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CUSTOMER SATISFACTION AND SERVICES TOWARDS UAE EXCHANGE

G. ABINAYA
M.Phil., Commerce Research Scholar, Swami Dayananda College of Arts and Science,
Manjakkudi, Thiruvarur
ABSTRACT

Non-banking finance companies form an integral part of the Indian financial system. NBFCin
India are registered companies conducting business activities similar to banks. The foreign exchange trading
in India is growing at a really good pace however it is said that the forex market is still in the early phase in
India. Nevertheless there are already several big players in the Indian forex market. This paper considers
different aspects that used to identify the customer satisfaction level of the users those who avail the product
and services of UAE Exchange. From that we can get an idea about what all are the products and services
offered by the organization and the satisfaction level of the customers using that product.
INTRODUCTION
In recent years, the non-banking industry around the country has been undergoing a rapid
transformation. Non-banking Company is regarded as a consumer-oriented services industry and the
companies have started realizing that their business increasingly depends on the quality of the consumer
service provided and overall satisfaction of the customer... In addition, the deepening of information
technology has facilitated better tracking and fulfilment of commitments, multiple delivery channels for
customers, and faster resolution of issues. Today, customers expect higher quality services from companies
which, if fulfilled, could result in significantly improved customer satisfaction, and potentially retention
levels. The non-banking industry, as is the case with other financial services industries, is facing a rapidly
changing market, new technologies, economic uncertainties, competition, and more demanding customers;
and the changing environment this presented an unprecedented set of challenges .Unlike in the past, the
companies in the non-banking sector, today are market driven and market responsive. The top concern in
the mind of every organizations head is increasing or at least maintaining the market share in every line of
business against the competition. With the entry of new players and multiple channels, customers have
become less loyal to the companies or organizations in this field. Bank is also treated as a major competitor
of non-banking finance industry. This makes it very important that the companies in this sector provide
best possible products and services to ensure customer satisfaction.
Customer satisfaction is an evaluation by the customer, after buying goods and services. The most
important view of customer satisfaction in the academic world is that customer satisfaction is assumed out
of the comparison of pre purchase expectations with post-purchase evaluation of the product or service.
Achieving customer focus requires leveraging existing customer information to gain deeper insight into the
relationship a customer has with the institution, and improving customer service-related processes so that
the services are quick, error free and convenient for the customers. Furthermore, a basic percept of
marketing is that customer satisfaction with a product will possibly lead to repeat purchases and
favourable word-of-mouth advertising. In fact, customer satisfaction is widely recognised as a key pressure
in the formation of consumers future purchase. In todays highly competitive, increasingly consolidated
world, offering personalized and differentiating services can be critical to organization success.
The foreign exchange trading in India is growing at a really good pace however it is said that the
forex market is still in the early phase in India. Nevertheless there are already several big players in the
Indian forex market. Companies like UAE Exchange, Thomas Cook, Western union, and Lulu Exchange
etc. were in this industry. In this context it is important that the company should provide its best to the
customers to retain its position in the market and make a good market share. In this scenario the customer
satisfaction regard with the product and services got importance. If the customer is not satisfied with what
the company offered, they will look into an alternative and move to the close substitute of the same
product.
Customers have different levels of satisfaction as they have different attitudes and experiences as
perceived from the company. Customers satisfaction is affected by the importance placed by the
customers on each of the attitudes of the product and service in question. Customer satisfaction
measurement allows an organization to understand the key drivers that create satisfaction or
dissatisfaction; and what is really driving their satisfaction during a service experience. It is a wellresearched fact that investments in customer satisfaction, customer relationships and service quality leads

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to profitability and market share. Put differently, customer satisfaction leads to customer loyalty and this
also leads to profitability. If customers are satisfied with a particular high quality service offering after its
use, then they can be expected to engage in repeat purchase and even try line extensions and thus market
share can be improved.

RATIONALE OF THE STUDY

It is very important that all the companies must retain a loyal base of customers. In order to
achieve this and better their market and profit positions, many organizations are increasingly retains a
loyal base of customers. In order to achieve this and better their market and profit positions, the company
should rearrange and targeting their strategies and policies towards improving the overall satisfaction
levels of their customers and building upon their loyalty through improved service quality. The main
concern of the study is to provide information that would help the management to evaluate and re-design
its current marketing strategies in order to improve the overall customer satisfaction levels, which, in turn,
can help them, retain their existing customers and also attract new ones in todays competitive
environment

COMPANY PROFILE:
The UAE Exchange Group is one of the largest and most trusted financial institutions in the world
offering money transfer and money exchange services in the United Arab Emirates. Headquartered in Abu
Dhabi, the Group commenced business in UAE in 1980. The Group was founded by the great visionaries
His Excellency Abdulla Humaid Al Mazroei and Dr. B RShetty. It has, expanded its operations all over the
UAE with associates in neighbouring Middle Eastern countries, India, USA, UK, Australia and Sudan
besides liaison offices in India, Bangladesh, Sri Lanka and Pakistan.

