Pacific Business Review International Volume 4 Issue 3 (Jan. - Mar. 2012) 51 AComparative Study on the Service Quality and Customer Satisfaction among Private and Public Banks in India Dr. Gariwa Mauk* This study focuses on the service quality and customer satisfaction among the Private and Public sector banks in India. Today customer is presumed to be very aware about the financial services provided by the banking sector. An attempt has therefore, been made in the research to measure the awareness level of the customers and analyze the expectations of the customers to their banks. Further the study has been carried out to identify the best sector which provides the qualitative services to their customers which leads to the customer satisfaction and customer loyalty. For that purpose a well structured questionnaire is used to collect the views of customers on various dimensions, pertaining to the quality and satisfaction of customer services to public and private banks. Various statistical tools used for analyzing the customer data like SERVQUAL, factor analysis, Weighted Average Score. The result indicates that on various parameters of services like awareness level, various services offered, service delivery aspect etc. This has larger implications on the public and private sector banks in India with respect to customer services. Keywords: Banking Sector, Customer Service, Service Quality. Introduction The banking system in India is considerably different from that of other Asian nations because of the country's unique geographic, social, and economic characteristics. India has a large population, a diverse culture, and extreme disparities in income, which are marked among its regions. There is a large percentage ofilliterate population but, at the same time, the country has a large reservoir of managerial and technologically advanced talents The entry of information technology into the banking sector are replacing traditional banking services and reaching at a new height in transformation of services. The different e-channels such as ATMs cum Debit Cards, Phone Banking, Mobile Banking, I-Banking and Credit Cards are changing the face of Indian banks. These channels provide anywhere and anytime cash ‘withdrawal/deposits facility, fast transfer of funds, quick remittances & bill collections and fast screening of credit proposals without undue paper work etc. Private sector banks are taking lead in attracting the customers and capturing the semi-urban and urban areas of India. ‘These changes have promoted public sector commercial ‘banks to design world-class customers’ service system and practices to meet the growing customer needs Therefore there is a challenge for Indian public and private sector banks to cater the changing needs of the customers. It is not only to attract new customers but also emphasis on the retaining customer loyalty which is only possible with providing the qualitative services to customers. This study focuses on customer services and service quality in terms of public and private sector banks in India. “Asstt. Professor Amity Business School, Amity University Noida, India52 Pacific Business Review International Literature Review Several studies were carried out by the various researchers in India and abroad to find out the dimensions and factors, which influence the banking services. Aca wassing of the growing body of literature on service quality suggests that two schools of thought dominate the extant thinking, One is the Nordic school of thought based on Gronroos (1984) two-dimensional model and the other is the North American school of thought based on Parasuraman et al. (1988) five dimensional SERVQUAL model. Considering other significant conceptual and empirical works in the area, it appears that service quality encompasses (1) customers’ experiences with the tangibles, reliability, responsiveness, assurance, and empathy aspects of the services delivered by a firm (Parasuraman et al., 1988); (2) technical and functional quality (Gronroos,1984); (3) service product, service environment, and service delivery (Rust and Oliver, 1994); and (4) interaction quality, physical environment quality, and outcome quality (Brady and Cronin, 2001). SERVQUAL is criticized by Cronin and Taylor (1994) and Mc Alexndar et al., (1994). They revealed the importance of SERVPERF scale to measure the service quality. Naceur Jabnoun et al., (2003) develop a modified SERVQUAL for measuring service quality in the The instrument includes thirty items that belong to the five dimensions of SERVQUAL. The developed