Customer Satisfaction Study at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank
BANK DEFINITION: A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers with capital deficits to customers with capital surpluses. The definition of a bank varies from country to country. Under English common law, a banker is defined as a person who carries on the business of banking, which is specified as Conducting current accounts for his customers Paying cheques drawn on him, and Collecting cheques for his customers. In most common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to negotiable instruments, including cheques, and this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking. Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how the bank is organized or regulated. The business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular,
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Most of the definitions are from legislation that has the purposes of entry regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions: Banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act Banking business" means the business of either or both of the following: receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period; paying or collecting cheques drawn by or paid in by customers Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques.
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STANDARD ACTIVITIES: Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM. Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending. Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account. Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings too.
CHANNELS: Banks offer many different channels to access their banking and other services:
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ATM is a machine that dispenses cash and sometimes takes deposits without the need for a human bank teller. Some ATMs provide additional services. A branch is a retail location Call center Mail: most banks accept check deposits via mail and use mail to communicate to their customers, e.g. by sending out statements Mobile banking is a method of using one's mobile phone to conduct banking transactions Online banking is a term used for performing transactions, payments etc. over the Internet Relationship Managers, mostly for private banking or business banking, often visiting customers at their homes or businesses Telephone banking is a service which allows its customers to perform transactions over the telephone without speaking to a human Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch.
HISTORY OF BANKS:
The first banks were probably the religious temples of the ancient world, and were probably established in the third millennium BC. Banks probably predated the invention of money. Deposits initially consisted of grain and later other goods including cattle, agricultural implements, and eventually precious metals such as gold, in the form of easy-to-carry compressed plates. Temples and palaces were the safest places to store gold as they were constantly attended and well built. As sacred places, temples presented an extra deterrent to
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Would-be thieves. There are extant records of loans from the 2nd century BC in Babylon that were made by temple priests/monks to merchants.
EARLIEST BANKS:
By the time of Hammurabi's Code, dating to ca. 1760 BCE, banking was well enough developed to justify laws governing banking operations. Ancient Greece holds further evidence of banking. Greek temples, as well as private and civic entities, conducted financial transactions such as loans, deposits, currency exchange, and validation of coinage. There is evidence too of credit, whereby in return for a payment from a client, a moneylender in one Greek port would write a credit note for the client who could "cash" the note in another city, saving the client the danger of carting coinage with him on his journey. Pythius, who operated as a merchant banker throughout Asia Minor at the beginning of the 5th century BC, is the first individual banker of whom we have records. Many of the early bankers in Greek city-states were metics or foreign residents. Around 371 BC, Pasion, a slave, became the wealthiest and most famous Greek banker, gaining his freedom and Athenian citizenship in the process. The 4th century BC saw increased use of credit-based banking in the Mediterranean world. In Egypt, from early times, grain had been used as a form of money in addition to precious metals, and state granaries functioned as banks. When Egypt fell under the rule of a Greek dynasty, the Ptolemies (332-30 BC), the numerous scattered government granaries were transformed into a network of grain banks, centralized in Alexandria where the main accounts from all the state granary banks were recorded. This banking network functioned as a trade credit system in which payments were affected by transfer from one account to another without money passing. In the late 3rd century BC, the barren Aegean island of Delos, known for its magnificent harbor and famous temple of Apollo, became a prominent banking center. As in Egypt, cash transactions
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Were replaced by real credit receipts and payments were made based on simple instructions with accounts kept for each client. With the defeat of its main rivals, Carthage and Corinth, by the Romans, the importance of Delos increased. Consequently it was natural that the bank of Delos should become the model most closely imitated by the banks of Rome. Ancient Rome perfected the administrative aspect of banking and saw greater regulation of financial institutions and financial practices. Charging interest on loans and paying interest on deposits became more highly developed and competitive. The development of Roman banks was limited, however, by the Roman preference for cash transactions. During the reign of the Roman emperor Gallienus (260-268 AD), there was a temporary breakdown of the Roman banking system after the banks rejected the flakes of copper produced by his mints. With the ascent of Christianity, banking became subject to additional restrictions, as the charging of interest was seen as immoral. After the fall of Rome, banking was abandoned in western Europe and did not revive until the time of the crusades.
DURING LATE ANTIQUITY AND MIDDLE AGES:
During the 3rd century AD, banks in Persia and other territories in the Persian Sassanid Empire issued letters of credit known as sakk.
Muslim traders are known to have used the cheque or sakk system since the time of Harun alRashid (9th century) of the Abbasid Caliphate. In the 9th century, a Muslim businessman could cash an early form of the cheque in China drawn on sources in Baghdad, a tradition that was significantly strengthened in the 13th and 14th centuries, during the Mongol Empire. Indeed, fragments found in the Cairo Geniza indicate that in the 12th century cheques remarkably similar to our own were in use, only smaller to save costs on the paper. They contain a sum to be paid
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And then the order "May so and so pay the bearer such and such an amount". The date and name of the issuer are also apparent.
Jews were ostracized from most professions by local rulers, the Church and the guilds and so were pushed into marginal occupations considered socially inferior, such as tax and rent collecting and money lending, while the provision of financial services was increasingly demanded by the expansion of European trade and commerce.
Medieval trade fairs, such as the one in Hamburg, contributed to the growth of banking in a curious way: moneychangers issued documents redeemable at other fairs, in exchange for hard currency. These documents could be cashed at another fair in a different country or at a future fair in the same location. If redeemable at a future date, they would often be discounted by an amount comparable to a rate of interest. Eventually, these documents evolved into bills of exchange, which could be redeemed at any office of the issuing banker. These bills made it possible to transfer large sums of money without the complications of hauling large chests of gold and hiring armed guards to protect the gold from thieves. Beginning around 12th century, the need to transfer large sums of money to finance the Crusades stimulated the re-emergence of banking in western Europe. In 1156, in Genoa, occurred the earliest known foreign exchange contract. Two brothers borrowed 115 Genoese pounds and agreed to reimburse the bank's agents in Constantinople the sum of 460 bezants one month after their arrival in that city. In the following century the use of such contracts grew rapidly, particularly since profits from time differences were seen as not infringing canon laws against usury. In 1162, King Henry the II levied a tax to support the crusadesthe first of a series of taxes levied by Henry over the years with the same objective. The Templars and Hospitallers acted as Henry's bankers in the Holy Land. The Templars' wide flung, large land holdings across Europe also emerged in the 1100 1300 time frame as the beginning of Europe-wide banking, as their practice was to take in local
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Currency, for which a demand note would be given that would be good at any of their castles across Europe, allowing movement of money without the usual risk of robbery while traveling.
By 1200 there was a large and growing volume of long-distance and international trade in a number of agricultural commodities and manufactured goods in western Europe; some of the goods traded during that period included wool, finished cloth, wine, salt, wax and tallow, leather and leather goods, and weapons and armour. Individual trading concerns and combines often specialized in one or more of these, as did individual producers; because a large amount of capital was required to establish, e.g., a cloth manufacturing business, only the largest firms could diversify. As a result, businesses and clusters of businesses tended to market fairly narrow product lines. Big firms like the Medici bank could and did specialize; the Medicis manufacturing division had a number of manufacturing facilities producing many different types of cloth. Perhaps the best example of product policy comes from the Cistercian monastic order, where individual monasteries and granges tended to specialize in particular agricultural products or types of industrial production, usually with an eye to meeting particular local or regional market needs. Ironically, the Papal bankers were the most successful of the Western world, though often goods taken in pawn were substituted for interest in the institution termed the Monte di Piet.
When Pope John XXII (born Jacques d'Euse (12491334) was crowned in Lyon in 1316, he set up residency in Avignon. Civil war in Florence between the rival Guelph and Ghibelline factions resulted in victory for a group of Guelph merchant families in the city. They took over papal banking monopolies from rivals in nearby Siena and became tax collectors for the Pope throughout Europe. In 1306, Philip IV expelled Jews from France. In 1307 Philip had the Knights Templar arrested and acquired their wealth, which had become to serve as the unofficial treasury of France. In 1311 he expelled Italian bankers and collected their outstanding credit. In 1327,
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Avignon had 43 branches of Italian banking houses. In 1347, Edward III of England defaulted on loans. Later there was the bankruptcy of the Peruzzi (1374) and Bardi (1353). The accompanying growth of Italian banking in France was the start of the Lombard moneychangers in Europe, who moved from city to city along the busy pilgrim routes important for trade. Key cities in this period were Cahors, the birthplace of Pope John XXII, and Figeac. Perhaps it was because of these origins that the term Lombard is synonymous with Cahorsin in medieval Europe, and means 'pawnbroker'. Banca Monte dei Paschi di Siena SPA (MPS) Italy, is the oldest surviving bank in the world. After 1400, political forces turned against the methods of the Italian free enterprise bankers. In 1401, King Martin I of Aragon expelled them. In 1403, Henry IV of England prohibited them from taking profits in any way in his kingdom. In 1409, Flanders imprisoned and then expelled Genoese bankers. In 1410, all Italian merchants were expelled from Paris. In 1401, the Bank of Barcelona was founded. In 1407, the Bank of Saint George was founded in Genoa. This bank dominated business in the Mediterranean. In 1403 charging interest on loans was ruled legal in Florence despite the traditional Christian prohibition of usury. Italian banks such as the Lombards, who had agents in the main economic centers of Europe, had been making charges for loans. The lawyer and theologian Lorenzo di Antonio Ridolfi won a case which legalized interest payments by the Florentine government. In 1413, Giovanni di Bicci deMedici was appointed banker to the pope. In 1440, Gutenberg invents the modern printing press although Europe already knew of the use of paper money in China. The printing press design was subsequently modified, by Leonardo da Vinci among others, for use in minting coins nearly two centuries before printed banknotes were produced in the West. By the 1390s silver was short all over Europe, except in Venice. The silver mines at Kutn Hora had begun to decline in the 1370s, and finally closed down after being sacked by King Sigismund in 1422. By 1450 almost all of the mints of northwest Europe had closed down for lack of silver.
