CUSTOMER SATISFACTION IN NEW GENERATION BANKS (A CASE STUDY OF HDFC BANK)

Abstract

Customers’ satisfaction is an ambiguous and abstract concept and the actual manifestation of the state of satisfaction will vary from person to person and product/service to product/service. The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as return and recommend rate. The level of satisfaction can also vary depending on other options the customer may have and other products against which the customer can compare the organization's products. With the phenomenal increase in the country's population and the increased demand for banking services; speed, service quality and customer satisfaction are going to be key differentiators for each bank's future success. Thus, it is imperative for banks to get useful feedback on their actual response time and customers’ service quality perceptions of retail banking, which in turn will help them take positive steps to maintain a competitive edge. This paper helps to study the new generation banks in India.