Factors Influencing Customer Satisfaction in Indian Banking Sector

Customer Satisfaction is the buzzword used by the business people for the success of organization in the present days. Due to the increases of heavy competition in every product – Line it becomes difficult for the companies to retain the customers for longer time. So retain the Customer for longer time the marketer has to do only one thing i.e. customer satisfaction. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. Customer Satisfaction has become a major area of marketing that has received considerable publications from practitioners and scholars in the last two decades. There is a substantial body of empirical literature that establishes the benefits of Customer Satisfaction for firms. It is well established that satisfied customers are key to long-term business success. Higher Customer Satisfaction leads to greater customer loyalty and in turn higher economic returns for firms. Earlier traditional bank was the only way for making any transactions and it was basically public sector wherein government played a major role by taking into the consideration of profit and social obligations. At present there are several private sectors banks which are established throughout the nation these private sectors are not owned by the government and they are mainly into profit consideration. From the study it is found that certain changes in the functioning of the system will have a great impact on the customer’s satisfaction. Before any kind of technology is adopted the customers have to be well informed and educated about it. Customer’s satisfaction should be the end goal of any banking sector.