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The last money-changer in the major French port of Dieppe went out of business in 1446. In 1455 the Turks overran the Serbian silver mines, and in 1460 captured the last Bosnian mine. The
Last Venetian silver grosso was minted in 1462. Several Venetian banks failed, and so did the Strozzi bank of Florence, the second largest in the city. Even the smallest of small change became scarce.
WESTERN BANKING HISTORY:
The Church officially prohibited usury, which reafirmed the view that it was a sin to charge interest on a money loan. The development of double entry bookkeeping would provide a powerful argument in favor of the legitimacy and integrity of a firm and its profits. There is evidence of bookkeeping practices starting in the 13th century, while the Farolfi ledger of 1299 1300 is the earliest evidence of full double-entry bookkeeping. Giovanno Farolfi & Company were a firm of Florentine merchants whose head office was in Nmes whose ledger shows that they also acted as moneylender to Archbishop of Arles, their most important customer. His patronage must also have shielded the Florentines from any trouble over the Church's official ban on usury, which in any case was not seriously enforced, provided the rate of interest was not extortionate; the Archbishop himself borrowed from the Farolfi at 15 per cent per annum.
Banking in the modern sense of the word can be traced to medieval and early Renaissance Italy, to the rich cities in the north like Florence, Venice and Genoa.The Bardi and Peruzzi families dominated banking in 14th century Florence, establishing branches in many other parts of Europe. Perhaps the most famous Italian bank was the Medici bank, set up by Giovanni Medici in 1397. Modern Western economic and financial history is usually traced back to the coffee houses of London. The London Royal Exchange was established in 1565. At that time
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moneychangers were already called bankers, though the term "bank" usually referred to their offices, and did not carry the meaning it does today. There was also a hierarchical order among
Professionals, at the top were the bankers who did business with heads of state, next were the city exchanges, and at the bottom were the pawn shops or "Lombard". Some European cities today have a Lombard street where the pawn shop was located.After the siege of Antwerp trade moved to Amsterdam. In 1609 the Amsterdamsche Wisselbank (Amsterdam Exchange Bank) was founded which made Amsterdam the financial center of the world until the Industrial Revolution. Banking offices were usually located near centers of trade, and in the late 17th century, the largest centers for commerce were the ports of Amsterdam, London, and Hamburg. Individuals could participate in the lucrative East India trade by purchasing bills of credit from these banks, but the price they received for commodities was dependent on the ships returning (which often didn't happen on time) and on the cargo they carried (which often wasn't according to plan). The commodities market was very volatile for this reason, and also because of the many wars that led to cargo seizures and loss of ships.
GLOBAL BANKING:
In the 1970s, a number of smaller crashes tied to the policies put in place following the depression, resulted in deregulation and privatization of government-owned enterprises in the 1980s, indicating that governments of industrial countries around the world found private-sector solutions to problems of economic growth and development preferable to state-operated, semisocialist programs. This spurred a trend that was already prevalent in the business sector, large companies becoming global and dealing with customers, suppliers, manufacturing, and information centres all over the world.
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Global banking and capital market services proliferated during the 1980s and 1990s as a result of a great increase in demand from companies, governments, and financial institutions, but also
Because financial market conditions were buoyant and, on the whole, bullish. Interest rates in the United States declined from about 15% for two-year U.S. Treasury notes to about 5% during the 20-year period, and financial assets grew then at a rate approximately twice the rate of the world economy. Such growth rate would have been lower, in the last twenty years, were it not for the profound effects of the internationalization of financial markets especially U.S. Foreign investments, particularly from Japan, who not only provided the funds to corporations in the U.S., but also helped finance the federal government; thus, transforming the U.S. stock market by far into the largest in the world. Nevertheless, in recent years, the dominance of U.S. financial markets has been disappearing and there has been an increasing interest in foreign stocks. The extraordinary growth of foreign financial markets results from both large increases in the pool of savings in foreign countries, such as Japan, and, especially, the deregulation of foreign financial markets, which has enabled them to expand their activities. Thus, American corporations and banks have started seeking investment opportunities abroad, prompting the development in the U.S. of mutual funds specializing in trading in foreign stock markets. Such growing internationalization and opportunity in financial services has entirely changed the competitive landscape, as now many banks have demonstrated a preference for the universal banking model prevalent in Europe. Universal banks are free to engage in all forms of financial services, make investments in client companies, and function as much as possible as a one-stop supplier of both retail and wholesale financial services. Many such possible alignments could be accomplished only by large acquisitions, and there were many of them. By the end of 2000, a year in which a record level of financial services transactions with a market value of $10.5 trillion occurred, the top ten banks commanded a market share of more than 80% and the top five, 55%. Of the top ten banks ranked by market share, seven were large universal-type banks (three American and four
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European), and the remaining three were large U.S. investment banks who between them accounted for a 33% market share.
This growth and opportunity also led to an unexpected outcome: entrance into the market of other financial intermediaries: nonbanks. Large corporate players were beginning to find their way into the financial service community, offering competition to established banks. The main services offered included insurances, pension, mutual, money market and hedge funds, loans and credits and securities. Indeed, by the end of 2001 the market capitalisation of the worlds 15 largest financial services providers included four nonbanks. In recent years, the process of financial innovation has advanced enormously increasing the importance and profitability of nonbank finance. Such profitability priorly restricted to the nonbanking industry, has prompted the Office of the Comptroller of the Currency (OCC) to encourage banks to explore other financial instruments, diversifying banks' business as well as improving banking economic health. Hence, as the distinct financial instruments are being explored and adopted by both the banking and nonbanking industries, the distinction between different financial institutions is gradually vanishing.
MAJOR EVENTS IN BANKING HISTORY: 11001300 - Knights Templar run earliest Euro wide /Mideast banking. 15421551 - The Great Debasement refers to the English Crowns policy of coinage debasement during the reigns of Henry VIII and Edward VI. 1602 First joint-stock company, the Dutch East India Company founded. 1602 - The Amsterdam Stock Exchange was established by the Dutch East India Company for dealings in its printed stocks and bonds.
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1609 - The Amsterdamsche Wisselbank (Amsterdam Exchange Bank) was founded.
1690 - The Massachusetts Bay Colony was the first of the Thirteen Colonies to issue permanently circulating banknotes. 1694 - The Bank of England was set up to supply money to the King . 1716 - John Law opens Banque Gnrale 1717 - Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver and gold that had the effect of driving silver out of circulation (bimetalism)and putting Britain on a gold standard. 1720 The South Sea Bubble and John Law's Mississippi Scheme, which caused a European financial crisis and forced many bankers out of business. 1775 The first building society, Ketley's Building Society, was established in Birmingham, England. 1781 The Bank of North America was found by the Continental Congress. 1791 - The First Bank of the United States was a bank chartered by the United States Congress. The charter was for 20 years. 1800 Rothschild family founds Euro wide banking. 1816 - The Second Bank of the United States was chartered five years after the First Bank of the United States lost its charter. This charter was also for 20 years. The bank was created to finance the country in the aftermath of the War of 1812. 1862 - To finance War Between the States, the federal government under U.S. President Abraham Lincoln issued a legal tender paper money, the so-called greenbacks.
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1874 - The Specie Payment Resumption Act provided for the redemption of United States paper currency, known colloquially as greenbacks, in gold, beginning in 1879. 1913 - The Federal Reserve Act created the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue legal tender. 193033 In the wake of the Wall Street Crash of 1929, 9,000 banks close, wiping out a third of the money supply in the United States. 1933 - Executive Order 6102 signed by U.S. President Franklin D. Roosevelt forbid the hoarding of Gold Coin, Gold Bullion, and Gold Certificates by U.S. citizens, except for a small amount. This effectively ended the convertibility of dollars to gold for US citizens. 1971 - The Nixon Shock was a series of economic measures taken by U.S. President Richard Nixon which canceled the direct convertibility of the United States dollar to gold by foreign nations. This essentially ended the existing Bretton Woods system of international financial exchange. 1986 The "Big Bang" (deregulation of London financial markets) served as a catalyst to reaffirm London's position as a global centre of world banking. 2008 Washington Mutual collapses. It was the largest bank failure in history.
BANKING IN INDIA: Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1790;
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both are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of
Bengal. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which were established under charters from the British East India Company. For many years the Presidency banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India.
HISTORY OF BANKING IN INDIA: Indian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a consequence of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and still functioning today, is the oldest Joint Stock bank in India.(Joint Stock Bank: A company that issues stock and requires shareholders to be held liable for the company's debt) It was not the first though. That honor belongs to the Bank of Upper India, which was established in 1863, and which survived until 1913, when it failed, with some of its assets and liabilities being transferred to the Alliance Bank of Simla. When the American Civil War stopped the supply of cotton to Lancashire from the Confederate States, promoters opened banks to finance trading in Indian cotton. With large exposure to speculative ventures, most of the banks opened in India during that period failed. The depositors lost money and lost interest in keeping deposits with banks. Subsequently, banking in India remained the exclusive domain of Europeans for next several decades until the beginning of the 20th century. Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoire d'Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862;
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branches in Madras and Puducherry, then a French colony, followed. HSBC established itself in Bengal in 1869. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire, and so became a banking center.
