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Volume : I, Issue : V, June - 2011 Consumer Perception and Satisfaction of Banking Products and Services – A Comparative Study of Select Indian Public and Private Sector Banks B.K.Tiwary DOI : 10.9780/22307850, Published By : Laxmi Book Publication Abstract : The Indian banking sector has played a stellar role in channelising savings of the
household and the industry to productive investment avenues in an efficient
manner and has been instrumental in the economic development of the country.
The liberalization of the banking sector since 1991, has been a key contributory
factor in the improved efficiency and competitiveness of the Indian banking sector.
One of the key developments in the banking sector is the increased adoption of
technology to better meet customer requirements, improve efficiencies, reduce
costs and ensure customer delight. Though it was the private sector and foreign
banks which pioneered the technological revolution in Indian banking, the public
sector banks have also begun to implement technological solutions in a rapid scale
in order to attract and retain customers. Net banking, phone banking, self service
ATM’s, NEFT, RTGS etc., are not merely buzzwords but have become ubiquitous.
With the emergence of alternative investment avenues and the growing number of
institutions offering savings and investment advice, banks have come to understand
that it is customer satisfaction and delight which would ultimately decide their
success and profitability and are therefore taking steps to understand and satisfy
needs of the customers by designing processes, systems in tune with changing
customer requirements. Innovative strategies to attract and retain customers have
become a key focus area of the top management and this trend is set to continue.
Considering the fact that in the new economy, mind share leads to market share
and mind share is influenced not only by the promotions and advertisements but
more importantly on favourable customer perception which in turn is based on
satisfaction with regard to products, services and interaction, this paper is an
attempt to study the levels of customer satisfaction in the public and private sector
banks. Keywords : Article : Cite This Article : B.K.Tiwary , (2011). Consumer Perception and Satisfaction of Banking Products and Services – A Comparative Study of Select Indian Public and Private Sector Banks. Indian Streams Research Journal, Vol. I, Issue. V, DOI : 10.9780/22307850, http://oldisrj.lbp.world/UploadedData/310.pdf References :
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