International Journal of Advanced Science and Technology

Vol. 28, No. 15, (2019), pp. 447-451

A Comparative Analysis of Customer Satisfaction with the policies and

services of the private sector banks – with reference to ICICI Bank in
Moradabad region

Dr. Manoj Kumar Agarwal, Associate Professor, TMIMT Teerthanker Mahaveer

University
Dr. Vipin Jain, Principal & Professor, TMIMT, Teerthanker Mahaveer University,
Moradabad
Dr. Aashish Mehra, Professor, TMIMT, Teerthanker Mahaveer University, Moradabad
Dr. Chanchal Chawla, Associate Professor, TMIMT, Teerthanker Mahaveer University,
Moradabad
Dr. Satyendra Arya, Associate Professor, TMIMT, Teerthanker Mahaveer University,
Moradabad
Abstract
There are various private/non-public banks working in India for giving services to their customer.
Some of them are ICICI Bank, HDFC Bank, ABN AMRO Bank, Kotak Bank, YES Bank, Indusind Bank
etc. ICICI Bank is the largest private-sector banking company offering a variety of services to its
customers, including deposits, credit cards and ATM cards. This is one of a kind of customer-oriented
banks of this sector. All the services ICICI Bank offers to its customers revolve round. It offers
all services which revolves around and as per the requirements of its client. The prerequisite for the
analysis was to analyze feedback from customers and their level of awareness of numerous private
sector financing services. The research would allow banking companies in the private sector to
understand how consumers don't use the services that the banks offer. Also, in this study, it was
searched out that what are the various personal financing policies and services are offered by private
sector banks to its customers and what are the parameters through which ICICI Bank is differ from
other private sector banks. This study will also help to analyze customers' changing attitudes to the
services provided by the ICICI Bank and in comparison to other private sector banks.
Keywords: Customer Satisfaction, Private Sector Banking, ICICI Bank, Customers Feedback, Private
Banking Services.

Introduction
Its primary area is to assist in providing financial services to its clients by every possible means. In
contemporary context, every organization / company providing a service is primarily concerned with
customer satisfaction instead of profit. All organisations now know that the competition is growing
dramatically and that the customer is a market king. There is no shortcut, except in the service
industries, for customer satisfaction. This means that the success of any bank in the time of cutting edge
rivalry depends on customer satisfaction.
Today India is a swamped with many private banks such as ICICI Bank, HDFC Bank, ABN AMRO
Bank, YES Bank, Indusind Bank, ING Vyasya Bank, Kotak Mahindra Bank and many more. These
banks provide various services to its customers as per the following detail:-
Personal Banking Wholesale Banking NRI Banking
Deposits Corporate Net Banking Money Transfer
Cards Trade services Property Solutions
Investments Fax online Insurance
Insurance Online Taxes Loans
Demat Services Custodial Services Bank Accounts
Loans SME Services Investments
Wealth Management Cash Management

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Copyright ⓒ 2019 SERSC
 International Journal of Advanced Science and Technology
Vol. 28, No. 15, (2019), pp. 447-451

