CUSTOMER DELIGHT – A MILESTONE FOR THE BANKS
Keywords:
Customer delight, Custumer services, private banks, foreign banksAbstract
The new millennium has exposed the entire banking system to new challenges of competition and struggle for survival. The era of liberalization, deregulation, globalization and privatization has let loose a close race for internecine competition in the banking industry and survival of fittest is emerging as a trend. The tremendous advances in technology and the spread of IT have brought in a paradigm shift in banking operations. This paper examines customer delightedness from different banking services in Punjab through a well-structured and pre-tested questionnaire. The survey was conducted in the month of October, 2008. The results have been drawn from the survey of 384 bank customer of public sector banks, Indian private and foreign sector banks. The paper concludes with private likert-type scale that customers of Indian private sector and foreign sector banks are more delighted than their counterparts. Some strategies are necessary to enhance quality service in banks particularly in public sector banks.
Downloads
References
Bhattacharyya, Biswa N. (1990), “Is customer Service Deteriorating in the Indian Banking Industry”,
Vikalpa, Vol.15, No.3, PP. 23-29
Bhattacharyya, S.k, and Zillur Rahman (2004), “Capturing the Consumer’s Voice: The Centerpiece of
Strategy Making, A Case Study in Banking”, European Business Review, Vol. 16, No. 2, PP.128-138
Bhaskar, P.V. (2004), ‘Customer Service in Banks’, IBA Bulletin, Vol. XXVI, No. 8 (August), PP. 9-13
Chakrabarty, K.C. (1996), “Customer Service in Banks: Search for a New Paradigm”, in Jadhav,
Narendra (ed.), Challenges to Indian Banking Competition, Globalization and Financial Markets (New
Delhi: Macmillan Indian Ltd.), PP.201-202
Chandler, Colby H. (1989), “Quality: Beyond Customer Satisfaction”, Quality Progress, Vol.22 (Feb.),
PP.30-32
Chaudhari, Sumitra (2002), “Some Issues of Growth and Profitability in Indian Public Sector Banks”,
Economic and Political Weekly, Vol.37, No.22, PP. 2155-2162
Churchill, Gilbert a. (1979), Marketing Research- Methodological Foundations (New York: The Dryden
Press), PP.296-297
Coskun, a., and Cheryl J. Frohlich (1992), “Service: The Competitive Edge in Banking.” The Journal of
Services Marketing, Vol.6, No1, PP.15-22
Debasish, Sathya Swaroop (2003), “Service Quality in Commercial Banks: A Comparative Analysis of
Selected Banks in Delhi”, Indian Journal of Marketing, Vol.30 (March).
Deutsh, Barry I. (1990), “A Conversation with Philip Kotler”, Bank Marketing, December, PP.15-20
Fornell, Claes, Johnson, Michael d, Anderson Eugene W, Cha, Jaesung and Bryant, Barbara Everitt
(1996), “The American Customer Satisfaction Index: Nature, Purpose and Findings”, Journal of
Marketing, Vol. 60, Oct., PP.7-18
Frieder, Larry A., William T. Gregor (1996), “Bank Valuations: Meeting Customers and Investor
Needs”, The Bankers Magazine, july/August, PP. 49-54
Ghodeswar, B.M. (2000), “Gaining Marketing Advantage through Superior Customer Value”, in
Raghavchari, M and K V Ramani (eds.), Delivering Service Quality (New Delhi: Macmillan India Ltd.),
PP. 42-49.
Ganesh, C & Varghese, M.E. (2003), ‘Customer Service in Banks: An Empirical Study’. Vinimaya, Vol.
XXIV, No. 2 (July – Sept.), PP. 14-26
Gopal, K.S. (1997),”Competition in the Banking Industry”, IBA Bulletin, January, PP. 11-15.
Gurney, Peter (1999),”Influence is the better part of Loyalty”, Marketing News, Vol. 33, (Oct. 25),
PP.40
Hasanbanu, S. (2004), ‘Customer Service in Rural Banks: An Analytical Study of Attitude of Different
types of Customers towards Banking Services’, IBA Bulletin, Vol. XXVI, No. 8 (August), PP. 21-25
Javalgi, Rajashekhar g. (1992),”Marketing Financial Services to Affluent Consumers”, The Journal of
Service to Affluent Consumers”, The Journal of Service Marketing, Vol.6, no.2, PP.33-44.
Kamath, K.V., S.S. Kohali, P.S.Shenoy, Ranjana Kumar, R.M. Nayak, and P.T. Kuppuswarmy
(2003),”Indian Banking Sector: Challenges and Opportunities”, Vikalpa, Vol.28, No.3, PP.83-99.
Keiningham, T., M.K.M. Goddard. T.G.Vavra, and A.J.Iaci, Marketing Management, fall, PP. 57-63.
Kotler, Philip (2003), Marketing Management, 11th ed. (New Delhi: Pearson Education), PP.36-37.