NEW MEDICAL CENTRE (NMC) GROUP:

It is one of the fastest growing and most prestigious business conglomerates in the UAE and was
established in Abu Dhabi in 1975 by two visionaries, His Excellency Abdulla Humaid AlMazroei, (former
Minister of Justice and Law in the UAE Cabinet) and the business magnate Dr. B R Shetty. The Group has a
global network of companies engaged in various business interests across the Middle East, India, Sri
Lanka, Bangladesh, Australia, USA, UK ranging from Healthcare, Pharmaceuticals (Manufacturing &
Trading), Medical & Scientific equipment to Foodstuff, Catering & Hospitality, Information Technology,
Gold & Diamond jewellery, Engineering services, Financial Services and Advertising & Public Relation.

UAE EXCHANGE CENTRE LLC:

UAE Exchange Centre LLC, Abu Dhabi is an ISO certified, Limited Liability Company established
under the UAE Commercial Companies Law in Dubai with its corporate office at Abu Dhabi, UAE from
where the central administration of the company is carried out. Presently, the company has liaison offices
in India at Kochi, New Delhi, Chennai, Mumbai, Hyderabad and Jallandhar for coordinating with the
companys correspondent banks in India and for speedy transfer of remittances. UAE Exchange Centre
LLC has a strong tie-up with over 90 correspondent banks around the globe. The company commenced its
liaison office in India on January 01, 1997 at Kochi as per the specific approval received from the Reserve
Bank of India on September 24, 1996. All the activities of the Indian liaison offices are controlled and
managed from the Kochi office. The entire operational expenses of all liaison offices in India are met
exclusively from the funds received from the head office at Abu Dhabi through normal banking channels.
UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one of the leading
exchange houses in the Middle East, primarily focusing on money transfers and money exchange, and is
part of the NMC Group, one of the biggest and the most prestigious business conglomerates in the UAE.
UAE Exchange have pioneered new standards in fund transfer services since our establishment in 1980,
ever staying ahead of competition with advanced and slick enhancements in the technology, operations
and customer service spheres.
The following are the major business activities of this organization.

MONEY TRANSFER
UAE Exchange & Financial Services Ltd is the Paying Agent for Xpress Money inassociation with
UAE Exchange Centre LLC, Abu Dhabi and for MoneyGram services inassociation with MoneyGram
Payment Systems Inc., USA. Money Transfer service is provided at the companys countrywide branches
and sub-agent locations, including several esteemed banks and financial institutions, in accordance with

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the specific permission accorded to us by the Reserve Bank of India for Money Transfer Service Scheme.
The essentials of money transfer service are:
Identification of the Customer

Before effecting a transaction, the staff should confirm the identity of the customer with the help of
any valid photo identity card /document that helps in such identification.

The customer should produce the above documents in original and staffs has to ensure its
genuineness.

Inspection of all documents should be carefully done. The photo, name, signature, expiry date, etc.
given in all the documents and papers should be carefully checked.

Every time the staff should ask for the original identity of the customer and countercheck the same
with the information available in the customer database.

The customer, the concerned staff and the cashier are required to sign (Full Signature) the
application to execute any transaction. "No Signature No Transaction" shall be the thumb rule.