The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in Faizabad. It failed in 1958. The next was the Punjab National Bank, established in Lahore in 1895, which has survived to the present and is now one of the largest banks in India. Around the turn of the 20th Century, the Indian economy was passing through a relative period of stability. Around five decades had elapsed since the Indian Mutiny, and the social, industrial and other infrastructure had improved. Indians had established small banks, most of which served particular ethnic and religious communities. The presidency banks dominated banking in India but there were also some exchange banks and a number of Indian joint stock banks. All these banks operated in different segments of the economy. The exchange banks, mostly owned by Europeans, concentrated on financing foreign trade. Indian joint stock banks were generally undercapitalized and lacked the experience and maturity to compete with the presidency and exchange banks. This segmentation let Lord Curzon to observe, "In respect of banking it seems we are behind the times. We are like some old fashioned sailing ship, divided by solid wooden bulkheads into separate and cumbersome compartments." The period between 1906 and 1911, saw the establishment of banks inspired by the Swadeshi movement. The Swadeshi movement inspired local businessmen and political figures to found banks of and for the Indian community. A number of banks established then have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.The fervour of Swadeshi movement lead to establishing of many private banks in Dakshina Kannada and Udupi district which were unified earlier and known by the name South Canara ( South Kanara ) district. Four nationalised banks
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started in this district and also a leading private sector bank. Hence undivided Dakshina Kannada district is known as "Cradle of Indian Banking".
POST-INDEPENDENCE: The partition of India in 1947 adversely impacted the economies of Punjab and West Bengal, paralyzing banking activities for months. India's independence marked the end of a regime of the Laissez-faire for the Indian banking. The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy. This resulted into greater involvement of the state in different segments of the economy including banking and finance. The major steps to regulate banking included:
The Reserve Bank of India, India's central banking authority, was nationalized on January 1, 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b).[Reference www.rbi.org.in] In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) "to regulate, control, and inspect the banks in India." The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI, and no two banks could have common directors.
CUSTOMER SATISFACTION:
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Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and is part of the four of a Balanced Scorecard.
In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. However, the importance of customer satisfaction diminishes when a firm has increased bargaining power. For example, cell phone plan providers, such as AT&T and Verizon, participate in an industry that is an oligopoly, where only a few suppliers of a certain product or service exist. As such, many cell phone plan contracts have a lot of fine print with provisions that they would never get away if there were, say, a hundred cell phone plan providers, because customer satisfaction would be way too low, and customers would easily have the option of leaving for a better contract offer.
MEASURING CUSTOMER SATISFACTION: Organizations need to retain existing customers while targeting non-customers. Measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace. Customer satisfaction is an abstract concept and the actual manifestation of the state of satisfaction will vary from person to person and product/service to product/service. The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as return and recommend rate. The level of
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satisfaction can also vary depending on other factors the customer, such as other products against which the customer can compare the organization's products. Work done by Parasuraman, Zeithaml and Berry (Leonard L) between 1985 and 1988 delivered SERVQUAL which provides the basis for the measurement of customer
satisfaction with a service by using the gap between the customer's expectation of performance and their perceived experience of performance. This provides the researcher with a satisfaction "gap" which is semi-quantitative in nature. Cronin and Taylor extended the disconfirmation theory by combining the "gap" described by Parasuraman, Zeithaml and Berry as two different measures (perception and expectation) into a single measurement of performance relative to expectation.The usual measures of customer satisfaction involve a survey with a set of statements using a Likert Technique or scale. The customer is asked to evaluate each statement in terms of their perception and expectation of performance of the service being measured. Arguably, consumers are less complex than some of these surveys tend to portend. They are basically in two simple states; satisfied or not satisfied. On or off, just like a switch. A business can measure its customer satisfaction index by relating the aggregates of satisfied customers versus dissatisfied customers.
METHODOLOGIES: American Customer Satisfaction Index (ACSI) is a scientific standard of customer satisfaction. Academic research has shown that the national ACSI score is a strong predictor of Gross Domestic Product (GDP) growth, and an even stronger predictor of Personal Consumption Expenditure (PCE) growth. On the microeconomic level, research has shown that ACSI data predicts stock market performance, both for market indices and for
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individually traded companies. Increasing ACSI scores has been shown to predict loyalty, word-of-mouth recommendations, and purchase behavior. The ACSI measures customer satisfaction annually for more than 200 companies in 43 industries and 10 economic sectors. In addition to quarterly reports, the ACSI methodology can be applied to private sector companies and government agencies in order to improve loyalty and purchase intent. Two companies have been licensed to apply the methodology of the ACSI for both the private and public sector: CFI Group, Inc. applies the methodology of the ACSI offline, and
Foresee Results applies the ACSI to websites and other online initiatives. ASCI scores have also been calculated by independent researchers, for example, for the mobile phones sector, higher education, and electronic mail. The Kano model is a theory of product development and customer satisfaction developed in the 1980s by Professor Noriaki Kano that classifies customer preferences into five categories: Attractive, One-Dimensional, Must-Be, Indifferent, Reverse. The Kano model offers some insight into the product attributes which are perceived to be important to customers. Kano also produced a methodology for mapping consumer responses to questionnaires onto his model. SERVQUAL or RATER is a service-quality framework that has been incorporated into customer-satisfaction surveys (e.g., the revised Norwegian Customer Satisfaction Barometer) to indicate the gap between customer expectations and experience. J.D. Power and Associates provides another measure of customer satisfaction, known for its top-box approach and automotive industry rankings. J.D. Power and Associates' marketing research consists primarily of consumer surveys and is publicly known for the value of its product awards. Other research and consulting firms have customer satisfaction solutions as well. These include A.T. Kearney's Customer Satisfaction Audit process, which
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incorporates the Stages of Excellence framework and which helps define a companys status against eight critically identified dimensions.
MEASURING CUSTOMER SATISFACTION IN THE BANKING INDUSTRY Banking operations are becoming increasingly customer dictated. The demand for 'banking supermalls' offering one-stop integrated financial services is well on the rise. The ability of banks to offer clients access to several markets for different classes of financial instruments
has become a valuable competitive edge. Convergence in the industry to cater to the changing demographic expectations is now more than evident. Bank assurance and other forms of cross selling and strategic alliances will soon alter the business dynamics of banks and fuel the process of consolidation for increased scope of business and revenue. The thrust on farm sector, health sector and services offers several investment linkages. In short, the domestic economy is an increasing pie which offers extensive economies of scale that only large banks will be in a position to tap. With the phenomenal increase in the country's population and the increased demand for banking services; speed, service quality and customer satisfaction are going to be key differentiators for each bank's future success. Thus it is imperative for banks to get useful feedback on their actual response time and customer service quality aspects of retail banking, which in turn will help them take positive steps to maintain a competitive edge. The working of the customer's mind is a mystery which is difficult to solve and understanding the nuances of what customer satisfaction is, a challenging task. This exercise in the context of the banking industry will give us an insight into the parameters of customer satisfaction and their measurement. This vital information will help us to build
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satisfaction amongst the customers and customer loyalty in the long run which is an integral part of any business. The customer's requirements must be translated and quantified into measurable targets. This provides an easy way to monitor improvements, and deciding upon the attributes that need to be concentrated on in order to improve customer satisfaction. We can recognize where we need to make changes to create improvements and determine if these changes, after implemented, have led to increased customer satisfaction. "If you cannot measure it, you cannot improve it." - Lord William Thomson Kelvin (1824-1907).
THE NEED TO MEASURE CUSTOMER SATISFACTION: Satisfied customers are central to optimal performance and financial returns. In many places in the world, business organizations have been elevating the role of the customer to that of a key stakeholder over the past twenty years. Customers are viewed as a group whose satisfaction with the enterprise must be incorporated in strategic planning efforts. Forwardlooking companies are finding value in directly measuring and tracking customer satisfaction (CS) as an important strategic success indicator. Evidence is mounting that placing a high priority on CS is critical to improved organizational performance in a global marketplace. With better understanding of customers' perceptions, companies can determine the actions required to meet the customers' needs. They can identify their own strengths and weaknesses, where they stand in comparison to their competitors, chart out path future progress and improvement. Customer satisfaction measurement helps to promote an increased focus on customer outcomes and stimulate improvements in the work practices and processes used within the company. When buyers are powerful, the health and strength of the company's relationship with its customers its most critical economic asset is its
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best predictor of the future. Assets on the balance sheet basically assets of production are good predictors only when buyers are weak. So it is no wonder that the relationship between those assets and future income is becoming more and more tenuous. As buyers become empowered, sellers have no choice but to adapt. Focusing on competition has its place, but with buyer power on the rise, it is more important to pay attention to the customer. Customer satisfaction is quite a complex issue and there is a lot of debate and confusion about what exactly is required and how to go about it. This article is an attempt to review
the necessary requirements, and discuss the steps that need to be taken in order to measure and track customer satisfaction.
WHAT CONSTITUTES SATISFACTION? The meaning of satisfaction: "Satisfied" has a range of meanings to individuals, but it generally seems to be a positive assessment of the service. The word "satisfied" itself had a number of different meanings for respondents, which can be split into the broad themes of contentment/happiness, relief, achieving aims, achieving aims and happy with outcome and the fact that they did not encounter any hassle:
Happy - Content - Happy, pretty happy, quite happy
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- Pleased - Walked out of there feeling good - Walk out of there chuffed - Grateful the service has been OK
Relieved - Thank God for that - Phew - At ease - Can relax - Stress reduction - Secure - Safe - Go to the bank with a troubled mind and they sort it out for you - Sleep at night without worrying what's going to go on - Everything is sorted out in your mind and you're happy - Secure, you know the money has been sorted out - Knowing the money's going to be there
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Achieving aims - Achieving your aim or goal - Getting what you went in for - Achieve whatever it is you wanted to achieve
- Come away with a proportion of what you want - Got what wanted in the end - Got what you went down for - Everything went according to plan, the way it should have done - Met expectations - To be unsatisfied is when you come out and you are still on the same level you were before. as
Achieving aims, and happy with outcome - Happy with the results - Happy with what you've got - When you walk out you're happy they've sorted everything out and quickly
