A Study on Customer Satisfaction towards Banking Services of IndusInd Bank in Vadalur Town

This study has been conducted with the purpose of assessing the quality of service of Indusind Bank in Vadalur Town. Consumer marketing companies face intense competition, and banks are no exception. For service firms in general and banks in particular, it is indeed essential to focus on the requirements of the customers and to effectively meet them. Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is characterized as’ the number of customers, or percentage of total customers, whose recorded experience with a business, its products or services (ratings) exceeds stated satisfaction objectives. The study aims to know the satisfaction level among the customers of the Indusind Bank. Service quality scale was used with five dimensions, reliability, empathy, namely physical aspect, assurance, and responsibility. This study also focuses on the banks’ different attributes and their impact on customer satisfaction. This study is limited only to the town of Vadalur. This is a descriptive study; the data were gathered from primary sources for this research. Two sets of questionnaires were prepared; one set was for the customers of the banks with service parameters, while the other was for the managers of the banks with key determinants. The analysis of the data collected was done through the use of a statistical package for social science (SPSS). Percentage analysis, chi-square test, was the test used to analyze the data. The result so obtained from this analysis indicates that the banks indeed are providing good services to their customers wherein customers are also satisfied. There are a few more service parameters that the banks need to take care to hold on to their customers.


Introduction
Customer satisfaction is measured at the individual level, but it is almost always reported at an aggregate level. Customer satisfaction, a term often used in marketing, is a measure of whether a company's supplied goods and services meet or surpass consumer standards. Today customers are now becoming increasingly conscious of their rights and are demanding ever more than before. The recent trends show that most of the banks are shifting from a "productcentric model" to a "Customer-centric model" since customer satisfaction has become of the major determinants of business growth. The study will provide information about the satisfaction level of customers of IndusInd Bank and banking sectors and will help frame new policies relating to the customers.
Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty. Customer satisfaction data are among the most frequently collected indicators of market perceptions.
Customer care is the delivery of customer support before, during, and after a purchase. According to Turban et al. (2002), "Customer service is a series of activities designed to enhance the level of customer satisfaction -that is, the feeling that a product or service has met the customer expectation." Customer 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 variety of psychological and physical factors that correlate with such activities as a return and suggest the rate of satisfaction. The satisfaction level may also vary depending on other options that the customer may have and other products that the customer may compare with the services of the organization.

Profile of Indusind Bank
IndusInd Bank derives its name and inspiration from the Indus Valley civilization -a culture described by National Geographic as 'one of the greatest of the ancient world' combining a spirit of innovation with sound business and trade practices.
Mr. Srichand P. Hinduja, a leading Non-Resident Indian businessman and head of the Hinduja Group, conceived the vision of IndusInd Bank -the first of the new-generation private banks in India -and through collective contributions from the NRI community towards India's economic and social development, brought our Bank into being.
The Bank, formally inaugurated in April 1994 by Dr. Manmohan Singh, Honourable Prime Minister of India who was then the country's Finance Minister, started with a capital base of Rs.1,000 million (USD 32 million at the prevailing exchange rate), of which Rs.600 million was raised through private placement from Indian Residents while the balance Rs.400 million (USD 13 million) was contributed by Non-Resident Indians.
IndusInd Bank Ltd., is one of the leading newgeneration private-sector banks in India, commenced operations in 1994, and had a net worth of Rs.866 crore as of March 31, 2006. Driven by technology, it has taken steps to establish and upgrade its support systems for the introduction of retail banking products and alternative delivery channels, while continuing to expand its network of branches. As of date, the Bank has a network of 148 branches and 87 offsite ATMs spread over 119 geographical locations in 24 states and Union Territories. Apart from this, the Bank has 26 Vehicle Finance Division offices and a representative office each in Dubai and London.
It also has tie-ups with the State Bank Group and MITR consortium for the use of their 15000 ATMs for IndusInd Bank customers.
The Bank is also a part of the NFS network of IDBRT (RBI), which enables the customers to have access to ATMs of 23 member banks. In its twelve-year existence, the Bank has displayed its commitment to global benchmarks in retail banking by proactively adopting the requirements of ISO 9001:2000 quality certification for its entire network of branches. It was one of the first banks to go live on the RTGS platform and enjoys clearing bank status for both major stock exchanges -BSE and NSEand both major commodity exchanges in the country -MCX and NCDEX. It also offers DP facilities for stock and commodity segments. Since the merger of Ashok Leyland Finance in June 2004, the Bank has expanded its retail portfolio.
It is a large player in the financing of commercial vehicles, utility vehicles, 2/3-wheelers, construction equipment. The Bank has been given the highest P1+ rating for its FDs by CRISIL, who have also assigned the highest safety ratings to the Bank's Pass-Through Certificates for securitized assets. It has also been given the highest rating of F1+ for its Certificates of Deposit by Fitch Ratings India Pvt. Ltd. The Bank's Tier-II Bonds have been rated LA+ by ICRA and A+ (ind) by Fitch. With its roots in Indian tradition and emphasis on customer care, IndusInd Bank's service philosophy is well reflected in the communication tagline "We Care… Dil Se".