instrument was tested for reliability and validity and the result indicated that the instruments had only three dimensions. GS Suresh Chandra et al., (2003) focuses on investigating the critical factors of customer perceived service quality in banks of a developing economy in India, For that they compared the three groups of banks in India with respect to the service quality factors from United Arab Emirates commercial banks. the perspective of the customers. They observed a great amount of variation with respect to the level of service quality offered by the three groups of banks. Identifies the factors that discriminate the public, private and foreign banks. Customers in developing economies seems to keep the "technological factors" of service such core service and systemization of the service quality as yardstick in differentiating good and bad service while the "human factors" seems to play a lesser role in discriminating the three groups of banks. But this research was not considered other factors like operational factors and price factors for evaluating the service quality of banks. In the Indian context, Elango and Gudep (2006) used 21 statements to measure the service quality in Public, Private and Foreign Banks. S. Kumar and R.Gulati (2010) analyze the efficiency, effectiveness and performance of 27 public sector banks operating in India by using a two -stage performance evaluation model. They founds that high efficiency does not stand for high effectiveness in Indian Public sector banks industry. A positive and strong, correlation between effectiveness and performance measures has been noted, While satisfaction has been examined by many researchers G.Mihelis (2001) paper evaluates the customer satisfaction only in the private sector banks in Greece. Methodology of the paper based on the principal of multicriteria analysis and preference disaggregating modeling. The results are focused on the determination of the critical service dimensions and the segmentation to customer clusters with distinctive preferences and expectations. Saneyci Ali (2008) study ‘examines the nature of relationships between service ‘quality and customer satisfaction and loyalty in Iranian baking system. Findings of the study shown that tangibles, reliability and empathy are significant predictors of customer satisfaction loyalty but ignore the technological factors of banking services. Study concluded that service quality is at the root of customer satisfaction and is linked to such behavioral outcomes as customer loyalty Objectives of the Study + To evaluate and compare the quality of banking, services of public and private sector banks.Volume 4 Issue 3 (Jan. - Mar. 2012) 53 + To measure the awareness and satisfaction level of the bank customers. + To identify the better banking sector between the public and private sector banks. + To identify the weak areas which need the improvements so that quality of services of banks can be enhanced, Research Design The research design adopted for the study is descriptive in nature and the research was conducted in two stages. In first the stage, researcher reviewed the literature to get an in-depth understanding of various aspects of the study. After that, informal discussion and interviews: ‘were conducted on a small group of bank employees. This literature study and the interviews helped the researcher to formulate a conceptual framework in the form of pre-questionnaire In the second stage, the pre-questionnaire was tested with some sample bank customers. The feedback received during pre-testing helped in controlling the response bias and increased the reliability of final questionnaire. After that final questionnaires were prepared in a well-structured manner for the final data collection. Selection of Banks & Data Collection Methodology From nationalized banks, State Bank of India (SBI) was chosen because of their largest network of branches and largest customer base in India, At present, the State Bank of India is the largest commercial bank of India and is ranked one of the top five banks worldwide. It serves 90 million customers through a network of 11,448 branches. In case of private banks, Housing Development Finance Corporation (HDFC) Bank was chosen, Because it was the first 'in-principle’ private sector bank in India which also introduced intelligent banking in India, These sample banks have a strong retail presence and offer a comprehensive range of services for their tomers. These banks have also taken initiatives to satisfy their customers and provide value added services The