A Project Report On Customer Churn Rate in Axis Bank Hubli

A RESEARCH ON CUSTOMER CHURN RATE IN AXIS BANK
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TABLE OF CONTENTS
List of Tables
EXECUTIVE SUMMARY 7-14
1. INTRODUCTION 15-19
2. COMPANY PROFILE 20-35
3. RESEARCH METHODOLOGY 36
3.1 Significance of study 37
3.2 Research design 38
3.3 Sampling 38
3.4 Data sources 38
3.5 Research approach 39
3.6 Pilot study 39
3.7 Pre test 40
3.8 Tools of data collection 41
3.9 Scoring procedure 41
3.10 Statistical analysis 41
3.11 Limitations of the study 41
4. LITERATURE REVIEW 42
4.1 Competitive Advantage 43
4.2 Customer Satisfaction 44
4.3 Customer Perceptions of Value 45
4.5 Corporate Image 45
4.6 Switching Barriers 46
4.7 Consumers Behavioral Intention 46
4.8 Customer Loyalty 46
5. DATA ANALYSIS & INTERPRETATION 47-65
Results and Discussion
Research Constructs
6. FINDINGS 66-68
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6.1 Recommendations 68-70

6.2 Conclusions 71
7. ANNEXURE 72
7.1 References 73
7.2 Questionnaire 74-76
7.3 Coding Sheet 77-78
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EXECUTIVE SUMMARY
TITLE:
HUBLI.
GEOGRAPHICAL AREA:
163/20 Kalburgi Plaza,

Despande Nagar,
HUBLI 580029
PROLOGUE:
Customer retention is an important element of banking strategy in todays increasingly
competitive environment. Bank management must identify and improve upon factors that
can limit customer defection. These include employee performance and professionalism,
willingness to solve problems, friendliness, and level of knowledge, communication
skills, and selling skills, among others. Furthermore, customer defection can also be
reduced through adjustments in a banks rates, policies and branch locations.
Clearly, there are compelling arguments for bank management to carefully consider the
factors that might increase customer retention rates. Several studies have emphasized the
significance of customer retention in the banking industry (see Dawkins and Reichheld,
1990; Marple and Zimmerman, 1999 ;). However, there has been little effort to
investigate factors that might lead to customer retention... If retention criteria are not well
managed, customers might still leave their banks, no matter how hard bankers try to
retain them.
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My research examines the impact of several retention-relevant constructs that influence

consumers decisions to stay with or leave Axis bank. These constructs were rated by
customers as having strong effects on loyalty to their banks. Demographic characteristics
(i.e. age, gender, educational level and income) were also assessed for their contribution
to intentions of staying with or finding alternative banks. Results suggest that the most
important constructs were reasons for stoppage of operations from Axis bank, about
charges, customer satisfaction, followed by switching barriers. There was also evidence
that customers age groups and level of education contributed to explaining respondents'
propensity to stay with their current banks.
SCOPE OF THE STUDY

The present research has concentrated to find out the level of churn rates and
reasons for the customer switch over and the study targets the employees of Axis Bank,
Hubli.
The study is based on the social and geographic variables like Geography/location, Type
of business, Position title, Sex, Age, Education level, to understand the socio
geographical condition of customers and a structured questionnaire related to the services
provided by Axis bank and the satisfaction level of customers related to the services and
analyzing the major reasons related to their switch over.
AIM OF THE STUDY

The main aim of the present study is to assess the increasing customer churn rates
and satisfaction of customers related to services provide by Axis Bank in Axis
Bank, Hubli.
There have been several studies emphasizing the significance of customer
retention in corporate level but there has been very little empirical research
examining the constructs that could lead to customer retention in Home branches.
This research aims to analyze & find out possible strategies to reduce customer
churn in Axis Bank.
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NEED FOR THE RESEARCH:

In marketing, the most important strategy is to maintain current existing
customers and to attract new ones.
The cost of gaining new customers is approximately five times that of retaining
present ones.
Fierce competition has raised the cost of acquiring new customers, making it
imperative to determine which customers are likely to churn, so you can take the
necessary steps to prevent the latter from leaving.
Hence the research could analyze a need to work on Customer churn rates which
is found increasing at Axis Bank.
RESEARCH OBJECTIVES OF THE STUDY

Customer Attrition Analysis to identify the prominent reasons for customer
churn/switch over.
Impact of Churn Rate in Axis Bank.
To analyze & develop some Retention strategies.
RESEARCH PLAN:
RESEARCH DESIGN Exploratory & Descriptive types.
DATA SOURCES-
Primary data was obtained through a survey sent to a sample of lost customers of
Axis Bank Hubli.
Secondary data sources were previous projects, websites, magazines, newspapers,
articles & textbooks
DATA COLLECTION METHOD:
Structured Questionnaire & Discussion
Data was obtained through a survey sent to a sample of lost customers of Axis
Bank Hubli.
The survey was designed according to the Dillman Total Design Method (1978),
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which has proven to result in improved response rates and data quality.
SAMPLING UNIT- Lost Customers of Axis Bank

SAMPLE SIZE- 50
SAMPLING METHOD- Convenience Sampling.
ANALYSIS-SPSS Package, Cross Tabulation, Bar Chart, Pie Chart , Mean etc
FINDINGS
Respondents were relatively less satisfied with banks' pricing. Many complained
about the high fees charged and expensive account maintenance costs.
76% of the respondents are happy in terms of customer service at Axis Bank.
42% of the respondents have a relatively negative impression of their bank
levying undue charges on them, which forced them to switchover to other banks
26% perceived that the other banks where providing better service than Axis Bank
revealing that respondents have a negative impression of their bank's competitive
advantage.
30% of the respondents feel annoyed due to the unresponsive nature of the
customer representative.
22% of the respondent feels annoyed when they dont listen their problems
carefully.
44% of the respondents where dis-satisfied with waiting time in Axis bank.
32% of the respondents said that the Customer representatives were unable in
answering or handling their problems or questions.
26% of the respondents said that the customer executives where not so clear &
supportive in handling their problems.
72% of the respondents have clearly said that they are unaware about the different
charges charged in Banks
39% of the respondents complained that their are hidden charges involved.
27% of the respondents said that they where not informed about the different
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charges.
20% of them said Axis bank is misleading in terms of charges levyed.
56% of the respondents have commented that the services have become worse
over a period of one year ,
36% perceived to be the same & the rest only 8% have said that it has become
better.
32% of the respondents feel that having flexibility according to the changing
customer needs will enhance Axis Bank competence. This suggests that customers
want their banks to monitor change in the financial environment, and respond
with products that add value to customers' accounts
28% of the respondents suggested to have a separate Grievance Redressal Forum
in Axis
26% of the respondents perceive that the other banks are providing better service
than Axis
Rest 20% of the respondents perceives that their current bank does not have any
Hidden charges
Alternatively research constructs have also found that having a good relationship
by bank personnel with customers contributes to reluctance to switch to
alternative providers.
70% of the current a/c respondents said that customer care executives where not
so clear & supportive in handling their problems.
71% of the respondents of the SB a/c holders felt satisfied about their ability to
handle their problems
RECOMMENDATION
Respondents saw little advantage to switching, since they perceive that all banks
provide the same range of products and services. Furthermore, inconvenience, the
disruption caused by switching, and having a good relationship with bank
personnel contributed to respondents reluctance to switch to alternative
providers.
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Some of the respondents had not switched to another bank because they felt that
they would be no better off from switching. Such a finding emphasized that a
bank should make an effort to distinguish itself from competitors through the
generation of sustainable competitive advantage and distinctive bank image.
Separate Grievance Redressal Forum
A structured system needs to be built up, In order to make banks Redressal