Product of IndusInd Bank Account & Deposits Service
Banking should be effortless. With IndusInd Bank, the efforts are rewarding. No matter what a customer's need and occupational status, we have a range of solutions that are second to none. Whether you're employed in a company and need a simple Savings account or run your own business and require a robust banking partner, IndusInd Bank not only has the perfect solution for you but also can recommend products that can augment your planning for the future.
It includes these services • We are saving accounts, No frills Account, Salary Accounts, Defense salary account, Kid's advantage account. • Current accounts, Trade current account, Premium current account, Regular current account, Flexi current account • Fix deposits, Demate account, Safe deposits lockers.

Loan Services
In today's competitive world, everything happens only with the help of money or through the money every person needs money. But sometimes a person has not cash on hand at that time he needs lone either from any friend or from any financial institute. Lone does not mean that only a lower-class person needs it but also an upper-class person it is needed. As per the requirement of every person, there are many types of loans that are there in the Indusind bank.
Personal loan, Home loan, Vehicles loan, Gold loan, Educational loan, Loan against Security, Loan against property

Card Services
In today's competitive and fast time card services providing by the banks are very important to every person, and every business needs or to take a meal into the hotel or to purchase jewellery from the jewellery shops cards are playing a good role in the banking sectors. Bank Card ranges help achieve financial targets. So whether people are looking to add to their purchasing power, do cashless shopping or budget their spending, they will find a card that suits them.
• Credit card • Debit card • prepaid card

Investment and Insurance
Nowadays, ward investment is becoming more popular. A person invests their money into various schemes or the gold or share market etc. but sometimes he is in a difficult situation, for that bank help person invest wisely through financial and investment services.