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- Happy with outcome - Pleased with what's happened - Content with what's been done for you - A feeling of happiness having achieved your goal - You go in there feeling down and the only way you are going to come out satisfied is if they have been good to you.
No hassle - Not frustrated - Everything goes smooth - No hassle - No problems - No hassle getting there - Straightforward Clearly then there is some variation in understanding of the term. Some of the interpretations fit with the definitions used in much of the service quality and satisfaction literature, where satisfaction is viewed as a zero state, merely an assessment that the service is adequate, as opposed to "delight" which reflects a service that exceeds expectations. However, most respondents have more positive interpretations of the term. These questions allow us to identify priorities for improvement by comparing satisfaction with stated (overt)
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importance, comparing satisfaction with modeled (covert) importance (from identifying key drivers of overall satisfaction), as well as respondents' own stated priorities.
SERVICE QUALITY AND CUSTOMER SATISFACTION: There is a great deal of discussion and disagreement in the literature about the distinction between service quality and satisfaction. The service quality school view satisfaction as an antecedent of service quality - satisfaction with a number of individual transactions "decay" into an overall attitude towards service quality. The satisfaction school holds the opposite view that assessments of service quality lead to an overall attitude towards the service that they call satisfaction. There is obviously a strong link between customer satisfaction and customer retention. Customer's perception of Service and Quality of product will determine the success of the product or service in the market. If experience of the service greatly exceeds the expectations clients had of the service then satisfaction will be high, and vice versa.. In the service quality literature, perceptions of service delivery are measured separately from customer expectations, and the gap between the two provides a measure of service quality.
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TITLE OF THE STUDY: A study on customer satisfaction in terms of service at HDFC Bank, Bangalore.
STATEMENT OF THE PROBLEM: The expectations of the customers influence their buying behavior. The customers relate this expectation to the quality of service provided by the banks. The level of expectation differs from person to person but everyone wants the banks to provide the services which can satisfy their needs to their expected level or to a higher level so as to offer them a higher satisfaction. The level of satisfaction of customers is affected by some other attributes also other than the quality of service such as their experience with the bank employees etc. As there is a huge competition in the banking sector in India, the customer satisfaction is an important factor for the success of the banks. So with this background an attempt has been made to study the satisfaction of the customers of HDFC Bank taking into consideration some important attributes which customers consider for rating their satisfaction.
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OBJECTIVES OF THE STUDY: To identify the major attributes of customer satisfaction. To study customer perception about HDFC Bank Ltd. To identify and study the various ways of ensuring customer satisfaction adopted by HDFC Bank Ltd.
SCOPE OF THE STUDY: The scope of the study is confined to measure the customer satisfaction at HDFC This study is based on sample survey. Bank.
SIGNIFICANCE OF THE STUDY: Satisfied customers are central to optional performance and financial returns. Business organizations have been elevating the role of the customer to that of a key stakeholder over the past 20 years. Customers are viewed as group whose satisfaction with the enterprise must be incorporated in strategic planning efforts. Forward-looking companies are finding value in directly measuring customer satisfaction as an important strategic success indicator. With better understanding of customers perception, companies can determine the actions required to meet the customers needs.
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RESEARCH DESIGN: 1. RESEARCH METHODOLOGY: The research methodology would be descriptive.
2. DATA COLLECTION: The data would be collected from primary source through questionnaires.
3. DATA SOURCE: Both primary and secondary sources of data will be used. The major type of information used is primary data. This is done through primary survey. The literature review is a secondary data type. The sources include books, periodicals, websites etc.
LIMITATIONS OF THE STUDY: This study is geographically restricted to Bangalore city only. Findings are based on sample survey through questionnaires. Hence there is a scope for the respondents to be biased or pretentious.
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COMPANY PROFILE: OVERVIEW AND PROFILE OF HDFC BANK: The Housing Development Finance Corporation Limited (HDFC) HDFC Bank Ltd is a major Indian financial services company based in India, incorporated in August 1994, after the Reserve Bank of India allowed establishing private sector banks. The Bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. HDFC Bank has 1,780 branches and over 5,231 ATMs, in 883 towns and cities in India, and all branches of the bank are linked on an online realtime basis. As of 31st March 2010 the bank had total assets of US$ 39.723 billion. For the fiscal year 2009-2010, the bank has reported net profit of Rs 3,032 crore. Total annual earnings of the bank reached Rs 21,158 crore. HDFC Bank was incorporated in 1994 by Housing Development Finance Corporation Limited (HDFC), India's largest housing finance company. It was among the first companies to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. The Bank started operations as a scheduled commercial bank in January 1995 under the RBI's liberalization policies.The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI's liberalization of the Indian
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Banking Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. HDFC is India's premier housing finance company and enjoys an impeccable track record in India as well as in international markets. Since its inception in 1977, the Corporation has maintained a consistent and healthy growth in its operations to remain the market leader in mortgages.
Its outstanding loan portfolio covers well over a million dwelling units. HDFC has developed significant expertise in retail mortgage loans to different market segments and also has a large corporate client base for its housing related credit facilities. With its experience in the financial markets, a strong market reputation, large shareholder base and unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian environment. HDFC Bank began operations in 1995 with a simple mission: to be a World Class Indian Bank. We realized that only a single minded focus on product quality and service excellence would help us get there. Today, we are proud to say that we are well on our way towards that goal.
BUSINESS FOCUS: HDFC Banks mission is to be a World-Class Indian Bank. The objective is to build sound customer franchises across distinct businesses so as to be the preferred provider of banking services for target retail and wholesale customer segments, and to achieve healthy growth in profitability, consistent with the banks risk appetite. The banks are committed to maintain the highest level of ethical standards, professional integrity, corporate governance and
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regulatory compliance. HDFC Banks business philosophy is based on four core values Operational Excellence, Customer Focus, Product Leadership and People.
MANAGEMENT: Mr.C M Vasudev is the Non-Executive Chairman of the Bank effective July 6, 2010. The Managing Director, Mr. Aditya Puri, has been a professional banker for over 25 years and
before joining HDFC Bank in 1994 was heading Citibanks operations in Malaysia. Mr. Aditya Puri is the Economic Times Business Leader 2010 The Banks Board of Directors is composed of eminent individuals with a wealth of experience in public policy, administration, industry and commercial banking. Senior executives representing HDFC are also on the Board. Senior banking professionals with substantial experience in India and abroad head various businesses and functions and report to the Managing Director. Given the professional expertise of the management team and the overall focus on recruiting and retaining the best talent in the industry, the bank believes that its people are a significant competitive strength.
TECHNOLOGY USED IN HDFC BANK: In the era of globalization each and every sector faced the stiff competition from their rivals. And world also converted into the flat from the globe. After the policy of liberalization and RBI initiatives to take the step for the private sector banks, more and more changes are taking the part into it. And there are create competition between the private sector banks and public sector bank. Private sector banks are today used the latest technology for the different transaction of day to day banking life. As we know that Information Technology plays the
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vital role in the each and every industry and gives the optimum return from the limited resources. Banks are service industries and today IT gives the innovative Technology application to Banking industries. HDFC BANK is the leader in the industries and today IT and HDFC BANK together combined they reached the sky. New technology changed the mind of the customers and changed the queue concept from the history banking transaction. Today there are different channels are available for the banking transactions HDFC BANK is the very consistent player in the new private sector banks. New private sector banks to
withstand the competition from public sector banks came up with innovative products and superior service.
Centralized Processing Units Electronic Straight Through Processing Data Warehousing , CRM
Derived Economies of scale
Reduced Transaction Cost
Improve cost efficiency, Cross sell
Innovative Technology Application
Provide new or superior products
HDFC BANK PRODUCT AND CUSTOMER SEGMENTS: LOAN PRODUCT:
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Personal Loans Smart Draft Home loans Two Wheeler Loans
New Car Loans Used Car Loans Cash Back Loans Car N Cash Loans Loan Against Gold Educational Loan Loan Against Securities Loan Against Property Loans Against Rental Receivables
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Health Care Finance Retail Agri Loans Tractor Loans Commercial Vehicle Finance
Construction Equipment Finance Warehouse Receipt Loans Construction Equipment Finance
DEPOSIT PRODUCT: Savings Account Regular Savings Account Savings Plus Account Senior Citizens Account Institutional Savings Account
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Salary Account Current Account Fixed Deposits Demat Account Safe Deposit Lockers Recurring Deposit
INVESTMENTS AND INSURANCE: Wealth Advisory Services
Mutual Funds Tax Planning Life Insurance General Insurance
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Health Insurance Bonds Equities & Derivatives Mudra Gold Bar
Mudra Silver Bar
CARDS: Credit Cards Debit Cards Prepaid Cards
PAYMENT SERVICES: Net Safe IVR 3D Secure Merchant Services
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Prepaid Mobile Recharge BillPay Visa BillPay PayNow
Register & Pay InstaPay DirectPay Visa Money Transfers E-Monies National Electronic Funds Transfer Online Payment of Excise & Service Tax Online Payment of Direct Tax
ACCESS TO BANK: Net Banking
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Credit Cards Online Phone Banking InstaAlerts MobileBanking ATM OneView Email Statements Branch Network
FOREIGN EXCHANGE AND TRADE SERVICES: Travellers Cheques Foreign Currency Cash ForexPlus card Foreign Currency Drafts
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Remittances Forex service Branch Locater
WHOLESALE BANKING: The banks target market ranges from large, blue-chip manufacturing companies in the Indian corporate to small & mid-sized corporates and agri-based businesses. For these customers, the Bank provides a wide range of commercial and transactional banking services, including working capital finance, trade services, transactional services, cash management, etc. The bank is also a leading provider of structured solutions, which combine cash management services with vendor and distributor finance for facilitating superior supply chain management for its corporate customers. Based on its superior product delivery / service levels and strong customer orientation, the Bank has made significant inroads into the banking consortia of a number of leading Indian corporates including multinationals, companies from the domestic business houses and prime public sector companies. It is recognized as a leading provider of cash management and transactional banking solutions to corporate customers, mutual funds, stock exchange members and banks.
RETAIL BANKING SERVICES:

