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Banking Services and Customer Satisfaction – a Study on Private Banking Sector (With Special Reference to Icici Bank in Coimbatore)

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Banking Services and Customer Satisfaction – a Study on Private Banking Sector (With Special Reference to Icici Bank in Coimbatore) AEGAEUM JOURNAL ISSN NO: 0776-3808 BANKING SERVICES AND CUSTOMER SATISFACTION – A STUDY ON PRIVATE BANKING SECTOR (WITH SPECIAL REFERENCE TO ICICI BANK IN COIMBATORE) Ms. Gowri Assistant Professor On Commerce, Rathinam College Of Arts And Science, Coimbatore, Tamil Nadu, India. Mail Id [email protected] Abstract Banking industry plays a pivotal role in our economic development. Banks act as catalyst in India is planning efforts to bring about a rabid, purposive. Bank sector has Positive and significant change in the development of agriculture and industry. Customer services in bank means satisfying the needs of the customers at the right time and in a right manner. Today a customer service is one of the very important facts of banking industry. No bank can grow well without satisfying most of its customers most of the times. Bank cannot progress without customer. Customers are basic raw materials in all banks. One unsatisfied customer drives away then other customer. If banks have to stand in competition, the only way out is good customer service, “salesmanship” and “courtesy” should be the two keywords for the staff at the banks. The services of the bank are very important not only to the customer services of the bank are very important not only to the customer but the nation also. In this study effort have been measured the effectiveness. Key Words: Economic Development-Customer Service in Bank INTRODUCTION Bank customer is a person whose money has been accepted by the bank on ground that the bank undertakes to the honor cheques up to the amount standing it his credit, irrespective of whether his connection is of long or short standing. The main functions of bank are accepted deposit of the customers and allow the customer to with draw the money up to the balance available on his account. Apart from normal working of the bank, the banks nowadays used to render many type of services to the customer. Services is rendered by the banks to its customers is nowadays much talked, discussed and given due importance by the government, In Reserve Bank of India and all the scheduled commercial bank administrations the banker and customer may be called sides of the same coin and tossing probability of which is 50-50 mathematically. Services are widely used by people today in practically all aspects of the life from education to entertainment, finance to fast food, travel to Volume 8, Issue 7, 2020 http://aegaeum.com/ Page No: 1387 AEGAEUM JOURNAL ISSN NO: 0776-3808 telephone, advertisement to amusement park, market research to maintenance services, retailing to recreation and so on. The variety of new product s that is constantly being developed to accommodate the increased customer needs (firms, organizations, individual, etc.,).It provides a clear indication of the changes that the banking industry has undergone during the last many years. All the banks strive hard to improve up on their operation, effectiveness and performance for the satisfaction of the customers. It can be terms of accessibility by opening up more and more branches and customer care centers for proper customer relationship management better ambience and friendly staff for attracting and relating customer online banking and ATM facility for convenience etc., Thus, the future of banking business very much depends upon the ability of the banks to develop close relationship with the customer. In order to develop close relationship with the customer, the banking industry has to focus on the technology oriented innovations that offer convenience to the customer. Today customers are offered ATM services, access to internet banking and mobile banking facilities and credit cards. These have elevated banking beyond and barriers of time and space. STRUCTURE OF INDIAN BANKING INDUSTRY Banking Industry in India functions under the sunshade of Reserve Bank of India - the regulatory, central bank. Banking Industry mainly consists of: Commercial Banks Co-operative Banks The commercial banking structure in India consists of Scheduled Commercial Banks Unscheduled Bank. Scheduled commercial Banks constitute those banks, which have been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (60) of the Act. Some co-operative banks are scheduled commercial banks although not all co-operative banks are. Being a part of the second schedule confers some benefits to the bank in terms of access to accommodation by RBI during the times of liquidity constraints. At the same time, however, this status also subjects the bank certain conditions and obligation towards the reserve regulations of RBI. For the purpose of assessment of performance of banks, the Reserve Bank of India categorize them as public sector banks, old private sector banks, new private sector banks and foreign banks . Volume 8, Issue 7, 2020 http://aegaeum.com/ Page No: 1388 AEGAEUM JOURNAL ISSN NO: 0776-3808 PRIVATE BANKS IN INDIA Private Banks are non-incorporated banks. Either an individual or a general partner owns private Banks. The Indian private banks may be listed publicly. Those can be traded on stock exchanges as well. Private sector banks in India hold 18.2% of the total assets of Indian banking industry. Private Banks in India started way back and has a history due to the fact that in the past years they were originally working in private during those days they were supposed to handle the more able and Indians with their banking services and other banking needs that they would require all this activities happened around 1921. During that time there was the Bank of Bengal, Banks of Bombay, and Bank of Madras all this formed the Imperial Bank of India. Presently, Private Banks in India includes leading banks like ICICI Banks, ING Vysya Bank, Jammu & Kashmir Bank, Karnataka Bank, Kodak Mahindra Bank, SBI Commercial and International Bank, etc. Certainly, being tech-survey and full of expertise, private banks have played a major role in the development of Indian banking industry. They have made banking more competent and customer friendly. In the procedure, they have public sector banks out of satisfaction and forced them to become more competitive. HISTORY OF ICICI BANK ICICI Bank (Industrial Credit Investment Corporation of India) was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian business. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE (New York Stock Exchange). Volume 8, Issue 7, 2020 http://aegaeum.com/ Page No: 1389 AEGAEUM JOURNAL ISSN NO: 0776-3808 The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. Shareholders of ICICI and ICICI Bank approved the merger in January 2002, by the High Court of Gujarat at Ahmadabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity. ICICI Bank started as a wholly owned subsidiary of ICICI Limited, an Indian financial institution, in 1994. Four years later, when the company offered ICICI Bank's shares to the public, ICICI's shareholding was reduced to 46%. In the year 2000, ICICI Bank offered made an equity offering in the form of ADRs on the New York Stock Exchange (NYSE), thereby becoming the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. In the next year, it acquired the Bank of Madura Limited in an all-stock amalgamation. Later in the year and the next fiscal year, the bank made secondary market sales to institutional investor. With a change in the corporate structure and the budding competition in the Indian Banking industry, the management of both ICICI and ICICI Bank were of the opinion that a merger between the two entities would prove to be an essential step.
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