mechanism more meaningful and effective.
Axis bank can decide on the appointment of officials at various levels to handle
complaints and grievances depending upon its administrative structure/ channels
used for delivery of product and services.
In this study, it was found that many of the respondents do not use a variety of
products from their current bank. This is an important issue for AXIS bank, as
cross-selling is a critical element in increasing customer loyalty and revenue.
Conversely, cross-selling may make switching an unacceptable inconvenience, as
the customer must find a provider that can replace a broader range of products.
Bank managers should analyze every facet of the service delivery process and
product attributes to ensure that it will not increase inconvenience for consumers.
Furthermore, Axis Bank should regularly obtain feedback from consumers in
order to work backwards toward designing new processes or products, so that
these can be delivered effectively and efficiently.
Charges must be elaborated.
Convincing customers that they are getting high value from their bank should be a
key advertising and promotion objective to create and strengthen Axis Bank
image.
AXIS BANK needs to place more emphasis on personnel training to its staff.
Customer Representatives need to be trained on CRM practices.
Our results indicate that banks cannot rely upon price competition alone in order
to be competitive; they must also strive to better inform consumers of the
products and services they offer, and provide convenient, agreeable surroundings,
as well as continue to emphasize the human interaction basis of service delivery.
Waiting Time should be reduced.
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CONCLUSION
Considering the competitive banking in Hubli, excellence in customer service is the most
important tool for sustained business growth. Customer complaints are part of the
business life of any corporate entity & if not dealt properly & on time it will lead to
customer churn. This is more so for banks because banks are service organizations. As a
service organization, customer service and customer satisfaction should be the prime
concern of any bank. The bank believes that providing prompt and efficient service is
essential not only to attract new customers, but also to retain existing ones.
The constructs investigated in this study all received some mixed marks by the
respondents as factors that would influence their decision to stay with or leave their
current banks. The most important construct were reasons for stoppage of operations,
Charges, customer service followed by switching barriers. These results lead to
suggestions for bank managers to consider as to how they might improve customer
retention in todays competitive banking environment. According to the research
constructs the customer complaint arises due to;
a. The attitudinal aspects in dealing with customers
b. Inadequacy of the functions/arrangements made available to the customers
or gaps in standards of services expected and actual services rendered.
As my research was mainly concentrated to find out the level of churn rates and reasons
for the customer switch over and it targeted only the employees of Axis Bank, Hubli. The
research construct found that longer-term customers buy more and, if satisfied, may
generate positive word-of-mouth promotion for the company. Additionally, long-term
customers also take less of the companys time and are less sensitive to price changes.
Results of this analysis have also shown that as the age of customers increases, so too
does the propensity to stay with their current banks. In addition, respondents with higher
education are most likely to switch banks perhaps because highly educated consumers
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tend to have greater expectations of services. Gender and income appear not to have
significant association with the respondents intention to stay with or leave their service
providers.
The results further showed Axis Bank, have higher retention rates compared to the larger
banks. The smaller banks thus appear to be doing some things better than their larger
competitors. Since the results of this study are based on consumers perceptions only,
future research should investigate the congruence between consumers and service
providers perceptions. While this study found that customer satisfaction alone is not
effective in building customer loyalty. Consumers are more concerned about the
convenience issue such as location of branches, use of technology & consumers are more
focused on how bank delivers services. Given the importance of employee competence,
our research also examined the impact of employees behavior that could affect customer
retention.
Therefore, finally to conclude my project I can say that:
The research on customer churn has added a great value to my knowledge
undermining the different perceived facet of the customers who leaves/ left
the Bank.
This study & research has made me well verse about the different aspects of
the banking in specific & about Banking Industry as a whole.
Also it helped me to understand the attitudinal behavior & customers
perception about their Bank in various different circumstances.
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SECTION 1
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INTRODUCTION
The banking industry is highly competitive, with banks not only competing among each
other; but also with non-banks and other financial institutions (Kayak and
Kucukemiroglu, 1992; Hull, 2002). Most bank product developments are easy to
duplicate and when banks provide nearly identical services, they can only distinguish
themselves on the basis of price and quality. Therefore, customer retention is potentially
an effective tool that banks can use to gain a strategic advantage and survive in todays
ever-increasing banking competitive environment.
Since banks offer nearly identical products. This carries the danger of creating a
downward spiral of perpetual price discounting -- fighting for customer share (Mendzela,
1999). One strategic focus that banks can implement to remain competitive would be to
retain as many customers as possible. The argument for customer retention is relatively
straightforward. It is more economical to keep customers than to acquire new ones. The
costs of acquiring customers to replace those who have been lost are high. This is
because the expense of acquiring customers is incurred only in the beginning stages of
the commercial relationship (Reichheld and Kenny, 1990). In addition, longer-term
customers buy more and, if satisfied, may generate positive word-of-mouth promotion for
the company. Additionally, long-term customers also take less of the companys time and
are less sensitive to price changes (Healy, 1999).
These findings highlight the opportunity for management to acquire referral business, as
it is often of superior quality and inexpensive to obtain. Thus, it is believed that reducing
customer defections by as little as five percent can double the profits (Healy, 1999).
The key factors influencing customers selection of a bank include the range of services,
rates, fees and prices charged (Abratt and Russell, 1999). It is apparent that superior
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service, alone, is not sufficient to satisfy customers. Prices are essential, if not more
important than service and relationship quality. Furthermore, service excellence, meeting
client needs, and providing innovative products are essential to succeed in the banking
industry. Most private banks claim that creating and maintaining customer relationships
are important to them and they are aware of the positive values that relationships provide.
While there have been several studies emphasizing the significance of customer retention
in the banking industry, but there has been little empirical research examining the
constructs that could lead to customer retention. This research examines the constructs
that impact consumers decision to stay with or leave their current banks. In addition, the
research explores whether there is any association between consumers demographic
characteristics (i.e. age, gender, educational level and income) and loyalty decisions.
The value of Retention

Any business without a focus on customer retention is at the mercy of the market.
Without loyal customers, a competitor will eventually satisfy un-serviced desires, and
customers will begin to switch loyalties to the newcomer. Many companies which have
spent a lot of money getting hold of new customers seem to believe that it is not very
necessary to focus on existing ones. In such cases, customer loyalty is taken for granted.
This perception is slowly changing, and Indian companies have been forced to come to
terms with harsh reality.
Now that there is stiff competition in almost every product, service, and solution area,
customers have plenty of choices. They can simply walk away. As a management guru
once declared, Dissatisfied customers don't complain. They just don't come back.
A customer retention strategy has therefore evolved to become a very important aspect of
any company's business plans.
The need to better understand customer behavior and the interest of many
managers to focus on those customers who can deliver long-term profits has changed
how marketers view the world. Traditionally, marketers have been trained to acquire
customers, either new ones who have not bought the product category before or those
who are currently competitors customers. This has required heavy doses of mass
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advertising and price-oriented promotions to customers and channel members. Today,

particularly for the companys best customers, the tone of the conversation has changed
from customer acquisition to retention. This requires a different mindset and a different
and new set of tools. A good thought experiment for an executive audience is to ask them
how much they spend and/or focus on acquisition versus retention activities. While it is
difficult to perfectly distinguish the two activities from each other, the answer is usually
that acquisition dominates retention.
Metrics:
The increased attention paid to CRM means that the traditional metrics used by
managers to measure the success of their products and services in the marketplace have to
be updated. Financial and market-based indicators like profitability, market share, and
profit margins have been and will continue to be important. However, in a CRM world,
increased emphasis is being placed on developing measures that are customer-centric and
give the manager a better idea of how her CRM policies and programs are working.
Some of these CRM-based measures, both Web and non-Web based are the
following:
Customer acquisition costs
Conversion rates (from lookers to buyers)
Retention/churn rates
Same customer sales rates
Loyalty measures.
Customer share or share of requirements (the share of a customers purchases in a
category devoted to a brand).
All of these measures imply doing a better job acquiring and processing internal data to
focus on how the company is performing at the customer level.
The Future of CRM to reduce churn rates:

With the increased penetration of CRM philosophies in organizations and the
concomitant rise in spending on people and products to implement them, it is clear we
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will see improvements in how companies work to establish long-term relationships with
their customers. However, there is a big difference between spending money on these
people and products and making it all work: implementation of CRM practices is still far
short of ideal. Everyone has his or her own stories about poor customer service and e-
mails sent to companies without hearing a response. Despite several years of experience.
We can expect that the technologies and methodologies employed to implement. It will
improve as they usually do. More companies are recognizing the importance of creating
databases and getting creative at capturing customer information. Real-time analyses of
customer behavior on the Web for better customer selection and targeting is already here
(e.g., Net Perceptions) which permits companies to anticipate what customers are likely
to buy. Companies will learn how to develop better communities around their brands
giving customers more incentives to identify themselves with those brands and exhibit
higher levels of loyalty.
One way that some companies are developing an improved focus on CRM is
through the establishment or consideration of splitting the marketing manager job into
two parts: one for acquisition and one for retention. The kinds of skills that are need for
the two tasks are quite different. People skilled in acquisition have experience in the
usual tactical aspects of marketing: advertising, sales, etc. However, the skills for
retention can be quite different as the job requires a better understanding of the
underpinnings of satisfaction and loyalty for the particular product category. In addition,
time being a critical scarce resource makes it difficult to do an excellent job on both
acquisition and retention. As a result, some companies have appointed a chief customer
officer (CCO) whose job focuses only on customer interactions.
The notion of customer satisfaction is being expanded to change CRM to CEM,
Customer Experience Management. The idea behind this is that with the number of
customer contact points increasing all the time, it is more critical than ever to measure the
customers reactions to these contacts and develop immediate responses to negative
experiences. These responses could include timely apologies and special offers to
compensate for unsatisfactory service. The idea is to expand the notion of a relationship
from one that is transaction-based to one that is experiential and continuous.
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SECTION II
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ABOUT AXIS BANK:

Axis Bank India, the first bank to begin operations as new private banks in 1994 after the
Government of India allowed new private banks to be established. Axis Bank was jointly
promoted by the Administrator of the specified undertaking of the Unit Trust of India
(UTI-I), Life Insurance Corporation of India (LIC) and General Insurance Corporation
Ltd. Also with associates viz. National Insurance Company Ltd., the New India
Assurance Company, The Oriental Insurance Corporation and United Insurance
Company.
Axis Bank in India today is capitalized with Rs. 232.86 Crores with 47.50% public
holding other than promoters. It has more than 200 branch offices and Extension
Counters in the country with over 1250 Axis Bank ATM proving to be one of the largest
ATM networks in the country. Axis Bank India commits to adopt the best industry
practices internationally to achieve excellence.
By the end of December 2004, Axis Bank in India had over 2.7 million debit cards. This
is the first bank in India to offer the AT PAR Cheque facility, without any charges, to all
its Savings Bank customers in all the places across the country where it has presence.
With the AT PAR cheque facility, customers can name Cheques payments to any
beneficiary at any of its existence place. The ceiling per instrument is Rs.50, 000/-.
The latest offerings of the bank along with Dollar variant is the Euro and Pound Sterling
variants of the International Travel Currency Card. The Travel Currency Card is a
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signature based pre-paid travel card which enables travelers global access to their money
in local currency of the visiting country in a safe and convenient way.
Mission
Customer Service and Product Innovation tuned to diverse needs of individual and
corporate clientele.
Continuous technology up gradation while maintaining human values.
Progressive globalization and achieving international standards.
Efficiency and effectiveness built on ethical practices.
Core Values
Customer Satisfaction through
Providing quality service effectively and efficiently
Smile, it enhances your face value" is a service quality stressed on
Periodic Customer Service Audits
Maximization of Stakeholder value
Success through Teamwork, Integrity and People
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Organization
Basically an organization is a group of people intentionally organized to accomplish an
overall, common goal or set of goals. Business organizations can range in size from two
people to tens of thousands.
There are several important aspects to consider about the goal of the business
organization. These features are explicit (deliberate and recognized) or implicit (operating
unrecognized, "behind the scenes"). Ideally, these features are carefully considered and
established, usually during the strategic planning process. (Later, we'll consider
dimensions and concepts that are common to organizations.)
Types of organization
a. Formal organization.
b. Informal organization.
a. Formal organization:
The formal organization or group exist in all organization .it is a group of the
people working together in all co-operation under the authority towards common
goal, objectives for the mutual benefit of the participants.
The formal groups are created to carry out some specific work to meet
some goals of the organization
b. Informal Organization:
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The informal organization refers to relationship between peoples in the

organization based not on procedure and regulation laid down in the organization but
on the personal attitude friendship or some common interest which may or may not be
work related informal organization.
Departmentation:
Departmentation is the process of dividing and grouping the activities of an enterprise
in the various units for the purpose of administration .the units for the purpose of
administration .the units are designated as departments division sector or branches.
Departmentation facilitates the benefits of specialization .it aims at
achieving units of directing, co-operation, co-ordination, control and effective
communication .it leads to effective performance of activities of the enterprise
ORGANIZATION CHART OF AXIS BANK
CHAIRMAN /CMD
DIRECTOR
CORPORATE BANKING
CORPORATE RETAIL BANKING
CORPORATE OPERATION BANKING
CORPORATE PROJECT AND PLANNING BANKING
CORPORATE FINANCE AND ACCOUNT BANKING
CORPORATE INSPECTION AND AUDIT BANKING
CORPORATE SUPPORT SERVICE BANKING
CORPORATE INFORMATION TECHNOLOGY BANKING

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CORPORATE MARKETING BANKING
NORTH ZONE SOUTH ZONE EAST ZONE WEST ZONE
SENIOR VICE SENIOR VICE

SENIOR VICE SENIOR VICE PRESIDENT PRESIDENT
PRESIDENT PRESIDENT
VICE - PRESIDENT VICE - VICE - VICE -

PRESIDENT PRESIDENT PRESIDENT
ASSISTANT VICE ASSISTANT VICE ASSISTANT VICE ASSISTANT VICE

PRESIDENT - PRESIDENT - PRESIDENT - PRESIDENT
OPERATIONS, OPERATIONS, OPERATIONS, OPERATIONS,

SALES MANAGERS SALES MANAGERS SALES MANAGERS SALES MANAGERS
AND CREDIT AND CREDIT AND CREDIT AND CREDIT
MANAGERS MANAGERS MANAGERS MANAGERS
OPERATIONS, OPERATIONS, OPERATIONS,

SALES & CREDIT SALES MANAGERS SALES MANAGERS OPERATIONS,
DEPUTY AND CREDIT AND CREDIT SALES MANAGERS
MANAGERS DEPUTY DEPUTY AND CREDIT
MANAGERS MANAGERS DEPUTY
MANAGERS
EXECUTIVES EXECUTIVES EXECUTIVES EXECUTIVES
JUNIOR JUNIOR JUNIOR JUNIOR

SALES OFFICERS SALES OFFICERS SALES OFFICERS SALES OFFICERS
SALES SALES SALES SALES

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BANK PROFILE AXIS BANK BRANCH OFFICE HUBLI
AXIS BANK branch office Hubli started on 10 October 2003 this bank have five
departments all located in DESPANDE NAGAR.
Address: 163/20Akalburgi plaza, Despande Nagar, HUBLI 580029
CONTACT NO: 0836 2356981/2
Organization chart of HUBLI branch
SOUTH ZONE
SENIOR VICE
PRESIDENT
VICE - PRESIDENT
ASSISTANT VICE
PRESIDENT
OPERATIONS,
SALES MANAGERS
AND CREDIT
MANAGERS
OPERATIONS,
SALES & CREDIT
DEPUTY
MANAGERS
EXECUTIVES
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JUNIOR
EXECUTIVES
SALES OFFICERS
SALES
EXECUTIVES
Axis bank has 5 departments
1. Cash department
2. Credit department
3. Marketing department
4. Clearing department
5. Operation department
CASH DEPARTMENT:
It is mainly concerned with cash transactions of day to day activities these dept
have playing very much important role because more number of people are coming to
this dept.
this dept has 50% to 80% decision making power this dept has fully co-operate
with other dept performance of this dept will be appraised by the way of branch
performance based. This dept would have any plans for reaching its targets.
FUNCTIONS OF CASH DEPARTMENT:

1. Handling daily cash transactions.
2. balancing figure at the end of the day
3. maintaining cash levels of the branch
MARKETING DEPARTMENT:
It is concerned with achieving branch targets through creating new customers and
provides better service to these customers these dept has 50% to 100% decision making
power this dept has fully co-operate with other dept this dept performance can be
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appraised through branch performance this is having following plans for reaching its
targets by
a) By obtaining some new customers
b) By generating new business through existing customers.
FUNCTIONS OF MARKETING DEPARTMENT

1. Achieving branch targets.
2. co-operating with sales executives
3. customer service
4. Opening of new accounts.
5. building new relations
OPERATION DEPARTMENT:
It is heart of the Axis bank this department has control the overall operations of the
Axis bank .This department has handling customer queries and giving proper information
to needy customers this department having 30% to 80% decision making power. This
dept is fully co-operate with other dept this dept performance can be appraised branch
performance and self appraised based .this dept also having plans to achieve its targets
They are gross selling plan, marketing and contribution to the branch target plans to reach
its objectives.
FUNCTIONS OF OPERATION DEPARTMENT

1. DD drafting
2. Out station cheques realigning
3. Attending customers query regarding day to day transactions.
4. Handling government business.
5. Handling RTGS (Real time gross settlements system).
6. Transfers
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7. Remittances.
CREDIT DEPARTMENT:
Credit department has mainly concern with credit transactions of the bank like
giving loans, recovers loans etc are included in these department this department
performance can be appraised through giving targets. This department having 50% to
80% decision making power and this department has co-operated with other department
whenever other departments needed. This department different plans for reaching its
targets they are, credit appraised of balance sheet, financial strength and ratio analysis.
FUNCTIONS OF CREDIT DEPARTMENT

1. Screening of proposals.
2. Documentations.
3. Disbursements of loans.
CLEARING DEPARTMENT:
Clearing has mainly concerned with clearing cheques of the customers this
department having 20% to 30% decision making power this department performance can
be appraised through branch performance ,this department does not have any plans for
reaching targets .
FUNCTIONS OF CLEARING DEPARTMENT

1. Out stations of cheques.
2. Locals cheques.
3. CBSS (software name used for giving information to the current account holders).
1. Basic services: basic services include
a) saving account
b) term deposit
c) recurring deposits
d) demat account
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e) ATMs
f) En cash - 24
g) Special savings account
h) Residence and foreign currency account
i) Easy access through channels
j) I connect
k) corporate I connect
l) 24 - hr tele banking
TYPES OF ACCOUNTS:
1. Easy access account.
2. Salary account
3. Womens savings account
4. Senior privilege account
5. Defense Salary account
6. Trust/NGO savings account
7. Azadi-no frills
8. RFC(D)
1. Easy access account
The Easy access Savings Bank account is an endeavor by the bank to understand the
customers needs & redefine banking to suit the customers requirements for a truly
anywhere anytime banking experience.
A-Accessibility
Wide network of branches & one of the largest ATM networks in India giving the
customers easy access to their account. The anywhere banking concept allows the
customers to access/transact their account from any branch of the bank.
C-Convenience
An International Photo-signature Debit Card with withdrawal limit of Rs.40, 000 per day,
facilitating transfer funds, deposits of cash/cheques & payment of insurance premium
[LIC]. The Debit Card also comes with a comprehensive insurance cover inclusive of
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zero lost card liability, purchase protection & personal accident Insurance up to Rs.2
lacks.
C-Comfort
Internet Banking/ Telebanking- the ease of banking from home or office. Providing the
customer with the facility of online funds transfer, requests for
the customers new cheque book, Financial Advisory Services[FAS], shopping online &
information on mutual funds.
E-Earnings
Maximize returns on the account by availing the dual benefit of Flexi deposit. Any
balance in the customers account is in excess of Rs.10,000 or any higher limit specified
by the customer will be transferred automatically to high interest earning fixed deposit
account in multiplies of Rs.10,000.
S-Speed
At-Par cheque gives the customer the unique power to encash their cheque as a local
cheque at more than 143 centers where the bank has a presence at no extra cost.
S-Service
Service of the highest quality is rendered by an affable endearing & enthusiastic staff at
the branch.
2. Salary Account:
The complete financial solution
Seeking a convenient way to pay your employees?
Salary Savings Account from Axis Bank will do the job for you. We know how important
employee satisfaction is for an organization to grow to its full potential. Which is why we
have tailored our Salary Savings Account not only to be a convenient way for you to
manage salaries (across various centers, through our centralized database), but also
provide your employees with a range of value added benefits.
Salary Savings Account comes with a host of facilities that give your employees access to
the complete gamut of banking services (including overdrafts, loans and zero-balance
requirements) on a preferential basis. Making it the perfect incentive for your employees.
Features
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No minimum balance.
Banking available across the country.
Multi-city at par Cheque book.
Personal & accidental insurance cover up to Rs.2 lacs.
Joint account facility available.
2. Womens Savings Account :