History of ICICI Bank

In 1955, ICICI was formed to engage the World Bank, the Indian Government and the Indian Industry
agents. The key objective was to create a cash base for the support of Indian organizations in the
medium and long term. In 1994, the ICICI Bank was founded as an Indian money-related subsidiary by
the Industrial Credit and Investment Corporation of India (ICICI). In 1998, web saving money tasks
was first driven by ICICI Bank. ICICI became the leading Indian and money-related platform of non-
Japanese Asian countries in NYSE in 1999. ICICI Bank became India's largest corporate bank in 2001,
listing its NYSE shareholdings. It coalesced on as the second largest bank of India in 2002 from ICICI
Ltd. to ICICI Bank Ltd. with the available resources. Apparently, it has near about three thousand eight
hundred and eighty subsidiaries/branches in India and near about twelve thousand five hundred ATMs
in Nineteen countries. ICICI is the largest private sector in India to handle a total Rs. 11,242.81 billion
fund ($172.5 billion) at 31 March 2018 and profit after duties of Rs. 67.77 billion (US$ 1.0 billion) for
the year ended 31 March 2018. This figure is also the largest private sector in the world. Right now
ICICI Bank has 4,867 branches and approx. 14,367 ATMs across India.
With increasing competition in the mature market, customers have also increased their needs. ICICI
Bank is also making efforts to meet customer expectations by delivering new products at a fast and
affordable rate.
ICICI Bank have a lot of fund to offer those individuals who require back for various needs and
purposes, for example, marriage costs, obtaining a vehicle or a home, financing advanced education or
notwithstanding arranging an occasion trip.
ICICI Bank provides for the various loans and other services like:
•Auto Loan •Home loans
•Loan against Security •Retail business banking
•Loan against Property •Tractor loan
•Personal loan •Construction Equipment Finance
•Credit card •Health Care Finance
•2-wheeler loan •Education Loan
•Commercial vehicles finance •Gold Loan

Literature Review
Some of the related reviews are as under:
Barbara (1993) expressed that bank and other money related administrations suppliers were
progressively creating administration quality activities. He likewise focused on the advancement of
administration quality estimation instruments and the requirement for a coordinated way to deal with
administration quality identifying with changing client desires.
Henk (1998) investigated the appraisal of administration quality desires and chances to oversee them in
buy basic leadership.
Vimi and Mohd (2008) embraced an investigation of the determinants of execution in the Indian retail
saving money industry dependent on impression of consumer loyalty. The finding of the examination
strengthened that consumer loyalty was connected with execution of the banks. The consumer loyalty
was examined which depended on the diverse parameters like conduct of bank workers, nature of
administration, holding up line methodology, treatment of client objections and administration
experiences.
Datta and Datta (2009) in the study identify the most important element of the customer satisfaction to
determine the perception of customer expectations in ICICI Bank. This analysis has shown that ICICI
Bank's products are most pleased. They proposed that their banking services should be strengthened.
Edwin M. and Fathima S. (2011) portrayed in their examination that there is the effect of administration
quality and consumer loyalty in ICICI banks. This exploration demonstrated that there is an effect of
the administration quality factor on consumer loyalty.
Objectives

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Copyright ⓒ 2019 SERSC
 International Journal of Advanced Science and Technology
Vol. 28, No. 15, (2019), pp. 447-451

Following are the objectives of this analysis:

 To scrutinize the Personal Financing Policies & Services provided by Private Sector Banksas
well as ICICI Bank.
 To compare the satisfaction of customers through various parameters of Personal Financing
Policies & Services provided by Private Sector Banks.
Research Methodology
The data collected for this analysis is both primary and secondary in nature. The customers of the
private sector banks were the sampling unit for the study. For getting collection of data a structured
questionnaire was constructed and used. The data was collected from 347 customers of Moradabad
region.
Hypothesis
The hypothesis of the study is as follows:
HO: There is no significant distinction between the customer satisfactions provided by the ICICI Bank
as well as other Private Sector Banks in relation to Personal Financing Policies & Services offered.
H1: There is a significant distinction between the customer satisfactions provided by the ICICI Bank as
well as other Private Sector Banks in relation to Personal Financing Policies & Services offered.
Data Analysis
On the basis of collected data, analysis is being done and the Mean, Standard Deviation & the Chi
Square value of respective parameters with relevant degree of freedom are depicted in Table -1 and
Table -2 respectively:

Mean and Standard Deviation of the parameters taken into account

Table -1

Private sector Bank ICICI Bank

S. No Parameters Mean Standard Mean Standard
Deviation Deviation
1. Satisfaction towards pay off
3.06 1.28 3.13 1.248
procedures
2. Satisfaction towards lower interest
2.95 1.32 3.024 1.334
rate
3. Easy documentation procedure for
3.53 1.25 3.535 1.157
personal financing services
4. Satisfaction towards quality of
3.24 1.31 3.184 1.274
services
5. Satisfaction towards lower
2.38 1.37 2.36 1.35
processing fees
6. Satisfaction towards penalty
imposed on repayment before 1.48 0.84 1.455 0.74
stipulated time
7. Satisfaction towards easy & free
3.34 1.23 3.196 1.23
credit counseling services
8. Satisfaction towards public relation
3.21 1.14 3.07 1.33
policies and their implementation
9. Satisfaction towards customer
3.53 1.29 3.69 1.22
relationship management
10. Satisfaction towards Grievance
2.118 1.38 2.198 1.386
Handling Procedure for customers

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Copyright ⓒ 2019 SERSC
 International Journal of Advanced Science and Technology
Vol. 28, No. 15, (2019), pp. 447-451

Chi Square value of the parameters taken into account

Table-2

Parameters Degree of Significan Hypothesis

S. No freedom ce level Accepted/
value
Rejected
1. Satisfaction towards pay off
1.264 4 0.05 Accepted
procedures
2. Satisfaction towards lower interest
0.342 4 0.05 Accepted
rate
3. Easy documentation procedure for
1.944 4 0.05 Accepted
personal financing services
4. Satisfaction towards quality of
0.612 4 0.05 Accepted
services
5. Satisfaction towards lower
1.163 4 0.05 Accepted
processing fees
6. Satisfaction towards penalty
imposed on repayment before 2.592 4 0.05 Accepted
stipulated time
7. Satisfaction towards easy & free
2.090 4 0.05 Accepted
credit counseling services
8. Satisfaction towards public relation
1.453 4 0.05 Accepted
policies and its implementation
9. Satisfaction towards customer
1.262 4 0.05 Accepted
relationship management
10. Satisfaction towards Grievance
0.672 4 0.05 Accepted
Handling Procedure for customers
From the above discussion it is clear that the hypothesis that there is no significant distinction between
the customer satisfactions provided by the ICICI Bank as well as other Private Sector Banks in relation
to Personal Financing Policies & Services offered is accepted.
Conclusions and Suggestions
From the above study, many suggestions can be made such as:-
 Many Private Banks exist in the market but majority of the persons have a great faith and trust
with ICICI Bank. The ICICI Bank must try to maintain the trust of customers.
 Elderly people are more passionate towards public sector banking while youngsters are towards
private sector banks. This gap must be identified by ICICI Bank and tried to be fulfilled.
 The services must be increased in rural areas by ICICI Bank
 Flexible procedure of submitting loan documentation must be adopted by ICICI Bank
 To increase the customer base, ICICI Bank must try to facilitate the policies and plans to the
lower level income group of people.
 The customers must be made aware about the situations (if any changes made), of the plans and
policies by providing relevant information in easy and understanding language.
 The rate of interest should be competitive with other bank so that the customer will not switch
for another bank.
 Need to change the policy regarding pre-payment of loan so as to avoid extra burden of penalty
on customer.
Limitations
 Due to some reasons not all the respondents were ready to provide the information.
 The credibility of the results depends on how accurately respondents responded.

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Copyright ⓒ 2019 SERSC
 International Journal of Advanced Science and Technology
Vol. 28, No. 15, (2019), pp. 447-451

References
1. http://www.icicibank.com/aboutus/annual-report-Quarter-and-year-ended-March31.html,
accessed on: 07-06-2018
2. www.icicibank.com
3. http://en.m.wikipedia.org/wiki/ICICI_Bank
4. http://papers.ssrn.com
5. http://www.lacea.org
6. Asia-Pacific Institute of Management ISSN: 0973-2470April-June, 2008 Volume: 4 Issue: 2
7. Zeithaml, Valarie A., Berry, Leonard L. & Parasuraman, A. (1996). Journal of Marketing, 60,
31-46.
8. Kothari, C.R. (2013). Research Methodology Methods and Techniques. 6thedn. New Delhi:
New Age International (P) Limited.

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