“Customer Satisfaction Survey”

INTRODUCTION

IndusInd Bank derives its name and inspiration from the Indus Valley civilisation - a
culture described by National Geographic as 'one of the greatest of the ancient world'
combining a spirit of innovation with sound business and trade practices.

Mr. Srichand P. Hinduja, a leading Non-Resident Indian businessman and head of the
Hinduja Group, conceived the vision of IndusInd Bank - the first of the new-
generation private banks in India - and through collective contributions from the NRI
community towards India's economic and social development, brought our Bank into
being.

The Bank, formally inaugurated in April 1994 by Dr. Manmohan Singh, Honourable
Prime Minister of India who was then the country’s Finance Minister, started with a
capital base of Rs.1,000 million (USD 32 million at the prevailing exchange rate), of
which Rs.600 million was raised through private placement from Indian Residents
while the balance Rs.400 million (USD 13 million) was contributed by Non-Resident
Indians.

IndusInd Bank Ltd., is one of the leading new-generation private-sector banks in

India,
commenced operations in 1994 and had a net worth of Rs.866 crore as at March 31,
2006. Driven by technology, it has taken steps to establish and upgrade its support
systems for the introduction of retail banking products and alternative delivery
channels, while continuing to expand its network of branches. As of date, the Bank
has a network of 148 branches and 87 offsite ATMs spread over 119 geographical
locations in 24 states and Union Territories. Apart from this, the Bank has 26 Vehicle
Finance Division offices and a representative office each in Dubai and London.

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 “Customer Satisfaction Survey”
It has also tie-ups with the State Bank Group and MITR consortium for the use of
their 15000 ATMs for IndusInd Bank customers.

The Bank is also a part of NFS network of IDBRT (RBI) which enables the customers
to have access to ATMs of 23 member banks. In its twelve-year existence, the Bank
has displayed its commitment to

global benchmarks in retail banking by proactively adopting the requirements of ISO

9001:2000 quality certification for its entire network of branches. It was one of the
first banks to go live on the RTGS platform and enjoys clearing bank status for both
major stock exchanges - BSE and NSE – and both major commodity exchanges in the
country – MCX and NCDEX. It also offers DP facilities for stock and commodity
segments. Since the merger of Ashok Leyland Finance in June 2004, the Bank has
expanded its retail portfolio.

It is a large player in the financing of commercial vehicles, utility vehicles, 2/3-

wheelers and construction equipment. The Bank has been given the highest P1+ rating
for its FDs by CRISIL, who have also assigned the highest safety ratings to the Bank’s
Pass Through Certificates for securitised assets. It has also been given the highest
rating of F1+ for its Certificates of Deposit by Fitch Ratings India Pvt. Ltd. The
Bank’s Tier-II Bonds have been rated LA+ by ICRA and A+ (ind) by Fitch.

With its roots in Indian tradition and emphasis on customer care, IndusInd Bank’s
service philosophy is well reflected in the communication tagline “We Care… Dil
Se”.

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 “Customer Satisfaction Survey”

Milestone of Indusind Bank

 Ranked among the top ten banks in the country in the ET500 list of leading
companies in India.
 Rated as “The best among the top 10 private-sector banks” in a survey
covering 79 banks conducted by Business Standard in its November 2005
issue. Ranked sixth in the overall list, the Bank was also identified the “Most
Efficient Bank” among all banks in India.
 Bestowed “India’s Most Productive Bank” status by a Business Today-
KPMG Survey
 Presented “Outstanding Achiever of the Year 2005- Corporate” (Runner up-
Banking Technology Award) by IBA, Finacle (from Infosys) and TFCI (Trade
Fair and Conference International).
 Honored with the “Award for Corporate Social Responsibility (CSR)” at the
India Brand Summit 2005, Mumbai.
 Business Turnover crossed Rs. 22000 crores
 Network grew to 115 branches, 9 extension counters and 195 ATMs, spread
over 95 geographical locations.
 Bestowed with highest ratings for deposits from reputed rating agencies
Highest rating “P1+” - on Fixed Deposits from CRISIL
Highest rating “P1+” - on Certificate of Deposits from CRISIL
Highest rating “F1+” - on Certificate of Deposits from Fitch Ratings India

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 “Customer Satisfaction Survey”

Financial Result of the Banks

Unaudited Financial Results for the quarter ended December 31, 2006

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Balance sheet quarter ended on December 31, 2006

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Balance Sheet of the year 2005-06

Profit & Loss account for the year 2005-06

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 “Customer Satisfaction Survey”

Market Research

Research Objective
 A Customer Satisfaction of Mehasana people for the INDUSIND BANK
(Mehasana Branch)

Research Instrument

 Questionnaire

Sampling Method
 Convenient Sampling

Research Area
 Mehsana

Sample Size

 80 samples

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Q.1 Which types of products do you have of INDUSIND Bank?