Review of Literature
This chapter reviews the literature relevant to the current research. Understanding customers, their needs, requirements, and satisfaction levels, is indeed important. The purpose of this chapter is to present a review of the literature supporting the research work to know the level of customer satisfaction. It also focuses on the various demographic factors that influence service quality and satisfaction. This chapter covers the literature reviewed of Theories, models, and empirical evidence of the variables of the study -customer satisfaction in the banking industry and service quality.
Aurora and Malhotra (1997) studied the level of customer satisfaction and marketing strategies in both private and public sector banks in India. It revealed six factors of customer satisfaction in public sector banks viz, price, situational environmental technology, routine operations, and interaction. But in the private banking sector, they found seven factors in total, having staff factors as the top-ranked and situational factors as the lowest-ranked items. Instead of the price factor, promotional factors have been explored by researchers. In private sector banks, the customer level of satisfaction is comparatively more.
Dr. Chaisomphol Chaoprasert and Dr. Barry Elsey (2004) This empirical research has identified the attempts by banks in Thailand to enhance service quality through establishing key quality initiatives, in response to dramatic changes in the industry. It also has shown that personal counter services and electronic services are adapting to continue improving service quality, with mutual support for each other. Banks, however, do need to change and adapt their operations to improve customer loyalty, contributing to greater market share, income, and company survival.
Kotovalas and Siomkos (2006) conducted studies on customers' satisfaction in Greek banks. It revealed that there was a direct and positive correlation between perceived service quality and customer loyalty in the case of both private and public sector banks. The significant relationship reported demographic features and perceived qualities of both bank forms. Both banks' customers were willing to voice their complaints to bank staff. The result revealed that the promotional efforts of the bank to provide the public with relevant information could increase the level of loyalty.
Lopez, J., et al (2007) Research claimed that by using one of the service quality tools in which customer satisfaction was measured based on ten dimensions. Results significantly show that out of ten six dimensions, namely reliability, responsiveness, tangibles, access, communication, and credibility, shows the positive impact on customer satisfaction.
Kitti Tananitikul and Nuttawuth Muenjohn (2010) intended to determine a set of service quality and value dimensions that were vital importance to a government-owned bank (GOB) and its customer satisfaction. Seven service key attributes of a 22 item scale, namely tangible, reliability, responsiveness, assurance, empathy, price, and differentiation, are the statements measuring customer's expectations and perceptions of service quality. Tools like mean, standard deviation, t-test, and the ranking method were used for the study, and the result showed that customers are the most satisfied service dimension for service as reliability, and it was one of the major policies and strategies of banks. Tangible, responsiveness, and empathy are three service dimensions that have significant differences in their perspectives. Tangible and price service dimensions are most important to them; they were currently least satisfied, and banks need to improve the quality of its services to meet customer satisfaction.
Uppal R.K. (2010) conducted studies on customer complaints, and this research showed that excellent customer service and customer satisfaction help to sustain business growth. Furthermore, it showed that customer complaints are continuously increasing in the public sector banks, adversely affecting customers' satisfaction and performance. This research also suggested that the establishment of a customer care center in all banks would be a priority for resolving customer compliant.
Edwin M. and Fathima S. (2011) conducted a study on the impact of service quality and customer satisfaction in commercial banks. This study shows that there is a close link between the customers' perception of the service quality factor and customer satisfaction. The effect of the service quality factor on customer satisfaction was also shown to be unique. This put forth the idea that bank managers should devise appropriate marketing plans to please their customers.
Nirmaljeet Virk and Prabhjot Kaur Mahal (2012) carried out a study on customer satisfaction in public and private banks of India. Private Bank managers maintain a better personal relationships with customers than the public bank managers, and this factor determines the customers' satisfaction to a large extent.
Mohammad Hosein Moshref Javadi et al (2012), in their study, to evaluate the quality of private banks services provided to the customers and to measure the customer's satisfaction. SERVQUAL six dimensions scale to be measured are tangible, responsiveness, assurance, reliability, empathy, and accessibility, the ability to access private banks easily and conveniently. For questionnaire and reliability, a pilot survey was conducted, and validity test satisfies, and the final questionnaire was distributed to the 390 convenience respondents. Six hypotheses were framed for the above, and tools like mean, and t-test was analyzed. The result indicates that assurance, reliability seems to be the most important dimensions and Accessibility and tangibility are the most serious problem, and private bank has to improve actions in mentioned dimensions.
