . . . . . . . . . . . . . . . . . . 9
2 Organization Profile 11
2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2.2 Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.3 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.4 Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.5 Knowledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.6 Integrity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.7 Commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.8 Quality Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.9 Community Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2.10 Disaster relief efforts . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2.11 Cultural contributions . . . . . . . . . . . . . . . . . . . . . . . . . 16
2.12 Promotion of Sports . . . . . . . . . . . . . . . . . . . . . . . . . . 16
v
Contents vi
2.13 Recognition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
2.14 Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.15 Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.16 Advantages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.17 Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
2.18 Products & Services . . . . . . . . . . . . . . . . . . . . . . . . . . 19
3 Review of Literature 29
3.1 Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
4 Research Methodology 35
4.1 Research Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
4.2 Research Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
4.3 Research strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
4.4 Sample Selection . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
4.5 Data Collection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
4.6 Data Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
4.7 Validity and Reliability . . . . . . . . . . . . . . . . . . . . . . . . . 42
4.8 Tools For Data Analysis . . . . . . . . . . . . . . . . . . . . . . . . 42
5 Analysis 47
5.1 Overview of the sample . . . . . . . . . . . . . . . . . . . . . . . . . 47
5.2 Quantitative data presentation . . . . . . . . . . . . . . . . . . . . . 48
5.3 Descriptive statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 48
5.3.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . 49
5.3.2 Gender of the Respondents . . . . . . . . . . . . . . . . . . . 53
5.3.3 Educational qualification of the respondents . . . . . . . . . 54
5.3.4 Occupation of the respondents . . . . . . . . . . . . . . . . . 55
5.3.5 Products normally used by customer . . . . . . . . . . . . . 56
5.3.6 Rottenly avail our services . . . . . . . . . . . . . . . . . . . 57
5.3.7 Factors influencing for Preferring UAE Exchange for trans-
actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
5.3.8 Time taken to conclude transaction . . . . . . . . . . . . . . 59
5.3.9 Waiting time acceptance by the customers . . . . . . . . . . 60
5.3.10 Courteousness and helpfulness of branch staff . . . . . . . . 61
5.3.11 Counter staffs product knowledge and ability to convey in-
formation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
5.3.12 Level of satisfaction while doing currency exchange . . . . . 63
5.3.13 Level of satisfaction with Xpress money . . . . . . . . . . . . 64
5.3.14 Level of satisfaction through western union money transfer . 65
5.3.15 Level of satisfaction through money gram services . . . . . . 66
5.3.16 Peculiarities of Moneygram Service . . . . . . . . . . . . . . 67
5.3.17 Type of travel by the respondents . . . . . . . . . . . . . . . 69
5.3.18 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . 70
5.3.19 Number of flights travel during the year . . . . . . . . . . . 71
Contents vii
5.3.20 Mode of Reservation . . . . . . . . . . . . . . . . . . . . . . 72

5.3.21 Level of satisfaction during reservation . . . . . . . . . . . . 73
5.3.22 Quality of service provided in UAE EXCHANGE . . . . . . 74
5.3.23 Rate the quality of service provided by UAE Exchange . . . 75
5.3.24 Rate the grievance handling and complaint . . . . . . . . . . 76
5.3.25 Availing the services again . . . . . . . . . . . . . . . . . . . 77
5.3.26 Recommends UAE Exchange to others . . . . . . . . . . . . 78
5.3.27 Comparison to other exchange companies with regard to the
reliability . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
location & Timing . . . . . . . . . . . . . . . . . . . . . . . 80
rates & Charges . . . . . . . . . . . . . . . . . . . . . . . . . 81
faster Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
service at counter . . . . . . . . . . . . . . . . . . . . . . . . 83
6 Findings Suggestions and Conclusion 84

6.1 Results and Discussion . . . . . . . . . . . . . . . . . . . . . . . . . 84
6.2 Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
6.3 Factor influencing the choice of the UAE Exchange . . . . . . . . . 86
6.4 Suggestions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
6.5 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Bibliography 89
A Questionnaire 91
List of Figures
1.1 Customers expectations and customer satisfaction . . . . . . . . . . 7
2.1 Money Gram Agent Network Growth . . . . . . . . . . . . . . . . 26

2.2 Money Transfer Transaction Growth . . . . . . . . . . . . . . . . . 27
3.1 Customer satisfaction continues improvement . . . . . . . . . . . . 32

3.2 The Principle of pre-study . . . . . . . . . . . . . . . . . . . . . . . 33
3.3 Measuring customer satisfaction . . . . . . . . . . . . . . . . . . . . 34
5.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . . 49

5.2 Gender of the Respondents . . . . . . . . . . . . . . . . . . . . . . . 53
5.3 Educational qualification of the respondents . . . . . . . . . . . . . 54
5.4 Occupation of the respondents . . . . . . . . . . . . . . . . . . . . . 55
5.5 Rottenly avail our services . . . . . . . . . . . . . . . . . . . . . . . 57
5.6 Factors cause prefference of UAE Exchange . . . . . . . . . . . . . . 58
5.7 Time taken to conclude transaction . . . . . . . . . . . . . . . . . . 59
5.8 Waiting time acceptance by the customers . . . . . . . . . . . . . . 60
5.9 Courteousness and helpfulness of our branch staff . . . . . . . . . . 61
5.10 Counter staffs product knowledge and ability to convey information 62
5.11 Level of satisfaction while doing currency exchange . . . . . . . . . 63
5.12 Level of satisfaction with Xpress money . . . . . . . . . . . . . . . . 64
5.13 Level of satisfaction through western union money transfer . . . . . 65
5.14 Level of satisfaction through money gram services . . . . . . . . . . 66
5.15 Ranking of moneygram service based on scaling technique . . . . . 68
5.16 Ranking of moneygram service based on percentage analysis . . . . 68
5.17 Type of travel by the respondents . . . . . . . . . . . . . . . . . . . 69
5.18 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
5.19 Number of flights travel during the year . . . . . . . . . . . . . . . 71
5.20 Mode of reservation . . . . . . . . . . . . . . . . . . . . . . . . . . 72
5.21 Level of satisfaction during reservation . . . . . . . . . . . . . . . . 73
5.22 Quality of service provided in UAE EXCHANGE . . . . . . . . . . 74
5.23 Rate the quality of service provided by UAE Exchange . . . . . . . 75
5.24 Rate the grievance handling and complaint . . . . . . . . . . . . . . 76
5.25 Availing the services again. . . . . . . . . . . . . . . . . . . . . . . . 77
5.26 Recommends UAE Exchange to others . . . . . . . . . . . . . . . . 78
5.27 Comparison to other exchange companies with regard to the reliability 79
viii
List of Figures ix
5.28 Comparison to other exchange companies with regard to location

& timing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
5.29 Comparison to other exchange companies with regard to the rates
& Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
5.30 Comparison to other exchange companies with regard to the faster
Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
5.31 Comparison to other exchange companies with regard to the service
at counter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
List of Tables
4.1 Research strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
5.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . . 49

5.2 Chi-square test-one . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
5.3 Chi-square test-Two . . . . . . . . . . . . . . . . . . . . . . . . . . 51
5.4 Revised table based on yates correction . . . . . . . . . . . . . . . . 51
5.5 Chi square calculation-three . . . . . . . . . . . . . . . . . . . . . . 52
5.6 Gender of the Respondents . . . . . . . . . . . . . . . . . . . . . . . 53
5.7 Educational qualification of the respondents . . . . . . . . . . . . . 54
5.8 Occupation of the respondents . . . . . . . . . . . . . . . . . . . . . 55
5.9 Products normally used by the customer . . . . . . . . . . . . . . . 56
5.10 Rottenly avail our services . . . . . . . . . . . . . . . . . . . . . . . 57
5.11 Factors cause prefference of UAE Exchange . . . . . . . . . . . . . . 58
5.12 Time taken to conclude transaction . . . . . . . . . . . . . . . . . . 59
5.13 Waiting time acceptance by the customers . . . . . . . . . . . . . . 60
5.14 Courteousness and helpfulness of branch staff . . . . . . . . . . . . 61
5.15 Counter staffs product knowledge and ability to convey information 62
5.16 Level of satisfaction while doing currency exchange . . . . . . . . . 63
5.17 Level of satisfaction with Xpress money . . . . . . . . . . . . . . . . 64
5.18 Level of satisfaction through western union money transfer . . . . . 65
5.19 Level of satisfaction through money gram services . . . . . . . . . . 66
5.20 Ranks given for the money gram service . . . . . . . . . . . . . . . 67
5.21 Type of travel by the respondents . . . . . . . . . . . . . . . . . . . 69
5.22 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
5.23 Number of flights travel during the year . . . . . . . . . . . . . . . 71
5.24 Mode of Reservation . . . . . . . . . . . . . . . . . . . . . . . . . . 72
5.25 Level of satisfaction during reservation . . . . . . . . . . . . . . . . 73
5.26 Quality of service provided in UAE EXCHANGE . . . . . . . . . . 74
5.27 Rate the quality of service provided by UAE Exchange . . . . . . . 75
5.28 Rate the grievance handling and complaint . . . . . . . . . . . . . . 76
5.29 Availing the services again . . . . . . . . . . . . . . . . . . . . . . . 77
5.30 Recommends UAE Exchange to others . . . . . . . . . . . . . . . . 78
5.31 Comparison to other exchange companies with regard to the reliability 79
5.32 Comparison to other exchange companies with regard to the loca-
tion & Timing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
x
List of Tables xi
5.33 Comparison to other exchange companies with regard to the rates

& Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
5.34 Comparison to other exchange companies with regard to the faster
Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
5.35 Comparison to other exchange companies with regard to the service
at counter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Chapter 1
Introduction
The background of the selected area is introduced in the first chapter. Then, the
problem area will be next discussed to provide a deeper understanding about the
research area for reader. The problem discussions end with a research problem
and a specific research question. In the end of this chapter the contribution of this
research is also presented.
1.1 Background of the study
The background of the research area is provided in this section. It contains the
general idea of financial services, UAE exchange and customer satisfaction. This
section explains reserve Bank of India norms. This section also describes the
importance of service quality and it’s relationship with customer satisfaction.
1.1.1 UAE Exchange
Financial services refer to services provided by the finance industry. The finance
industry encompasses a broad range of organizations that deal with the manage-
ment of money. Among these organizations are banks, credit card companies,
1
Chapter 1. Introduction 2
insurance companies, consumer finance companies, stock brokerages, investment

funds and some government sponsored enterprises.
UAE Exchange is a service oriented financial institute. It has to implement var-

ious social objectives as well as commercial objectives. It also increases the de-
velopment of the economy of the country and creates runway for the free flow of
capital necessary for the growth of the economy. The electronics revolution has
made it possible to provide ease and flexibility. Money laundering is the process
where by criminals attempt to hide and disguise the true origin and ownership of
the proceeds of their criminal activities thereby avoiding prosecution, conviction
and confiscation of the criminal funds. The source of the proceeds may include
drug trafficking terrorism, organized crime, fraud and many other crimes . UAE
Exchange invests in the latest technologies that improve the quality of there op-
erations and add value to there customer relationship. Todaly, UAE Exchange
has one of the most advanced technological and infrastructural facilities in the
industry, which ensures that there businesses run in the most efficient manner.
There core team of IT professionals ensures the development of customized and
hyper-efficient hardware and software systems for our functioning. They pass on
the same technological advantage to our customers, through reliable fund trans-
fer mechanisms, simplified and friendly processes, and many other cross-industry
advantages.
1.1.2 RBI Guidelines
These are RBI general anti-money laundering guidelines
Reporting of Suspicious Transactions
• Suspicious transaction means a transaction whether or not made in cash

which, to a person acting in good faith:
• It is the duty of all staff to report suspicious and unusual transactions to

the Reporting Officer through Branch Manager under copy to the Regional
Manager.
• Failure to report suspicious and unusual transaction to the Reporting Officer,

as prescribed, shall attract legal and disciplinary action.
• Reporting Officer shall investigate and forward the STR(Suspicious Trans-

