GENERAL INTRODUCTION

Customer Satisfaction:

Customer satisfaction is equivalent to making sure that product and service performance meets customer expectations. It is the perception of the customer that the outcome of a business transaction is equal to or greater than his/her expectation. Customer satisfaction

occurs when the acquisition of products and /or services provides a minimum negative departure from expectations when compared with other acquisitions and when the marginal utility of a transaction is equal to or greater than preceding acquisitions.

Customer satisfaction occurs when the perception of the reward from the purchase of goods or services by the customer meets or exceeds his/her perceived sacrifice. The perception is a consequence of matching past purchase and consumption experience with the current purchase.

Customer Service and Satisfaction:

When we talk about customer service and/or satisfaction, we talk about creativity.

Creativity allows us to handle or diffuse problems at hand or later on rather in the process of conducting the everyday business. We talk about how, or what, does the organization have to do to gain not only the sale but also the loyalty of the customer. We want to know the payoff of the transaction both in the short and long term. We want to know what our customers Want? We want to know if our customers are satisfied. Satisfaction, Of course, means that what we delivered to a customer met the customer’s Approval. We want to know if customers are delighted and willing to come

Back, and so on. Fleiss 2 and Feldman 3 present examples of that delightfulness in their writings. Fleiss has written about Ben and Jerry’s ice cream and Feldman has discussed excellence in a cab ride. As important as delightfulness is, some of us minimize it, or even totally disregard it. At this point, we fail. Some of the issues that will guarantee failure in sales, satisfaction, and loyalty are:

Employees must adhere to a rigid chain of command Employees are closely supervised

Conflict—in whatever form—is not allowed Rewards are based on carrot-and-stick principles Wrong objectives are measure.

We must understand customer expectation levels concerning quality. We must also understand the strategy for customer service quality, and next we must understand the measurement and feedback cycles of Customer satisfaction.

The customer is the person or unit receiving the output of a process on the system. In fact, it is worth emphasizing that a customer can be the immediate, intermediate, or ultimate

customer. Also, a customer may be a person or persons, or a process or processes.

Customer satisfaction, however, is when the customer is satisfied with a product/service that meets the customer’s needs, wants, and expectations.

There are at least three levels of customer expectations about quality:

Level 1. Expectations are very simple and take the form of assumptions, must have, or take it for granted. For example, I expect the airline to be able to take off, fly to my destination, and land safely. I expect to get the correct blood for my blood transfusion and I expect the bank to deposit my money to my account and to keep a correct tally for me.

Level 2. Expectations are a step higher than that of level 1 and they require some form of satisfaction through meeting the requirements and/or specifications. For example, I expect to be treated courteously by all airline personnel. I went to the hospital expecting to have my hernia repaired, to be in some pain after it was done, to be out on the same day, and to receive a correct bill. And I went to the bank expecting the bank teller to be friendly, informative, and helpful with my transactions.

Level 3. Expectations are much higher than for levels 1 and 2. Level 3 requires some kind of delightfulness or a service that is so good that it attracts me to it. For example, an airline gives passengers traveling coach class the same superior food service that other airlines provide only for first-class passengers. In fact, I once took a flight where the flight attendants actually baked

cookies for us right there on the plane. When I went to the hospital, I expected staff to treat me with respect and they carefully explained things to me. But I was surprised when they called me at home the next day to find out how I was doing. And at my house closing, the bank officer, representing the bank holding my mortgage, not only treated me with respect and answered all my questions about my new mortgage, but just before we shook hands to close the deal, he gave me a housewarming gift.

Customer satisfaction surveys help to:

Improve customer, client, or employee loyalty.

React quickly to changes in the market.

Identify and capitalize on opportunities.

Beat the competition.

Retain or gain market share.

Increase revenue.

Reduce costs.

1.1 STATEMENT OF THE PROBLEM:

The study attempts to study, Analyze and determine the customer satisfaction on HSBC bank. The study helps to obtain suggestions for improvement of services and also helps for finding out satisfaction level of consumer.

The comprehensive statement of the problem can be stated as “CUSTOMER SATISFACTION ON HSBC BANK”.

1.2 OBJECTIVES OF THE STUDY

Primary Objective:

➢ To analyze the customer satisfaction on HSBC bank services.

Secondary Objectives:

To study customer perception about HSBC BANK.

To identify and study the various ways of ensuring customer satisfaction adopted by SBC BANK Vs HDFC & SBI.

To know the factors which influence customers to choose HSBC bank?

To find out the satisfaction level of the different types of customers.

To know the parameters influencing the customers.

To study the current image of HSBC bank and its Competitors.

To obtain the suggestions for improvement of the HSBC bank. .

1.3 SCOPE OF THE STUDY:

➢ This study helps in understanding the satisfaction level of the customer about HSBC bank in Bangalore city

➢ It also helps the company to understand the level of customer satisfaction and feedback from the customers regarding their services and sales of the products.

➢ The data collected and interpreted will be useful for the company and the reader of the project. Various findings, observations and valuable suggestions, recommendations help the company to materialize its future plans.

➢ The research study also helps to find out the demand potential for HSBC bank.

1.4 RESEARCH METHODOLOGY

Data Collection Techniques:

This project consists of two parts.

The first part is a study of the banking industry, HSBC Bank using secondary data sources. This secondary information has been sourced from the internet and from business related magazines and newspapers.

The second part of the study has been done using an exploratory research process and a structured questionnaire was developed for this purpose. For the collection of primary data this was the only method used. The reason I used this method is because a need was felt for the free influx of information about the products. Also this method allowed the use of skills gained in class.

Sample Design:

The population considered for the purpose of the survey was people residing in Bangalore.

Sampling Technique Used:

Since the information required was not of a very technical nature and also looking at the scope of the project and the extent of the target segment, the sampling technique employed was Convenience Sampling. I administered the questionnaires.

Sample Size:

I have restricted the sample size to 50 respondents. This was done keeping in mind the time constraints and the fact that I felt that this number would be enough to serve the information needs required to show the trends.

1.5 LIMITATIONS OF THE STUDY

• The study was confined to Bangalore city only

• The time constraint was that the respondents gave only limited time for the data collection.

• Due to limited time period and constrained working hours for most of the respondents, the answers at times were vague.

• The finding of this study was based on the assumptions that the respondents have diverged true and honest information.

• Sampling size is restricted to 50 respondents only.

• The study also limited due to various constraints like time, manpower resources and financial availability and also primary data.

• Making accurate predictions relating to customer behavior is very difficult.

• The views and responses of the respondents may change over a period of the time.

• The bias of the respondents may have introduced errors in the survey findings.