survey was conducted on a sample of 400 bank customers associated with either SBI or HDFC Bank across India which is further subdivided into 4 groups of 100 cutomers from each region known as Northern, Western, Eastern and Southern regions, Pre-Testing of the Questionnaire The questionnaire was pre-tested with the response obtained from 40 respondents, Results of the reliability tests resulted in an overall Cronbach alpha value 0.8435. The feed back of the respondents was useful in carrying, out a few corrections’ modifications in the items included carlier in the questionnaire, The final questionnaire was again subjected to reliability test and the same resulted in an improvement in the alpha value 0.9464, thus further confirming thatthe instruments are fully reliable and internally cons tent Respondents Profile Previous studies on customers’ satisfaction and service quality have shown demographics profile of the respondents to be one of the major factor that influencing the adoption/non-adoption of technology based products and services of the banks like ATM, I- Banking, M-Banking. It has always been argued that there are demographic differences between the users of these services and non-users of services. It is often that the younger generations who are generally more computer literate and have an affinity for the web are more likely to adopt these technological services. Thus, the demographic characteristics of the use ‘the sample respondents were analyzed and the results are shown in table 1 among54 Pacific Business Review International Tablel:Demographic characteristics Respondents of Banks Bank PUBSB PVTSB Age Male | Female | Male | Female Below 30 29 16 33 18 30 to 45 38 2B 70 27 45 to 60 32 27 24 18 ‘Above 60 10 10 Total 129 7 137 63 Income/Month PUBSB PYTBS Upto 10,000 8 35 10,001-20,000 30 7 20,001-30,000 2 6 30,001-40,000 Ey 39 Above 40,000 2B 29 Total 200 200 Education PUBSB PVTBS Undergraduates 18 23 Graduates 133 112 Postgraduates 35 46 Others 4 19 Total 200 200 Abbreviations: PUBSB: Public Sector Banks, PVTSB: Private Sector Banks The demographics characteristics of the respondents in Table III indicate that the majority of respondents of pubic as well as private sector banks belong to 30 to.45 age group, followed by 45-60 age group. On the Income level, private banks customers’ income slap is high as compared to public sector banks customers Majority of respondents belong to 10,001 to 20,001 income group. Furthermore the majority of respondents are graduates and postgraduate respondents are more in private sector bank as compare to public sector banks. Thus itis clear that respondents of private sector banks belong to ‘educated and higher income group Analytical Results To identify and analyze the level of awareness and customer satisfaction, 20 variables were identifiedVolume 4 Issue 3 (Jan, - Mar. 2012) ‘based on the pilot study and previous studies. These 20 items include every facility and services offered to customers like efficient and speedy services, longer working hours, bank reputes, innovative services offered by bank, Convenient location, acquaintance with bank officials, web-based services, payment of utility bills etc. The opinion of 200 pubic and private sector banks on the above mention variables were measured on five point scale ranging from 5 to 1 depending on the importance called attached to each reason. For example, ‘Highly satisfied’ was ranked 5 followed by 55 ! with value 4, 'Neither Satisfied nor sd! with value 3, ‘Dissatisfied’ with 2 and ‘Highly dissatisfied’ with 1. Factor analysis has been used to analyze the factors determining the satisfaction dissatisfaction of PUBSB and PVTBS customers Awareness of Technological Services Respondents were asked to tell whether they were aware of the technological services provided by their bank. The responses about awareness are given in the Table 2, Table 2: Occupation-wise Awareness Level of Technological Services Services Occupation PUBSB PVTSB Yes No Yes No Service 100(100.00) =- 100(100.00) - Business 60(100.00) --| 60(100.00) - ATM Student 20(100.00) --| 20(100.00) - Retired 18(90.00)} 2(10.00)} 20(100.00) - ‘Aggregate | 198(99.00) |" 2(1.00)| 200(100.00) - Service 78(78.00) | 22(22.00)] _95(95.00) | _3(5.00) Business 40(67.00) | 20(33.00)] 55(92.00) | 5(8.00) Banking —_| Student 20(100.00) -| 20(100.00) - Retired 7(35.00) | 13(65.00)} 1050.00) | 10(50.00) Aggregate | 145(73.00) | 55(27.00)| 180(90.00) | 20(10.00) Service 80(80.00) | 20(2 0.00)[_98(98.00) | 2(2.00) Business 40(67.00) | 203.003) 56(93.00) | 4(7.00) Phone