Product No.
Saving 20
Current 28
Salary 18
Fixed Deposit 2
Credit Card 1
Mutual Fund 5
Loan 4
Demat 11
Insurance 1
Other 3

 From this question we found out that 31% of the customers are having Current
account in our bank while 22% of the customers are having saving bank
account. Here we found that the insurance and credit card service if the bank is
not utilized yet. FDs and loans still want a boost from our side, so customers
become aware about this and we get maximum benefit out of it.

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Q.3 Have you ever found any mistakes in your account?

Yes 13
No 67

 Only 16% of the customers were having problems with the bank transactions
and that also in the minor errors in the passbooks. Unlike this, 84% are having
no complains with this Bank. This creates a good impression of our bank but
we should focus on 100% customer satisfaction.

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Q.4 What do you think about the behavior of the staff of INDUSIND Bank?

Highly-co operative 34
Co-Operative 33
Non Co-Operative 8
Can’t Say 5

 Maximum of the customers are highly satisfied with the behaviour of the staff,
according to 43% of them the staff is highly cooperative. And 41% found the
staff cooperative. 10% of them have the negative impression of the staff, so we
should also look that aspect and solve this problem too.

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Q.5 Are the timings of the Banking convince to you?

Yes 74
No 6

 Majority (92%) is satisfied with the timings of the bank, while the rest want
the timings of either 9 to 6 or 8 to 8. we can not change the timings but we can
make the explanation to them so that they do not get the dissatisfaction from
our side .

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Q.6 How much are you satisfied with the infrastructure of the Bank?

Highly satisfied 13
Satisfied 53
Neither satisfied 14
Nor Dissatisfied
Dissatisfied 00
Highly Dissatisfied 00

 The infrastructure of the bank in mehasana branch is excellent that

why we can see from the above graph that 66% are satisfied with the
infrastructure of the bank.

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Q.10 Are you satisfied with the time taken to the complete your transaction in
Indisind Bank?

Yes 70
No 10

 Here in the bank many of the customers have to wait for the queue, but the
strange thing is only few of the customers are not happy with the time taken
from the bank to complete the transaction. That is a very good sign because in
our survey we can see from the above graph that only 13% are not satisfied

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Q.9 How much are you satisfied with the overall service of the Bank?

Highly satisfied 11
Satisfied 58
Neither satisfied 10
Nor Dissatisfied
Dissatisfied 01
Highly Dissatisfied 00

 Here we find that 72% of the customers are satisfied with the overall
services of the bank. But the main point is none of the customer is highly
dissatisfied or dissatisfied that is very good sign for the company.

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Hypothesis

We supposed to go for the hypothesis part in the given project purely on one of the
most important sub objective of our study which is,
 To find out, Mistakes in the account

For this we have mainly used Z-TEST.

We are doing hypothesis at the 5% significant level (95% confidence level).

We are taking this symbol for hypothesis.

P= Population proportion
Q= 1-P
N= Sample size
P1= Sample proportion
σ^p = standard error
α = significant level
H0= Null hypothesis
H1= Alternative hypothesis
Z= No. of standard deviation from the mean

H0: Null: P=0.80 (0.80% don’t have Mistakes in their Account)

H1: Alternative: P#0.20 (20% Have Mistakes in their account)

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pHo=0.80 qHo=0.20 n=80

α =0.05 P=67/80=0.8375

σ^p=√ (pHo*qHo/n)

= √ [(0.80) (0.20)/80]
= √0.002
= 0.0447

P= pHo+ z*σ^p P= pHo- z*σ^p

= 0.80+1.67* 0.0447 = 0.80-1.67* 0.0447
= 0.80+0.07464 = 0.80-0.07464
= 0.8746 = 0.7253

Rejection region Acceptance region Rejection region

0.7253 0.75 0.8746

0.8375

We accept the Null hypothesis.

Hence, 80% Don’t have mistakes in their Account.

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Findings

 From the survey we have found that most of the people are not aware about
the other products of the bank.