Registering the Customer

UAE Exchange and Financial Services Ltd insist on a valid identification from its customers to avail
Money Transfer payments.
Regular customers are registered and identified with a Customer Reference Card having a Unique
Number.
All transactions with the registered customers will be linked to the "Unique Customer Number". The
History of the transactions done by any customer can be accessed at any point of time for scrutiny.
Transaction Form Filling
Individual customer shall fill in the prescribed form (Receive Now Form for Xpress Money and Receive
Form for Money Gram).For one-time customers, copy of a valid ID is compulsorily taken to avail the
service.For regular customers, Customer Reference Card is compulsory.
Modifications or Additions in the Receive Now form shall be done at the respective branches by a
specially designated person following prudent procedures.
The formats shall be signed (Full Signature) by the customer in the presence of the designated officer of
UAE Exchange and Financial Services Ltd.
Large Value Transactions
Customer, whether registered or not, have to declare details such as Purpose of Remittance and give the
details of the Sender.
Maximum amount allowed under a single transfer is USD 2500/-.
The maximum number of transactions an individual can receive in a calendar year is now fixed at twelve
per principal.
The purpose of remittance has to be for domestic use / family maintenance. Remittances for other
purposes like trade or commercial, charitable trust, donation etc. are not allowed.
The branches shall ensure to take a declaration from the beneficiaries confirming the above purpose and
number of transaction.
The maximum amount a beneficiary can collect in cash in a day is Rs. 50,000/-. More than one transaction
shall not be paid to a single beneficiary in cash in a day. Any payment above Rs. 50,000/- shall be affected
by A/C payee cheque for the whole amount.
XPRESS MONEY:
Xpress Money is the fastest mode of transferring money to any part of the world in minutes. Registered in
the UK, it is a unique offering, brought to you by UAE Exchange Centre LLC.
Xpress Money Policy Statement
Only Individual to Individual transfers are allowed under X-press Money.
Due diligence is carried out prior to appointment of X- press Money Agents.
Regulations
X-press Money prohibits remittances to Charitable and Religious Organizations.
X-press Money gives special attention to transactions with or originating from countries identified by the
FATF as being non-co-operative combating money laundering & terrorist financing.

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The list of suspected names (Watch List) issued by various regulatory authorities is being timely updated
in the system. X- Press Money Transfer Transaction is limited to USD 2500 worldwide.
As one of the most popular instant money transfer services of the world, Xpress Money offers true
value for your money with nominal charges, reliability ensured with state-of-the-art technologies,
simplified transaction procedures, and instant pay-out to the beneficiary. It offers a one-stop solution to the
customer who wants to send money urgently across the world, realised by a world-wide network of over
5500 agent outlets. .Exchange offers credit card dues settlement facility to the credit card holders of major
local and international banks in the UAE, without any service charges

MONEY EXCHANGE
UAE Exchange & Financial Services Ltd is approved by the Reserve Bank of India as an
Authorized Dealer to conduct Money Changing operations. Today, the company is one of the largest
Money Changers in the country in terms of both volume and network.
The company is engaged in the following money changing activities:
BUYING & SELLING OF FOREIGN CURRENCY BANK NOTES The companys countrywide branches
purchase and sell major Foreign Currency Bank Notes to the Public, Authorized Dealers and other
Authorized Money Changers.
ISSUANCE & ENCASHMENT of MAJOR TRAVELLERS CHEQUES - The Companys countrywide
branches en-cash Travellers Cheque in all major foreign currencies. The company is the authorized agent of
American Express for the issue of American Express Travellers Cheque.
INTERNATIONAL DEBIT CARDS/ WORLD CURRENCY CARD The Company has tied up with IDBI
BANK and AXIS BANK to promote the International Debit Card/WCC card through the companys
branches.
SAUDI RIYAL SAR DRAFTS The branches of the company issue SAR drafts for Hajj pilgrims in
association with UAE Exchange Centre LLC, Abu Dhabi, with specific approval from the Reserve Bank of
India.
SENDING MONEY ABROAD(SWIFT/FCDD) UAE Exchange has tied up with ING Vysya bank, HDFC
bank and Thomas Cook to handle transfer of money abroad.
EXPORT OF FOREIGN CURRENCY BANK NOTES & TRAVELLERS CHEQUES The Companys
wholesale division exports the surplus Foreign Currency Bank Notes and Travellers Cheques to buyers in
the overseas market.
Encashment of Foreign Currency Notes and/or Travellers Cheques:
For purchase of foreign exchange less than US $200 or its equivalent Photocopies of the identification
document need not be kept on record. However, full details of the identification document and contact
details should be maintained in the encashment certificate.
For encashment of foreign exchange from US $200 onwards or its equivalent. Valid photo identification is
compulsory and the photocopies of the identification document should be maintained.