Banking | Student 20(100.00) --| 20(100.00) ~ Retired 4(20.00) | 16(80.00)] 10(50.00) | 10(50.00) Aggregate | 144(72.00) | 56(28.00)[ 184(92.00) | 16(8.00) Service 23(23.00) | 77(77.00)]_71(71.00) | 29(29.00) Business 25(41.00) | 35(59.00)] 46(76.00) | 14(24.00) Mobile Banking | Student 7(35.00) | 13(65.00)| 16(80.00) | 4(20.00) Retired -- |20(100.00) ~ }20(100.00) Aggregate | 55(27.00) | 145(73.00)| 133(66.00) | 67(34.00)56 Pacific Business Review International Service 94(94.00)] 6(6.00)] 98(98.00) | 22.00) Business 60(100.00) -= | 60(100.00) = Plastic-Money Student 20(100.00) - | 20(100.00) = (Credit Card) Retired '5(25.00)| 15(75.00) | _6(30.00) | 14(70.00) Aggregate | 179(89.00)| 21(11.00) | 184(92.00) | 16(8.00) ‘Note: Values in parenthesis indicate percentage of Service Quality respective occupation category sample and awarenes of respondents, Above table 2 shows the respondents! awareness about technological services. In PUBSB& PVTSB, ATM is highly known service which was known to all the respondents to each category except very few retired respondents of PUBSB belonging to the eastern region. For I-banking service of PUBSB, 78% of service-class, 67% of busines On the other side in PVTSB, awareness level of I banking among the business-class as well as service- class was around 95%. s-class was aware about this service SB 80% service- class and 67% business-class were aware about this For phone banking service of PU service. Whereas in PVTSB 98% of service-class and 93% of business-class were aware to this service. For Mobile banking service of PUBSB 23% of service- class and 41% of business-class were aware to this service. On the other side in PVTSB 71% service- class and 76% business-class were aware to the same service. However the awareness level of Plastic-money service in PUBSB 94% service respondents of business class were aware. In case of PVTSB almost all the respondents were aware of this service. Table 2 also reveals that all the respondents belonging to the student category of PUBSB and class and all the PVTSB are highly aware to these services while the awareness level among the retired persons is low in both the banks Table 3 shows the average responses for the banks on the seven-point scale for these five service dimensions. (On the reliability dimensions PVTBS banks customers are more satisfied as compared to PUBSB customers. Above table reveled that under assurance dimensions the two variables ‘employees are consistently courteous! and ‘employees have the knowledge to answer ‘customers queries’ are the highly rated variables in both the sector but private sector banks customers are more satisfied with quality of services. Similarly in tangible dimension the two variables ‘employees having a neat and professional appearance’ and ‘physical ambience of the office are up to the mark’ are the highly rated variables in both the sectors but the quality of service in favor of private sector banks as compared to public sector banks. Under responsiveness and empathy dimensions customers of publie sector banks and private sector banks are almost equally pleased with quality of services to their banks. (Table on next page) ‘The average scores on the five dimensions of service quality are compared for the two banking sectors. It ‘can be seen that PUBSB scores are consistently lower in all the five dimensions. This implies that the customers of PUBSB are not highly satisfied with any of the service quality dimensions and it calls for committed effort from PUBSB to improve the satisfaction of customers. Customer Satisfaction with Public Sector Banks In order to test whether the Factor Analysis is appropriate or not in this situation, Barlett’s test ofVolume 4 Issue 3 (Jan. - Mar. 2012) 37 Table 3. SERVQUAL Model for Banking Services Service Quality Parameter NB [NNB Reliability 4.883 | 5.047 Sincere in solving the problem 5.061) 5.177 Providing service as promised 4.735] 4.850 Maintaining error-free record 4.742) 4.973 Providing service at the promised time 4,992] 5.186 Responsiveness 41s | 4.182 Providing prompt service to customers 4212] 4.00 Willing to help customers 4.125] 4.186 Keeping customers informed about the services 4,083] 4.329 Always ready to respond to customer's request 4.182] 4.211 Tangible 4.856 | 5.190 Employees having a neat and professional appearance | 5.023] 5.336 Site of the office is perfect 4.970] 5.292 Physical ambience of the office are up to the mark 5.061] 5.628 Overall impression of the office is satisfactory 4371] 4.504 ‘Assurance 4.693 | 5.120 Employees instill confidence