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The objective of the Retail Bank is to provide its target market customers a full range of financial products and banking services, giving the customer a one-stop window for all his/her banking requirements. The products are backed by world-class service and delivered to the customers through the growing branch network, as well as through alternative delivery channels like ATMs, phone Banking, Net Banking and Mobile Banking. The HDFC Bank preferred program for high net worth individuals, the HDFC Bank plus and the investment Advisory services programs have been designed keeping in mind
needs of customers who seek distinct financial solutions, information and advice on various investment avenues. The Bank also has a wide array of retail loan products including Auto Loans, Loans against marketable securities, Personal Loans and Loans for Two-wheelers. It is also a leading provider of Depository Participant (DP) services for retail customers, providing customers the facility to hold their investments in electronic form. HDFC Bank was the first bank in India to launch an International Debit Card in association with VISA (VISA Electron) and issues the MasterCard Maestro debit card as well. The bank launched its credit card business in late 2001. The Bank is also one of the leading players in the merchant acquiring business with over 50,000 point-of-sale (POS) terminals for debit / credit cards acceptance at merchant establishments.
TREASURY: Within this business, the bank has three main product areas Foreign Exchange and Derivatives, Local Currency Money Market & Debt Securities, and Equities. With the liberalization of the financial markets in India, corporate need more sophisticated risk management information, advice and product structures. These and fine pricing on various
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treasury products are provided through the banks Treasury team. To comply with statutory reserve requirements, the bank is required to hold 25% of its deposits in government securities. The Treasury business is responsible managing the returns and market risk on this investment portfolio.
BUSINESS MIX: HDFC Bank is a consistent player in the private sector bank and have a well balanced product and business mix in the Indian as well as overseas markets. Customer segments (retail & wholesale) account for 84% of Net revenues ( FY 2010) Higher retail revenues partly offset by higher operating and credit costs. Equally well positioned to grow both segments.
BUSINESS STRATEGY:
HDFC BANK mission is to be "a World Class Indian Bank", benchmarking themselves against international standards and best practices in terms of product offerings, technology,
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service levels, risk management and audit & compliance. The objective is to build sound customer franchises across distinct businesses so as to be a preferred provider of banking services for target retail and wholesale customer segments, and to achieve a healthy growth in profitability, consistent with the Bank's risk appetite. Bank is committed to do this while ensuring the highest levels of ethical standards, professional integrity, corporate governance and regulatory compliance. Continue to develop new product and technology is the main business strategy of the bank. Maintain good relation with the customers is the main and prime objective of the bank.
HDFC BANK BUSINESS STRATEGY EMPHASIZES THE FOLLOWING: Increase market share in Indias expanding banking and financial services industry by following a disciplined growth strategy focusing on quality and not on quantity and delivering high quality customer service. Leverage our technology platform and open scalable systems to deliver more products to more customers and to control operating costs. Maintain current high standards for asset quality through disciplined credit risk management. Develop innovative products and services that attract the targeted customers and address inefficiencies in the Indian financial sector. Continue to develop products and services that reduce banks cost of funds. Focus on high earnings growth with low volatility.
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SWOT ANALYSIS: The overall evaluation of the companys Strength, Weakness, Opportunities and Threats is called as SWOT Analysis. The external environment analysis of any business will give you the opportunities and threats facing the business. The external environment consists of two parts:
1) MACRO ENVIRONMENT: Demographic, Economic, Technology, Political-legal, Socio-cultural
2) MICRO ENVIRONMENT: Customers, Competition, Distributors, Suppliers.
The Internal Environment Analysis will give you the strength and weakness of the business.
STRENGTH: HDFC Bank has the right strategy for the right products.
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Superior customer service vs. competitors. Great Brand Image. Products have required accreditations. High degree of customer satisfaction. Good Work place.
Lower response time with efficient and effective service. Dedicated workforce aiming at making a long-term career in the field.
WEAKNESS: Some gaps in range for certain sectors. Customer service staff needs training. Sectoral growth is constrained by low unemployment levels and competition for staff. Processes and systems, etc. Management cover insufficient.
The External Environmental Analysis will give you the opportunities and threats of the business.
OPPORTUNITIES: Profit margins will be good.
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Could extend to overseas broadly. New specialist applications. Could seek better customer deals. Fast-track career development opportunities on an industry-wide basis. An applied research centre to create opportunities for developing techniques to provide added-value services.
THREATS: Legislation could impact. Great risk involved. Very high competition prevailing in the industry. Vulnerable to reactive attack by major competitors. Lack of infrastructure in rural areas could constrain investment. High volume/low cost market is intensely competitive.
MILESTONES IN THE HISTORY: HDFC Bank began its operations in 1995 with a simple mission: to be a "World-class Indian Bank". They realized that only a single-minded focus on product quality and service excellence would help us get there. Today, they are proud to say that they are well on our way towards that goal. It is extremely gratifying that their efforts towards providing customer convenience have been appreciated both nationally and internationally.
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AUGUST 30, 1994: Company Incorporated; Our Bank received "in principle" RBIs approval to start a commercial Bank. JANUARY 5, 1995: Received Banking License and entered into strategic alliance with National Westminster Bank group.
JANUARY 16, 1995: First Branch inaugurated (Ramon House, Churchgate). FEBRUARY 18, 1995: Corporate Office and a full service Branch at Sandoz House, Worli inaugurated by the then Union Finance Minister, Dr. Manmohan Singh. MARCH 14, 1995: HDFC Bank launches its IPO of Rs.500 million (5,00,00,000 equity shares at Rs.10 each at par) eliciting a record 55 times oversubscription. MAY 19, 1995: Listing in the Bombay Stock Exchange. MAY 20, 1995: First AGM at Birla Matushri Sabhagar, Marine Lines, Mumbai. NOVEMBER 8, 1995: Listing in the National Stock Exchange.
1995-1996: Total Balance sheet crosses Rs.10 billion (Rs. 1000 crore) Appointed clearing bank by the NSCCL heralding the genesis of what was to become a major "capital markets infrastructure" business.
1996-1997:
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Declared maiden dividend of 8% on equity shares for year end March 31, 1997. Launched retail investment advisory services. Over 19000 deposit accounts and adding 2500 new accounts per month.
1997-1998: Entered into an agreement with NSDL for Demat. Launched 1st retail lending product - Loans against shares. ROE crossed 20% for financial year ended March 31, 1998 at 23.9%. Our Branch network touched 50. Launched full scale telephone banking in Mumbai and Delhi. Bank appointed sub custodian by Lloyds Bank. Entered into MOU with Ahmedabad Stock Exchange to provide Clearing Bank services.
1998-1999: Became part of the MasterCard/Cirrus ATM network and tied up with American Express to provide ATM cash access to its card members. Our DP (Depository Participant) business witnessed phenomenal growth total investor accounts touched 50,000 as on March 31, 1999. Became the countrys leading provider of cash clearing and settlement services to Stock Exchanges (NSE and Mumbai, Ahmedabad, Calcutta Stock Exchanges.
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Launched online real time netbanking. Launched first international debit card in India.
1999-2000: Times Bank amalgamation on Feb 26, 2000. First Bank in India to launch Mobile Banking on January 1, 2000.
2000-2001: Focused offering for NRI customers launched. 14 dedicated NRI Centers to cater to them.
2001-2002: Listing in the New York Stock Exchange (July 20, 2001). First Bank in India to get ISO 9001:200 Certification for Depository services at the Central processing Unit and backed processing of retail liabilities and direct banking operations. ISO 9001:2000 certification for Custodial Services.
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2003-2004: Credit card launched in over 100 cities credit card base touches 1 million.
2005-2006: Womens Debit Card launched March 2006.
2007-2008: Centurion Bank of Punjab merged with HDFC Bank.
2008-2009: Dec 12, 2008 Tie up with Postal Department to extend rural reach.
2009-2010: Dec 21, 2009: Kanjur Marg Office inaugurated by Mr. Deepak Parekh HDFC Chairman and Mr. Aditya Puri, our MD. Our 4000th ATM launched.
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2010-2011: Our Intensive Rural Campaign launched with 1st Mega Loan Mahotsav in Pimpalgaon in Maharashtra. First Bank to retail silver bars in India. Our 5000th ATM launched.
AWARDS: 2011:
IDC FIIA Awards 2011 2010:
Excellence in Customer Experience
Outlook Money 2010 Awards
Best Bank
Businessworld Best Bank Awards 2010 Best Bank (Large)
Teacher's Achievement Awards 2010 (Business) The Banker and PWM 2010 Global Private Banking Awards
Mr. Aditya Puri
Best Private Bank in India
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Economic Times Awards for Corporate Excellence 2010
Business Leader of the Year - Mr. Aditya Puri
Forbes Asia
Fab 50 Companies - 5th year in a row
NDTV Business Leadership Awards MIS Asia IT Excellence Award 2010
Best Private Sector Bank BEST BOTTOM-LINE I.T. Category Overall Best Bank Best Private Sector Bank Best Private Sector Bank in SME Financing
Dun & Bradstreet Banking Awards 2010
Institutional Investor Magazine Poll
HDFC Bank MD, Mr. Aditya Puri among "Asian Captains of Finance 2010"
IDRBT Technology 2009 Awards
Winner : 1) IT Infrastructure 2) Use of IT within the Bank
Runners-up: IT Governance (Large Banks)
ACI Excellence Awards 2010
Highly Commended - Asia Pacific HDFC Bank
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FE-EVI Green Business Leadership Award
Best performer in the Banking category
Celent's 2010 Banking Innovation Award
Model Bank Award
Avaya Global Connect 2010
Customer Responsiveness Award Banking & Financial Services category
Forbes Top 2000 Companies
Our Bank at 632nd position and among 130 Global High Performers Best New Private Sector Bank Best in Growth Best in strength Best Retail Bank in India Best in M&A Integration Technology Implementation
Financial Express - Ernst & Young Survey 2009-10
Asian Banker Excellence Awards 2010
The Asset Triple A Awards
Best Cash Management Bank in India
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Euromoney Private Banking and Wealth Management Poll 2010
1) Best Local Bank in India (second year in a row) 2) Best Private Banking Services overall (moved up from No. 2 last year)
Financial Insights Innovation Awards 2010
Innovation in Branch Operations Server Consolidation Project
Global Finance Award
Best Trade Finance Provider in India for 2010
Banking Technology Awards 2009
1) Best Risk Management Initiative and 2) Best Use of Business Intelligence.
SPJIMR Marketing Impact Awards (SMIA) 2010
2nd Prize
Business Today Best Employer Survey
Listed in top 10 Best Employers in the country
CUSTOMER SATISFACTION: Customer satisfaction is equivalent to making sure that product and service performance meets customer expectations. It is the perception of the customer that the outcome of a
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business transaction is equal to or greater than his/her expectation. Customer satisfaction occurs when the acquisition of products and /or services provides a minimum negative departure from expectations when compared with other acquisitions and when the marginal utility of a transaction is equal to or greater than preceding acquisitions. Customer satisfaction occurs when the perception of the reward from the purchase of goods or services by the customer meets or exceeds his/her perceived sacrifice. The perception is a consequence of matching past purchase and consumption experience with the current purchase.
CUSTOMER SERVICE AND SATISFACTION: When we talk about customer service and/or satisfaction, we talk about creativity. Creativity allows us to handle or diffuse problems at hand or later on rather in the process of conducting the everyday business. We talk about how, or what, does the organization have to do to gain not only the sale but also the loyalty of the customer. We want to know the payoff of the transaction both in the short and long term. We want to know what our customers Want? We want to know if our customers are satisfied. Satisfaction, Of course, means that what we delivered to a customer met the customers Approval. We want to know if customers are delighted and willing to come back, and so on. Fleiss 2 and Feldman 3 present examples of that delightfulness in their writings. Fleiss has written about Ben and Jerrys ice cream and Feldman has discussed excellence in a cab ride. As important as delightfulness is, some of us minimize it, or even totally disregard it. At this point, we fail.
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We must understand customer expectation levels concerning quality. We must also understand the strategy for customer service quality, and next we must understand the measurement and feedback cycles of Customer satisfaction. The customer is the person or unit receiving the output of a process on the system. In fact, it is worth emphasizing that a customer can be the immediate, intermediate, or ultimate customer. Also, a customer may be a person or persons, or a process or processes. Customer satisfaction, however, is when the customer is satisfied with a product/service that meets the customers needs, wants, and expectations.
CUSTOMER SATISFACTION SURVEYS HELP TO: Improve customer, client, or employee loyalty. React quickly to changes in the market. Identify and capitalize on opportunities. Beat the competition. Retain or gain market share. Increase revenue. Reduce costs.
COMPANYS EFFORT TO INCREASE CUSTOMER SATISFACTION: Promote good and fair banking practices by setting minimum standards in dealing with customers. Increase transparency so that the customers can have a better of what you can reasonably expect from the services.
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Promote a fair and cordial relationship between the customer and the bank.
Foster confidence in the banking system.
TO HELP THE CUSTOMER TO UNDERSTAND HOW OUR FINANCIAL PRODUCTS AND SERVICES WORK BY: Giving the customer information about the bank in any one or more of the following languages: Hindi, English or the appropriate local language. Ensuring that the Banks advertising and promotional literature is clear and not misleading. Ensuring that the customers are given clear information about the Banks product and services, the terms and conditions and the interest rates/service charges. Giving you information on what are the benefits to the customers, how the customers can avail of the benefits, what are their financial implications and whom they can contact for addressing their queries.
TO HELP THE CUSTOMER TO USE THEIR ACCOUNT OR SERVICE BY: Providing you regular appropriate updates. Keeping the customers informed about the changes in the interest rates, charges or terms and conditions.
BEFORE BECOMING A CUSTOMER THE BANK WILL:
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Give the customers clear information explaining the key features of the services and products to the customers. Give the customers clear information on any type of products and services which the Bank offers and that may suit the customers needs.
TABLE NO: 1 GENDER Category Male Female Number of respondents 56 44 Percentage 56% 44%
ANALYSIS: On a survey conducted out of 100 respondents to determine the Customer satisfaction in terms of service at HDFC Bank, 56 are male respondents and 44 are female respondents.
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. INFERENCE: From the above table we get to know that majority of account holders in HDFC Bank are Males.
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Gender
60 50 40 30 20 10 0 Male Female 56 44
Gender
TABLE NO: 2 AGE Age 20-30 years Number of respondents 52 Percentage 52%
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30-40 years 40-50 years Above 50 years
32 10 6
32% 10% 6%
ANALYSIS: The above table reflects 52% of the account holders are from the age group 20-30 years, 32% are from 30-40 years, 10% are from 40-50 years and 6 % are above 50 years.
INFERENCE: The above study indicates majority of account holders in HDFC bank are from the age group of 20-30 years.
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AGE:
Number of respondents
60 52 50 40 32 30 20 10 10 0 20-30 years 30-40 years 40-50 years Above 50 years 6
TABLE NO: 3 OCCUPATION
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Occupation Student Employed Business Others
Number of respondents 10 62 20 8
Percentage 10% 62% 20% 8%
ANALYSIS: Account holders in HDFC bank are at different occupational levels, the above table indicates 62% of the account holders are employed, 20% are having their own business, 10% are students and 8 % come under other category.
INFERENCE: From the above table we can determine majority of the account holders in HDFC bank are those who are employed.
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OCCUPATION:
Occupation
70 62 60 50 40 30 20 20 10 10 0 Student Employed Business Others 8 Occupation
TABLE NO: 4 MONTHLY INCOME