Features: Savings account designed for special needs for women.
Anywhere banking facility with Priority Debit card.
Enhanced cash withdrawal limit of Rs.40, 000 per day through ATM.
FREE Zero Balance Minor Account.
FREE financial advisory services.
FREE Demand Drafts & Pay orders.
FREE At Par cheque books.
FREE delivery of computerized statement of account.
FREE collection of outstation cheques only postage will be collected.
Critical illness benefit.
Dual benefit of Encash 24 scheme.
Children education bonus.
Specially designed International Debit Card.
Discounts on retail purchases.
Concessional rates for Personal & consumer loans.
All will come with Average Quarterly balance of Rs.10, 000 only.
Special feature: Zero Balance Account
No maintenance charges.
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Debit card offered to the minor above the age of 12 years, who can sign
uniformly.
Daily withdrawal limit of Rs.1500 at ATMs
Daily spend limits of Rs.1000 at merchant outlets.
Free monthly Statement clubbed with the statement of the smart privilege
account of the mother.
At- par cheque book at a nominal cost.
This account is a special feature to imbibe the significance of savings in your

child. The zero balance minor savings account is a unique feature that all account
holders can open for their children.
4. Senior Privilege Account:

Features: [For citizen above 60 years]
Free financial advisory services.
Free payable At-par cheques book.
Free Cash & cheque pick up facility.
Free demand drafts & pay orders.
Free collection of outstation Cheques only postage will be collected.
Free delivery of computerized statement of account. Free home banking
facility.
Critical illness insurance cover
All will come with average quarterly balance of Rs.10, 000 only.
5. Defense Salary Account:

Defense Salary account is a product designed keeping in mind how tough a life in the
Defense forces is. Not only does it come to you absolutely free, no minimum balance is
required either. The defense personnel can also access the entire UTI bank network,
including more than 2300 ATMs & 550 branch offices no matter where they are posted.
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Banking Privileges:
At-par cheques Facility
As a Defense personnels job involves transfers across the country. With the at-par
cheque facility it will no longer be necessary to set up new bank accounts with each
transfer.
Additional Debit Card
Along with a free International Debit Card, They also get a free card for the joint
account holder. This means that their child or spouse also enjoy the same benefits of
banking with Axis.
Financial Advisory Services
The solutions provide by the Axis bank meet the twin goal of meeting their
requirements& to diversify & spread the risk of their investment portfolio, so that
they can look forward to an comfortable & worry-free life.
The investment plan may include:
Mutual Funds: Debt and equity
Bonds
Axis Bank Fixed Deposits.
6. Trust/NGO Savings Account:

Axis Banks Trust Account is an effort to offer thoughtful banking for people who
spend their lives thinking of others. It is a complete solution for Trusts, Associations,
Societies, Government Bodies, Section 25 companies & NGOs, so that the
organizations can devote all of their time to their noble cause.
Features:
A Savings Account for their Trust with no minimum balance requirement.
A multi-city at-par cheque facility with no limit on clearing payments at centers
across the country wherever the is present.
Free Anywhere Banking across all the Axis branches & extension counters & over
all the Axis ATMs.
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Free Demand Drafts or Pay Orders as & when required by the Trusts to remit
funds.
Free collection of cheques at outstation locations.
Monthly statement of account delivered at their doorstep.
Facility for collecting donations in the Trusts account through the Axis Banks
network of branches & extension counters across the country, as well as through
iConnect-Axiss Internet Banking facility.
Foreign Contribution Regulation Act[FCRA] Account: the FCRA account enables
approved organizations to receive foreign contributions for utilization in their
activities in India. The Bank will provide assistance in the process of
documentation & obtaining necessary approvals from the Ministry of Home
Affairs in New Delhi.
Free investment advice
Free Demat account.
Constituent Subsidiary General Ledger [SGL] account through which investments
in Government securities are carried out, it comes with a host of value added
services like concession in transaction & service charges.
An Axis Bank customer can donate funds to the Trust through the iConnect
internet facility. In such cases the Bank provides the details of the amount donated
& the donors name to the Trust so that they can issue the receipt to the donor.
7. Azadi- No Frills Account:
It is a Savings Account that doesnt require a minimum balance.
The specifications required for qualifying for an Azaadi account are:
The sum total of all credit in the customers account does not exceed Rs.1 lacc
during the financial year.
The customers do not intend to maintain an account balance higher than
Rs.50, 000 at any given instant.
The customer is unable to furnish full documentation as required ordinarily
for fulfilling of account opening norms.
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Features:
Zero balance savings account: No need to maintain a fixed, mandatory
amount in the account.
Instant Welcome Kit: Handed over to the customer at the time of account
opening, the kit will consist of their account number, debit card, debit card
PIN, internet banking Pin & phone banking PIN.
International Debit Card: Which gives the customer access to over 1800
ATMs across the country, enabling the customer to make deposits or
withdraw cash at any time of day or night.
Phone banking & Internet banking: the customers can conveniently check
their balance, transaction details etc.anytime from anywhere over phone or
using the Internet, for no extra charge.
SECTION III
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3. RESEARCH METHODOLOGY
INTRODUCTION
Research methodology is a way to systematically solve the research problem as it
guides how research is done scientifically. It consists of different to study the research
problem along with the logic behind them.
The present chapter deals with the research methodology adopted in this study. It
discusses about the statement of the problem, aim and objectives of the study, research
design, universe and sampling, pilot study, pre-testing, tools of data collection used,
statistical application of data, problems encountered by the researcher and the limitations
of the study have been explained.
3.1 SIGNIFICANCE OF THE STUDY

Churn is particularly problematic for firms for several reasons. First, the inability to
maintain customer loyalty makes for poor public relations. More immediately, customer
churn simply is expensive. Customer acquisition and account set-up and maintenance all
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cost money, and the higher the level of churn, the lower a firm's overall profit margin is
likely to be.
Broadly speaking, the remedy for churn is "stickiness." Sticky services are those designed
to hook a customer, who will find the service too valuable to easily give up. Firms
implement strategies such as greater personalization of services, bundled services, or
other perks to create this stickiness whereby customers are induced to build loyalty to the
company. Differentiation is another tactic. In their efforts to simply get Web sites up and
running, firms often fail to take the time to create an online presence that distinguishes
itself from those of others, thus making it very easy for customers to switch without
feeling any negative impact.
Hence my research work would certainly help the organization to know the increasing
churn rates of customers at Axis Bank and measures could be adopted to maintain a
positive relationship with the existing customers and it would be a great learning
experience for my academic purpose.
3.2 RESEARCH DESIGN

A research design is the arrangement of conditions for collection and analysis of
data in a manner that aims to combine relevance to the research purpose with economy in
procedure.
The effort of the investigation is to provide descriptive profile of the respondents
on the dimensions namely Geography/location, Type of business, Position title, Sex, Age,
Education level, to understand the socio geographical condition of customers and a
structured questionnaire related to the services provided by Axis bank and the satisfaction
level of customers related to the services and analyzing the major reasons related to their
switch over of customer of Axis Bank, Hubli. Further the researcher has explored the
association between the various variables of the study. Hence for the study a Convenience
sampling method is used it was appropriate when the universe happens to be large and a
known characteristic of it is to be studied intensively.
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UNIVERSE
The universe of the present study are the existing and switched over customers, of
Axis Bank, Hubli.
3.3 SAMPLING
SAMPLING UNIT- Lost Customers of Axis Bank
SAMPLE SIZE- 50
3.4 DATA SOURCES-

Primary data was obtained through a survey sent to a sample of lost customers of
Axis Bank Hubli.
Secondary data sources were previous projects, websites, magazines, newspapers,
articles & textbooks.
3.5 RESEARCH APPROACH- the approach made was through Survey method,
since exit customer list were huge in number and it would be easy to reach all the
customers in list and identified customers through sources.
3.6 PILOT STUDY

As part of the pilot study I made a visit to the selected field at Axis Bank, Hubli to
get a comprehensive idea about the possibility of undertaking the study. I had a
discussion with the Centre Head of Axis bank, to get permission as well as about the
study. The Centre Head was very co-operative to know about the study. Preliminary
information was collected about the working hours; problems faced by the employees as
well as customers, list of existing as well as churn customers. I also discussed about the
questions to be put forth towards the churn customers of Axis Bank with reference to the
dimensions such as service satisfaction, time management, hospitality, interest rates and
general activities at Axis bank. Based on this, the sample size, mode of collection using
questionnaire method was ascertained.
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3.7 PRE-TEST
Before finalizing the questionnaire, the researcher conducted a pre-test with 5
respondents in order to determine the efficacy of the tool. The details of the answering
mode were explained to the respondents and they were answered of confidentiality.
During the pre-test I found that some questions were repeated and so it was avoided from
the questionnaire.
3.8 TOOLS OF DATA COLLECTION

Socio geographic and demographic Schedule
This tool elicits the social geographic details of the sample. This was framed by
the investigator himself in accordance with the need of the present study. It explored the
personal profile of the respondents and elicited information of the respondents regarding
their age, sex, educational qualification, nature of the place of residence etc.
Structured Questionnaire set up after a deep discussion with my project guide related to
churn customers putting in consideration the security aspects of data collected.
Data Collection
Data was obtained through a survey sent to a sample of lost customers of Axis
Bank Hubli.
The survey was designed according to the Dillman Total Design Method (1978),
which has proven to result in improved response rates and data quality. The
questionnaire gathered information on consumers perceptions of their banks, the
reasons they remain with their banks, and reasons why they have switched to
other banks.
Likert-format items were presented with 5-point scales, where 1 = "strongly
disagree," 3 = "neither disagree nor agree," and 5 = strongly agree."
The sampling procedure was based on the recommendations of Malhotra (1999)
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and Proctor (1997).

