PROJECT REPORT

ON

“A Comparative Study of Customer Satisfaction Towards Current Account Services of HDFC & Punjab National Bank In Moradabad”

Submitted To:

COLLEGE OF MANAGEMENT AND COMPUTER APPLICATION, MORADABAD

In Partial Fulfillment of the Requirement of the Degree of Bachelor of Business Administration (BBA)

SESSION: 2009-2012

Department of ManagementTEERTHANKER MAHAVEER UNIVERSITY

DELHI ROAD, MORADABAD

Project Guide:Mrs. Smita Srivastava

Project Incharge:Mr. Abhinav SrivastavaMr. Avinash Raj Kumar

Submitted By:Shubham Agarwal

B.B.A. Vth - SemesterRoll No. R0912011328

CERTIFICATE

This is to certify that Mr. Shubham Agarwal is pursuing three

year full time Bachelor of Business Administration (BBA) course

from Teerthanker Mahaveer University, Moradabad as a regular

student, in session (2009-2012).

In compliance with the provision/guidelines of Teethanker

Mahaveer University, Moradabad, He has been assigned a

market survey project. The project work has been genuinely

carried out by the student for the duration specified by the

university.

He has made sincere efforts in the completion of the project

work.

Mrs. Smita Srivastava

Project Guide

ACKNOWLEDGEMENT

It gives me immense pleasure and privilege to acknowledge my deepest sense of

gratitude towards all those who helped me in the successful execution of this

project.

I would like to thanks Chancellor Sir, Shri Suresh Jain, Group Vice Chairman

Mr. Manish Jain, for their able guidance. I also extend my gratitude towards

the H.O.D. Dr. M.P. Singh and my course co-ordinator Mr. Abhinav

Srivastava who entrusted me for the completion of this project. I am highly

indebted to my project guide, Mrs. Smita Srivastava whose constructive

counselling and able guidance helped me immensely in bringing out this project

in the present form. And lastly the entire faculty member and Mr. Sanjeev

Singh (Librarian) & the entire Lab staff for providing me this opportunity and

expose me to industrial culture.

The acknowledgement would be incomplete without thanking my family

members and friends who were a big support throughout.

Shubham Agarwal

BBA - 5th SEM

PREFACE

Commercial banking is a fast emerging concept in the world of banking where

changes have become a necessity in order for banks to survive in this competitive

environment.

Customer preference with the opening of current account is a very important factor.

Potential customer has the choice to open account with any bank as most of them are

offering almost the same facilities. The bank whose strategies are designed to delight

customer and is proactive in solidifying customer loyalty can only become market

leader in today’s global environment.

The title of the project is “A Comparative Study of Customer Satisfaction Towards

Current Account Services of HDFC & Punjab National Bank In Moradabad”. The

approach of this project is to study the level of satisfaction of current account

holders and to analyze the consumer awareness regarding the different types of

current account products offered by HDFC & Punjab National Bank.

This project report is based on the survey held in Moradabad city, in order to

understand the current account customer’s satisfaction levels of HDFC & Punjab

National Bank.

The questionnaire method is used to collect the data which has been tabulated and

processed in the form of pie charts & graphs.

CONTENTS

1. Introduction

2. Company Profile

3. Research Objectives

4. Assumptions

5. Research Methodology

6. Data Analysis

7. Findings

8. Suggestions

9. Limitations

Bibliography

Annexure

INTRODUCTION

This project report is based on the survey held in Moradabad city, in order to

understand the current account customer’s satisfaction levels of HDFC & Punjab

National Bank.

The main objective of my research is to study the level of satisfaction of current

account holders and to analyze the consumer awareness regarding the different

types of current account products offered by HDFC & Punjab National Bank.

A questionnaire consisting of 16 questions has been used to carry the survey. The

sample size of my research is 100 and the respondents are current account customers

of HDFC & Punjab National Bank (50 each). The data was collected from various

wholesale dealers, retailers and industrials of Moradabad city so as to minimize

data bias and increase the opinion spread.

The data have been tabulated and processed in the form of pie charts & graphs. It has

further been analyzed & interpreted so as to reach a conclusion for the study. The

findings along with suggestions have been summarized at the end of the report.

Customer Satisfaction

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.

Customer satisfaction is a measurement of the degree by which a product or service

offered by a company either fails to meet, meets or goes beyond their customers'

expectations. 

What are customer expectations?

Before purchasing a product a person automatically builds a mental satisfaction

checklist of what they expect. How a company delivers against the checklist defines

the level of satisfaction of their customer.