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Monthly Income Nil(If student) 15000-20000 20000-30000 30000-40000 Above 40000
Number of respondents 10 8 34 22 26
Percentage 10% 8% 34% 22% 26%
ANALYSIS: Account holders in HDFC bank are having different income levels, the above table indicates that 10% of the respondents do not have any income (Students), 8% are having an income of 15000-20000, 34% are having an income of 20000-30000, 22% are having an income of 30000-40000 and 26% are having an income above 40000.
INFERENCE: From the above table we can determine that majority of the account holders in HDFC bank who are employed are having an income level of 20000-30000.
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MONTHLY INCOME:
Respondents
40 35 30 26 25 22 20 15 10 5 0 Nil(If student) 15000-20000 20000-30000 30000-40000 Above 40000 10 8 Respondents 34
TABLE NO: 5 DOES HDFC BANK CATER ALL YOUR BANKING NEEDS?
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Opinion Yes No
Number of respondents 98 2
Percentage 98% 2%
ANALYSIS: The above table reflects that 98% of the account holders banking needs are catered by HDFC Bank, 2% of the account holders needs are not met by the bank.
INFERENCE: From the above table we can determine that majority of the account holders needs are catered by HDFC Bank.
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DOES HDFC BANK CATER ALL YOUR BANKING NEEDS?
120 98
100
80
60
40
20 2 0 Yes No
TABLE NO: 6
Page 70
FOR THE PAST HOW MANY YEARS DO YOU HAVE AN ACCOUNT WITH HDFC BANK? Years < 1 year 1-2 years 2-3 years > 3 years Number of respondents 26 26 22 26 Percentage 26% 26% 22% 26%
ANALYSIS: The above table reflects that 26% of the account holders in HDFC bank are having their account for less than a year, from 1 to 2 years and above 3 years respectively and 22% are having their account from 2 to 3 years.
INFERENCE: From the above table we can determine that there are equal number (26%) of account holders who are operating their account from different periods.
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FOR THE PAST HOW MANY YEARS DO YOU HAVE AN ACCOUNT WITH HDFC BANK?
27 26% 26 25 24 23 22% 22 21 20 Respondents < 1 year 1-2 years 2-3 years > 3 years 26% 26%
TABLE NO: 7
Page 72
WHAT KIND OF ACCOUNT DO YOU MAINTAIN IN HDFC BANK? Account Savings Account Current Account Number of respondents 80 20 Percentage 80% 20%
ANALYSIS:
The above table reflects that 80% of the account holders are having Savings account and 20% are having Current account in HDFC Bank.
INFERENCE:
The above table indicates that majority of the account holders are having Savings account in HDFC Bank.
Page 73
WHAT KIND OF ACCOUNT DO YOU MAINTAIN IN HDFC BANK?
Account
90 80 80 70 60 50 40 30 20 20 10 0 Savings account Current account Account
TABLE NO: 8
Page 74
WHICH FACILITIES ARE GIVEN MORE IMPORTANCE IN HDFC BANK? Facilities Loan Facilities Overdraft Facilities ATM Facilities Number of respondents 24 14 62 Percentage 24% 14% 62%
ANALYSIS: The above table reflects that 62% of the account holders at HDFC Bank are of the opinion that ATM facilities are given more importance in the bank, 24% are of the opinion that Loan facilities are given more importance and14% are of the opinion that Overdraft facilities are given more importance.
INFERENCE: The above table indicates that majority of the account holders at HDFC Bank are of the opinion that ATM facilities are given more importance by bank.
Page 75
WHICH FACILITIES ARE GIVEN MORE IMPORTANCE IN HDFC BANK?
Facilities
70 60 50 40 30 24 20 14 10 0 Loan Facilities Overdraft Facilities ATM Facilities Facilities 62
TABLE NO: 9
Page 76
DOES HDFC BANK HAVE CORE BANKING FACILITY FOR ITS CUSTOMERS? Opinion Yes No Number of respondents 96 4 Percentage 96% 4%
ANALYSIS:
The above table indicates that 96% of the account holders are of the opinion that HDFC Bank provides core banking facility for its customers and 4% of the account holders have the opinion that core banking facility is not provided by HDFC Bank.
INFERENCE:
The above table indicates that majority of the account holders at HDFC Bank are of the opinion that HDFC Bank provides core banking facility.
Page 77
DOES HDFC BANK HAVE CORE BANKING FACILITY FOR ITS CUSTOMERS?
120
100
96
80
60
40
20 4 0 Yes No
TABLE NO: 10
Page 78
DOES HDFC BANK CHARGE UNNECESSARILY FOR NOT MAINTAINING MINIMUM BALANCE? Opinion Yes No Number of respondents 28 72 Percentage 28% 72%
ANALYSIS:
From the above table we get to know that 72% of the account holders at HDFC Bank are of the opinion that they are not unnecessarily charged for not maintaining minimum balance in their account and 28% of the respondents think that they are charged unnecessarily for the same.
INFERENCE:
The above table indicates that majority of the account holders at HDFC Bank are of the opinion that HDFC Bank does not charge unnecessarily for not maintaining minimum balance.
Page 79
DOES HDFC BANK CHARGE UNNECESSARILY FOR NOT MAINTAINING MINIMUM BALANCE?
80 72 70 60 50 40 30 20 10 0 Yes No 28
TABLE NO: 11
Page 80
DO YOU THINK HDFC BANK OFFERS COMPETITIVE INTEREST RATE? Opinion Yes No Number of respondents 72 28 Percentage 72% 28%
ANALYSIS: From the above table we get to know that 72% of the account holders at HDFC Bank are of the opinion that HDFC Bank offers competitive interest rates and 28% are of the account holders think that HDFC Bank does not offer competitive interest rate.
INFERENCE: From the above table we can determine that majority of the account holders at HDFC Bank are of the opinion that the Bank offers competitive interest rates.
Page 81
DO YOU THINK HDFC BANK OFFERS COMPETITIVE INTEREST RATE?
80 70 60 50 40 30 20 10 0 Yes No 28 72
TABLE NO: 12
Page 82
DO YOU USE THE SERVICE OF ALTERNATIVE BANK? Answer Yes No Number of respondents 70 30 Percentage 70% 30%
ANALYSIS:
The above table indicates that 70% of the account holders in HDFC Bank also use the services of other banks and 30% of the account holders do not use the services of other banks.
INFERENCE:
From the above table we can determine that majority of the account holders at HDFC Bank also use the services of the other banks.
Page 83
DO YOU USE THE SERVICE OF ALTERNATIVE BANK?
80 70 60 50 40 30 20 10 0 Yes No 30 70
TABLE NO: 13
Page 84
WHAT DO YOU FEEL ABOUT THE OVERALL SERVICE QUALITY OF HDFC BANK? Opinion Excellent Good Average Poor Number of respondents 16 62 20 2 Percentage 16% 62% 20% 2%
ANALYSIS: The above table indicates that 16% of the account holders in HDFC Bank are of the opinion that the overall services at HDFC Bank are excellent, 62% of the account holders are of the opinion that the overall services at HDFC Bank are good, 20% are of the opinion that its overall service s are average and 2% think that the overall service at HDFC Bank are poor.
INFERENCE: The above table indicates that majority of the account holders at HDFC Bank are of the opinion that the overall services at HDFC Bank are good.
Page 85
WHAT DO YOU FEEL ABOUT THE OVERALL SERVICE QUALITY OF HDFC BANK?
70 62 60 50 40 30 20 10 2 0 Excellent Good Average Poor 20 16
TABLE NO: 14
Page 86
WOULD YOU RECOMMEND HDFC BANK TO YOUR FRIENDS, RELATIVES, AND ASSOCIATES? Opinion Yes No Number of respondents 88 12 Percentage 88% 12%
ANALYSIS: The above table indicates that 88% of the account holders at HDFC Bank would like to recommend HDFC Bank to their friends, relatives and associates and 12% of the account holders would not like to recommend the same.
INFERENCE: The above table indicates that majority of the account holders at HDFC Bank would like to recommend the bank to their friends, relatives and associates.
Page 87
WOULD YOU RECOMMEND HDFC BANK TO YOUR FRIENDS, RELATIVES, AND ASSOCIATES?
100 90 80 70 60 50 40 30 20 12 10 0 Yes No 88
TABLE NO: 15
Page 88
INITIAL EXPERIENCE Highly Satisfied Level of knowledge of bank staff Quality of response to customer queries Understanding of customer needs Presentation, communication and mannerism of staff 54% 36% 8% 2% 0% 40% 44% 14% 2% 0% 36% 54% 8% 2% 0% 50% 40% 8% 2% 0% Satisfied Moderately Satisfied Dissatisfied Not at all satisfied
ANALYSIS:
Page 89