Names and addresses for the survey were systematically drawn from Axis Bank
Hubli Branch.
The sample size (n = 100) was computed, and a skip interval of 73 was calculated
from the listing provided.
Potential respondents were selected and questionnaire was administered. A total
of 50 useable surveys were returned from the initial administration, representing a
useable response rate of 28%.
Budgetary constraints forced the elimination of follow-up procedures.
3.9 SCORING PROCEDURES

The scale consisted of 19 questions, which are related to the services, transaction
and charges offered or considered by Axis Bank. The data would be analyzed as per the
customer response, and analysis would be made through a generalized process using
SPSS software.
DATA COLLECTION
The researcher collected the data from the respondents during the months of July
2007 using questionnaire method. He took nearly ten days for the data collection.
3.10 STATISTICAL ANALYSIS

The end result of the data collection is the accumulation of raw data into a quantitative
form. Such data are then summarized and subjected to statistical analysis. Standard
scoring procedure was adopted and data was analyzed statistically by using the SPSS
ANALYSIS- ,Cross tabulation, Bar Chart, Pie Charts
3.11 LIMITATIONS OF THE STUDY
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Data was collected only from the branch of Axis Bank Hubli, Karnatak.
There are many other branches over all. So the findings cannot be
generalized.
Most of the respondents were reluctant during the data collection.
A detailed study was not possible because of the time limit with in which
the study should be completed.
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SECTION IV
4. LITERATURE REVIEW
Previous studies have identified the benefits that customer retention delivers to an
organization. For example, the longer a customer stays with an organization the more
utility the customer generates (Reichheld and Sasser, 1990). This is an outcome of a
number of factors relating to the time the customer spends with the organization. These
include the higher initial costs of introducing and attracting a new customer, increases in
both the value and number of purchases, the customer's better understanding of the
organization, and positive word-of-mouth promotion.
Apart from the benefits that the longevity of customers brings, research findings also
suggest that the costs of customer retention activities are less than the costs of acquiring
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new customers. For example, Rust and Zahorik (1993) argue the financial implications of
attracting new customers may be five times as costly as keeping existing customers.
.Banks loses satisfied customers who have moved, retired, or no longer need certain
services. As a consequence, retaining customers becomes a priority.
Clearly, there are compelling arguments for bank management to carefully consider the
factors that might increase customer retention rates. However, there has been little
empirical research that investigates the constructs leading to customer retention.
Examples of constructs are competitive advantage, customer satisfaction, switching
barriers, corporate image, and bank services characteristics. There have been few, if any,
attempts to link them to customer retention. This is curious, for if retention criteria are not
well managed, customers might still leave their banks, no matter how hard bankers try to
retain them.
4.1 COMPETITIVE ADVANTAGE
In a highly competitive market, the shortest route to differentiation is through the

development of brands and active promotion to both intermediaries and final consumers
(Parasuraman, 1997). In the long run, however, branding, targeting and positioning would
all be much more effective if the supplier had some tangible advantage to offer
consumers (Baker, 1993). This is evident in the banking industry, where many banks are
providing more or less the identical products for nearly the same price. Unless a bank can
extend its product quality beyond the core service with additional and potential service
features and value, it is unlikely to gain a sustainable competitive advantage (Chang,
Chan, and Leck, 1997). Thus, the most likely way to both retain customers and improve
profitability is by adding value via a strategy of differentiation (Baker, 1993) while
increasing margins through higher prices.
Todays customers do not just buy core quality products or services; they also buy a
variety of added value or benefits.
4.2 CUSTOMER SATISFACTION
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In businesses where the underlying products have become commodity-like, quality of

service depends heavily on the quality of its personnel. This is well documented in a
study by Leeds, who documented that approximately 40 percent of customers switched
banks because of what they considered to be poor service. Leeds further argued that
nearly three-quarters of the banking customers mentioned teller courtesy as a prime
consideration in choosing a bank. The study also showed that increased use of service
quality/sales and professional behaviors (such as formal greetings) improved customer
satisfaction, reduced customer attrition.
Ioanna (2002) further proposed that product differentiation is impossible in a competitive
environment like the banking industry. Banks everywhere are delivering the same
products. For example, there is usually only minimal variation in interest rates charged or
the range of products available to customers. Bank prices are fixed and driven by the
marketplace. Thus, bank management tends to differentiate their firm from competitors
through service quality. Service quality is an imperative element impacting customers
satisfaction level in the banking industry. In banking, quality is a multi-variable concept,
which includes differing types of convenience, reliability, services portfolio, and
critically, the staff delivering the service.
4.3 Customer Perceptions of Value:
Today, customers are more value oriented in their consumption of services because they
have alternative choices. Researchers explain how customers make purchase decisions
between competing providers. They argued that customers buy on value; they do not
simply buy products. Interestingly, it was observed that customers learn to think
objectively about value in the form of preferred attributes, attribute performance, and
consequences from using a product in a use situation (Woodruff, 1997). Thus, banks must
be able to provide up-close personal service for customers who come with high
expectations. For customers who value convenience most, banks must offer the latest
product such as electronic banking, touch-tone phone account access and internet
banking. Clearly, customer value can be a strong driver of customer retention. Customer
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satisfaction is merely a response to the value proposition offered in specific

products/markets. By this view, banks must determine how customers define value in
order to provide added-value services.
4.4 CORPORATE IMAGE

Todays consumers have more choices for their financial needs than ever before.
Technology, globalization, increased competition and increased consumer mobility have
dramatically changed the way people bank (Harwood, 2002). Many financial institutions
are looking at branding techniques to differentiate themselves. It is very critical that
banks have a comprehensive knowledge of customers values, attitudes, needs and
perceptions of various services the bank offers and the image which customers have of
the bank itself. Accordingly, bankers must be able to build and manage their banks image
in order to clearly define the differences between their bank and its competitors.
Services are highly intangible and are, therefore, high in experience and credence
qualities. As a consequence, brand reputation is important as a
Potential competitive advantage.
4.5 SWITCHING BARRIERS

Switching barriers have been used as marketing strategies to make it costly for customers
to switch to another organization. Such barriers include search costs, transaction costs,
learning costs, loyal customer discounts and emotional costs .These barriers provide
disincentives for the customer to leave the current organization. High switching costs are
an important factor binding the customer to the service organization. Even with relatively
low levels of satisfaction, the customer continues to patronize the service provider
because repurchasing is easier and more cost effective than searching for a new provider
or sampling the services of an unknown provider.
Other than switching costs, cross-selling is another critical variable driving customer
retention. Cross-selling is the banks effort to sell as many different products and services
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as they can to a particular customer.
4.6 CONSUMERS BEHAVIOURAL INTENTIONS
To compete successfully in todays competitive marketplace, banks must focus on

understanding the needs, attitudes, satisfactions and behavioral patterns of the market.
Consumers evaluate a number of criteria when choosing a bank. Banking market
discovered that customers choose their banks because of convenience, long association,
recommendations of friends and relatives, and accessibility to credit.
4.7 CUSTOMER LOYALTY
Customer retention improves profitability principally by reducing costs incurred in

acquiring new customers. A prime objective of retention strategies must therefore be
zero defections of profitable customers. There is, however, a distinction between
customers who are simply retained and those who are loyal. The concept of consumer
inertia implies that some customers are only being retained, rather than expressing
loyalty. Truly loyal customers are usually portrayed as being less price-sensitive and
more inclined to increase the number and/or frequency of purchases.
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SECTION V
DATA ANALYSIS & INTERPRETATION:

Research Constructs
Table 1: Demographics of Respondents

Demographic Frequency Valid Cumulative
Percent Percent
Panel A: Age Group
18-30 years old 8 8.4 8.4
31-40 years old 22 17.9 26.3
41-50 years old 15 24.2 50.5
51-60 years old 6 24.2 74.7
61-70 years old 5 12.9 87.5
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71 yrs old & above 4 12.5 100