For example, of a mental satisfaction checklist is a customer in a restaurant. On

entry he or she will already have formed a list of expectations by which the service

will be judged, e.g. speed of service, quality of food or politeness of staff, etc. The

level of satisfaction felt by the customer depends upon how far the restaurant meets

these expectations.

Impact of Dis-satisfaction on Business:

If your customers are dissatisfied, they will look elsewhere.

Poor satisfaction can put a business into a downward spin, called the Dissatisfaction

Wheel of Pain. This results in increased costs, growth in dis-satisfied users, loss of

customers and greater vulnerability to the competition.

Positive Satisfaction and its value:

Focussing on improving customer satisfaction is an investment that quickly pays

dividends. The cost of managing and maintaining your customer base falls, while

your revenue increases. The end result is the Customer Wheel of Satisfaction.

A number of research studies have shown a direct link between growth of

satisfaction and increased cash flow. Especially if you focus on your valuable

customers and encourage their loyalty.

How to Measure Satisfaction?

In essence, customer satisfaction is measured by a survey made up of list of

statements. A customer is asked to evaluate each statement on a scale, typically of 1

to 10. The customer's response reveals their level of satisfaction.

Obtaining a score for satisfaction alone isn't enough. You need to understand what

you have to change in order to improve satisfaction. To do this, additional questions

are used that either look at key areas of your service or ask users to leave comments

which can be analysed for common themes later.

For example, a book shop owner might want to know how the cost, book range and

service from staff impacts customer satisfaction. He or she would add relevant

questions, such as, "How satisfied are you with the range of books?"

When to survey your customers?

In order to measure customer satisfaction reliably, it's vital to survey your customers

post transaction. Too often surveys are conducted before customers have had a

chance to experience a business. If your customers don't know your business, how

can they comment effectively upon it? 

Measuring satisfaction on the Internet

The Internet is a great tool for measuring satisfaction, as the process for surveying

customers can be automated, saving resources and money. However, it's only useful

if the customers on your internet site are the same as those in the real world. If they

are different, you'll need to run two satisfaction surveys, one for your Internet users

and another for your real world customers.

Measuring satisfaction in the real world

Passive surveys

It is possible to survey your customers unobtrusively in your place of business, via

the use of simple survey cards. A classic example is to present a survey card with the

bill in a restaurant.  The only draw-back of this approach is the reliability of data, due

to the lack of control over sampling, which can create negative bias in your results.

However, it's easy to run and so worth considering.

Proactive surveys

The proactive approach involves contacting customers directly with a survey. This

can be done via the phone, mail or by a researcher at your business location. This is

better for sampling and allows you to include more questions, but it does have the

disadvantage of increased cost.

Duration and frequency of satisfaction surveys

The duration of your survey depends on the research method and customer sample

size. If your business has less than 200 customers, you would need to poll all of them

in order to obtain a reliable satisfaction score. If you have more than 200 customers,

you should only need to poll 200 of them. On average a survey run should take

between one and four weeks. 

The frequency of surveys depends on three key factors:

The time available to analyse satisfaction research findings. Too many survey

cycles can overload your business with information.

The speed with which your business can affect change to improve satisfaction.

The frequency with which your customers use your service and perceive a

change.

Things to remember when measuring satisfaction

Keep surveys as short as possible for reliable data. No greater than 2 mins to

complete or less than 20 questions.

Make sure your survey sample represents all your customers.

Only survey the customer once they have used your service.

Never survey the customer twice in the same survey program.

Everyone involved in your business must be committed to your satisfaction

survey program.

You must include additional questions to understand why customers are happy

or unhappy with your service.

To understand how satisfaction is really impacting your business, you also

need to track loyalty.

Make sure your survey captures real customer comments, as these are more

revealing than a graph alone.

Your survey needs to be simple to understand for your customers and staff.

Don't survey too often, as customers don't like it and your business won't have

time to act on your survey findings.

Listen to what your customers say: they are always right! Too many customer

satisfaction programmes fail, as businesses don't agree with what customers

are telling them.

How else can a business gauge satisfaction?

Unfortunately, only a satisfaction research programme will deliver a quantifiable

score for your business, which is essential for tracking success, but there are other

ways to understand what customers think of you. 

Any business which has verbal or written interaction with its customer base will

generate additional feedback. The key is to capture and review it with your staff

regularly. Here are some tips:

Organise a programme with your staff to capture feedback from customers.

Set up regular team meetings (daily/weekly) to review the feedback.

If you have a website, add a form to capture feedback.

Set up a feedback box and encourage customers to leave comments.

Get your staff to ask customers about their experience, but be careful not to

overdo it.

Maintain a list of pain points from your feedback and the solutions required to

resolve them.