CURRENCY DECLARATION FORM

Where the amount of Forex tendered for encashment by a non-resident or a person returning from
abroad exceeds the limits prescribed for Currency Declaration Form (CDF), the same should invariably
insist for production of declaration in CDF. As against the provisions to make cash payments while
providing encashment upto US $1000 or its equivalent, the amount has been increased to US $2000while
providing encashment to NRIs/Foreigners. The earlier limit of USD1000 stands as it is while providing
encashment to residents.
All encashment within one month may be treated as single transaction for the purpose. In all other
cases AMCs should make payment by way of Account Payee cheque/demand draft only.
Sale of foreign exchange:
The sale of Forex should be made only on personal application and identification. For
identification purpose, the passport of the customer should be insisted upon. Payment in excess of Rs.
50,000/- towards sale of foreign exchange should be received only by account payee cheque/demand
draft. All purchases by a person within one month may be treated as single transaction for the purpose.
Encashment Certificate, wherever required, should also be insisted upon.

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TRAVEL & TICKETING

The company has a Travel Division at the Administrative Office, Kochi by the name UAE
Exchange Travel Services. It commenced travel and ticketing operations in 2001 and is accredited as an
approved Passenger Sales Agent by IATA, Canada (IATA Registration no. HO-14-3 5580. UAE Exchange
Travel Services provides Domestic & International Air tickets for customers and renders assistance in
getting Emigration Clearance, Certificate /Document Attestations, Passport Application and other allied
services.

XPRESS LOAN
UAE EXCHANGE has been successfully doing gold loan as value added service to their loyal and
valuable money transfer customers from June 2008. Recently the company extended gold loan product to
all customers in addition to money transfer customers. The company provides Loan against gold
ornaments, shares and loan for purchasing vehicles. The loans provided are subject to the guidelines of the
Reserve Bank of India.

SUGGESTIONS
The organization should provide offers to their customers who have been with them for more than
a particular period. This can help to further increase in the satisfaction level. By providing unique identity
cards or numbers to the regular customers, standard procedures can be eliminated and as a result a speedy
transaction is possible. Since there is a close competition, UAE Exchange should expand their business by
adding more agencies for their product and services. Since there were no customers for gold loan and
general insurance, it is observed that the customers are not aware about these products. So, promotional
activities should be taken care of.

CONCLUSION
This project attempts to study the customer satisfaction level with different product and services
of UAE EXCHANGE. In this competitive world each company wants to taken an edge over the other to
become the market leaders. Successful organisation can use customer needs and expectations as a starting
point and developing proposals around their customer's needs and expectations. Measuring satisfaction
seems to be just one element in this overall satisfaction management approach. One of the key elements of
a successful marketing strategy is development of product and promotional stimuli that consumers will
perceive as relevant to their needs. The company should consider customer perception to improve their
promotional strategies of UAE Exchange. Since the customer is the king of the market today, the company
should analyse the needs and wants of customers. Company should know what the customer is actually
looking forward from them.
With the help of the study, the overall satisfaction level of the customers is identified. One of the
important finding is that there were no customers for the product general insurance and loans that
provided by the UAE EXCHANGE. To promote these products to a higher level the company should take
high promotional activities to attract the customers. This includes advertisement campaigns, creating
awareness about the company etc. One of the major barriers for these products is the rules and regulations
imposed by the Reserve Bank of India. According to the latest regulation by the RBI, a non-banking finance
company is limited to issue loans up to 60% of the market value of the gold. This over regulation will
decrease the business volume level of the NBFCs. By providing more satisfaction to the customers, the
company can retain their valuable customers and through proper advertisement and marketing
promotions it can attract the customers of competitors also. It is very important to take advantage over the
competitor and gain customer preference to remain in a premium position in the market place.

BIBLIOGRAPHY

Naresh K. Malhotra and Satyabhushan Dash, 2011, Marketing Research- An Applied Orientation,
Sixth Edition, Pearson.

Philip Kotler, Kevin Lane Keller, Abraham Koshy and Mithileshwar Jha, 2009, Marketing
Management- A South Asian Perspective, 13th Edition, Pearson.

Cooper Donald R. and Schindler Pamela S, 2003,Business Research Methods, Eighth edition,
McGraw-Hill higher Education

Market Research on factors affecting customer satisfaction, Ankit shah, ATL India.

Emerson Carol J. and Grimm Curtis M., 1999, Buyer-seller customer satisfaction: the influence of
the environment and customer service, Journal of Business and Industrial Marketing; Vol. 14 .

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WEBSITES:
www.uaeexchane.com/uae-exchange/history
www.uaeexchane.com/uae-exchange/forex
www.uaeexchane.com/uae-exchange/tavel-tours
www.uaeexchane.com/uae-exchange/remittance-retail
www.wikipedia.org/wiki/UAE-Exchange

Oct December2012