The above table indicates that 50% of the account holders at HDFC Bank were highly satisfied by the level of knowledge of bank staff, 40% were satisfied, 8% were moderately satisfied and 2% were dissatisfied. The above table indicates that 36% of the account holders at HDFC Bank were highly satisfied by the quality of response to customer queries, 54% were satisfied, 8% were moderately satisfied and 2% were dissatisfied. The above table indicates that 40% of the account holders at HDFC Bank were highly satisfied by the understanding of customer needs, 44% were satisfied, 14% were moderately satisfied and 2% were dissatisfied. The above table indicates that 54% of the account holders at HDFC Bank were highly satisfied by the Presentation, communication and mannerism of the staff, 36% were satisfied, 8% were moderately satisfied and 2% were dissatisfied.
INFERENCE: The above table indicates that the majority of the account holders at HDFC Bank were 50% highly satisfied with the Level of knowledge of bank staff, 36% were highly satisfied with the Quality of response to customer queries, 40% were highly satisfied with the Understanding of customer needs and 54% were highly satisfied with the presentation, communication and mannerism of staff.
Page 90
INITIAL EXPERIENCE:
TABLE NO: 16
Page 91
SERVICE DELIVERY EXPERIENCE Highly Satisfied Timeliness of service delivery Quality of service delivery 18% 68% 12% 2% 0% 14% 70% 12% 4% 0% Satisfied Moderately Satisfied Dissatisfied Not at all satisfied
Level between time taken to deliver services and stipulated time 14% 50% 32% 4% 0%
ANALYSIS:
Page 92
The above table indicates that 14% of the account holders at HDFC Bank were highly satisfied by the Timeliness of service delivery, 70% were satisfied, 12% were moderately satisfied and 4% were dissatisfied. The above table indicates that 18% of the account holders at HDFC Bank were highly satisfied by the Quality of service delivery, 68% were satisfied, 12% were moderately satisfied and 2% were dissatisfied. The above table indicates that 14% of the account holders at HDFC Bank were highly satisfied by the Level between time taken to deliver services and stipulated time, 50% were satisfied, 32% were moderately satisfied and 4 % were dissatisfied.
INFERENCE: The above table indicates that the majority of the account holders at HDFC Bank were 70% satisfied with the Timeliness of service delivery, 68% were satisfied with the Quality of service delivery and 50% were satisfied with the Level between time taken to deliver services and stipulated time.
Page 93
SERVICE DELIVERY EXPERIENCE
TABLE NO: 17
Page 94
GRIEVANCE HANDLING Highly Satisfied Timeliness of complaint resolution Level of interactions till the complaint was resolved Knowledge and empathy of the customer servicing staff 16% 52% 30% 2% 0% 8% 34% 44% 14% 0% 12% 52% 32% 4% 0% Satisfied Moderately Satisfied Dissatisfied Not at all satisfied
ANALYSIS:
Page 95
The above table indicates that 12% of the account holders at HDFC Bank were highly satisfied by the Timeliness of complaint resolution, 52% were satisfied, 32% were moderately satisfied, 4% were dissatisfied. The above table indicates that 8% of the account holders at HDFC Bank were highly satisfied by the Level of interactions till the complaint was resolved, 34 % were satisfied, 44% were moderately satisfied and 14% were dissatisfied. The above table indicates that 16% of the account holders at HDFC Bank were highly satisfied by the Knowledge and empathy of the customer servicing staff, 52% were satisfied, 30% were moderately satisfied and 2% were dissatisfied.
INFERENCE: The above table indicates that the majority of the account holders at HDFC Bank were 52% satisfied with the Timeliness of complaint resolution, 34% satisfied with the Level of interactions till the complaint was resolved and 52% satisfied with the Knowledge and empathy of the customer servicing staff.
Page 96
GRIEVANCE HANDLING:
TABLE NO: 18 OVERALL SATISFACTION
Page 97
Highly Satisfied Overall Satisfaction in terms of service 14%
Satisfied
Moderately Satisfied
Dissatisfied
Not at all satisfied
56%
28%
2%
0%
ANALYSIS: The above table indicates that 14% of the account holders at HDFC Bank were highly satisfied by the overall satisfaction in terms of service, 56% were satisfied, 28% were moderately satisfied and 2 % were dissatisfied.
INFERENCE: The above table indicates that the majority of the account holders at HDFC Bank were 56% satisfied with the overall satisfaction in terms of service.
Page 98
OVERALL SATISFACTION IN TERMS OF SERVICE:
FINDINGS: It was found from the study that HDFC Bank believes in quality of service rather than in quantity of service.
Page 99
The officials try to make best relation with the customers. The registers and files are maintained on a daily basis. The registers are maintained in a well organized manner. The marketing strategy of HDFC Bank is very attractive. The bank always tries to attract customers with innovative offers Time taken to process the transaction at HDFC Bank is very less. A number of services are provided at HDFC Bank to its customers i.e. Net Banking, Core Banking, Mobile Alerts on transactions made etc. Internet Banking and Mobile banking is also provided by HDFC Bank. Clearly defined customer policy is adopted at HDFC Bank.
The staff at HDFC Bank has a friendly approach towards their customers. All HDFC Bank branches are computerized and are on rapid expansion/up gradation.
HDFC Bank has established a many ATM centre at many places in Bangalore.
Page 100
CONCLUSION: HDFC Bank has been able to use technology to provide value-added service to its customers during the last few years. For HDFC Bank, technology is an integral part of their business. E-Banking has become a necessary survival weapon and is fundamentally changing the banking industry worldwide. Today, the click of the mouse offers customers banking services at a much lower cost and also empowers them with unprecedented freedom in choosing vendors for their financial service needs. No country today has a choice whether to implement E-banking or not given the global and competitive nature of the economy. HDFC Bank has to upgrade and constantly think of new innovative customized packages and services to remain competitive. Factors that would influence the customers decision to stay with or leave their current banks have to be taken into consideration and the needs of the customers should be catered. These results lead to suggestions for bank managers to consider as to how they might improve customer satisfaction in todays competitive banking environment. Since the results of this study are based on consumers perceptions only, future research should investigate the congruence between Consumers and service providers perceptions. This will help the industry to better understand whether both consumers and banks have the same perceptions regarding issues relevant to satisfaction. While this study found that customer satisfaction alone is effective
in building customer loyalty, future research may attempt to explore the unexplored constructs that consumers would value most. Consumers are more concerned about the convenience issue such as location of branches, Wide ATM facilities and consumers are more focused on how bank staff delivers services.
Page 101
SUGGESTIONS: To make people aware about the benefit of becoming a customer of HDFC Bank, advertisement activities should be done through. 1. Printed Media. 2. Hoardings & Banners. 3. Stalls in Trade Fares.
Page 102
4. Distribution of leaflets containing detailed information. Minimum balance for savings account should be reduced from Rs 10000 and Rs 5000 to Rs 1000, so that people who are not financially strong enough can maintain their account properly. The company should provide a pass book to all its customers.
Make people understand about the various benefits of the banks products and services. Charges on non maintenance of account should be cut down. Develop new services to improve existing position.
As HDFC Bank has already established a good demand for its product, it should try to keep the same by developing effective and efficient marketing strategies. For rendering better customer satisfaction, the bank should know the product and marketing strategies of its competitors. Continuous interaction with customers is necessary in order to continue with relationship building activities for long term prospective.
Page 103
The Bank can increase its market share in Indias expanding banking and financial services industry by following a disciplined growth strategy and delivering high quality customer services.
Page 104