in customers 4.636 | 4.903 Customers feel comfortable interacting with Banks 4.634] 4.920 Employees are consistently courteous 4.909] 5.540 Employees can solve customers’ queries 4591] 5.115 Empathy 4.040 | 4.051 Employees give individual attention 3.991] 3.912 Employees understand the needs of the customers 4.023 | 3.928 Bank's working hours are convenient to customers 4.095] 4.133 Employees have the customer's best interest at heart | 4.053] 4.230 Sphericity and Kaiser-Meyer Otkin (KMO) measure of sampling adequacy was applied. The approximate chi-sqaure statistic is 4066.312 with 713 degree of freedom which is significant at 0.0001 levels. Hence factor analysis is considered as an appropriate for this analysis. Results of Principal Axis Factoring for58 Pacific Business Review International Satisfaction are presented in Table 4. Retaining only total variance accounted for all six factors in case of such factors which have eigen values greater than 1, PUBSB 66.3 percent and the remaining variances are ‘we can infer that totally six factors have emerged, The explained by the other factors. Table 4: Rotation Sums of Squared Loadings for PUSBSB Variable | Eigen Value | % of Variance | Cumulative Variance Or 5.446 272 272 02 2.368 118 39.1 0 1728 86 a7 oF 1356 68 345 05 1.300 65 61.0 06 1.242 62 67.2 07 0.942 47 719 08 0.343 42 76.1 09 0.762 38 30.0 10 0.722 36 83.6 TT o6I5 a1 869 fz [Coser tSCSY 89.2 iB 0438 22 14 4 0.386 19 34 15 0.323 16 95.0 16 0.226 13 943 17 0.253 13 97.6 18 0.207 1.0 98.6 19 0.162 08 99.4 20 0.112 06 100 Factors are named on the basis of the size of the factor query handling. Factor I reflecting that the performance loading of the variables. A close look at all the variables of the PUSB even as regards procedural processes is Table 5. Factor | identify as "Operational Factors’, this not appreciable. Factor 2 conceptualized as " Awareness factor loaded 4 variables like Time taking for opening Regarding Modem Services", this factor loaded by account, speed of withdrawals , speed of deposit and three variables, banker provide knowledge of services,Volume 4 Issue 3 (Jan, - Mar. 2012) 59 bankers offers modern services , bank time to time As a result PUBSB has to intimate their customers regularly regarding new intimated about new services. services. Factor 3 price factor which is third on the list generates slight satisfaction because the public sector bank customers feel that they are not getting enough for the price they are paying to avail bank services loaded by four variabl cervices charges, availability of staff and counters, stability of price, price of cross selling, Factor 4 identify as situational factors related to location of the bank, Knowledge of bank employee regarding bank services, parking facility. Factor 5 Table S: Identification of Satisfaction Related Variables Factor | Name of Statement Factor Number | Dimension Loading FI ‘Operational Time taken on opening account 0.826 Factor Speed of withdrawals 0,869 Speed of deposing money 0.600 ‘Query Solving 0.680 F2 ‘Awareness provide knowledge of services 0.846 regarding bankers offers modem services 0772 Modern Value [bank time to time intimated about new services| 0.730 Added Services | Banker answer queries made over telephone 0.562 F3 Price Factor Services Charges 0.703 Stability of Price 0.726 Price of Cross Selling Products 0.730 Fa Situational Factor | Tocation of the bank 0.744 ‘Knowledge of bank employee regarding bank 0.782 services Parking Facility 0.654 Physical facilities are very appealing and pleasant | 0.533 FS Technological | computerization of the bank 0.876 Factor bank innovative services 0.453 Web-Based Banking 0.619 F6 Satisfactory Bank accords equal treatment to all customers 0,654 Relationship Services helped cordial banker customer 0513 relationship60 Pacific Business Review International conceptualize technology factor computerization of the bank, bank innovative services, Web-based banking. Factor 6 satisfactory relationship loaded by two variables bank accords equal treatment to all customers, Services helped cordial banker customer relationship. In order to find out as to which as to which of the fe factors wise average scores were calculated. Ranks tors rank the most satisfying/mot satisfying, the obtained for the factors are shown in Table 6, Table 6: Ranking of Factors Representing Satisfaction Level of the Public Sector Bank Customers Factor ‘Average Score | Rank Operational Factor 3.14 H ‘Awareness Regarding 233 2 Modern Value Added Services Price Factor 2.25 3 Situational Factor 2.10 4 Technological