action Report) to relevant authorities in writing or by fax or electronic mail
within the stipulated period. A copy of the same shall be retained by the
Reporting Officer for the purpose of official records.
Monitoring and Control
• All relevant reports of all Inward Remittance transactions and Money Ex-
change transactions has to be generated at day end at all the branches.
Branch Manager shall scrutinize this report on daily basis, duly sign for
having verified them and preserve this documentation for ten years from
date.
• Branch Head is appointed at every outlet. The Branch Head shall be re-
sponsible for the execution and implementation of the Regulations issued by
the Reserve Bank of India and our Anti Money Laundering policies & Pro-
cedures. These Officers shall also be responsible for reporting any suspicious
transactions directly to the Reporting Officer. They shall take instructions
from the Reporting Officer and shall report to
• The Concurrent Auditor of the company shall in their monthly audit report
mention on the efficacy of the implementation of the policy, procedures and
control.
Record Keeping
• The objective of record keeping is to ensure that we are able to provide the
basic information about customer and to reconstruct the individual trans-
actions undertaken at the request of the relevant authorities at any given
time.
• The record must contain the following information: (a) nature of Transac-
tion, (b) amount of the transaction and the currency in which it was denom-
inated (c) date on which the transaction was conducted and (d) parties to
the transaction.
• Transaction records should be kept for a minimum period of ten years and
made available to the relevant authorities as and when demanded.
• Registration documents should be kept at least for a period of ten years after
the last known transaction with the company.
• The documents may be retained in original or stored on microfilm or in the

computer at the respective branches.
• The KYC procedures shall also apply to our sub-agents and franchisees.
New Staff Recruitment Procedure
• The H R Department will check the antecedences of all new employees by

checking their references. They will also perform background checks on all
past and present employees of UAE Exchange and Financial Services Ltd.
• AML Compliance Undertaking will be taken from each and every employee
of the Company which shall be witnessed by the Branch Head.
Training
• Training for all employees of UAE Exchange and Financial Services Ltd shall
be conducted periodically.
• A meeting of Regional Heads shall be held once in a quarter to discuss

training methods, procedures, policies as well as compliance procedures.
• During all trainings, the employees shall be communicated of their responsi-

bility as per the law in force regarding obtaining sufficient evidence of iden-
tity, recognizing and reporting knowledge or suspicion of money laundering
and terrorists financing.
• The employee shall always be trained on the potential effect on the Company,
on its employees and customers if there is any breach of law or regulations.
• The Administrative Office is also required to maintain records showing the

dates when Anti-Money Laundering training has been given, the nature of
the training and the names of the staff who have received the training.
• An intranet website on AML to share ideas, experiences and case studies is

in place. MoneyGram Compliance Manual and Xpress Money AML Policy
have also been hosted. All members of staff are required to frequently browse
the website and update their knowledge and skills.
Privacy Policy
UAE Exchange and Financial Services Ltd shall be committed to respect and pro-
tect the privacy of its customers. The personal information about our customers
provided on transaction forms and applications forms are for facilitating customers
transactions. Any such information collected from the customer shall be in pos-
session with the company and shall be kept confidential. It shall be passed on to
a statutory body only in accordance with the existing laws.
Compliance Organization
• The Branch Heads or the Branch In-charge shall be deemed as the Branch
Compliance Officer and s/he shall ensure that in the day to day operations,
all the compliance instructions shall be strictly adhered to. Any deviation
shall be brought to the attention of the Compliance Officer at the Adminis-

trative Office.
• There shall be an independent compliance officer to monitor and coordinate

the compliance issues of the Company at Administrative Office.
1.2 Customer Satisfaction
To understand the importance of customer satisfaction, consider these facts: cus-

tomers with problems usually don’t react and only 4% of them complain; normally
a person with problem tells 9 other people about it; while satisfied customers tell 5
other people about their good experiment; keeping a current customer costs about
1/7 of the cost of acquiring a new customer; retaining a current employee costs
one tenth of hiring and training a new one.
These facts; highlights the crucial role of satisfying customers which brings em-
ployee satisfaction; hence, the profit maximization of the company. Therefore,
organizations need to understand that to what extend their customers would be
satisfy. Customer satisfaction in marketing context has specific meanings: Anders
Gustafsson, Michael D. Johnson,& Inger Roos (2005) brought customer satisfac-
tion definition as customer’s overall evaluation of the date. This satisfaction has
positive influences on retaining customers among different variety of services and
products. In service based enterprises; service quality directly affects customer
satisfaction.
Ingrid Fecikova, (2004) interpreted satisfaction as a feeling which results from

a process of evaluating what was received against that expected, the purchase
decision itself and/or the fulfillment of needs/want. Satisfaction refers to achieving
the things we want.
If satisfaction interprets as “not going wrong” the firm should decrease complaint
which by its own is not sufficient. In order to satisfy customers, company should
improve its services and products. Figure 1.1 illustrates correlation between cus-
tomers’ expectations and customer satisfaction. Customers with less expectation
are more satisfied: companies by adding innovative features would easily increase
customer satisfaction. In contrast, when customers are unaware of improvements
but critical of losses in existing quality are less satisfied and expect more.
Satisfaction refers to achieving the things we want. If satisfaction interprets as “not

going wrong” the firm should decrease complaint which by its own is not sufficient.
In order to satisfy customers, company should improve its services and products.
Figure 1.1 illustrates correlation between customers’ expectations and customer
satisfaction. Customers with less expectation are more satisfied: companies by
adding innovative features would easily increase customer satisfaction. In contrast,
when customers are unaware of improvements but critical of losses in existing
quality are less satisfied and expect more.
Figure 1.1: Correlation between customers’ expectations and customer satis-

faction Source: Ingrid Fecikova, 2004.
One of the main ingredients of success in the market place is customer satisfaction.
profitability. Therefore, companies should measure their customers’ satisfaction to
fortify their strengths and improve their weaknesses. Jochen Wirtz (2003) listed
the results of customer satisfaction as follows : repeat purchase; loyalty; positive
word-of-mouth and Increased long term
1.3 Problem discussion
In a competitive market place understanding customers needs become crucial.

Therefore, companies have moved from a product-centric to a customer-centric
position. Customer retention is directly influenced by customer satisfaction. Re-
tention is a major challenge particularly in service oriented firms, as customers can
easily switch from one service provider to another at low cost (Khalifa and Liu,
2003). Considering the high costs of acquiring new customers and the apparently
high customer turn over of many financial services, it is very important to study
the determinants of customer satisfaction (Van Rie, Lijander & Jurriens 2001).
Customer satisfaction is the key factor determining how successful the organization
will be in customer relationships (Reichheld, 1996), therefore it is very important
to measure it. Total quality management (TQM) is based on the idea of customer
satisfaction a management approach of an organization centered on quality, based
on the participation of all its members and aiming at long-term success through
customer satisfaction and benefits to all members of the organization and to soci-
ety (ISO 8402). The achievement of true customer satisfaction involves: customer
oriented culture; an organization that centers on the customer; employee empow-
erment; process ownership; team building; and Partnering with customers and
suppliers.
There are several benefits for quality to be found via market research, particularly
in measuring the satisfaction levels of current customers, determining customer
needs for product development, and analyzing customer retention and loyalty. To
better manage customer satisfaction, firms spend millions on effectively tracking
the methods that guarantee customer satisfaction, because the quantitative mea-
surement of customer satisfaction is a great help for comprehensively measuring
the effect of product quality on customer behavior.
1.3.1 Statement of the problem
A high competition in the financial sector needs to improve the services better.
The success of the firm is the customer satisfaction and relationship. To iden-
tify the customer problem is very important. Using customer information is of
course useful for the direct improvement of service and service delivery. However
these aspects are part of the overall improvement of an organisation, in all its
aspects. This organisational improvement or organisational development has been
translated into different quality management models.
1.3.2 The objectives of the study
The project work was conductedin UAE Exchange service users group and objec-
tives of the study are
Primary Objective
• To identify the customer satisfaction level towards various services of UAE

Exchange.
Secondary Objective
• To identify the advantage of select UAE Exchange.
• To identify grievanance handling of customers.
• To identify the customer expectation and satisfaction with regard to UAE

Exchange.
• Compare products and services of UAE Exchange with other financial isti-
tutes.
Hypothesis
There is no significant relatioship between age of the respondents and level of sat-
isfaction
Scope of the study
The scope of the study is limited to exploring the perceptions of service users in
UAE Exchange.This study helps a great deal to familiarize with the practical side
of an organisations situation and customer satisfaction level. The finding of the
study is limited to the service users in Kulthupuzha, Kollam district only.
Limitations
The limitations for the study as follows
• The study is carried out only in Kulthupuzha, Kollam district only.
• Due to time constraints only 100 respondents have been covered
• The study was conducted for a relatively short period. Which was too limited
for preparing a detailed report.
Chapter 2
Organization Profile
This chapter explains a clear view of organisation through different aspects.
2.1 Introduction
UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one

of the leading exchange houses in the Middle East, primarily focusing on money
transfers and money exchange, and is part of the NMC Group, one of the biggest
and the most prestigious business conglomerates in the UAE. UAE Exchange have
pioneered new standards in fund transfer services since our establishment in 1980,
ever staying ahead of competition with advanced and slick enhancements in the
technology, operations and customer service spheres.
The Company’s portfolio of services include Draft cheques, Swift transfers, Ex-
press transfers, Xpress Money transfers, Western Union money transfers, Travelex
money transfers, Credit card settlement services and cash advances, Inter-Emirates
money transfers, purchase and sale of foreign currency bank notes, and Travelers
Cheques in retail and wholesale.
UAE Exchange celebrates 25 progressively successful years of commitment to qual-

ity products and an unblemished image, which has empowered it to become an
11
Chapter 2. Organization Profile 12
acknowledged force in the world remittance market. UAE Exchange an organi-

zation which believes in fair management and operational practices, continually
motivated to perform the regulators, customers’ and society’s high expectations
and standards. The fight against money laundering and terrorist financing is a
priority for UAE Exchange. At UAE Exchange, they maintain a sound regulatory
environment and ample resources have been earmarked for ensuring responsible
corporate governance. They have inculcated the local AML laws and regulations
and world’s best AML practices into our AML policies and procedures, which have
been rigorously, implemented at all our locations. UAE Exchange has also taken
strong initiatives to streamline its operations perfectly with the requirements of
’Know Your Customer’s principles.
UAE Exchange aim to maintain the highest standards to safeguard the interests of
there customers, regulators, shareholders, employees and the communities where
they operate
• Streamlined internal policies and procedures
• Compliance with the local laws, regulations and best practices
• Services of a specialized Compliance Officer in each of there branches for

proper monitoring of transactions
• Advanced AML software to detect split, frequent and unusual transactions.
• Systematic record-keeping, maintenance and updating.
• Specialized training imparted to staff on compliance procedures
• Regular monitoring of OFAC/ Central Bank blocked list
• Prompt reporting of suspicious transactions to the Central Bank of the UAE