Mesay Sata Shanka (2012), in his article "Bank Service Quality, Customer Satisfaction and Loyalty in Ethiopian Banking Sector." He measures the service quality offered by private banks in Ethiopian. The relationship between service quality and customer satisfaction and loyalty. The research finding indicates offering high-quality service increases customer satisfaction, which leads to a high level of customer commitment and loyalty. However, this research provides some significant insights into service quality in the Ethiopian banking industry.
Suriyamurthi, S. et al (2013) stated that in the cutthroat competition where every bank is focusing on retaining and attracting new customer, relationship marketing is the key element which should be adopted by the banks. They also found that the banking sector is one of the major service sectors, and the business of banks is more or less dependent on customer services and satisfaction. Banks should increase their services and make a good relationship with the customer.
Aseem Mathur (2014), in his article "Customer's Trends towards Public and Private Sector Banks." Now 'Anywhere Banking' and 'Anytime Banking' has to turn into a reality. Banking activities have increased enormously with a clear change in the way of life and techniques, especially in the field of lending, from wholesale to the retail character. Now, the customer is the input component of the banking industry. Banking Industry can neither function without customers nor is just acquiring a definite number of customers adequate for their business. Finally, he concludes that ten most important factors influencing the selection of a bank are the safety of funds, secured ATMs, ATMs availability, the reputation of the bank, etc., On other hand, Ads was not ranked important. Banks do not need to spend much amount on the part of advertisements.
Pareek, V. (2014) research opined with a remark that out of several factors, few causal fundamental factors like product attributes, employee characteristics, cost of transactions, bank tangibles, customer convenience, and customer communication contribute to customer satisfaction in Indian banks. Interestingly convenience one of the 4 P.s, i.e., marketing mix, was found to be unimportant in determining customer satisfaction in Indian banks (studied banks).
Rahi, S. (2015) research findings show customers are more loyal towards those banks who are facilitating internet banking services. Also, a good brand image builds a relationship between banks and customers and enhance customer loyalty toward the bank. He also concluded that those banks that provide their customers with internet banking services are more loyal to the banks than other consumers. He also mentioned that if the brand identity also plays a significant part in consumer loyalty and internet banking. The brand image 's position is positive in building a positive customer-to-internet banking connection.
Machogu, A. M. and Okiko, L. (2015) research brought to light that with e-banking complexities on customer satisfaction. Results show that there are factors that lead to customer satisfaction, particularly in e-banking, which is one of the very important and fast-growing ways of doing banking. Accessibility, convenience, security, privacy, content, design, speed, fees affect customer satisfaction, where the other notified factors have no significant influence.
Chochol'áková, A. et al (2015) research stated that in comparison with dissatisfied customers, satisfied customers were significantly more like by to recommend their bank to their friends and to consider using their current bank in the future. They are more resistant to offers from other banks. Loyal customers are more interested in the services of their banks when considering investments in all aspects such as in the financial market, deposit their savings to their bank, take out a mortgage from their bank and use other banking products and services from their current bank.
Ameme, B. and Wireko, J. (2016) claimed in his research that in today's competitive world where technology plays a very important role and if we talk about the banking sector or industry, there is a positive relationship between technology and customer satisfaction. They also stated that customer satisfaction is not just about introducing innovative products and services; it is much more than that. They also found that if the bank wants to become the market leader in a competitive environment, it must use the innovative approach in all aspects like products and services. There is also a significant relationship between the cost and technological innovation. As the innovation increase, the cost also increases.
R.Arumugarajan (2016), in his article "A Comparative Study on the Customers' Satisfaction in Select Private Sector and Public Sector Banks in Tirunelveli District." Studied due to privatization, many of the private party also enter into the banking sector. Thus, the customers have different kinds of banks. So the satisfaction level of customers has a very vital role among the banks. Hence he concludes that private and foreign sector banks are quite successful in providing their customers with what they want, when they want and where they want. But, in these aspects, public-sector banks still lag behind their counterparts.
Ramya T.J. (2016), in her study "A Study on Customer Satisfaction towards Private Banks with special reference to Mysuru City," The banking industry has an incredible growth in the Indian market. The doorway of new technology has made a lot of changes in the Indian banking sector. Newly the Indian economy has seen the emergence of many banks in the private sector. The growth of private banks is not possible without achieving customer satisfaction. Customer satisfaction is a present-day come within each of to survive in the market. Gauging of customer satisfaction is currently very central to gain the self-assurance to build the market. The study indicates service and employee commitment is very important for customer satisfaction.