 Many people are not aware of the brand INDUSIND Bank, as compared to
that of ICICI Bank, UTI Bank, and KOTAK Mahindra Bank

 We found that the customer base of our survey is overall satisfied with the
behavior of the employees of the bank at the time of their visit to the bank.
From them 43% are highly satisfied with the behaviour.

 From the survey we have found that 47% of the people are interested to have
loan services from the bank.

 We have found out that 31% are having the Current Bank Account services
followed by 22% of Saving Bank Account and 19% of Salary account.

 In 16% cases the bank has made mistakes that too in the passbook error and
cash transactions.

 For 92% of the customers the timings of bank are convenient which is too
good.

 Many of the people visiting the bank are not the account holder.

 0% of the visitors are dissatisfied or highly dissatisfied.66% of the visitors are

satisfied with the infrastructure specially the way the service counters are
arranged.

 Overall 72% of the customers are satisfied followed by 14% highly satisfied
customers with all the services provided.

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Suggestions

 Most of the people are not aware about the other products of the bank, so first
create the awareness of the other products and specially the BRAND with the
help of effective advertising of the whole product portfolio by:

1. The leaflets of the services into state level newspapers weekly

bases.

2. For regional brand promotion the Bank should sponsor the local
events like Inter college games, competitions and other seminars.

3. Advertise the products and new offerings on local channels

 The existing customers should be approached by the executives on the regular

basis with the proposals every time as the strong GIDC base is their in the city.

 Though the majority of customers are satisfied with the behavior of the staff,
we should more focus on the customer services and comforts.

 We should focus more on the existing customers because as they are having
only one or two services, so we can make them our loyal customers by
providing the ease at all the services.

 47% of our customers are interested to have the loan service from our bank, so
this should be considered and they should be dealt in the best possible manner.

 In 16% of the cases we found that they have got the problems in the
transactions especially with the pass book, so we should see to it that this
should not occur again.

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Questionnaire
Dear Respondents,

We are the students of S.K.School of Business Management,

Hemchandraacharya North Gujarat University, Patan. As required by the M.B.A.
Programme we are working on a project “Overall Customer Satisfaction Survey
towards Services Provided By INDUSIND Bank, Mehasana. You can help us by
providing information asked below. The Information provided by you will be kept
fully confidential and will be used for academic purpose only for which we seek your
cooperation.

1. Which type of Products do you have of the INDUSIND bank?

[ ] Saving Bank Account [ ] Mutual Fund
[ ] Current account [ ] Loan
[ ] Salary Account [ ] Demet Account
[ ] F.D. [ ] Insurance
[ ] Credit Card
[ ] Others
_________________________ Specify

2. Since How Long you are dealing with INDUSIND bank?

[ ] Less than 1 year [ ] 1to 3 years [ ] 3 to 5 year

3. Have you ever found any mistakes in your account?

[ ] Yes [ ] No

If “Yes” then which type of mistakes did you find?

___________________________________________

4. What do you think about the behavior of the staff of INDUSIND bank?
[ ] Highly co-operative [ ] Non co-operative
[ ] Co-operative [ ] Can’t Say

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5. Are the timings of the bank convenience to you?

[ ] Yes [ ] No
If “No” then
Which time is convenience to you?
______________________________

6. How much are you satisfied with the Infrastructure Of INDUSIND bank?
Highly Satisfied Neither Satisfied Dissatisfied Highly
Satisfied Nor Dissatisfied Dissatisfied

[ ] [ ] [ ] [ ] [ ]

7. What are extra Services would you like to get from INDUSIND bank?
1. ________________________________
2. ________________________________
3. ________________________________
8. What else products are you interested to get from INDUSIND bank?
[ ] Saving Bank Account [ ] Mutual Fund
[ ] Current account [ ] Loan
[ ] Salary Account [ ] Demet Account
[ ] F.D. [ ] Insurance
[ ] Credit Card
[ ] Others
_________________________ Specify

9. How much are you satisfied with the Overall Services of INDUSIND
Bank?
Highly Satisfied Neither Satisfied Dissatisfied Highly
Satisfied Nor Dissatisfied Dissatisfied
[ ] [ ] [ ] [ ] [ ]

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10. Are you satisfied with the time taken to complete your transaction in
INDUSIND bank?
[ ] Yes [ ] No

 Personal Details

Name: ________________________________________
Age: _____________Years

Occupation:
[ ] Businessman [ ] House Wife
[ ] Students [ ] Services

Monthly Income (in Rs.)

[ ] Less than 5000 [ ] 5000 to 10000

[ ] 10000 to 25000 [ ] More than 25000

Contact No. _______________________

Date: ______________________

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