2.2 Vision
To be an ever-dependable friend, the link that emotionally connects people across

the globe through technology-driven, professional, dedicated and timely services
delivered with a personal touch.
2.3 Mission
To stay ahead of the times in providing customer-friendly, value-added services

with warmth; fulfill the aspirations of the employees; create sustained growth
in revenue and profitability; serve the society and flourish in an environment of
mutual trust and transparency.
2.4 Values
Our work ethics are governed by our steadfast adherence to, and faith in, the core
values on which our company was founded. These enveloping values has empow-
ered us with world-wide brand recognition, wide spectrum of quality products and
services, vast registered customer base, efficient and talent-rich workforce, and a
major share of the world funds transfer market.
2.5 Knowledge
Our quest for knowledge is multi pronged. Well-thought-out strategies and an

effective planning are needed to deal with the opportunities and challenges in
the environs in order to continue improving performance. We operate with a
clear understanding of the funds transfer business, thus producing some of the
industry’s best results over time. We effectively apply this knowledge to improve
our all-round efficiency and to add value to our customer relationship.
2.6 Integrity
We are an organization which believes in fair management practices, with unbolt-

ing adherence to operational integrity. We are focused on developing a culture
based on integrity, respect, excellence, and innovation, where diversity and differ-
ences are recognized and valued. The sentiments of our regulators and customers
mean a lot to us, and we are continually motivated to perform to their expecta-
tions.
2.7 Commitment
As a neo-global business house, we are committed to adopt the most efficient of

technologies and follow the most ethical of practices to ensure complete satisfaction
to our customers. Our customer-first philosophy is at the core of every decision
we make. We build on a close and trusted relationship with our customers, which
have helped register a strong and steady growth in our client and asset bases over
time.
2.8 Quality Standards
Standardization is the means to organizational growth in today’s business world

where ’Quality’ is the corporate watch-word. Well laid-out corporate goals and
streamlined operational procedures to achieve them are the key to all-round suc-
cess. UAE Exchange has identified this need, charted out its corporate goals
into well-thought-out strategies, and has pro-actively ensured continual adherence
to the procedures and standards to achieve and sustainThey have confirmed the
functions of all of our departments and the quality of our products and services
to international standards and recommendations, with the idea of bringing the
best in the most efficient manner to the customer. UAE Exchange was given the
ISO 9001:2000 Certification for our efforts by KPMG in February, 2005, thus ac-
knowledging our successful efforts at improving our functioning. UAE Exchange
have one of the top-end technological and infrastructural facilities, manpower re-
sources, product and service offerings, and an efficient quality management system
which ensures that we keep abreast of the international standards all through our
corporate functioning, always.
2.9 Community Service
Social responsibility forms one of the core values of the UAE Exchange work
philosophy. It values the fact that a responsible organization cannot stand inde-
pendent of the communities where it lives and works, and that it is its corporate
responsibility to help the communities in addressing their issues. UAE Exchange,
together with its parent group, NMC, has always been in the forefront to support
social, cultural and humanitarian efforts.
2.10 Disaster relief efforts
In the aftermath of the Tsunami which hit the world in December 2004, NMC
Group sent medical supplies and donations worth more than 1 Million Dirhams to
Indonesia, Thailand, Sri Lanka and India, the worst affected nations. 1.1 million
Dirhams worth of medicines and medical aid was contributed to relief activities
in the quake-hit areas of Pakistan in the aftermath of the South Asia Earthquake
of 2005. Medical aid was provided to the 2004 Typhoon victims in Philippines as
well.
2.11 Cultural contributions
UAE Exchange contributes too many social and cultural organizations of the world
engaged in community development, cultural integration, and the promotion of
arts. It patronizes social and cultural festivals in different parts of the world,
primarily focusing on the Middle East, where it gives tutelage to the introduction
and popularizing of fine and applied arts from other regions of the world.
2.12 Promotion of Sports
UAE Exchange promotes sports and sporting events, and fields its own cricket
and basketball teams in major tournaments of the Middle East, which has come
out with flying colures on many occasions. NMC group organizes several major
tournaments in the region and patronizes annual events in other countries and
regions. UAE Exchange also promotes volleyball, throw ball, badminton, and
chess in UAE.
In addition to these efforts, UAE Exchange continues to contribute to relief and

disaster control efforts by waiving off service charges for transactions sent to af-
fected regions, and to recognized aid funds.
2.13 Recognition
Dr. B.R.Shetty, MD & CEO of NMC Group, was awarded the prestigious First
Order of Abu Dhabi on the 5th of December, 2005, award instated by the Govern-
ment of Abu Dhabi to recognize extraordinary individuals who have contributed
to the betterment of the Abu Dhabi community. This award recognized him as
a great philanthropist, and his contributions as those which help individuals and
the community at large to be better.
2.14 Leadership
UAE Exchange Centre LLC was founded by two great visionaries in the year
1980 - Abdulla Humaid Al Mazroei and B.R. Shetty, in Abu Dhabi, United Arab
Emirates.
Under their able leadership and mettle, UAE Exchange has scaled the great heights
that it has, in its 25 years of existence, attaining the status of a world brand.
The reins were further taken up by our able team of top-line managers, planning
and devising strategies for marketing our products across customer categories and
identifying the market for new products. This pro-active approach to customer-
satisfaction and innovation has elevated us to the status of a market leader in
the entire Middle East, with an ever expanding network and widening operations
across the world.
2.15 Infrastructure
UAE Exchange invests in the latest technologies that improve the quality of there
operations and add value to there customer relationship. Today, UAE Exchange
has one of the most advanced technological and infrastructural facilities in the
industry, which ensures that there businesses run in the most efficient manner.
There core team of IT professionals ensures the development of customized and
hyper-efficient hardware and software systems for our functioning. They pass on
the same technological advantage to our customers, through reliable fund trans-
fer mechanisms, simplified and friendly processes, and many other cross-industry
advantages.
2.16 Advantages
• Fully automated operations

• Multilingual and courteous staff
• Innovative services and quality products
• Competitive rates and charges
• Promptness, safety and confidentiality of transactions
• 7 days a week, round-the-year operations
• Spacious, comfortable and strategically-located branches
• Personalised customer care
• Full-functioning customer-service department
• Convenient mobile money transfers
• Prompt and Secure Wire Transfer facility via SWIFT
• World-wide Correspondent network consisting of over 95 major banks
2.17 Awards
Dr. B.R. Shetty, MD & CEO of NMC, the parent group of UAE Exchange, has
been awarded the first ever Order of Abu Dhabi. This recognition, which has been
instated to preserve the legacy of H.H. Sheikh Zayed, the nation’s late father,
chooses compassionate individuals who have silently volunteered their time and
effort to build and support the community of Abu Dhabi.
Abu Dhabi Crown Prince & Dy. Supreme Commander of the UAE Armed Forces,
H.H. Sheikh Mohammed Bin Zayed Al Nahyan bestowed this award on Dr. B.R.
Shetty at a glittering ceremony at the Emirates Palace Hotel, Abu Dhabi on the
5th of December, 2005.
This award recognizes him as a great philanthropist, and his contributions as

those which have helped individuals and the community at large to better them
selves. It also shows how the untiring hard work and commitment exhibited by an
individual to bring smiles to the people around, fulfills itself, by achieving success.
2.18 Products & Services
Demand Drafts
We issue multiple currency demand drafts (cheques) payable across the world. A
vast correspondent bank network coupled with competitive service charges make
the UAE Exchange draft cheque a powerful, reliable and economical mode of
transferring your valuable funds to any region of the world.
Telex Transfers
Our Telex transfer services enable fast and reliable fund movement from the point
of remittance to your bank a/c within the span of a few hours. This promptness
and reliability is ensured by UAE Exchange’s prestigious S.W.I.F.T membership,
the industry standard for fast money transfers, which ensures swift and safe move-
ment of funds across distance to the leading banks of the world. This much popular
service is enjoyed by an ever- increasing number of customers, both individual and
corporate, in the Middle East. Express Transfers enable considerable savings in
time over the conventional method of sending money as demand draft to other
parts of the world. Here, drafts are generated in the country itself where the re-
mitter holds his bank account. Draft Cheques are remotely printed by the liaison
offices in the home country and forwarded directly to the beneficiary’s bank or
residence, within 24 to 72 hours. The lead-time of crediting the beneficiary bank
account is thus substantially reduced.
UAE Exchange Gold Card customers can also track the Express Transfer online
by logging onto www.uaeexchange.com .
Xpress Money
Xpress Money is the fastest mode of transferring money to any part of the world
in minutes. Registered in the UK, it is a unique offering, brought to you by UAE
Exchange Centre LLC.
Xpress Money Policy Statement
• Only Individual to Individual transfers are allowed under X-press Money.
• Due diligence is carried out prior to appointment of X- press Money Agents.
Regulations
• X-press Money prohibits remittances to Charitable and Religious Organiza-

tions.
• X-press Money gives special attention to transactions with or originating

from countries identified by the FATF as being non-co-operative combating
money laundering & terrorist financing.
• The list of suspected names (Watch List) issued by various regulatory au-
thorities is being timely updated in the system.
• X- Press Money Transfer Transaction is limited to USD 5,000 worldwide.
As one of the most popular instant money transfer services of the world, Xpress
Money offers true value for your money with nominal charges, reliability ensured
with state-of-the-art technologies, simplified transaction procedures, and instant
payout to the beneficiary. It offers a one-stop solution to the customer who wants
to send money urgently across the world, realised by a world-wide network of over
5500 agent outlets. .Exchange offers credit card dues settlement facility to the
credit card holders of major local and international banks in the UAE, without
any service charges
Service covers
• ABN AMRO Bank
• Abu Dhabi Commercial Bank
• Barclays Bank
• Citibank
• Dubai First
• Finance House
• First Gulf Bank
• HSBC Bank
• Mashreq Bank
• National Bank of Dubai
• National Bank of Umm Al Quwain
• RAK Bank
• Standard Chartered Bank
• Union National Bank
• United Bank Limited
• Dunia Finance
Further, cash withdrawals against all major credit cards are also made possible at
the UAE Exchange branch counters on nominal service charges.
Inter-Emirate Transfers
As an instant money transfer service enabling fund movements from any part of
the UAE to the other, it provides the customer the convenience of managing funds
for every-day purposes, whether it be business, or personal.
This convenience is further enhanced by a vast branch network ideally located at

all residential, business, and commercial hubs in the UAE, functioning seven days
a week, and the ease of transference of funds made by simplified procedures at
the branch counters. This cardinal service is much enjoyed by our individual and
corporate customers.
Currency Exchange
We started foreign currency retailing in 1980 and subsequently ventured into

wholesale business by buying currencies in bulk from the market. Today, both
segments perform exceedingly well in all the regional markets of the world where
we operate, with a highly encouraging growth rate. We enjoy substantial increase
in retail sales turnover at our branch counters and our wholesale dealings register
consistent growth with worldwide arrangements for regular import & export of
currency.
Travelers Cheques
UAE Exchange issues and enchases Traveller’s Cheques in all major currencies.
Customers can make use of our vast branch network and the ease of issuance
and encashment at the branch counters, unrivalled in the industry. The following
brands of Travelers Cheques are dealt:
• American Express in US Dollar, GB Pound and Euro
• Visa Inter payment in US Dollar and GB Pound