Research Methodology
Respondents were asked to give on various aspects of customer satisfaction towards the services provided by the IndusInd bank on a five-point scale ranging from "strongly agree' "strongly disagree' and on ranking.

Problem Statement
In the current competitive world, banks have to struggle their might to give the best of customer satisfaction through various innovative strategies to survive in the industry. This study would stand as a sincere attempt to evaluate the customer satisfaction of IndusInd Bank in Vadalur Town.

Objectives of the Study
The main purpose of this study is to assess the customer satisfaction of banking service in the State Bank of India. The other objectives are: • To examine the various services provided by IndusInd Bank in Vadalur Town. • To identify the factors that influence the selection of IndusInd Bank in Vadalur Town. • To study the level of customer satisfaction towards the services provided by the IndusInd Bank in Vadalur Town. • To examine the expectations and the level of satisfaction of the customers towards the service rendered by IndusInd Bank.
• To make suggestions for improving the bank's customer services.

Scope of the Study
This research focuses on the level of customer satisfaction derived from the banking services of IndusInd Bank in Vadalur. The study also involves identifying and analyzing customer satisfaction towards a bank.

Significance of the Study
It's highly essential for banks to collect customer's feedback on the varied banking services; this would stand useful in enabling banks to take positive steps to maintain a competitive edge in today's banking industry. Indeed, the bank's overall efficiency in the future will count on the self-evaluation of their performance.

Design of Study
The research design undertaken for the study is one that is Descriptive. A research that will represent the characteristics of a group or individuals or circumstance is known as Descriptive Research. Mostly, it is qualitative.

Data Collection Method
The survey method is considered the best method for data collection of data, and the tools used for data collection are questionnaires. This method is quite popular, particularly in the case of big enquires. Private individuals, research works, private and public organizations, and even governments are adopting it.
In this method, a questionnaire is sent to the persons concerned with a request to answer and return the questionnaire. A questionnaire consists of several questions involves both specific and general questions relating to needs for training.

Sources of Data
The two sources of data collection are namely Primary & Secondary.

Primary Data
The Primary source of data was collected through a survey method with the help of a questionnaire. The questionnaire includes the question drafted for the inquiry about the customer friendly services and the level of satisfaction among the customers regarding these services.
Proper care was taken to frame the questionnaire in such a manner it should be easily understood given the educational level of the Customer. Generally, 43 questions are prepared and asked the Customers of the IndusInd Bank, Vadalur.

Secondary Data
Secondary data was collected from the literature available on the subject, information available on the internet, published articles, and different books on the banking sector.

Data Analysis and Interpretation
The appropriate data was collected via a questionnaire, and analyzed and interpreted using tables with specific descriptions. The raw data was treated appropriately, and logical conclusions were drawn based on the findings. Out of the 100 respondents surveyed, 72 (72%) were male, and 18(18%) were females. 34% of the respondents are in the age group between 21 -35 Years, 29% of the respondents are in age group Less than 20 years, and 21% of the respondents are in the age group between 36-50 years, 16% of the respondents are in the age group of Above 50 Years. 82 % of the respondents are married, and the remaining 18 % of the respondents are Unmarried.
The literacy level speaks the full facts a) 50% under graduation, 25% SSLC, and Below standard, 15% Higher secondary standard, 8% Diploma,2% Post Graduate. The income-wise classification showed that 52% of the respondent's monthly income between Rs.21, 000 -35,000, 23% of the respondent's monthly income of Less than Rs.20,000, 15% of the respondents monthly income between Rs. 36,000 -50,000,10% of the respondents monthly income of Above Rs 50,000.
Among the occupational Categories, 48% of the respondents were Private Employees, 32% of the respondents were Government Employees, 15% of the respondents were Self-employed, Reaming 5% of the respondents were in others.
Among the Type of Bank Account have in IndusInd Bank categories 32 % saving bank accounts holders, 24% loan account holders, both the 12% current accounts and salary accounts holders respectively, 8% Mutual fund accounts, 6% Fixed deposit accounts, 4% credit card holders, 2% demat account holders.
Out of 100 Respondents, how long have you been a customer of this bank categorized 54% -4 Years, 21% less than one year, 15% 4 to 7 years. 6% 7 to 10 years, and 4% were dealing with the bank for more than 10 years. 56% of the respondents were using -banking services Weekly, 24% of the respondents were using bank once in a week, 15% of the respondents were using banking once in a month, 5 % of the respondents were sung the banking rarely. From the above table 2.1, the researcher has inferred that the 'Tangibility' factor has strongly agreed 50.4 percent. Among the variable, 'Website gives complete information' variable alone strongly agree about 68 percent the followed by 'I am satisfied with the marketing materials distributed by the bank' has 54 percent. These statements showed that most of the respondents, 68 percent they are satisfied with the tangibility. Remaining 25 percent one-fourth of the respondents are this satisfied and disagreed with the tangibility. From the above table, 2.2 inferred that the 'Service quality' factor has strongly agreed with 42.3 percent. Among the variable 'I am satisfied with the way bank delivers up to date record' alone strongly agreed 78 percent the followed by 'I am satisfied with the way bank provides the services at the time they promised' has 45 Percent. 12.43 percent of respondents are neutral, and 22 percent of respondents are disagreed and dissatisfied with the service quality of the bank. The result showed the majority of the customers are satisfied with the service quality of the bank and specifically satisfied with the way the bank delivers up to date record of the bank. From the above table, 2.3 inferred that 'customer loyalty' factor has strongly agreed 44.75 percent,27.5 percent agreed, and 13.5 percent neutral reaming 14 percent disagreed. Among the variable 'I always use this Bank in every my bank activities/ transactions' alone strongly agreed 62 percent and 'I Say positive things about the bank to other people' has 52 percent. The result showed the above table majority of customers, 72.5 percent are agreed on customer loyalty. Remaining a few customers, 14 percent disagree the customer loyalty. From the above table, 2.4 inferred that 'Security' factor has strongly agreed 44.25 percent,23.25 percent agreed, and 17.0 percent neutral reaming 12.5 percent disagreed. Among the variable, 'The Bank keeps the customer Information securely' alone strongly agreed 61 percent and 'Performance of the bank/staff is well and it's impossible that I Lose my transactions.' has 48 percent. The result showed the above table majority of customers 70.5 percent are agreed the bank security factor is felt safe, and specifically, the majority of the customers agreed that banks keep his records very securely. It's not impossible to lose his transaction. Few 12.5 percents of the customers disagreed with security measures of the banking transaction.