Customer Satisfaction Study at HDFC Bank

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Customer Satisfaction Study at HDFC Bank

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A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

DURING LATE ANTIQUITY AND MIDDLE AGES:

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

WESTERN BANKING HISTORY:

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

1609 - The Amsterdamsche Wisselbank (Amsterdam Exchange Bank) was founded.

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

Happy - Content - Happy, pretty happy, quite happy

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

RESEARCH DESIGN: 1. RESEARCH METHODOLOGY: The research methodology would be descriptive.

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

A Study on Customer Satisfaction in terms of service at HDFC Bank

Derived Economies of scale

Reduced Transaction Cost

Improve cost efficiency, Cross sell

Innovative Technology Application

Provide new or superior products

HDFC BANK PRODUCT AND CUSTOMER SEGMENTS: LOAN PRODUCT:

A Study on Customer Satisfaction in terms of service at HDFC Bank

Personal Loans Smart Draft Home loans Two Wheeler Loans

A Study on Customer Satisfaction in terms of service at HDFC Bank

Construction Equipment Finance Warehouse Receipt Loans Construction Equipment Finance

A Study on Customer Satisfaction in terms of service at HDFC Bank

INVESTMENTS AND INSURANCE: Wealth Advisory Services

Mutual Funds Tax Planning Life Insurance General Insurance

A Study on Customer Satisfaction in terms of service at HDFC Bank

Health Insurance Bonds Equities & Derivatives Mudra Gold Bar

Mudra Silver Bar

CARDS: Credit Cards Debit Cards Prepaid Cards

PAYMENT SERVICES: Net Safe IVR 3D Secure Merchant Services

A Study on Customer Satisfaction in terms of service at HDFC Bank

Prepaid Mobile Recharge BillPay Visa BillPay PayNow

ACCESS TO BANK: Net Banking

A Study on Customer Satisfaction in terms of service at HDFC Bank