Total 50 100
Panel D: Income Level (Monthly)
Less than 10,000 0 9.8 9.8
10,000-19,999 23 15.9 25.7
20,000-29,999 21 12.2 38.0
30,000-39,999 4 16.3 54.2
40,000-49,999 1 15.3 69.5
50,000- Above 1 8.0 77.5
Durability of Relationships
The length of time that customers have been with their banks was also measured. As
noted above, there is a distinction between mere retention and the more desirable
outcome of loyalty. However, durability of a bank-customer relationship is a necessary
indicator of both.
Perceived Durability figures appear to demonstrate overall contentment with banking
services. Nearly eighty percent of the (78.9%) reported LOS at greater than two years.
Figures for the other LOS categories are generally small, perhaps reflecting low defection
rates or a small number of first time accounts. Given the preponderance of customers in
the greater than five years categories across banks.
Switching Barriers
The switching barriers index was composed of seven items. The overall mean was 3.79,
implying that these impediments have a moderate degree of influence on the respondents
intention to stay. The strongest contributor to this construct was banks ability to provide
products and services that meet respondents needs. In addition, the respondents saw little
advantage to switching, since they perceive that all banks provide the same range of
products and services. Furthermore, inconvenience, the disruption caused by switching,
and having a good relationship with bank personnel contributed to respondents
reluctance to switch to alternative providers.
However, in this study, it was found that many of the respondents do not use a variety of
products from their current bank. This is an important issue for bankers, as cross-selling
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is a critical element in increasing customer loyalty and revenue. Indeed, Jones 16 and
Farquhar (2003) demonstrated that lower levels of cross-selling may also lead to the loss
of market share and decreasing profitability. Furthermore, increased competition and on-
going development of new delivery channels are leading to commoditization of bank
products as these are relatively easy for competitors to copy. This might lead to a higher
propensity to switch providers, as consumers may be able to purchase similar products
and services for better prices elsewhere. Conversely, cross-selling may make switching
an unacceptable inconvenience, as the customer must find a provider that can replace a
broader range of products.
Table: Mean Scores of Respondents Perceived Switching Barriers ( =
Consumers do not feel like switching Mean Std. Deviation
because.
Their banks are able to provide products 4.05 1.001
and services they need
They see little advantage in switching 3.98 1.094
Switching would be too disruptive 3.96 1.052
They have good relationships with their 3.89 1.060
banks
Switching is too inconvenient 3.85 1.125
They use a variety of products from 3.65 1.070
their banks
They receive incentives from their 3.14 1.244
banks
Mean Perceived Switching Barriers 3.79
Customer Loyalty
The index of customer loyalty was composed of six items. The mean score for the index
was 3.35, implying that most of the respondents have an intention to stay loyal with their
banks. It has been documented that the respondents tend to stay loyal with their service
providers if they have excellent relationship with its staff.
Another crucial variable is respondents perception of difficulty in changing banks. In
today's banking environment, it would not be unusual for a customer to have many
automatic payment orders to a wide variety of different firms, such as electricity and
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telephone companies. Notification and subsequent changes to billing details or other

difficulties would be time consuming. Thus, it might not be worth the effort and
inconvenience, unless the respondent had a very bad experience with the current bank.
Thus, the respondents focus on inconvenience in changing banks is still a prevalent
concern.
However, if mistakes are made by the bank, then bankers must be able to handle service
recovery efficiently. In this study, most of the respondents appeared unhappy with the
services of Axis Bank. There were complaints, & the respondents commented that their
banks are unable to resolve. Nevertheless, to ensure customer satisfaction, contact
personnel should be empowered to deal effectively and courteously with problems when
opportunities for service recovery arise. For the business, service recovery represents an
opportunity to know the customer better and is a chance to impress them. If Axis Banks
tries to solve the problems customers face, then customers would derive more value from
the service and thus will be more loyal to the bank.
Furthermore, staying loyal is also accentuated by the overall feeling in which respondents
perceive that alternative banks were providing the same quality as their present bank.
Some of the respondents had not switched to another bank because they felt that they
would be no better off from switching. Such a finding emphasized that a bank should
make an effort to distinguish itself from competitors through the generation of sustainable
competitive advantage and distinctive bank image.
Analysis Made On questionnaire

Axis provides good customer service
Customer service was measured using a five-item index. Customer Satisfaction.

Respondents were relatively less satisfied with banks' pricing. Some complained about
the high fees charged and expensive account maintenance costs. Financial institutions
know the key to retaining customers is more than just providing satisfaction or
competitive pricing. This view is confirmed by responses to the satisfaction items. Our
results indicate that banks cannot rely upon price competition alone in order to be
competitive; they must also strive to better inform consumers of the products and services
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they offer, and provide convenient, agreeable surroundings, as well as continue to

emphasize the human interaction basis of service delivery.
32% of the respondents have expressed the customer service at Axis Bank as
satisfactory. However combined 76% of the respondents are happy in terms of customer
service at Axis Bank & the rest only 24% respondents were relatively dis satisfied with
banks customer service. In this study, most of the respondents appeared happy with the
services their banks have performed. There were minor complaints, but the respondents
commented that their banks are able to resolve them. Nevertheless, to ensure customer
satisfaction, contact personnel could be empowered to deal effectively and courteously
with problems when opportunities for service recovery arise. For the business, service
recovery represents an opportunity to know the customer better and is a chance to
impress them. If bankers are able to solve the problems customers face, then customers
would derive more value from the service and thus will be more loyal to the bank.
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Customer service
Frequency Percent
strongly agree 9 18.0
agree 16 32.0
neutral 13 26.0
disagree 8 16.0
strongly disagree 4 8.0
Total 50 100.0
strongly disagree
8.0% strongly agree
18.0%
disagree
16.0%
agree
neutral 32.0%
26.0%
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Reasons for Exit/Stopping the operations from Axis Bank
Seven items were used to assess the reasons for stopping the operations in Axis Bank.
The construct index signifies that 42% of the respondents have a relatively negative
impression of their bank levying undue charges on them, which forced them to
switchover to other banks & 26% perceived that the other banks where providing better
service than Axis Bank revealing that respondents have a negative impression of their
bank's competitive advantage. Service quality may be the only sustainable form of
differentiation in such a highly competitive and homogenous industry. However bank
managers should bear in mind that delivering superior service is not enough. In effect,
they should deliver services that are better than consumers expectations in order to
enhance satisfaction and maintain a positive image.
career change
6.0%
relocation move
6.0%
4.0%
Conf lict w ith other

Charges
8.0%
42.0%
Commute
8.0%
Other banks providin
26.0%
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Qualities of the customer service representative irked (annoyed)
The qualities of the customer service representative which annoyed the respondents
were measured using a five-item index.
30% of the respondents feels annoyed due to the unresponsive nature of the customer
representative , 22% of the respondent feels annoyed when they dont listen their
problems carefully & 18% feels annoyed because they seems to be unfriendly with
the customers. Customer service representative should be properly trained for
handling complaints. We are dealing with people and hence difference of opinion and
areas of friction can arise. With an open mind and a smile on the face we should be
able to win the customers confidence. It would be the responsibility of the Branch
Head to ensure that internal machinery for handling complaints/grievances operates
smoothly and efficiently at all levels.
Annoyed / Irked
Frequency Percent
Not enthusiastic 5 10.0
Dint listen
11 22.0
carefully
unfriendly 9 18.0
Unresponsive 15 30.0
None 10 20.0
Total 50 100.0
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not enthusiastic
7 10.0%
20.0%
dint listen caref ull

22.0%
Unresponsive
30.0%
unfriendly
18.0%
TRANSACTION SATISFACTION
Waiting time
The transaction satisfaction index i.e. the waiting time was composed of three
parameters. More than half of the respondents had a neutral positive response on the
waiting time in Axis bank & 44% of the respondents where dis satisfied with waiting
time in Axis bank.
Waitin Time
Frequency Percent
satisfied 2 4.0
average 26 52.0
not satisfied 22 44.0
Total 50 100.0
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30.0
26.0
22.0
20.0
10.0
0.0 2.0
satisfied average not satisfied
Waitin Time
Ability to handle problems or questions
Characteristics of banks' customer service representatives can have a significant impact

on the behavioral intentions of customers. Four items representing such characteristics
were included in the questionnaire. Complaint has to be seen in the right perspective
because they indirectly reveal a weak spot in the working of the bank. Complaint
received should be analyzed from all possible angles. Specific time schedule may be set
up for handling complaints and disposing them at all levels. Branch manager should try
to resolve the complaint within specified time frames, decided by the bank.
Communication of banks stand on any issue to the customer is a vital requirement.
Complaints received which would require some time for examination of issues involved
should invariably be acknowledged promptly. 32% of the respondents said that the
Customer representatives were unable in answering or handling their problems or
questions, 26% of the respondents said that the customer executives where not so clear &
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supportive in handling their problems, 14% said the customer representatives should still
spend more time in elaborating & the rest 28% where satisfied that their problems or
questions where dealt accordingly.
Handle Problems
Frequency Percent
Customer care
executives were not 13 26.0
so clear & supportive
Problems & questions
not clearly answered 16 32.0
Info have to be still