• Thomas Cook in US Dollar, GB Pound and Canadian Dollar
Western Union Money Transfers
In the year 1994, UAE Exchange became the first entity in the United Arab
Emirates to be offered the agency of Western Union Money Transfer, and has,
over the period of time, emerged as its leading agent in the country. Now, money
can be sent instantly to over 200,000 agent locations in over 190 countries of the
world from any of the UAE Exchange branches 7 days a week, 365 days an year.
Travelex
Cash Passport is a pre-paid card for instant cash withdrawal from any of the over
870,000 Visa ATMs worldwide. With 24-hour ATM access and enhanced security
with PIN feature, it is smart, convenient, and fast, and offers online transaction
tracking facility, round-the-clock toll free number access, and card replacement
provision. Travelex launches first ever Cash Passport Money Transfer from UAE
Dubai , UAE - November 18, 2003: The worlds largest foreign exchange specialist,
Travelex, in conjunction with Visa International, UAE Exchange and Al Ansari
Exchange, is launching its first ever global money transfer scheme using the UAE
market as a launch pad. The Cash Passport Money Transfer product stands to
offer a new level of competitiveness and security to UAE based expatriates that
regularly remit funds to dependents in their home country.
Cash Passport Money Transfer introduces a totally new way of sending money
home offering substantial time and cost savings over many other money transfer
products, said Rob Groombridge, General Manager Sales for Middle East. We
have chosen this as our first market to launch the product because we estimate
the value of the Middle East personal money transfer market to be over US $ 30
billion a year, with a growth rate of 20 percent to 30 percent annually. Travelex is
launching Cash Passport Money Transfer through local partners UAE Exchange
and Al Ansari Exchange. The scheme allows the remitter to deposit funds through
a local exchange branch, following which a Visa ATM card will be couriered free
of charge to the recipient who can obtain cash directly from any one of 800,000
ATMs worldwide displaying the Visa logo.
Given the speed of transactions, 24-hour convenience and security aspects of PIN
protection, we hope to retain significant customer loyalty to this new product. The
schemes Internet balance, toll free number and card replacement facilities will add
further functionality for technically savvy depositors, said Sudhir Kumar Shetty,
General Manager of UAE Exchange. The cost of initial registration inclusive of
courier charges is Dhs40. When depositing regular funds, the card is reloaded at a
cost of Dhs20 per deposit. The first two ATM withdrawals made by the recipient
are free of charge and thereafter cost US$2 each.
Card giant, Visa International, is a key Travelex partner in the scheme through
its unsurpassed global ATM network. The Visa ATM card accesses the account
using a Personal Identification Number (PIN). Funds that are deposited in the
UAE can be withdrawn by the recipient instantly, making this one of the fastest
transfer methods on the market.
Primarily aimed at the large Asian and Arab expatriate market, where UAE bread-
winners on monthly incomes of up to AED15,000 regularly send money to their
families, this product is expected to have significant impact on the growing mar-
ket for international money transfers, said Fuad Al Ansari, General Manager of
Al Ansari Exchange.
The existing market is dominated by proprietary money transfer systems, drafts

and bank transfers and provides an essential service, demand for which is growing
rapidly for people working abroad and for those without formal banking facilities.
Jonathan Cabedo, Vice President Business Development for Visa in the Middle
East explained, The Cash Passport Money Transfer card is based on the anytime,
anywhere convenience that Visa ATMs offer. Families and friends, young and old
will now be able to enjoy the convenience of modern payments that Visa represents,
thereby helping extend the trend of electronic financial access to a wide range of
audiences.
Travelex brought another first to market recently with its Cash Passport, part of
the same family of products. When travelling, to avoid overspending, users can
simply load budgeted amounts of cash onto the card and then access it via Visa
ATMs while abroad.
Money Gram Services Offer
Money Gram is a person-to-person money transfer service that allows consumers

to send or receive money around the world in minutes.
Customers
• Overseas workers and Immigrants who need to provide financial support to

their families abroad.
• Students who need pocket money or pay tuition fees
• Travellers who need urgent cash
• Business people who need travel expenses
Brand Promise
• Fast
• Safe
• Reliable
• Affordable
• Friendly
Product Benefits
• Fast only 10 minutes
• Convenient over 92,000 locations in more than 170 countries and territories
• Reliable long company history in the industry
• Simple only need to fill in a form, no bank account is required.
• Trust quality agents including banks, post offices, and key supermarket
chains.
Emotional Benefits
• With Money Gram you know your loved ones will receive your money safely
and within 10 minutes.
• Free 10 word message for every transaction
Figure 2.1: Money Gram Agent Network Growth

Figure 2.2: Money Transfer Transaction Growth
Transaction Processing
• 3 Options Available
• Delta Works System at your location
• Contact your head office or processing center
• Voice processing through Money Grams Call Center (Exceptional cases)
Agent Management
• Agent ID & PIN Number will be assigned to each of your branches
• Agent ID & PIN is required to process a transaction
• ONLY Authorized Personnel should be given this information
• Request to change the PIN if necessary
• Dont give out this information unless you initiate the telephone call
Branch Operator Management
• Two levels of users: operator & administrator
• Each user with personal User ID/Password
• Administrator can create, modify or delete user when appropriate
• Administrator can reset user password
US Dollar VS Local Currency
• Transaction in local currency
• Ability to give validated receive amount

Chapter 3
Review of Literature
This chapter will give an overview of literature and models that are related to the
research problem presented in the previous chapter. This chapter will introduce
the concepts of customer satisfaction, service quality, relation between customer
satisfaction and service quality, traditional service quality dimensions, and service
quality models in order to give a clear idea about the research area.
3.1 Review
There are two principal interpretations of satisfaction within the literature of sat-
isfaction as a process and satisfaction as an outcome (Parker and Mathews, 2001).
Early concepts of satisfaction research have typically defined satisfaction as a post
choice evaluative judgment concerning a specific purchase decision (Oliver, 1980;
Churchill and Suprenant, 1992; Bearden and Teel, 1983; Oliver and DeSarbo,
1988).
People usually see what they expect to see and what they see is usually based on
familiarity, previous experience or preconditioned set(Leshie Lazer Kanuk). The
most widely accepted model, in which satisfaction is a function of disconfirmation,
which in turn is a function of both expectations and performance (Oliver, 1997).
29
Chapter 3. Review of Literature 30
According to B.N. Murthy, ”Companies to stay competitive will focus on customer

driven quality which in turn affects consumer perception. Each customer must be
treated as an individual not a mere number in the statistics of buyers.”
Customers want a meeting between their values (needs and wants) and the object
of their evaluations (Paker and Mathews, 2001). More recently, renewed atten-
tion has been focused on the nature of satisfaction emotion, fulfillment and state
(Parker and Mathews, 2001). Consequently, recent literature adds to this per-
spective in two ways. First, although traditional models implicitly assume that
customer satisfaction is essentially the result of cognitive processes, new conceptual
developments suggest that affective processes may also contribute substantially to
the explanation and prediction of consumer satisfaction (Fornell and Wernerfelt,
1987; Westbrook, 1987; Westbrook and Oliver, 1991). Second, satisfaction should
be viewed as a judgment based on the cumulative experience made with a certain
product or service rather than a transaction-specific phenomenon (Wilton and
Nicosia, 1986).
The satisfaction judgment is related to all the experiences made with a certain
business concerning its given products, the sales process, and the after- sale ser-
vice. Whether the customer is satisfied after purchase also depends on the offers
performance in relation to the customers expectation. Customers form their expec-
tation from past buying experience, friends and associates advice, and marketers
and competitors information and promises (Kotler, 2000).
Factors which determine the extent of expectations are: customer needs, total
customer value and total customer cost. It is mentioned by researchers who study
customer choice that choosing a product or service is only one of the stages cus-
tomers go through. A purchase decision is influenced by the buyers characteristics.
These include cultural, social, personal and psychological factors. In addition to
the buyers characteristics, a purchase decision is influenced by the buyers decision
process. The typical buying process develops through five stages(Chaston, 2001):
• New recognition
• Information search
• Information evaluation
• Purchase decision
• Post-purchase evaluation
Although buyers may skip or reverse some stages, basically they pass sequentially
through all five stages in buying a product. Value reflects what customers do in
evaluating, obtaining, using and disposing of the product or service. Values can
be defined as principles or standards of an individual as a whole. They reflect an
individual judgment as to what is valuable or important in life. Customer delivered
value is a result of comparison of total customer value with total customer cost.
Information about the opinion of the customer regarding a product or service is

of essential importance, and can be obtained in several ways, such as customer
surveys, phone interviews, and customer panel discussions. It is also important to
measure customer orientation continuously. (Rampersad, 2001).
What the company thinks its customer wants Is not necessarily the same as What
the company thinks it has to offer is not necessarily the same as What the company
actually offers is not necessarily the same as How the customer experiences this is
not necessarily the same as What the customer really wants (Hubert Rampersad,
2001).
Mohamed Zairi (2000) developed figure 3.1 which shows in order to have a con-
tinuous improvement of customer satisfaction there should be a cycle which starts
with listening to voice of customers then analyzing their comments, developing
actions and at the end implementing. Figure 3.1 illustrates this cycle:
It is somehow the measurement of customer dissatisfaction (no satisfaction) and

offers a possibility for the elimination of falls, not a possibility for product de-
velopment and product innovation. Companies should gather and analyze the
suitable data, which will provide relevant information to real customer satisfac-
tion. It is important to measure the right things, i.e. what is really important for
the customers. There is the possibility of wrong specifications or misinterpreta-

tions of what a customer actually wants (Kekale, 2001) It is the gap between what
companies think customers probably want and what customers really want.
Figure 3.1: Customer satisfaction continues improvement Source: Zairi, 2000
Criteria for the measurement of customer satisfaction must be defined by the

customer. Many organizations determine the criteria for measurement internally,
but suppliers rarely have an accurate understanding of customer priorities (Hill,
1996). It is a problem with measuring the performance dimensions that are not
critical drivers of value to the customers (value in the eye of customers, not in the
eye of organizations). The solution for this problem, to provide real insight into
the market needs, is to filter out irrelevant information and concentrate on the few
dimensions that really matter.
According to Rajan Saxena, The real strength of the company is how well he and
his products are perceived by target customers. If the customers perception are
negative and he feels that he has to buy the competitor product only because of
limited choice, then it is perhaps a very comfortable position for new entrant.
For evaluation of information, which we will achieve by pre-study, we can use the
histogram. The histogram shape shows how some questions in the questionnaire
were understood by respondents. For example: no-rectangular distribution means
misunderstanding a question, etc. After a simple pre-study the companies can
find support for their assumptions and simultaneously create a new, more effec-
tive, questionnaire. If we have a set of customer demands and expectations we can
translate them into technical product features by using, e.g. the QFD method-
ology. Very important also is determining the specific features, which mean a
limited number of critical measures in order to avoid information overload. There
are various methods (various approaches) for (to) the measurement of customer
satisfaction.
Figure 3.2: The Principle of pre-study
Figure 3.3 illustrates some different kind of customer satisfaction measurement.
Techniques to measure customer satisfaction
Market research techniques to measure customer satisfaction which are:
• customer satisfaction survey methodologies;
• focus groups to study customer satisfaction issues;

Figure 3.3: Measuring customer satisfaction
• standardized packages for monitoring customer satisfaction; and
• various computer software.
There are some problems with typical customer satisfaction measurement tech-
niques such as focus groups, survey methodologies and customer satisfaction soft-
ware. These include:
• Analytical - concerned with techniques, formal procedures, systems, and so

on;
• behavioral - concerned with the attitudes, beliefs, perceptions, motivation,

commitment and resulting behavior of the people involved in the process;
and
• Organizational - concerned with the organizational structure, information

flows, management style and corporate culture, i.e. the context in which the
process is conducted (Piercy, 1996). (Ingrid Fecikova, 2004)
The factors that influence perception not only include price, quality and brand
but also promotion and dealers push is inevitable. The factors must be viewed for
both the ways opportunity as well as threat.” Rajiv Academy Technology and
Management.
Chapter 4
Research Methodology
This chapter will present detailed idea about the research will be conducted. This
includes the purpose of the research, research approach, research strategy, sample
selection methods, data collection methods and data analysis methods. At the
end of this methodology part validity and reliability issues will be discussed to
follow the quality standards of the research. Then frame of reference which brings
a thorough road map of study is provided next.
4.1 Research Purpose
Early in any research study, one faces the task of selecting the specific design to
use. A number of different design approaches exist but, unfortunately, no simple
classification system defines all the various that must be considered
Research can be classified in terms of their purpose. Accordingly, Saunders, Lewis