Chi-Square Test
The chi-square test is used for analyzing the relationship between the IndusInd Bank Customers' demographic characteristics, mainly gender, age, marital status, educational qualification, and monthly income; Type of Bank Account has in IndusInd Bank. How long have you been a customer of this bank, Frequency of using the bank? How far, these propositions hold the goodness of fitness in the sample respondents that have been hypothetically tested through the chi-square test? Therefore, the chisquare test has been applied for identifying the level of significance in the relationship between customer satisfaction factors based on the demographic profile of IndusInd Bank.

Null Hypothesis
H 0 : There is no significant relationship between IndusInd bank Customers' demographic factors.
Alternate Hypothesis H 1 : There is a significant relationship between IndusInd bank Customers' demographic factors.  Table 2.7, the researcher has understood that there is a significant relationship between the Tangibility variables between how long you been a customer of this bank. It results that the all the tangibility variable have a significant relationship.  From the above table, 2.9 inferred that to test the significant relationship between Type of accounts having with the bank and among the variables of Customer loyalty by testing the Collected Data from IndusInd bank are analyzed through SPSS One -Way ANOVA tools to identify the rate of Significant. One-Way ANOVA Tests shows that the data provides statistically significant evidence that Type of accounts having with the bank and among the variables of Customer loyalty. From the above table, it's inferred that among the variable of customer satisfaction of customer of the IndusInd Bank are overall satisfied services very much satisfied with core banking and guarantees of this bank, Employees telling customers exactly what services will be performed by the bank but some what they are not happy with the ATM availability and employee behavior of the IndusInd Bank.

Conclusion
In today's competitive world, banks can get a competitive advantage by providing superior services to their customers. The majority of India's bank branches are not very diversified in terms of the products and services they offer. The retention of as many customers as possible would be one strategic focus that banks can implement to stay competitive. And customer retention is possible through customer satisfaction only. Thus, customer satisfaction is the key to success in today's competitive era.
This research Project highlights the satisfaction level of customers towards the banking services of the IndusInd Bank Vadalur Branch. Having considered the demographic factors of age, sex, marital status, educational qualifications, and monthly income of 100 respondents, final data has arrived and, it points out that there is a medium level of satisfaction on the customers' side.
Some light was shed on some negative factors also like creating awareness on online transactions, interest rates on loans, A.T.M. facilities, etc., That's why some suggestion was given to management, such as focusing on online services, solving a fast time banking problem, and promoting loan facilities such as industry, business, agriculture, individual loans, etc., with attractive ads.
With factors like employee behavior, banking services, and banking performance affecting the level of customer satisfaction, the IndusInd Bank has to implement prompt customer-friendly schemes / portfolios as an initiative go. Thus, these would go a long way to enhance the level of customer satisfaction, thus rectifying customer concerns and also alleviating customer numbers. Perhaps this would lead to a flourishing economy since customer satisfaction is the pivot of a successful banking structure.