Factor 2.01 5 Satisfactory Relationship 1.85 6 Customer Satisfaction with Private Sector Banks For Private sector banks, the approximate chi-square value (856.566 with 171 degrees of freedom) and the KMO value (0.606) shows that the sample is good enough for sampling. The total variance accounted by these seven factors is 67.2. Principal component analysis model has been used, 7 factors have been chosen since their eigen value are grater than 1. (Table 7&8) ‘Table 7: Rotation Sums of Squared Loadings for PVTSB Variable | Eigen Value Percentage of | Cumulative Variance Variance (%) OL 4.036 20.2 20.2 02 2.449 12.2 32.4 03 1.835 9.2 41.6 04 1.651 83 49.6 05 1.301 65 56.4 06 1.136 5.6 62.1 07 1.019 51 67.261 Volume 4 Issue 3 (Jan, - Mar. 2012) 08 0.904 45 77 09 0.806 40 757 10 0717 36 793 in 0.684 32 82.5 2 0376 29 854 13 0.648 27 BRD 4 0376 26 90.8 15 0445 22 33.0 16 0.408 2.0 95.0 17 0.350 18 96.8 18 0.255 14 982 19 0.252 13 995 20 0.103 05 100 Table 8: Factors of Private Sector Bank Customers Factor | Name of Statement Factor Number | Dimension Loading FI Operational Time taken on opening account 0.926 Factor Speed of withdrawals 0.896 Speed of deposing money 0.618 F2 Service Factor | Availability of staff at their respective counter 0.927 Sitting facility in the bank 0.863 Efficiency of the staff 0611 i ‘Awareness provide knowledge of services 0.946 Regarding bankers offers modem services 0.767 Modern Value | bank time to time intimated about new services 0.779 Added Services [Banker answer queries made over telephone 0.662 Fa Promotional Service charges of the bank 0.403 Factor Bank- Customers meet 0.526 Banks advertising regarding services 0.7302 Pacific Business Review International F4 Promotional Service charges of the bank 0.403, Factor Bank- Customers meet 0.526 Banks advertising regarding services 0.730 FS Tocation of the bank 0.867 Knowledge of bank employee regarding bank 0.882 services Parking Facility 0.654 Physical facilities are very appealing and pleasant | 0.533 ¥6 Technological computerization of the bank 0.876 Factor bank innovative services 0.453 Web-Based Banking 0.619 7 Satisfactory Bank accords equal treatment to all customers 0,654 Relationship Services helped cordial banker customer 0513 relationship The satisfaction level of the factors on the basis of — shown in Table 9 factor-wise average score has been categorized as Table’ Ranking of Factors Representing Satisfaction Level of the Public Sector Bank Customers Factor ‘Average Score | Rank Operational Factor 438 1 Service Factor 429 2 ‘Awareness Regarding 417 3 Modern Value Added Services Price Factor 378 4 Situational Factor 426 5 Technological Factor 405 6 Satisfactory Relationship & 3.69 7 Staff FactorVolume 4 Issue 3 (Jan. - Mar. 2012) 63 The average score in above table show that the satisfaction level of the PVTSB customers is quite high. The average score of all factors rank 3.65. The most satisfying factor for these customers is the routine operations factor which pertains to time taken in opening an account, withdrawal and deposit money. Comparative Analysis + The analytical results reveal that the customers in both the types of banks by large aware the facilities offered by the respective banks. But in case of Mobile banking and Phone banking services private sector bank customers more aware than public sector bank customers. + None of the factors in the PUBSB have weighted average scores above 3.5 which signifies that the level of satisfaction of the PUBSB customers ranges between moderate to low. On the other hand, the PVTSB factors have the highest weighted average scores ranging upto 4.38 signifying thereby that the level of satisfaction of PVTSB customers, is the highest. + Though there are three factors viz. Operational factors, Awareness regarding Modern Value Services, Situational Factor, Technological Factor which are common in all two sectors of bank customers, yet there is significant difference in the satisfaction level of PUBSB customers PVTSB customers with regard to these factors as is evident from the weighted average score, For example PUBSB customers the operational factor yields moderate satisfaction but for PVTSB this factor yields highest satisfaction Conclusion Analytical study made an attempt to analyze the level of awareness, quality of services and leads to customers, satisfaction of two main banking sectors of India, i.e Public and Private. This study revealed that awareness, level of banking services is high which is good sign for future programmes. 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