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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 newgeneration 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 countrys 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, 2/3wheelers 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 Banks 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 Banks 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 Banks 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 Indias Most Productive Bank status by a Business TodayKPMG Survey Presented Outstanding Achiever of the Year 2005- Corporate (Runner upBanking 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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Customer Satisfaction Survey Balance sheet quarter ended on December 31, 2006

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Customer Satisfaction Survey 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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Customer Satisfaction Survey Q.1 Which types of products do you have of INDUSIND Bank? Product Saving Current Salary Fixed Deposit Credit Card Mutual Fund Loan Demat Insurance Other
Locker 3% Insurance 1% Demat 12% Loan 4% Mutual Fund 5% Credit Card 1% Fixed Deposit 2% salary 19% Current 31% Saving 22% Saving Current salary Fixed Deposit Credit Card Mutual Fund Loan Demat Insurance Locker

No. 20 28 18 2 1 5 4 11 1 3
product

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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Customer Satisfaction Survey Q.3 Have you ever found any mistakes in your account? Yes No 13 67

Mistakes by the Bank

Yes 16%

Yes No No 84%

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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Customer Satisfaction Survey Q.4 What do you think about the behavior of the staff of INDUSIND Bank? Highly-co operative Co-Operative Non Co-Operative Cant Say 34 33 8 5

Behaviour Of Staff
Cant Say 6% Non CoOperative 10% CoOperative 41% Highly-co operative 43% Highly-co operative Co-Operative Non CoOperative Cant Say

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

Yes No

74 6

T im e C o n vien cy

No 8% Yes No Yes 92%

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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Customer Satisfaction Survey

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

Highly satisfied Satisfied Neither satisfied Nor Dissatisfied Dissatisfied Highly Dissatisfied

13 53 14 00 00

S a tis fie d v is ito rs w ith th e H ig hly s a tis fie d In fra s tru c tu re


S a tis fie d 1 8% 0% 1 6% N e ith er s a tis fied no r d is s atis fied D is s a tis fie d 6 6% H ig hly D is s a tis fie d

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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Customer Satisfaction Survey

Q.10 Are you satisfied with the time taken to the complete your transaction in Indisind Bank? Yes No 70 10

Procedure Of bank

No 13%

Yes No

Yes 87%

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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Customer Satisfaction Survey Q.9 How much are you satisfied with the overall service of the Bank? Highly satisfied Satisfied Neither satisfied Nor Dissatisfied Dissatisfied Highly Dissatisfied 11 58 10 01 00

Overall Satisfaction of the Bank


Highly Nor Dissatisfied Dissatisfied 0% 0% Neither satisfied 13% Highly satisfied 14% Highly satisfied Satisfied Neither satisfied Nor Dissatisfied Dissatisfied Satisfied 72% Highly Dissatisfied Dissatisfied 1%

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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Customer Satisfaction Survey

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 ^p = standard error = significant level H0= Null hypothesis H1= Alternative hypothesis Z= No. of standard deviation from the mean

H0: Null: P=0.80 (0.80% dont have Mistakes in their Account) H1: Alternative: P#0.20 (20% Have Mistakes in their account)

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Customer Satisfaction Survey

pHo=0.80 =0.05

qHo=0.20 P=67/80=0.8375

n=80

^p= (pHo*qHo/n)

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


= 0.0447 P= pHo+ z*^p = 0.80+1.67* 0.0447 = 0.80+0.07464 = 0.8746 P= pHo- z*^p = 0.80-1.67* 0.0447 = 0.80-0.07464 = 0.7253

Rejection region

Acceptance region Rejection region

0.7253

0.75

0.8746 0.8375

We accept the Null hypothesis. Hence, 80% Dont have mistakes in their Account.

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Customer Satisfaction Survey

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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Customer Satisfaction Survey

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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Customer Satisfaction Survey

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 ] Current account ] Salary Account ] F.D. ] 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 [ [ [ [ ] Mutual Fund ] Loan ] Demet Account ] Insurance

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 ] Co-operative [ [ ] Non co-operative ] Cant Say

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Customer Satisfaction Survey 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 [ ] [ ] Satisfied Neither Satisfied Nor Dissatisfied [ ] [ ] Dissatisfied Highly 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 ] Current account ] Salary Account ] F.D. ] Credit Card ] Others _________________________ Specify 9. How much are you satisfied with the Overall Services of INDUSIND Bank? Highly Satisfied [ ] [ ] Satisfied Neither Satisfied Nor Dissatisfied [ ] [ ] Dissatisfied Highly Dissatisfied [ ] [ [ [ [ ] Mutual Fund ] Loan ] Demet Account ] Insurance

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

Personal Details

Name: ________________________________________ Age: _____________Years

Occupation: [ [ ] Businessman ] Students [


[

] House Wife
] Services

Monthly Income (in Rs.) [ [ ] Less than 5000 ] 10000 to 25000 [ [ ] 5000 to 10000 ] More than 25000

Contact No. _______________________ Date: ______________________

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