Kotler, P. (2005), “Marketing Management”, 12th ed. (Prentice Hall of India Private Ltd., New Delhi)
Krishnaveni, R., and D.D. Prabha (2004), “Measuring Service Quality in Banking Sector: With Special
References to Motor and Pump Industry”, Prajnan, Vol.33. No. 1, PP. 47-55
Kumar, Rajeev, and R.K. Mittal (2002), “Challenges before the Public Sector Banks in India: A
Managerial Perspective”, The Journal of Indian Management and Strategy, Vol.7, No.4, PP.27-32
Malhotra, Neeru and Avinandan Mukherjee (2004),”The Relative Influence of Organisational
Commitment and job satisfaction on Service Quality of Customer Contact Employees in Banking Call
Centers”, The Journal of Service Marketing, Vol.18, No.3, PP.162-174
Mano, Hami and Richard L. Oliver (1993), “Assessing the Dimensionality and Structure of
Consumption Experience Evaluation, Feeling and Satisfaction”, Journal of Consumer Research, Vol.20
(December), PP.451-466
Mohan, T.T. Ram (2007), “Banking Reforms in India Charting a Unique Course,” Economic and
Political Weekly, Vol.42, No.13, PP. 1109-1120.
Mukhopadhyay, Parimal (1998), Theory and Methods of Survey Sampling (New Delhi: BPI Indian Pvt.
Ltd), PP.11-154.
Ngobo, Paul-Valentin (1999), “Decreasing returns in Customers Loyalty: Does it really Matter to
Delight the Customer?” Advances in Consumer Research, Vol.73, No.3, PP. 311-336.
Oliver, Richard L, Ronald T.Rust, and Sanjeev Varki (1997),”Customer Delight: Foundations, Findings
and Managerial Insights”, Journal of Retailing, Vol.73, No.3, PP. 311-336
Parasuraman, A. (2000), “Superior Customer Service and Marketing Excellence: Two Sides of the
Same Success Coin”, Vikalpa, Vol.25, (September), PP. 3-12.
Phatak, Yogeshwari and Naseem Abidi (2000), “Clients Perception of Quality in Banking Services: An
Empirical Study”, in M. Raghavchari, and K.V. Ramani (eds), Delivering Service Quality (New Delhi:
Macmillan India), PP. 141-146
Prabhakaran, S. and S. Satya (2003), “An Insight into Service Attributes in Banking Sector,” Journal of
Services Research, Vol.3 No.1, PP. 157-169
Parimal, V. (2002), ‘Measurement of Customer Satisfaction: A study of Banking Services’, Business
Perspectives, Vol. 4, No. 1, PP. 73-88
Rust, Ronald T., Anthony j. Zahorik, and Timothy L. Keiningham (1995), “Return on Quality (ROQ):
Making Service Quality Financially Accountable”, Journal of Marketing, Vol.59 (April), PP.58-70
Rust, Ronald T. and Richard L. Oliver (2000), “Should We Delight the Customer?” Journal of the
Academy Of Marketing Science, Vol.28, No1, 85-94.
Sathye, Milind (2005), “Privatization, Performance and Efficiency: A Study of Indian Banks”,Vikalpa,
Vol. 30, No.1, PP.7-16
Sugnadhi, R.K. (2003), “Customer Relationship Management”, (New Age International Publishers,
New Delhi)
Singh, S. (2004), ‘An Appraisal of Customer Service of Public Sector Banks’ , IBA Bulletin, Vol. XXVI,
No. 8 (August), PP. 30-33
Shankar, A.G. (2004), ‘Customer Service in Banks’, IBA Bulletin, Vol. XXVI, No. 8 (August), PP. 5-7
Swarup, K.S. (2004),’Customer Orientation in Banks for Building long term Relationships’ , IBA
Bulletin, Vol. XXVI, No. 8 (August), PP. 17-20
Uppal, R.K (2008), “Customer service in Banks: An empirical study”, The Icfaian journal of
Management Research, Vol. VIII No.4 (April), PP.7-20
Verma, Harsh V. (2003), “Customer Outrage and Delight”, Journal of Services Research, Vol.3, No.1,
PP. 119-131.
Westbrook, Robert A., and Richard L. Oliver (1991), “The Dimensionality of Consumption Emotion
Patterns and Consumer Satisfaction”, Journal of Consumer Research, Vol. 18 (June), PP. 84-91
Wilson, Chris, Joan Leckman, Kahlil Cappuccino, and Wim Pullen (2001), “Towards Customer
Delight: Added Value in Public Sector Corporate Delight: Added Value in Public Sector Corporate Real
Estate”, Journal of Corporate Real Estate, Vol.3, No.3, PP.215-221
Yavas, Ugur and Mahmoud M. Yasin (2001), “Enhancing Organizational Performance in Banks: A
Systematic Approach, “Journal of Services Marketing, Vol.15, No.6, and PP. 444-453.
Yeung, Matthew C.H., Lee Chew Ging, and Christine T. Ennew (2002), “Customer Satisfaction and
Profitability: A Reappraisal of the Nature of the Relationship”, Journal of Targeting Measurement and
Analysis for Marketing, Vol. 11, No.1, PP.24-33
Zeithaml, Valarie A. (2000), “Service quality, Profitability, and the Economic worth of Customers:
What We Need to Learn”, Journal of the Academy of Marketing Science, Vol. 28, No.1, PP. 67-85.