& Thornhil (2003) mentioned that they are most often classified exploratory, de-
scriptive or explanatory while Cooper and Schindler (2003) categorized in descrip-
tive and causal. This way the essential difference between descriptive and causal
studies lies in their objectives. If the research is concerned with finding out who,
what, where, when, or how much, then the study is descriptive. In a causal study,
we try to explain relationships among variables.
35
Chapter 4. Research Methodology 36
Exploratory research is useful when the research questions are vague or when
there is little theory available to guide predictions. At times, research may find it
impossible to formulate a basic statement of the research problem. Exploratory
research is used to develop a better understanding . Exploratory studies are a
valuable means of finding out what is happening, to seek new insight, to ask
questions and to assess phenomena in a new light. It is particularly useful if
researcher wish to clarify the understanding of a problem. There are three principle
ways of conducting exploratory research: a search of the literature, talking to
experts in the subject, conducting focus group interviews
In contrast to exploratory studies more formalized studies are typically structures

with clearly stated hypotheses or investigative questions. Formal studies serve a
variety of research objectives:
• Descriptions of phenomena or characteristics associated with subject popu-

lation (the who, what, when, where, and how of a topic) .
• Estimates of the proportions of a population that have these characteristics.
• Discovery of associations among different variables
The purpose of the research is descriptive. The data has been collected through
questionnaire, is aimed to understand the most important factors of service quality.
4.2 Research Approach
The knowledge claims, the strategies and the method all contribute to a research
approach that tends to be more quantitative, qualitative or mixed
Quantitative approach is one in which the investigator primarily uses post posi-
tivist claims for developing knowledge (i.e. cause and effect thinking, reduction
to specific variables and hypotheses and questions, use of instrument and observa-
tion, and the test of theories), employs strategies of inquiry such as experiments
and surveys and collects data on predetermined instruments that yield statistical
data.
Quantitative research is frequently referred to as hypothesis-testing research. Char-

acteristically, studies begin with statements of theory from which research hy-
potheses are derived. Then an experimental design is established in which the
variables in question (the dependent variables) are measured while controlling for
the effects of selected independent variables. Subject included in the study are
selected at random is desirable to reduce error and to cancel bias. The sample of
subjects is drawn to reflect the population.
Qualitative research is multi method in focus, involving an interpretive, natu-

ralistic approach to its subject matter. This means that qualitative researchers
study things in their natural settings, attempting to make sense of, or interpret,
phenomena in terms of the meanings people bring to them
Qualitative approach is one in which the inquirer often makes knowledge claims
based primarily on constructivists perspectives (i.e., the multiple meaning of indi-
vidual experiences, meaning socially and historically constructed, with an intent
of developing a theory or pattern) or advocacy/participatory perspectives (i.e.,
political, issue-oriented, collaborative or change oriented) or both. It also uses
strategies of inquiry such as narratives, phenomenology, ethnography, grounded
theory studies or case studies. The researcher collects open-ended, emerging data
with the primary intent of developing themes from the data.
Since the purpose is to understand the most important dimensions of service qual-
ity from the customers perspective, quantitative research is found to be more
appropriate for this study.
4.3 Research strategy
Research strategy will be a general plan of how researcher will go about answering
the research questions that has been set by researcher. It will contain clear objec-
tives, derived from research questions specify the sources from which researcher
intend to collect data and consider the constraints that researcher will inevitably
have such as access to data, time, location and money, ethical issues
Table 4.1: Research strategy
Strategy Form of research Requires control Focuses contem-

question over behavioral porary events?
events?
Experiment How, why Yes Yes
Survey Who, what, where, No Yes
how many, how
much
Archival analysis Who, what, where, No Yes/No
how many, how
much
History How, why No No
Case study How, why No Yes
Since question in this study is based on “what” question and this what question
is actually form a “how many” and investigator has no control over the actual
behavioral events, Survey is found to be a more appropriate approach in order to
gain a better understanding of the research area. Survey is more appropriate for
quantitative study.
Survey
The survey strategy is popular and common strategy in business research that
is usually associated with the deductive approach. Survey allows the collection
of large amount of data from a sizeable population in a highly economical way.
Questionnaire, structured observation and structures interviews are often falls into
this strategy. In this study a survey has been done.
4.4 Sample Selection
The basic idea of sampling is that by selecting some of the elements in a population,
researcher may draw conclusions about the entire population. There are several
compelling reasons for sampling, including: lower cost, greater accuracy of result,
greater speed of data collection and availability of population selection
Selection of the sampling method to use in a study depends on a number of related

theoretical and practical issues. These include considering the nature of the study,
the objectives of the study and the time and budget available. Traditional sam-
pling method can be divided into two categories: probability and non- probability
sampling
Probability sampling is most commonly associated with survey-based research

where researcher needs to make inferences from the sample about a population
to answer the research questions or to meet research objectives. In probability
sampling, sampling elements are selected randomly and the probability of being
selected is determined ahead of time by the researcher. If done properly, proba-
bility sampling ensures that the sample is representative.
Non-probability sampling provides a range of alternative techniques based on re-

searcher subjective judgment. In non-probability sampling the selection of ele-
ments for the sample is not necessarily made with the aim of being statistically
representative of the population. Rather the researcher uses the subjective meth-
ods such as personal experience, convenience, expert judgment and so on to select
the elements in the sample. As a result the probability of any element of the
population being chosen is not known.
Researchers judgment is used to select sample element and it involves for a specific
purpose. Group of people who have knowledge about particular problem they can
be selected as sample element. Sometimes it referred as a purposive sample because
it involves a specific purpose. Judgment sampling is more convenience and low
cost involvement.
Purpose of this research is to classify the service quality and satisfaction dimensions
in UAE Xchange customers. For the study sample has been selected from the
customer groups; because this group has more experience of products and services.
Sample was selected by using judgment because some criteria were followed during
the sample selection
4.5 Data Collection
There are two major approaches to gathering information about a situation, per-
son, problem or phenomenon. Sometimes, information required is already available
and only need to be extracted. However there are times when the information must
be collected. Based upon these broad approaches to information gathering data
are categorized as: Secondary data and Primary data. Secondary data are col-
lected from secondary sources such as govt. publications, personal records, census
and primary data are collected through: observation, interviews and/or question-
naires. According to Creswell data collection procedure in qualitative research
involve four basic types: Observations, Interviews, documents and audio-visual
materials.
In this study quantitative survey is used as data collection method. Since the
aim of the study is classifying ervice quality and satisfaction dimensions in UAE
Xchange from the customers point of view, the main focus thus is customer. A
questionnaire was prepared to get idea about the customers experiences in various
products and services of UAE Exchange. About 100 persons replied.
A survey is a procedure used to collect primary data from individuals. The data
sought can range from beliefs, opinions, attitudes and lifestyles to general back-
ground information on individuals such as gender, age, education and income as
well as company characteristics like revenue and number of employees. Surveys
are used when the research involves collecting information from a large sample of
individuals .
One of the criticisms of quantitative techniques is that in attempting to measure

and compare attitudes and behaviours, much of the depth of understanding and
meaning is lost. Survey questionnaires are a widely used tool and whilst they allow
for relatively simple administration of some form of feedback, they often fail to
address the issues of concern, or support the development of a real understanding
of the diversity of experience. They rely on the ability to articulate or write
responses to questions in the way that they are presented within the survey.
The questionnaire was developed based on research question and frame of refer-
ence. The logical structure of questionnaire followed the order of service quality
dimension in the frame of reference.
4.6 Data Analysis
After collecting all the data the process of analysis begins. To summarize and
rearrange the data several interrelated procedure are performed during the data
analysis stage
Percentage analysis is used to describe the profile of the respondents, behavior,

important factors influencing the choice of UAE Exchange and the level of expec-
tation and satisfaction of customer, ranking are also used
For quantitative data analysis, statistical tools of Openoffice spread sheet and
LaTeX are used for data input and analysis. The statistics results were presented
by graphical form with detail description.
4.7 Validity and Reliability
In order to reducing the possibility of getting the answer wrong, attention need to
be paid to two particular on research design: reliability and validity
Validity is concerned with whether the findings are really about what they appear
to be about. Validity defined as the extent to which data collection method or
methods accurately measure what they were intended to measure .
Numbers of different steps were taken to ensure the validity of the study:
• Data was collected from the reliable sources, from respondents who are more
experienced.
• Survey question were made based on literature review and frame of reference
to ensure the validity of the result
• Data has been collected through two weeks, within this short period of time
no major event has been changed with the related topic.
Reliability refers to the degree to which data collection method or methods will
yield consistent findings, similar observations would be made or conclusions reached
by other researchers or there is transparency in how sense was made from the raw
data.
4.8 Tools For Data Analysis
Analysis of data is a process of inspecting, cleaning, transforming, and modeling

data with the goal of highlighting useful information, suggesting conclusions, and
supporting decision making. Data analysis has multiple facets and approaches,
encompassing diverse techniques under a variety of names, in different business,
science, and social science domains. Questionnaire was used in this research to
obtain information on customer satisfaction. Questionnaire was divided into sec-
tions and the data obtained is analysed using different statistical tools.Percentage
analysis is used to describe the profile of the respondents, behavior, important
factors influencing the choice of UAE Exchange and the level of expectation and
satisfaction of customer.
Graphs were generated using openoffice spread sheet software. In addition to

generating the graph spreadsheet software was widely used to calculate percentage
for the analysis. Chi-square results are also tested using this software using the
χ2 template(open source named CHIsquare.xls) created for kings college Hospital
by Kewin Rowman.
Perecentage analysis
percentage analysis is the method to represent raw streams of data as a percentage

(a part in 100 - percent) for better understanding of collected data. Percentage
analysis is a simple and most widely use tool for the purpose of presenting sta-
tistical data. Here from the primary data obtained through the questionnire is
converted to percentage for each parameter. And this data presented using tables.
Graphical Techniques
Graphical tools are the shortest path to gaining insight into a data set in terms
of testing assumptions, model selection and statistical model validation, estima-
tor selection, relationship identification, factor effect determination, and outlier
detection. In addition, good statistical graphics can provide a convincing means
of communicating the underlying message that is present in the data to others.
Graphical statistical methods have four objectives
• The exploration of the content of a data set
• The use to find structure in data
• Checking assumptions in statistical models
• Communicate the results of an analysis.
From the primary data and results obtained from the percentage analysis graphs
were generated. Graphs were generated using openoffice spreadsheet software.Graphs
include Pie diagram and Bar diagram.
Scaling Technique
Scaling is the process of measuring or ordering entities with respect to quantita-

tive attributes or traits. For example, a scaling technique might involve estimating
individuals’ levels of extraversion, or the perceived quality of products. Certain
methods of scaling permit estimation of magnitudes on a continuum, while other
methods provide only for relative ordering of the entities. In this technique weigh-
tage is given as per the rank. And from the rank percentage analysis is conducted
and results presents as percentage. Here from the primary data five point ranking
was used.
CHI-SQUARE(χ2 ) TEST
Chi-square is a non parametric test statistic invented by Kart Pearson to know

whether two or more attributes are independent or not. The quantity χ2 describes
the magnitude of the discrepancy between theory and observation. It describes
the magnitude of the discrepancy between observed frequencies and expected fre-
quencies.
This test evaluated wether the difference between the observed frequencies and
the expected frequiencies under the nul hypothesis can be attributed to chance or
actual population differences
A chi-square value is obtained by the formula
X (f0 − fe )2
χ2 =
fe
where
f0 : the obseved frequency

fe : the expected frequency
Test Procedure
• Lay down the null hypothesis, i.e., the two attributes are independent or
they are not associated. The null hypothesis is denoted by Ho
• Find the value of χ2 by using formula
X (f0 − fe )2
χ2 =
fe
• Decide the level of significances and the degree of freedom. Confidence with
which the null hypothesis is accepted or reject depends on what is called
significant level. The probability with which we may reject a null hypothesis
when it is true is called level of significance. When the level of significance
is 5% or 0.05, the probability of committing type I or type II error is 5%.
• The level of significance is denoted by α.