7 14.0
more elaborated
others 14 28.0
Total 50 100.0
Customer care execut

others
28.0% 26.0%
info have to be stil

14.0%
problems & questions
32.0%
CHARGES:
Awareness about the charges in Axis Bank was measured using a two-item index. 72% of
the respondents have clearly said that they are unaware about the different charges
charged in Banks. Hence there is a great need for a banker to educate or make awareness
about the charges, as constructing on this will greatly enhance the customer satisfaction
or loyalty.
HUBLI
Aware Of Different Charges
Frequency Percent
Yes 14 28.0
No 36 72.0
Total 50 100.0
yes
28.0%
no
72.0%
Unaware of the charges due to
The respondents unawareness about the charges was measured using a four-item
index.39% of the respondents complained that their where hidden charges involved, 27%
of the respondents said that they where not informed about the different charges, 20% of
them said that they are misleading as & when initially they where no charges & all of
sudden some charges crops up in middle without proper intimation & the rest 14% said
that due to their ignorance they do not know about the different charges.. Research
Constructs & the customers of Axis Bank recognize that customers
expectation/requirement/grievances can be better appreciated through personal
HUBLI
interaction with customers by banks staff. Thus structured customer meets, say once in a
month will give a message to the customers that the bank cares for them and values their
feed back/suggestions for improvement in customer service. Research findings
constructed that complaints arise on account of lack of awareness among customers about
Axis bank services and such interactions will help the customers appreciate banking
services better. As for the bank the feed back from customers would be valuable input for
revising its product and services to meet customer requirements.
Unaware
Frequency Percent
Ignorance 5 14.0
Misleading 7 20.0
Hidden charges 14 39.0
Not informed 10 27.0
16
14
14
12
10
10
7
6
5
4
2
ignorance misleading hidden charges not informed
unaware
HUBLI
Tracking Dimensions:
Three items were used to assess the customer service at Axis bank as compared to one
year ago. The construct table above signifies that overall, respondents have a relatively
negative impression of their bank as regards to service compared to one year ago.56% of
the respondents have commented that the services have become worse over a period of
one year , 36% perceived to be the same & the rest only 8% have said that it has become
better.
Tracking
Frequency Percent
Better 4 8.0
Undefined error #60868 - Cannot open text file "spss.err": No such file
worse 28 56.0
same 18 36.0
Total 50 100.0
Tracking Dimension
30
28
20
18
10
4
0
better w orse same
tracking
HUBLI
What must AXIS BANK do to improve a specific product or service?
Improvement & gaining competitive advantage was measured using a four-item index.
Excellence in customer service is the most important tool for sustained business growth.
Customer complaints are part of the business life of any corporate entity & if not dealt
properly & on time it will lead to customer churn. This is more so for banks because
banks are service organizations. As a service organization, customer service and customer
satisfaction should be the prime concern of any bank. The bank believes that providing
prompt and efficient service is essential not only to attract new customers, but also to
retain existing ones. The above construct is signifying that overall, respondents have a
relatively negative impression of their bank. Of the individual items, the highest i.e. 32%
was to have flexibility according to the changing customer needs. This suggests that
customers want their banks to monitor change in the financial environment, and respond
with products that add value to customers' accounts. It also suggests that banks that offer
new or refine current products in a proactive manner may enhance their customer
relationships. 28% of the respondents say that a separate Grievance Redressal Forum
should be there & 20% of them say charges charged must be properly communicated.
These respondents suggested that Axis Bank should aim at minimizing instances of
customer complaints and grievances through proper service delivery and review
mechanism and to ensure prompt Redressal of customer complaints and grievances. The
review mechanism should help in identifying shortcomings in product features and
service delivery. Customer dissatisfaction spoils banks name and image.
Hence Axis Bank should frame a policy on grievance Redressal on some principles, as
noted below-
Customers be treated fairly at all times
HUBLI
Complaints raised by customers should be dealt with courtesy & on time

Customers should be fully informed of avenues to escalate their
complaints/grievances within the organization and their rights to alternative remedy, if
they are not fully satisfied with the response of the bank to their complaints.
Bank will treat all complaints efficiently and fairly as they can damage the
banks reputation and business if handled otherwise.
The bank employees must work in good faith and without prejudice to the
interests of the customer.
Improving
Frequency Percent
current products &
10 20.0
services are satisfactory
Have to be flexible
according to customer 16 32.0
needs
Charges charged must
10 20.0
be still more reasonable
seperate grievanc
14 28.0
redressal forum
Total 50 100.0
17
16
16
15
14
14
13
12
11
10
10 10
9
current products & s Charges charged must
Have to be flexible seperate grievanc re
Improving
HUBLI
What best services were you attracted from the current bank
The switching barriers index was composed of four items.

The strongest contributor to this construct was other banks ability to provide products
and services that meet respondents needs & offers lower charges. In addition, the
respondents saw little advantage to switching, since they perceive that all banks provide
the same range of products and services. Furthermore, inconvenience, the disruption
caused by the banker is the only factor leading them to switchover, and as the above table
& construct shows 26% of the respondents perceived that the other banks are providing
better service than Axis, rest 20% of the respondents perceives that their current bank
does not have any Hidden charges. Alternatively we have also found that having a good
relationship with bank personnel contributed to respondents reluctance to switch to
Best services
Frequency Percent
Low charges 21 42.0
Better service 13 26.0
Better response
6 12.0
No Hidden
10 20.0
charges
HUBLI
30
20 21
13
10
10
0
low charges better response
better service No hidden Charges
Best services
Type of product & Customer Service
Count
Customer service
strongly
strongly agree agree neutral disagree disagree Total
Type of Curent 6 5 9 5 25
product SB A/C 3 11 4 3 4 25
Total 9 16 13 8 4 50
Relationship between Customer satisfaction & the type of a/c holding was measured
using a cross tab construct table. Relatively the construct showed that there is no much
correlation between these two variables. Moreover the respondents are satisfied with the
overall performance of customer service being offered to both types of account holders.
HUBLI
12
11
10
9
8
Customer service
6 strongly agree
6
agree
5 5
4 neutral
4 4
disagree
3 3
2 strongly disagree
Current a/c SB A/C
Type of product
Type of product * Handle problems Crosstabulation
Count
Handle problems
Customer
care
executives Problems &
were not questions Info have to
so clear & not clearly be still more
supportive answered elaborated Satisfied Total
Type of Curent 9 10 2 4 25
product SB A/C 4 6 5 10 25
Total 13 16 7 14 50
HUBLI
12
10
10 10
9
8 Handle problems
Customer care execut

6
6 ives w ere not so cle
5 problems & questions

4
4 4 not clearly answ ere
Inf o have to be stil

2
2 l more elaborated
0 Satisf ied
Current a/c SB A/C
Type of product
Relationship between Customer problems & the type of a/c holding was measured using
a cross tab construct table. 70% of the current a/c respondents said that customer care
executives where not so clear & supportive in handling their problems. 62% of the
current a/c respondents said that their problems & questions where not clearly answered
whereas more than 71% of the respondents of the SB a/c holders felt satisfied about their
ability to handle their problems.
HUBLI
SECTION VI
FINDINGS
Respondents were relatively less satisfied with banks' pricing. Many complained
about the high fees charged and expensive account maintenance costs.
76% of the respondents are happy in terms of customer service at Axis Bank.
42% of the respondents have a relatively negative impression of their bank
levying undue charges on them, which forced them to switchover to other banks
26% perceived that the other banks where providing better service than Axis Bank
revealing that respondents have a negative impression of their bank's competitive
advantage.
HUBLI
30% of the respondents feel annoyed due to the unresponsive nature of the
customer representative.
22% of the respondent feels annoyed when they dont listen their problems
carefully.
44% of the respondents where dis-satisfied with waiting time in Axis bank.
32% of the respondents said that the Customer representatives were unable in
answering or handling their problems or questions.
26% of the respondents said that the customer executives where not so clear &
supportive in handling their problems.
72% of the respondents have clearly said that they are unaware about the different
charges charged in Banks
39% of the respondents complained that their are hidden charges involved.
27% of the respondents said that they where not informed about the different
charges.
20% of them said Axis bank is misleading in terms of charges levyed.
56% of the respondents have commented that the services have become worse
over a period of one year ,
36% perceived to be the same & the rest only 8% have said that it has become
better.
32% of the respondents feel that having flexibility according to the changing
customer needs will enhance Axis Bank competence. This suggests that customers
want their banks to monitor change in the financial environment, and respond
with products that add value to customers' accounts
28% of the respondents suggested to have a separate Grievance Redressal Forum
in Axis
26% of the respondents perceive that the other banks are providing better service
than Axis
Rest 20% of the respondents perceives that their current bank does not have any
Hidden charges
HUBLI
Alternatively research constructs have also found that having a good relationship
by bank personnel with customers contributes to reluctance to switch to
70% of the current a/c respondents said that customer care executives where not
so clear & supportive in handling their problems.
71% of the respondents of the SB a/c holders felt satisfied about their ability to
handle their problems
RECOMMENDATION
Respondents saw little advantage to switching, since they perceive that all banks
provide the same range of products and services. Furthermore, inconvenience, the
disruption caused by switching, and having a good relationship with bank
personnel contributed to respondents reluctance to switch to alternative
providers.
Some of the respondents had not switched to another bank because they felt that
they would be no better off from switching. Such a finding emphasized that a
bank should make an effort to distinguish itself from competitors through the
generation of sustainable competitive advantage and distinctive bank image.
Separate Grievance Redressal Forum
A structured system needs to be built up, In order to make banks Redressal

mechanism more meaningful and effective.
Axis bank can decide on the appointment of officials at various levels to handle
complaints and grievances depending upon its administrative structure/ channels
used for delivery of product and services.
In this study, it was found that many of the respondents do not use a variety of
products from their current bank. This is an important issue for AXIS bank, as
HUBLI
cross-selling is a critical element in increasing customer loyalty and revenue.

