Customers Perception Towards Service Quality - A Study of Selected Public and New Indian Private sector Banks in Indaia [An Empirical Study of Malwa Region]
Aditi Baghla, Dr. Amandeep Garai
Acquiring customers and retaining them forever is the key to any successful business, as every business organization depends on its customer to earn revenue. Banks which are not innovative or are unable match customer expectations will be left behind in the fiercely competitive marketplace. With the entry of new innovative banks in market, it has become very difficult for traditional banks to cater to customer needs with just plain vanilla products and services. At the same time, customer expectations from banks have increased, as customers are now accustomed to various facilities offered by other service sectors. Customers today are more concerned about experiencing high quality services while banking. The expectation is not just receiving an investment or financing offer from the bank in the form of a commodity. They rather expect the bank to have a personality of its own with wider recognition, which delivers services in an atmosphere with entertainment and fun. In the banking sector, the quality of service is turning out as an important differentiator among the rivals. Data depicts customers’ perception regarding various attributes relating to tangibility of retail banks in Malwa region of Punjab. Collected Data reveals the attitude levels of respondents towards the bank selection criterion. About 76 per cent of the public sector bank respondents and about 24 per cent of the private sector bank respondents state about importance of the bank selection criterion as highly important, important, somewhat important, not very important and not at all important respectively.