α = Probability of rejecting Ho when it is true.
The level of significance is usually determined before conducting the test of
hypothesis. Degree of freedom (df ) is defined as the number of indepen-
dent observations. i.e., total number of observations minus of number of
constraints When the observed frequencies can be listed along a column,
df = (r1)(c1)
where
r = number of rows
c = number of column.
• Obtain the table value of χ2 for the df and the level of significance.
• Take decision either to accept or to reject the null hypothesis. If the cal-
culated value is less than table value, Ho will be accepted and otherwise
rejected.
Chapter 5
Analysis
This chapter will present data that has been collected through quantitative sur-
vey. At first give an overview of the organisation where the questionnaires are
distributed that means the sample population and after that the data will be pre-
sented according to the research questions and the variables identified in the frame
of reference.
5.1 Overview of the sample
UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one

of the leading exchange houses in the Middle East, primarily focusing on money
transfers and money exchange, and is part of the NMC Group, one of the biggest
and the most prestigious business conglomerates in the UAE. UAE Exchange have
pioneered new standards in fund transfer services since our establishment in 1980,
ever staying ahead of competition with advanced and slick enhancements in the
technology, operations and customer service spheres. Its most customers are aware
of various products and services offered by UAE Exchange.
Purpose of this research is to classify the service quality and satisfaction dimensions
in UAE Xchange customers Main Purpose of this research is to classify the service
quality and satisfaction dimensions in UAE Xchange customers. Based on the
47
Chapter 5. Analysis 48
objectives of the study the sample should be familiar with UAE Exchange and
also it should have experience of using various financial products. So, the direct
customers were seemed to be the best sample for this study.
5.2 Quantitative data presentation
Direct customer survey has been conducted based on the structured questionnaire.
The questionnaire has been developed based on the variables that were identified
in the frame of reference. The purpose of the questionnaire survey was to develop
empirical evidence on the quality factors of products and services of UAE Exchange
that are important to people who are familiar with the financial products.
The survey comprised the following questions:
• Personal information (gender, age, education);
• Rospondents level of satisfaction with various products and services
• Comparison with other financial similar service providers
5.3 Descriptive statistics
Here it is trying to give weight through customer perspective, as was mentioned

before our sample expected to be UAE Exchange user and familiar with vari-
ous products. The demographic statistics are provided within this chapter which
describe gender, education, and age.
To find out significance relatioship between age and level of stisfaction chi-square
test is applied. Each results are explained with tables and diagrams.
5.3.1 Age of the respondents
Table 5.1: Distribution of Respondents on the basis of age

Age Number Percentage
Below 20 4 4
21 - 30 38 38
31-40 46 46
41-50 8 8
Above 50 4 4
From table 5.1, it can be seen that most 46 Percentage of the respondents are
between age group 31-40. 38 Percentage of the respondents belong to the age
group between-21-30, 8 Percentage belong to the age group between- 41-50 and
4 Percentage of the respondents belong to the age group below 20 and above.
Figure 5.1 expalains the demographic distribution of respondents on the basis of
age.
Figure 5.1: Distribution of Respondents on the basis of age

Hypothesis
There is no significant relatioship between age of the respondents and level of

satisfaction
Chi-square test
To find out wether there is any significant relatioship between age of the respondent
and level of satisfaction chi-square test has been applied
Table 5.2: Chi-square test-one
Level of satisfaction
Age Total
Highly Satsfied Satisfied Disatisfied Highly disatsfied
Below 20 3 1 0 0 4
20 - 30 19 16 3 0 38
30 - 40 10 29 7 0 46
40 - 50 1 1 1 5 8
Above 50 1 1 2 0 4
Total 34 48 13 5 100
Source: Primary data
In the above table many of the frequncies were below 5.It is not possible to apply
Yates correction in the same form itself. Therefore total rows (age) were grouped
into two(Below 30 and Above 30) and shown in table 5.3
Table 5.3: Chi-square test-Two
Age Total
Below 30 22 17 3 0 42
Above 30 12 31 10 5 58
Total 34 48 13 5 100
Yates correction
As one of the cell frequencies are below 5, to apply χ2 test Yates correction is
used. The revised table based on yates correction is given below.
Table 5.4: Revised table based on yates correction
Age Total
Below 30 22 16.5 3 0.5 42

Above 30 12 31.5 10 4.5 58
Total 34 48 13 5 100
Table 5.5: Chi square calculation-three
(O) (E) (O − E) (O − E)2 (O − E)2 /E
22 14.28 7.72 59.6 4.17

12 19.72 -7.72 59.6 3.02
16.5 20.16 -3.66 13.4 0.66
31.5 27.84 3.66 13.4 0.48
3 5.46 -2.46 6.05 1.11
10 7.54 2.46 6.05 0.8
0.5 2.1 -1.6 2.56 1.22
4.5 2.9 1.6 2.56 0.88
O-Observed value ; E-Expected value
P P P
O = 100 E = 100 O − E = 100
(O − E)2 = 100 χ2 = (O − E)2 /E = 12.35
P P
Calculated value of Chi-square(χ2 )= 12.35

Degree of freedom = (r − 1)(c − 1)
= (2 − 1)(4 − 1) = 1 × 3 = 3
Table value for 3 degree of freedom at 5 % level of significance= 7.81
The computed value of χ2 is much grester than the table value of 7.81. Therefore
the hypothesis“There is no significant relatioship between age of the respondents
and level of satisfaction” which is an unbiased one is rejected at 3 degree of freedom
at 5 % level of significance.
Inference
There is a significant relationship between age of the respondent and satisfaction

level
5.3.2 Gender of the Respondents
Table 5.6: Distribution of respondents on the basis of gender

Sex Number Percentage
Male 68 68
Female 32 32
Total 100 100
Figure 5.2: Distribution of Respondents on the basis of gender
From table 5.6 it can be seen that majority (68%) of the respondents are male and
32% of the respondents are female. Pie chart in figure 5.2 shows this results
5.3.3 Educational qualification of the respondents
Table 5.7: Distribution of respondents on the basis of Educational qualification

Sex Number Percentage
School level 10 10
Undergraduate 48 48
Post graduate 42 42
Total 100 100
Figure 5.3: Distribution of respondents on the basis of Educational qualifica-

tion
From table 5.7 it can be inferred that most 48 Percentage of the respondents
are under graduate, 42 Percentage of the respondents are post graduate and 10
Percentage of the respondents have school level education. This result is diagra-
matically represented in figure 5.3
5.3.4 Occupation of the respondents
Table 5.8: Distribution of respondents on the basis of occupation

Occupation Number Percentage(%)
Bussiness 32 32
Professionals 62 62
Unemployed 6 6
Figure 5.4: Distribution of respondents on the basis of occupation
From table 5.8 it can be seen that majority 62 Percentages of the respondents
are professionals. 32 Percentage of the respondents are doing Business and 6
Percentage of the respondents are unemployed.Occupation based distribution is
plotted in pie diagram in figure 5.4
5.3.5 Products normally used by customer
Table 5.9: Products normally used by the customer
Product Total Percentage
Travelex Money Transfer 2 1.0

Draft 4 2.1
Electronic Transfer 1 0.5
Telegraphic Transfer 1 0.5
Xpress Money 34 17.7
Western Union 25 13.0
Other bill payments 0 0.0
Air ticketing 41 21.4
Associate Branch Transfer 2 1.0
Foreign Currency 32 16.7
Travelers Cheques 3 1.6
Credit Card Payments 5 2.6
money gram 42 21.9
From the table 5.9, most of the customer’s use air ticketing, money gram, express
money and western union money transfer. Other product are used rarely. 21.9
percentage of customers used money gram service, 21.4 percentage of customers
used air ticketing and 21.9 percentage used express money.
5.3.6 Rottenly avail our services
Table 5.10: Rottenly avail our services

Services Total Percentage
Ones in a month 35 35
Twice in a month 38 38
Once in two month 12 12
Once in three month 5 5
Once in six months 10 10
Total 100 100
From table 5.10, 35 Percentage of the respondents have taken service ones in a
month, 38 Percentage of the respondents have taken service twice in a month,
12 Percentage of the respondents have taken once in two month, 5 Percentage of
the respondents have taken service once in three month and 10 percentage of the
respondents taken service on once in six month.Figure 5.5 explains this statistics.
Figure 5.5: Rottenly avail our services

5.3.7 Factors influencing for Preferring UAE Exchange for

transactions
Table 5.11: Distribution of respondents on the basis of Preferring UAE Ex-

change transactions
Preference No. of Respondents Percentage

Reliability 22 22
Location & Timing 15 15
Rates & Charges 11 11
Service at the counter 14 14
Faster Credit 38 38
Total 100 100
Table 5.11 shows the reason of prefering UAE Exchanege for transactions. It
can be seen that 38 Percentage of the respondents prefer for its faster credit, 22
Percentage for reliability. This results shows in figure 5.6
Figure 5.6: Distribution of respondents on the basis of Preferring UAE Ex-

change transactions
5.3.8 Time taken to conclude transaction
Table 5.12: Time taken to conclude transaction
Time for transaction(minutes) Total Percentage

less than 5 10 10
5 to 10 30 30
10 to 20 55 55
20 to 30 3 3
more than 30 2 2
Total 100 100
From table 5.12 it can be seen that,55 Percentage of the respondents have taken
time to conclude there transition 10-20 minutes, 30 Percentage of the respondents
have taken time to conclude there transition 5-10 minutes,10 Percentage of the
respondents have taken-less than 5 minutes , 2 Percentage of the respondents have
taken More than 30 minutes. This results generate the graphical representation
in figure 5.7
Figure 5.7: Time taken to conclude transaction

5.3.9 Waiting time acceptance by the customers
Table 5.13: Waiting time acceptance by the customers
Opinion Percentage
Acceptable 70
Not acceptable 30
Figure 5.8: Waiting time acceptance by the customers
From the table 5.13, and the pie diagram in figure 5.8 it can be seen that 30
percentages of respondents are acceptable the waiting time and 70 percentages are
not acceptable
5.3.10 Courteousness and helpfulness of branch staff
Table 5.14: Distribution of respondents on the basis of courteousness and

helpfulness of branch staff
Rates No. of Respondents Percentage

Excellent 15 15
V. Good 43 43
Good 40 40
Moderate 2 2
Bad 0 0
Total 100 100
Figure 5.9: Distribution of respondents on the basis of courteousness and

helpfulness of branch staff
From table 5.14 43 Percentage of the respondents report courteousness and help-
fulness of branch staff is very good. 40 Percentage of they respondents good, 15
Percentage is excellent and 2 percentage is moderated. Above result is represented
through figure 5.9
5.3.11 Counter staffs product knowledge and ability to

convey information
Table 5.15: Distribution of respondents on the basis of Counter staffs product

knowledge and ability to convey information

Excellent 15 15
V. Good 35 35
Good 48 40
Moderate 2 2
Bad 0 0
Total 100 100
Figure 5.10: Distribution of respondents on the basis of Counter staffs product

knowledge and ability to convey information
Table 5.15 shows 48 Percentage of the response about counter staffs product knowl-
edge and ability to convey information is good. 35 Percentage of they respondents
very good, 15 Percentage is excellent and 2 percentage is moderated.Figure 5.10
illustrate this result.
5.3.12 Level of satisfaction while doing currency exchange
Table 5.16: Distribution of respondents on the basis of Level of satisfaction

while doing currency exchange
Level Total Percentage
Highly satisfied 10 31.25
Satisfied 18 56.25
Disatisfied 4 12.5
Highly disatisfied 0 0
Total 32 100
Figure 5.11: Distribution of respondents on the basis of Respondents on the

basis of Level of satisfaction while doing currency exchange
From table 5.16, 31.25 percentages of the respondents Level of satisfaction while
doing currency excbange is highly stisfactory and a majority of 56.25 percentages
show a satisfacory level. 12.5 percentage of the respondent population is not
satisfacory with current mode of exchange. Figure 5.11 shows this results.
5.3.13 Level of satisfaction with Xpress money

with Xpress money
Satisfied 20 58.8
Disatisfied 7 20.5
Highly disatisfied 2 5.9
Total 34 100

basis of Level of satisfaction with Xpress money
From table 5.17 14.8 percentages of the respondents Level of satisfaction with
xpress money is highly stisfactory and a majority of 58.8 percentages show a satis-
facory level. 20.5 percentage of the respondent population is not satisfacory with
current mode and a small population of 5.9 percentage shows highly disatisfactory
level with xpress money . Figure 5.12 shows this results.
5.3.14 Level of satisfaction through western union money

transfer

through western union money transfer
Highly satisfied 15 60
Satisfied 7 28
Disatisfied 3 12
Total 25 100

basis of Level of satisfaction through western union money transfer
From table 5.18 60 percentages of the respondents Level of satisfaction through

western union money transfer is high and 28 percentages show a satisfacory level.
12 percentage of the respondent population is not satisfacory with current mode.
Figure 5.13 shows this results graphically.
5.3.15 Level of satisfaction through money gram services

through money gram services
Satisfied 26 61.9
Disatisfied 3 2.39
Total 42 100

basis of Level of satisfaction through money gram services
From table 5.19 35.71 percentages of the respondents Level of satisfaction through
moneygram is high and 61.9 percentages show a satisfacory level. A small portion
of 2.39 percentage of the respondent population is not satisfacory with current
mode. Figure 5.14 shows this results graphically.
5.3.16 Peculiarities of Moneygram Service
UAE Exchange has provided many services to many customers. Moneygram sevice
is one of the most vital services among them. Here it has made an attempt to
assess moneygram service. Data analysed by assessing through a five point scale.
The five point scale is developed by awarding appropriate weightage. The outcome
of the analysis has been displaye in the table 5.20
Table 5.20: Ranks given for the money gram service
Percentage
Responses
Ranks
Score
Factors 1 2 3 4 5
Mark 5 Mark 4 Mark 3 Mark 2 Mark 1
Fast 55 15 12 8 10 100 397 26.47

Safe 23 35 17 17 8 100 348 23.2
Reliable 12 25 43 11 9 100 320 21.33
Affordable 5 12 5 23 55 100 189 12.6
Friendly 5 13 23 41 18 100 246 16.4
Responses 100 100 100 100 100 500 1500 100
Source: Primary data
The table 5.20 exhibits that most of the respondents choose moneygram service as
it is fast with top score of 397 (26.47 percentage) followed by safety with score of
348 (23.20 percentage), Reliable with the score of 320 (21.33 percentage), Friendly
way to send and recieve money with a score of 246 (16.40 percentage) and afford-
able with the score of 189 (12.60 percentage).
It is clearly revealed that most of the respondents have a perception that, Money-
gram services is very fast with the score of 397(26.47 percentage)
Figure 5.15: Ranking of moneygram service based on scaling technique
Figure 5.16: Ranking of moneygram service based on percentage analysis

5.3.17 Type of travel by the respondents
The table below indicates the type of travel taken by the respondents.
Table 5.21: Distribution of respondents on the basis of type of travel

Type of Travel Number Percentage
International 23 56.1
Domestic 18 43.9
Total 41 100
Figure 5.17: Distribution of respondents on the basis of type of travel
From table 5.21 most 43.9 Percentage of the respondents have traveled domestic.
56.1 Percentage of respondents have traveled International.The pie diagram 5.17
shows this statistics
5.3.18 Purpose of travel
The table below indicates the purpose of travel of the respondents.
Table 5.22: Distribution of respondents on the basis of purpose of travel

Purpose of Travel Number Percentage
Business 30 73.2
Leisure 11 26.8
Total 41 100
Figure 5.18: Distribution of respondents on the basis of purpose of travel
Interpretation
From the table 5.22 majority of the respondents are used the flight for business
trips. This results represented through figure 5.18
5.3.19 Number of flights travel during the year
Table 5.23: Distribution of respondents on the basis of number of flights

during the year.
Number of flights Total Percentage
1 - 3 Flights 26 63.4
4 - 6 Flights 10 24.4
7 - 10 Flights 3 7.3
More than 10 2 4.9
Total 41 100
Figure 5.19: Distribution of respondents on the basis of number of flights

during the year
From table 5.23,most (63.4 Percentage) of the respondents have taken 1-3 flights
,24.4 Percentage of the respondents have taken 4 - 6 flights, and 7.3 Percentage
of the respondents have taken 7-10 flights, 4.9 Percentage of the respondents have
taken More than 10. The bar diagram in figure 5.19 shows this response.
5.3.20 Mode of Reservation
Table 5.24: Distribution of respondents on the basis of mode of reservation

Mode Total Percentage
Mobile ticketing 1 2.4
Interline e-ticketing 4 9.8
Travel agencies 10 24.4
UAE ExChange 26 63.4
Total 41 100
Figure 5.20: Distribution of respondents on the basis of mode of reservation
From table 5.24,more than 60 Percentage of the respondents have taken tickets
through UAE X Change. 24.4 Percentage of the respondents has taken travel
agency for reservation of tickets. 9.8 Percentage of the respondents through In-
terline e-ticketing and 2.4 Percentage through Mobile ticketing This results shows
the influence of travel agencies towards the reservation of tickets. This responses
explained using bar diagram in figure 5.20
5.3.21 Level of satisfaction during reservation
Table 5.25: Distribution of Respondents on the basis of Level of satisfaction

during reservation
High 12 29.2
Medium 25 61
Low 4 9.8
Total 41 100
Figure 5.21: Distribution of Respondents on the basis of Level of satisfaction

during reservation
From table 5.25, 61 percentage of the respondents level of satisfaction Is medium,

29.2 percentages are high and 20 percentages are low.This results shows that a
huge group of customers are satisfied with UAE Exchange This results is plotted
with the help of pie diagram in figure 5.21
5.3.22 Quality of service provided in UAE EXCHANGE
Table 5.26: Quality of service provided in UAE EXCHANGE

Opinion Total Percentage
Strongly agree 42 42
Agree 50 50
Neither agree nor disagree 8 8
Disagree 0 0
Strongly disagree 0 0
Total 100 100
Figure 5.22: Quality of service provided in UAE EXCHANGE
From table 5.26, 50 percentages of respondents agrees with the quality of service
provided in UAE Exchange, 42 percentages are strongly agrees. 8 percntage of
them have no opinion about the topic. Figure 5.22 shows this results.
5.3.23 Rate the quality of service provided by UAE Ex-

change
Table 5.27: Rate the quality of service provided by UAE Exchange

Highly satisfied 34 34
Satisfied 48 48
Disatisfied 13 13
Total 100 100
Figure 5.23: Rate the quality of service provided by UAE Exchange
From table 5.27 it can be seen that most of the rspondent responds in a positive
way about the total quality of sevice provided by UAE Exchange.34 Percentage
of them are highly stisfied and 48 percentage are satisfied. 13 percentage are not
satisfied. 5 percentage of the respondents are highky disatisfied with the sevice
quality.5.23 expains this statistics
5.3.24 Rate the grievance handling and complaint
Table 5.28: Rate the grievance handling and complaint

Excellent 11 11
V. Good 28 28
Good 32 32
Moderate 25 25
Bad 4 4
Total 100 100
Figure 5.24: Rate the grievance handling and complaint
From table 5.28 most 32 Percentage of the respondents grievance handling and
complaint good. 28 Percentage of they respondents good, 11 Percentage is excel-
lent, 25 percentages is moderated and 4 percentage is bad.This results represented
using the diagram in figure 5.24
5.3.25 Availing the services again
Table 5.29: Distribution of respondents on the basis of avail the services again.
Likely No. of Respondents Percentage

Definitely 79 79
Most likely 20 20
Most unlikely 0 0
Definitely not 1 1
Total 100 100
Figure 5.25: Distribution of respondents on the basis of avail the services

again.
From table 5.29 it can be seen that 79 of respondents have definitely avail services
again, 20 of the respondents most likely avail the service and one percentage
respond definitely not. Figure 5.25 expalins this result
5.3.26 Recommends UAE Exchange to others
Table 5.30: Distribution of respondents on the basis of recommends UAE

Exchange to others
Recommends No. of Respondents Percentage

Yes 99 99
No 1 1
Total 100 100
Figure 5.26: Distribution of respondents on the basis of recommends UAE

Exchange to others
From table 5.30 99 percentage of respondents recommends UAE Exchange to

other and only one percentage respond negatively.Figure 5.26 shows graphical
representation of this result
5.3.27 Comparison to other exchange companies with re-

gard to the reliability
Table 5.31: Distribution of respondents on the basis of comparison to other

exchange companies with regard to the reliability
Reliability No. of Respondents Percentage

Better 75 75
Same 24 24
Worse 1 1
Total 100 100
Figure 5.27: Distribution of respondents on the basis of comparison to other

exchange companies with regard to the reliability
From table 5.31, 75 Percentage of the respondents responds as UAE Exchange

is better reliable compared to other exchange companies with ,24 percentages of
respondents respond as same reliability and one percentage respond worse. This
results shows in figure 5.27

gard to the location & Timing

exchange companies with regard to the location & Timing
Location & Timing No. of Respondents Percentage

Better 80 80
Same 20 20
Worse 0 0
Total 100 100

exchange companies with regard to location & timing
From the table 5.32,80 Percentage of the respondents responds the location and
timing of UAE Exchange is better than other exchange companies, 20 percentages
of respondents respond in the same topic as same and no one respond worse.
Results ploted in figure 5.28

gard to the rates & Charges

exchange companies with regard to the rates & Charges
Rates & Charges No. of Respondents Percentage

Better 85 85
Same 15 15
Worse 0 0

exchange companies with regard to the rates & Charges
From the table 5.33, 85 Percentage of the respondents rate UAE Exchange better
than other exchange companies with regard to rates and charges.15 percentages
of respondents respond as same and no one respond worse in the same topic .
Figure 5.29 shows the representation of the result.

gard to the faster Credit

exchange companies with regard to the faster Credit
Faster Credit No. of Respondents Percentage

Better 50 50
Same 50 50
Worse 0 0
Total 100 100

exchange companies with regard to the faster credit
From the table 5.34,50 Percentage of the respondents responds the faster credit
of UAE Exchange is better than other exchange companies, 50 percentages of
respondents respond in the same topic as same and no one respond worse. Results
ploted in figure 5.30

gard to the service at counter

exchange companies with regard to the service at counter
Service at counter No. of Respondents Percentage

Better 60 60
Same 40 40
Worse 0 0
Total 100 100

exchange companies with regard to the service at counter
From table 5.35 60 Percentage of the respondents responds service at counter in

UAE Exchange is better compared to other exchange companies with, 40 percent-
ages of respondents respond as same and no one respond worse.
Chapter 6
Findings Suggestions and

Conclusion
6.1 Results and Discussion
Collected quantitative data has been presented in the previous chapter. Chapter
5 brings the analyzed data according to the research question. Finally, we have
the conclusion and a discussion about possible implications.
6.2 Findings
Customers have access to a wide range of various financial institutions to buy with
variety of products by the emergence of globalisation and liberalisation. Hence,
it is not easy to gain and sustain competitive advantages based only on a cost
strategy in financial service market.
The new findings were discovered from quantitative empirical data and summerised
as,
• Majority of the respondents are male.
84
Chapter 6. Findings Suggestions and Conclusion 85
• Most of the respondents belong to the age group 31 40 years.
• Most of the respondents are graduates.
• Majority of the respondents are professionals.
• Most of the respondents have chosen money gram, express money and air
ticketing.
• Majority of the respondents have often avail services twice a month.
• Majority of the respondents have acceptable the waiting time
• Courteousness helpfulness and product knowledge of branch staff is rated in

upper positive side
• Majority of respondents are satisfied with currency exchange service, Mon-

eygram and Xpressmoney
• Majority of the respondents are highly satisfied with western union money
transfer.
• Respondent choose moneygram service due to its peculiarities like fast, safe
and reliability.
• Majority of the respondents prefer economy class.
• Most of the respondents have traveled short haul (domestic)
• Most of the respondents have taken 1-4 flights
• Majority of the respondents have traveled for business purpose.
• Most of the respondents have chosen UAE Exchnage and travel agency for
reservation of tickets.
χ2 Test
The null hypothesis is rejected. That is there is a significant relationship between

age and level of satisfaction.
6.3 Factor influencing the choice of the UAE Ex-

change
After doing the percentage analysis and ranking it can be clearly mention that var-
ious facors are influencing the UAE Exchange customers to choose this for their
needs. And the factors that satisfy various customer expectations are relatively
their basic needs. So here in this manner could compete withe other sevice ori-
ented financial inisistutes througout the location. Top five factors influencing the
customer to choose UAE Exchange are
• Fast
• Safe
• Reliable
• Affordable
• Friendly way
6.4 Suggestions
Knowing the needs and expectations of the customers, and meeting these, does
not only lead to more satisfied customers, but, very importantly, results in a more
efficient and effective provision of customer services. It helps by concentrating on
the most important elements of the service delivery and in managing the expec-
tations towards the services provided. Seeing these elements is clearly essential in
streamlining the processes and in translating them to the customers.
Identification and ranking of customers’ expectations and level of satisfaction of

the UAE Exchange provide a frame of reference for ranking customers’ preferences
of service quality.
• Findings show that majority of the respondents are male and professionals,
UAE Exchange should also frame strategies to attract customers from other
segment. Efforts can be made to attract customer belonging to other age
group and income level by customizing UAE Exchange to suit their require-
ments.
• Promotional activities have to be undertaken intensely by the company.
• More advertisements have to be needed to the entire product so that more

offers are reached to the customers.
• Quality of service should be improved to a great extent.
• Customer care should be improved to a great extent.
• They should try to maintain good relationship with existing customers and
their effort must be there to maintain a good long term relationship.
• There is a little percentage of the customers who said that they faced problem
with the company. If we take the population as such it is a big number, they
should try to reduce these problems. And there should be a separate group
to take care of the service issues.
• They should provide some offers to their old customers who have been with
them for more than a particular period; this can help to increase the satis-
faction level.
• They should provide some unique package to attract new customer.
• Through some factors are not so important but focus should be given to all
major factors.
• Perception of customer favorably towards in respect of the UAE Exchange

above mentioned criteria.
• These findings can be utilized by the marketing strategist in designing the

strategies to reframe and enhance the customer.
• It is important to place the management in a wider perspective of customer-

oriented service delivery.
6.5 Conclusion
This project study attempts to study the customer perception and promotional
strategies of UAE Exchange. In this competitive world each company wants to
taken an edge over the other to become the market leaders. Successful organisa-
tion can use customer needs and expectations as a starting point and developing
proposals around their customer’s needs and expectations, also meeting other
corporate imperatives. Managing satisfaction therefore has to do with managing
services and/or products, but also with managing expectations and perceptions of
the customer. Measuring satisfaction seems to be just one element in this overall
satisfaction management approach.
The real challenge is not the capability to use measurement and assessment tools,
but to be able to turn the information gathered through these methods into action.
One of the key elements of a successful marketing strategy is development of prod-

uct and promotional stimuli that consumers will perceive as relevant to their needs.
The company should consider customer perception to improve their promotional
strategies of UAE Exchange. Since the customer is the king of the market today,
the company should analyze the needs and wants of customers. Company should
know what the customer is actually looking forward from them.
Bibliography
• Krishna Swamy O.R, 2003, Methodology of Research in Social Science, Hi-

malaya publishing House, Bombay ,ISBN: 81-8318-740-4
• Cooper Donald R. and Schindler Pamela S.; 2003,Business Research Meth-

ods; Eighth edition; ISBN: 0- 07-249870-6 ; McGraw-Hill higher Education;.
• Avadhani V.A,2003 ,Marketing of Financial Service,Himalaya publishing

House, Delhi.
• R.P Hooda ,2004, Statistics for bussiness and economics, Second edition,
McMillan Business Books
• European Primer on customer satisfaction (English), European Institute of

public administration
• Alomaim Nasser and Zihni Mustafa and Zairi Turkey Mohamed, 2003; Cus-
tomer satisfaction @ virtual organizations; Management Decision; 41/7, pp.
666- 670.
• Dr. H. Nagaprasad, B. Yogesha, Enrichment Of Customer Satisfaction

Through Total Quality Management Techniques, Proceedings of the Inter-
national MultiConference of Engineers and Computer Scientists 2009 Vol II
IMECS 2009, March 18 - 20, 2009, Hong Kong
• Emerson Carol J. and Grimm Curtis M., 1999, Buyer-seller customer satis-
faction: the influence of the environment and customer service, Journal of
Business and Industrial Marketing; Vol. 14 NO. 5/6 1999, pp. 403-415.
89
Bibliography 90
• Fecikova Ingrid;. 2004, An index method for measurement of customer sat-

isfaction; The TQM Magazine; Vol 16 . No. 1 . pp. 57-66 .
• Gustafsson Anders, Johnson Michael D., & Roos Inger, 2005, The Effects of
Customer Satisfaction, Relationship Commitment Dimensions, and Triggers
on Customer Retention, American Marketing Association, ISSN:0022-2429
• Hallowell Roger, June 1995; The relationships of customer satisfaction, cus-

tomer loyalty, and profitability: an empirical study, Satisfaction, loyalty and
profitability;
• Wirtz Jochen, 2003; Halo in customer satisfaction measures The role of pur-
pose of rating, number of attributes and customer involvement; International
Journal of Service Industry Management, Vol. 14 No. 1, pp. 96-119.
• Zairi Mohamed, 2000,Managing customer satisfaction: a best practice per-

spective; The TQM Magazine; Vol. 12 . No 6, pp. 389-394.
• Rana Mostaghel,2006,Customer Satisfaction: service quality in online pur-

chasing in Iran, 2006:58 - ISSN: 1653-0187 - ISRN: LTU-PB-EX06/58–SE
Wesites:
www.uaeexchangetravel.com
www.xpressmoney.com
www.moneygram.com
Appendix A
Questionnaire
A study on customer satisfaction towards various service

of UAE EXCHANGE
Personal Profile
1. Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Age:
Below 20 21 - 30 31 - 40
41 - 50 Above 50
3. Gender:
Male Female
4. Education:
School Graduation
Post Graduation
5. Occupation:
91
Appendix A. Questionnaire 92
Business Unemployed
Professional
Products & Services
6. Which product do you normally use?
Draft Foreign Currency

Electronic Transfer Travelers Cheques
Telegraphic Transfer Credit Card Payments
Xpress Money Other bill payments
Western Union Air ticketing
Travelex Money Transfer Associate Branch Transfer
Other (please specify): . . . . . . . . . . . . .
7. How often do you avail our services?
Once in a month Once in 3 months

Twice a month Once in 6 months
Once in 2 months
8. Why do you prefer UAE Exchange for your transactions?
Reliability Faster Credit

Location & Timing Service at the counter
Rates & Charges
9. What according to you is the time taken to conclude your transaction?
Less than 5 minutes 20-30 minutes

5-10 minutes More than 30 minutes
10-20 minutes
10. Is the waiting time acceptable to you?

Yes No
11. How do you rate the courteousness and helpfulness of branch staff?
Excellent Good Bad

V. Good Moderate
12. How do you rate our counter staff in terms of product knowledge and ability
to convey information?
Excellent Good Bad

V. Good Moderate
13. Level of satisfaction while doing currency exchange
Highly satisfacted Highly disatisfied

Satisfactied
Disatisfied
14. Level of satisfaction with Xpress money

Satisfactied
Disatisfied
15. Level of satisfaction with Western union money transfer

Satisfactied
Disatisfied
16. Level of satisfaction through money gram services


Satisfactied
Disatisfied
17. Rank the money gram service
Ranks
Factors
I II III IV V
Fast
Safe
Reliable
Affordable
Friendly
Air Ticket Booking
18. What type of travel do you mostly take?
Domestic International
19. Which Class of travel
Business Economy
20. How many times you travel in airline
1-3 7 - 10
4-6 More than 10
21. How many times you made reservation by UAE X Change
1-3 7 - 10
4-6 More than 10
22. Purpose of travel

Business Leisure
23. Reservation made through
Mobile ticketing Travel agencies

Interline e-ticketing UAE EXCHANGE
24. Level of satisfaction during reservation
High Medium Low
Service Quality
25. Quality of service provided in UAE EXCHANGE
Strongly Agree Disagree

Agree Strongly Disagree
Neither agree nor disagree
26. How do yo rate overall satisfaction level towards quality of service rendered
by UAE Exchange?

Satisfactied
Disatisfied
27. How do you rate our grievance handling and complaint?
Excellent Good Bad

V. Good Moderate
28. How likely are you to avail our services again?
Definitely Most Unlikely

Most likely Definitely not
29. Would you recommend UAE Exchange to others?

Yes No
30. How do you rate UAE Exchange compared to other exchange companies
with regard to the following?
Ranks
Factors
Better Same worse
Reliable
Location& Timings
Rates & Charges
Faster Credit
Service at counter
31. What would you suggest to make our service better? (Please kindly write
down your suggestion) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Customer Satisfaction UAE Exchange

Hochgeladen von

Dokumentinformationen

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Customer Satisfaction UAE Exchange

Hochgeladen von

Copyright:

Verfügbare Formate

MAHATMA GANDHI UNIVERSITY

A STUDY ON CUSTOMER SATISFACTION

under the guidence of

Department of Management Studies

I have acknowledged all main sources of help.

A Study on Customer Satisfaction Towards Various Service

I would like to thank Mr. Nainel S C, Head of the Department, Department of

I express my sincere thanks to Mr. CHANDRA BOSE .B (Branch Manager, UAE

Finally, I express my sincere thanks to my parents, well-wishers and all my friends

List of Figures viii

5.3.20 Mode of Reservation . . . . . . . . . . . . . . . . . . . . . . 72

6 Findings Suggestions and Conclusion 84

1.1 Customers expectations and customer satisfaction . . . . . . . . . . 7

2.1 Money Gram Agent Network Growth . . . . . . . . . . . . . . . . 26

3.1 Customer satisfaction continues improvement . . . . . . . . . . . . 32

5.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . . 49

5.28 Comparison to other exchange companies with regard to location

4.1 Research strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

5.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . . 49

5.33 Comparison to other exchange companies with regard to the rates

1.1 Background of the study

1.1.1 UAE Exchange

insurance companies, consumer finance companies, stock brokerages, investment

UAE Exchange is a service oriented financial institute. It has to implement var-

1.1.2 RBI Guidelines

These are RBI general anti-money laundering guidelines

Reporting of Suspicious Transactions

• Suspicious transaction means a transaction whether or not made in cash

• It is the duty of all staff to report suspicious and unusual transactions to

• Failure to report suspicious and unusual transaction to the Reporting Officer,

• Reporting Officer shall investigate and forward the STR(Suspicious Trans-

Monitoring and Control

• The documents may be retained in original or stored on microfilm or in the

New Staff Recruitment Procedure

• The H R Department will check the antecedences of all new employees by

• A meeting of Regional Heads shall be held once in a quarter to discuss

• During all trainings, the employees shall be communicated of their responsi-

• The Administrative Office is also required to maintain records showing the

• An intranet website on AML to share ideas, experiences and case studies is

shall be brought to the attention of the Compliance Officer at the Adminis-

• There shall be an independent compliance officer to monitor and coordinate

1.2 Customer Satisfaction

To understand the importance of customer satisfaction, consider these facts: cus-

Ingrid Fecikova, (2004) interpreted satisfaction as a feeling which results from

Satisfaction refers to achieving the things we want. If satisfaction interprets as “not

Figure 1.1: Correlation between customers’ expectations and customer satis-

1.3 Problem discussion

In a competitive market place understanding customers needs become crucial.

1.3.1 Statement of the problem

1.3.2 The objectives of the study

• To identify the customer satisfaction level towards various services of UAE

• To identify the advantage of select UAE Exchange.

• To identify grievanance handling of customers.

• To identify the customer expectation and satisfaction with regard to UAE

Scope of the study

The limitations for the study as follows

• The study is carried out only in Kulthupuzha, Kollam district only.

• Due to time constraints only 100 respondents have been covered

This chapter explains a clear view of organisation through different aspects.

UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one

UAE Exchange celebrates 25 progressively successful years of commitment to qual-

acknowledged force in the world remittance market. UAE Exchange an organi-

• Streamlined internal policies and procedures

• Compliance with the local laws, regulations and best practices