Conversely, cross-selling may make switching an unacceptable inconvenience, as
the customer must find a provider that can replace a broader range of products.
Bank managers should analyze every facet of the service delivery process and
product attributes to ensure that it will not increase inconvenience for consumers.
Furthermore, Axis Bank should regularly obtain feedback from consumers in
order to work backwards toward designing new processes or products, so that
these can be delivered effectively and efficiently.
Charges must be elaborated.
Convincing customers that they are getting high value from their bank should be a
key advertising and promotion objective to create and strengthen Axis Bank
image.
AXIS BANK needs to place more emphasis on personnel training to its staff.
Customer Representatives need to be trained on CRM practices.
Our results indicate that banks cannot rely upon price competition alone in order
to be competitive; they must also strive to better inform consumers of the
products and services they offer, and provide convenient, agreeable surroundings,
as well as continue to emphasize the human interaction basis of service delivery.
Waiting Time should be reduced
CONCLUSION
Considering the competitive banking in Hubli, excellence in customer service is the most
important tool for sustained business growth. Customer complaints are part of the
business life of any corporate entity & if not dealt properly & on time it will lead to
customer churn. This is more so for banks because banks are service organizations. As a
service organization, customer service and customer satisfaction should be the prime
HUBLI
concern of any bank. The bank believes that providing prompt and efficient service is
essential not only to attract new customers, but also to retain existing ones.
The constructs investigated in this study all received some mixed marks by the
respondents as factors that would influence their decision to stay with or leave their
current banks. The most important construct were reasons for stoppage of operations,
Charges, customer service followed by switching barriers. These results lead to
suggestions for bank managers to consider as to how they might improve customer
retention in todays competitive banking environment. According to the research
constructs the customer complaint arises due to;
a. The attitudinal aspects in dealing with customers
b. Inadequacy of the functions/arrangements made available to the customers
or gaps in standards of services expected and actual services rendered.
As my research was mainly oriented to find out the reason for high churn rate in Axis
Bank and reasons for the customer switch over and was targeted only to the lost
customers & the employees of Axis Bank, Hubli. The research construct found that
longer-term customers buy more and, if satisfied, may generate positive word-of-mouth
promotion for the company. Additionally, long-term customers also take less of the
companys time and are less sensitive to price changes.
Results of this analysis have also shown that as the age of customers increases, so too
does the propensity to stay with their current banks. In addition, respondents with higher
education are most likely to switch banks perhaps because highly educated consumers
tend to have greater expectations of services. Gender and income appear not to have
significant association with the respondents intention to stay with or leave their service
providers.
The results further showed Axis Bank, have higher retention rates compared to the larger
banks. The smaller banks thus appear to be doing some things better than their larger
competitors. The results of this study are based on consumers perceptions only. While
this study found that customer satisfaction alone is not effective in building customer
loyalty. Consumers are more concerned about the convenience issue such as location of
branches, use of technology & consumers are more focused on how bank delivers
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services. Given the importance of employee competence, our research also examined the
impact of employees behavior that could affect customer retention.
Therefore, finally to conclude my project I can say that:
The research on customer churn has added a great value to my knowledge
undermining the different perceived facet of the customers who leaves/ left
the Bank.
This study & research has made me well verse about the different aspects of
the banking in specific & about Banking Industry as a whole.
Also it helped me to understand the attitudinal behavior & customers
perception about their Bank in various different circumstances.
HUBLI
ANNEXURES
REFERENCES
R. H. Schaffer: Job satisfaction as related to Need Satisfaction in Work,

Derek R Allen: Customer satisfaction Research Management.
S.B.Nageswara Rao& C. Madhavi: Customer Service Excellence.
Susan & Derek Nash Deliver Outstanding Customer Service
HUBLI
Bharadwaj, S. G., Varadarajan, P. R and Fahy, J. Sustainable Competitive Advantage

in Service Industries: A Conceptual Model and Research Propositions.
Colgate, M., Stewart, K and Kinsella, R. Customer Defection
Dawkins, P. M and Reichheld, F. F. Customer Retention as a Competitive Weapon.
Healy, T. J. Why You Should Retain Your Customers.
Marple, M and Zimmerman, M. A Customer Retention Strategy.
Parasuraman, A.. Reflections on Gaining Competitive Advantage through Customer
Value.
Reichheld, F. F. Learning from Customer Defections. Harvard Business Review.
Reichheld, F. F and Kenny, D. The Hidden Advantages of Customer Retention.
Reichheld, F. F and Sasser, W. E. Zero Defections: Quality comes to Services.
Rust, R. and Zahorik, A. Customer Satisfaction, Customer Retention and Market
Share.
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QUESTIONNAIRE
1. Geography/location
2. Type of business ............................
3. Position title
4. Types of product(s)/Service(s) used.
...
5. Sex: .
6. Age:
7. Education level: ..
8. Years of Service Obtained through Axis Bank .
SERVICES AT AXIS BANK:
9. Axis provides good customer service
(Strongly agree, Agree, Neutral, Disagree, Strongly Disagree)
10. Tick the below reasons for your Exit/Stopping the operations from Axis
Bank?
Charges
Other banks providing better service
Commute (Transfer)
Conflict with other employees
Conflict with managers
Relocation/Move
Career Change
Other ..
11. What qualities of the customer service representative irked (annoyed) you?
Not patient
Not enthusiastic
Didn't listen carefully
Unfriendly
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Unresponsive
Others specify.
None
TRANSACTION SATISFACTION
12. Waiting time
[ ] satisfied [ ] average [ ] not-satisfied

If not satisfied- at which Desk..
13. Ability to answer or handle your problems or questions
Customer care executives were not so clear and supportive

My problems or questions were not clearly answered by the related officer
Information about different accounts & services has to be still more
elaborated.
Others please mention

14. CHARGES:
Are you aware about the different charges

Unaware of the charges
b) Unaware of the charges due to
Ignorance
Mis Leading
Hidden Charges
Not informed
15. Tracking Dimensions:
Compared to one year ago, is Axis banks customer service

(Better, Worse, Same)
16. What must we do to improve a specific product or service?
Your current services and products are satisfactory
HUBLI
Customers current needs and desires must be considered

Charges charged must be properly communicated
Others....
17. Present Bankers
18. What best services were you attracted from the current bank?
Low charges
Better Service
Better response
Others
19. Any Suggestions
Thank you

A Project Report On Customer Churn Rate in Axis Bank Hubli

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A Project Report On Customer Churn Rate in Axis Bank Hubli

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A RESEARCH ON CUSTOMER CHURN RATE IN AXIS BANK

6.1 Recommendations 68-70

163/20 Kalburgi Plaza,

My research examines the impact of several retention-relevant constructs that influence

SCOPE OF THE STUDY

AIM OF THE STUDY

NEED FOR THE RESEARCH:

RESEARCH OBJECTIVES OF THE STUDY

Structured Questionnaire & Discussion

SAMPLING UNIT- Lost Customers of Axis Bank

Separate Grievance Redressal Forum

A structured system needs to be built up, In order to make banks Redressal

Charges must be elaborated.

Customer Representatives need to be trained on CRM practices.

Waiting Time should be reduced.

The value of Retention

advertising and price-oriented promotions to customers and channel members. Today,

The Future of CRM to reduce churn rates:

ABOUT AXIS BANK:

Continuous technology up gradation while maintaining human values.

Progressive globalization and achieving international standards.

Efficiency and effectiveness built on ethical practices.

Customer Satisfaction through

Providing quality service effectively and efficiently

Smile, it enhances your face value" is a service quality stressed on

Periodic Customer Service Audits

Maximization of Stakeholder value

Success through Teamwork, Integrity and People

The informal organization refers to relationship between peoples in the

ORGANIZATION CHART OF AXIS BANK

CORPORATE RETAIL BANKING

CORPORATE OPERATION BANKING

CORPORATE PROJECT AND PLANNING BANKING

CORPORATE FINANCE AND ACCOUNT BANKING

CORPORATE INSPECTION AND AUDIT BANKING

CORPORATE SUPPORT SERVICE BANKING

CORPORATE INFORMATION TECHNOLOGY BANKING

CORPORATE MARKETING BANKING

NORTH ZONE SOUTH ZONE EAST ZONE WEST ZONE

SENIOR VICE SENIOR VICE

VICE - PRESIDENT VICE - VICE - VICE -

ASSISTANT VICE ASSISTANT VICE ASSISTANT VICE ASSISTANT VICE

OPERATIONS, OPERATIONS, OPERATIONS, OPERATIONS,

OPERATIONS, OPERATIONS, OPERATIONS,

EXECUTIVES EXECUTIVES EXECUTIVES EXECUTIVES

JUNIOR JUNIOR JUNIOR JUNIOR

SALES OFFICERS SALES OFFICERS SALES OFFICERS SALES OFFICERS

SALES SALES SALES SALES

BANK PROFILE AXIS BANK BRANCH OFFICE HUBLI

departments all located in DESPANDE NAGAR.

Address: 163/20Akalburgi plaza, Despande Nagar, HUBLI 580029

CONTACT NO: 0836 2356981/2

Organization chart of HUBLI branch

FUNCTIONS OF CASH DEPARTMENT:

FUNCTIONS OF MARKETING DEPARTMENT

FUNCTIONS OF OPERATION DEPARTMENT

FUNCTIONS OF CREDIT DEPARTMENT

FUNCTIONS OF CLEARING DEPARTMENT

Seeking a convenient way to pay your employees?

2. Womens Savings Account :

This account is a special feature to imbibe the significance of savings in your

4. Senior Privilege Account: