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INTRODUCTION

A study on customer perception towards Mahindra Finance

INTRODUCTION
The modern concepts of marketing realized that measuring consumer needs or behavior was not enough. Consumer Satisfaction should be the core and then the correct perception on which marketing policies of our organization should be built. Management must think of itself not as producing products but as providing customer creating value satisfaction. Customer satisfaction has a vital role in sustaining and improving hold on the market. Brief descriptions about the various measures that are needed to improve customer orientation have also been dealt with. Consider the fact todays customer face a plenitude of products in every category. Customer will be having high and raising expectation of quality and service. In the face of their vast choices, the customer will gravitate to the offering that the best meet their individual needs and expectation. They will buy one of the bases of their perception value. Therefore it is not surprising that todays winning companies are those succeed best in satisfying indeed delighting their target customer. They pay extreme attention to quality and

service to meeting and even exceeding customer expectation. They complete vigorously and at the co-operated smartly with their strategy partners in their supply and distribution chain. They pursue efficiently and yet are responsible and flexible. Customer satisfaction is the outcome felt by buyers who have expectation. Customers are satisfied when their expectation are met and delighted when their expectations are exceeded. Satisfied customers remain loyal longer, buy more, and are less sensitive and talk favorable about the company. From this it is clear that the satisfied customer will be less sensitive towards the fluctuating price and offensive marketing typically cost more than defensive marketing, because it requires much effort and cost to induce satisfied customers to switch away from their current suppliers. We should also consider the fact that the cost of attracting a new customer may be five times the cost of keeping the current customer happy. Therefore the companies are intending in developing stronger bones and loyalty with their customers.

A study on customer perception towards Mahindra Finance

DEFINITION OF CUSTOMER SATISFACTION


Customer satisfaction refers to the extent to which customers are happy with the products and services provided by a business. Customer satisfaction levels can be measured using survey techniques and questionnaires

DEFINITIONS:
Definition 1: Customer satisfaction is equivalent to making sure that product and service performance meets customer expectations.

Definition 2: Customer satisfaction is the perception of the customer that the outcome of a business transaction is equal to or greater than his/her expectation.

Definition 3: Customer satisfaction occurs when acquisition of products and/or services provides a minimum negative departure from expectations when compared with other acquisitions. Gaining high levels of customer satisfaction is very important to a business because satisfaction customers are most likely to be loyal and to make repeat orders and to use a wide range of services offered by a business There are many factors which lead in high levels of customer satisfaction including. Products and services which are customer focused and hence provide high levels of value for money. What is clear about customer satisfaction is that customers are most likely to appreciate the goods and services that they buy if they are made to feel special. This occurs when they feel that the products and services that they buy have been specially produced for them or for people like them.

BENEFITS OF CUSTOMER SATISFACTION


The importance of customer satisfaction and support is increasingly becoming a vital business issue as organization realize the benefits of Customer Relationship Management (CRM) for providing effective customer service. Professionals working within customer focused business or those running call centres or help desks, need to keep informed about the latest customer satisfaction techniques for running a valuable customer service function. From small customer service departments to large call centres, the importance of developing a valued relationship with customers using CRM is essential to support customer and long-term business growth.

A study on customer perception towards Mahindra Finance

What Do Customers Want?


Before we begin to create tools to measure the level of satisfaction, it is important to develop a clear understanding of what exactly the customer wants. We need to know what our customers expect from the products and services we provide. Customer expectations have two types Expressed Implied

Expressed Customer Expectations are those requirements that are written down in the contract and agreed upon by both parties for example, product specifications and delivery requirements. Suppliers performance against these requirements is most of the items directly measurable. Implied Customer Expectations are not written or spoken but are the ones the customer would expect the supplier to meet nevertheless. For example, a customer would expect the service representative who calls on him to be knowledgeable and competent to solve a problem on the spot. There are many reasons why customer expectations are likely to change overtime. Process improvements, advent of new technology, changes in customers priorities, improved quality of service provided by competitors are just a few examples. The customer is always right. Suppliers job is to provide the customer what he/she wants, when he/she wants it. Customer satisfaction is customers perception that a supplier has met or exceeded their expectations.

3.3 WHAT CONSTITUTES SATISFACTION?


We cannot create customer satisfaction just by meeting customers requirements fully because these have to be met in any case. However failing short is certain to create dissatisfaction Major Attributes of customer satisfaction in banking industry Can be summarized as: Product quality Premium Outflow Return on Investment Services Responsiveness and ability to resolve complaints and reject reports. Overall communication, accessibility and attitude. WHAT ARE THE TOOLS? Customer expectations can be identified using various methods such as: Periodic contract reviews
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Market research Telephonic interviews Personal visits Warranty records Informal discussions Satisfaction surveys Depending upon the customer base and available resources, we can choose a method that is most effective in measuring the customers perceptions. The purpose of the exercise is to identify priorities for improvements. We must develop a method or combination of methods that helps to continually improve service.

3.4 CUSTOMER SATISFACTION SURVEYS


Formal survey has emerged as by far the best method of periodically the customer satisfaction. The survey are not marketing tools but an informationgaining tool. Enough homework needs to be before embarking on the actual survey. This includes: Defining Objectives of the Survey Design Survey approach Develop questionnaires and forms Administer Survey (Email, Telephone or Post) Method of compiling data and analysing the findings Format of the report to present the findings There is no point in asking irrelevant questions on a customer satisfaction questionnaire. The basic purpose is to find out what we are doing right or wrong. Where is the scope for improvement, where do we stand vis--vis other suppliers. How we can serve the customer better? A customer satisfaction measurement survey should at least Identify the following objectives: Importance to customers (Customers priorities) Customers perception of suppliers performance Your performance relative to customers priorities. Priorities for improvement Survey forms should be easy to fill out with minimum amount of time and efforts on customers part. They should be designed to actively encourage the customer to complete the questions. Yet they must provide accurate data should also be sufficiently reliable for management decision
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making. This can be achieved by incorporating objective type questions where customer has to rate on scale of say 1 to 10. For repeated surveys, you could provide the rating that was previously accorded by the customer. This works like a reference point for the customer. Space should always be provided for the customers own opinions this enables them to state any additional requirements or report any shortcomings that are not covered by the objective questions. Normally, we deal various personnel at various levels in the customers organizationthe buyer, user, receiving inspector, finance and purchase person etc. surveying a number of respondents for each customer gives a complete perspective of customer satisfaction. It may be necessary to device a different questionnaire for each of them. Respondents must be provided a way to express the importance they attach to various survey parameters. Respondents should be asked to give a weighting factor, again on a rating scale of say, 1 to 10, for each requirement. This gives a better indication of relative importance of each parameter towards overall customer satisfaction and makes it easier for suppliers to prioritize their action plans by comparing the performance rating (scores) with importance rating (weighing).

A study on customer perception towards Mahindra Finance

NEED FOR THE STUDY

A study on customer perception towards Mahindra Finance

NEED FOR THE STUDY


To identify the satisfaction level of customer towards different types of service attributes, by identifying their critical factors. To study about the bank about their customized products and services, according to the consumers needed. To study the experience and expectations of the existing customers. To study to improve the current standards of services. To study the scope of introducing new types of services. To study about the business tactics followed to stand against the competitors.

A study on customer perception towards Mahindra Finance

STATEMENT OF THE PROBLEM

A study on customer perception towards Mahindra Finance

STATEMENT OF THE PROBLEM

This Study will help us to understand the consumers satisfaction about banking services and products. This study will help banks to Understand, how a consumer selects, organizes and interprets the Quality of service and product offered by banks. The market is more aware and realistic about investment and returns From financial products. In this background this study tries to analyze The customer satisfaction towards banking services in general and MAHINDRA FINANCE In particular.

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INDUSTRY PROFILE

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ORGANIZATION PROFILE

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STATEMENT OF THE OBJECTIVES

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OBJECTIVE OF THE STUDY

PRIMARY OBJECTIVE
To study, analyze and evaluate the customer satisfaction level towards the different services rendered by MAHINDRA FINANCE and to identifying the critical success factors.

SECONDARY OBJECTIVES
To evaluate the awareness level of the customer on the product and services. To find out the differences among perceived service and expected service. To evaluate the process efficiency in customer query and requirement handling To understand consumers preferences. To access the degree of satisfaction of the customers

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REVIEW OF LITERATURE

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1. According to Powpaka, Samart October 19 1996 Statethat the influence of outcome quality on customers' perceptions of overall service quality are studied. Results show that outcome quality has a strong influence on customers' overall service quality assessment. Outcome quality is also most important in services with search and experience outcome quality attributes. A model to enable marketing managers to evaluate customers' perceptions of service quality is also discussed. 2. According to Lee, Haksik, Lee, Yongki, Yoo, Dongkeun March 24 2002 State that the Performance as perceived by customers rather than the difference between that perception and the customer's prior expectations explains more the variation in service quality. It is the customer's satisfaction that leads to perceived quality of service rather than the reverse. More emphasis on responsiveness is expected to be placed on peoplebased services than on equipment and facility based services.

3. According to CBA REPORT June 12 - 2005state that the Private Finance industry had a better than average score for customer satisfaction over the past year, according to the latest report by American Customer Satisfaction Index (ACSI). The score for how well the banking industry is doing overall (75, unchanged from last year), compares to the overall Level of satisfaction in the US economy, representing all companies and industries measured by the ACSI, which stands at 74.3, so the banking industry is doing slightly better than the average of all consumer goods and services. Established in 1994, ACSI is a uniform and independent measure of household consumption experience, which tracks trends in customer satisfaction and provides benchmarking insights of the consumer economy. The ACSI is produced by the Business School at the University of Michigan, in partnership with the American Society for Quality (ASQ) and the international consulting firm, CFI Group. ACSI says their scores are a leading indicator of future consumer buying. "High satisfaction scores make it easier for banks to increase their relationships with their customers and sell them more products and services; low satisfaction has the opposite

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effect. In general, this translates into a prediction of changes in revenues," according to ACSI.

4. According to Robert W. Armstrong, Tan Boon Seng September 2 2005 state that Extends the current understanding of customer satisfaction at the business-tobusiness level in the Asian finance industry. The main thrust of the paper is an attempt to conceptualize a comprehensive model of satisfaction at the business-to-business level incorporating guanxi (Chinese business relationships), relationship marketing and the disconfirmation paradigm. The essence of the research highlighted the importance of relational constructs, in addition to the disconfirmation paradigm, in impacting customer satisfaction at the business-to-business level in the Singapore banking industry. At the business-to-business level in the Asian context, the disconfirmation paradigm is still the predominant paradigm influencing the customer satisfaction process. Relationship marketing and guanxi are significant in our comprehensive model of corporate-customer satisfaction. Relationship marketing was found to have both a direct and an indirect impact (through disconfirmation) on corporate-customer satisfaction. Guanxi was found to exert an indirect impact on satisfaction as opposed to the initial hypothesized direct impact on satisfaction.

5. According to Luis Moutinho, Douglas T. Brownie November 24 2008 State that the nature and direction of the satisfactions that are delivered to customers of bank services are explored, and the criteria used to evaluate these services are highlighted. The non-metric multidimensional scaling technique enabled respondents' perceptions to be represented spatially. It is revealed that respondents had high levels of satisfaction with regard to the location and accessibility of branches and ATMs, and acceptance of the current levels of banking fees; but expressed some caution in their evaluation of new and improved services.

6.According to U.S. Bank June 2 -2008 State that the MINNEAPOLIS - (Business Wire) U.S. Bank customers are increasingly loyal and satisfied, and they consider U.S. Banks services to be of high quality and value according to the American Customer Satisfaction Index (ACSI) research conducted in the fourth quarter of 2009.

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U.S. Bank surpassed industry averages and topped the four largest banks in the country in customer satisfaction, customer expectations, perceived quality, perceived value and customer loyalty.U.S. Bank scored 77 in overall ACSI customer satisfaction, compared to the next highest reported score of 73 and the industry average of 75. U.S. Bank exceeded reported industry averages in the important categories of loyalty, quality and value by seven or more points. Weve experienced a flight to quality for many months, and now these results are evidence of our success," said Richard Davis, chairman, president and chief executive officer of U.S. Bancorp. Our company has been a source of strength and stability and as these scores demonstrate, customers are taking notice. At U.S. Bank, they find high quality service and value, and perhaps most importantly, our customers are very loyal. As now the fifth largest commercial bank in the United States with the fourth largest branch network, we are very pleased with our results, and we know that this positive momentum is just the beginning. We are focused on customer loyalty with a number of new programs aimed at moving us from very good to great. ACSI independently surveys customers of the largest companies in consumer goods and services industries. U.S. Bank has engaged ACSI to survey its retail customers over the last several years and continues to improve its scores.

7. According to D.M. Mahaptra The business line April 11 - 2008(page4) State that The working of the customer's mind is a mystery which is difficult to solve and understanding the nuances of what customer satisfaction is, a challenging task. This exercise in the context of the banking industry will give us an insight into the parameters of customer satisfaction and their measurement. This vital information will help us to build satisfaction amongst the customers and customer loyalty in the long run which is an integral part of any business. The customer's requirements must be translated and quantified into measurable targets. This provides an easy way to monitor improvements, and deciding upon the attributes that need to be concentrated on in order to improve customer satisfaction. We can recognize where we need to make changes to create improvements and determine if these changes, after implemented, have led to increased customer satisfaction. "If you cannot measure it, you cannot improve it." - Lord William Thomson Kelvin (1824-1907).
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8. According to M. SadiqSohail and Balachandran Shanmugham march 23 -2003 State that the paper examines the current trends in the e-commerce revolution that has set in motion in the Malaysian banking sector and reports on an empirical research that was carried out in Malaysia to study the customers preference for electronic banking and the factors, which they considered influenced the adoption of electronic banking. Results based on the analysis of data relating to 300 respondents indicate that while there is no significant differences between the age and educational qualifications of the electronic and conventional banking users, some differences exists on other demographic variables. Analysis further reveals that accessibility of Internet, awareness of e-banking, and customers reluctance to change are the factors that significantly affected the usage of ebanking in Malaysia. The paper discusses on the implications of these. Limitations of the study are highlighted and further research directions are suggested.

9. According to Lee, Ming Chang; Hwan, Ing San-Tokyo December 1, 2005 State that the This study examines whether there are economic benefits to be gained from improving service quality in the Taiwanese banking industry. Service quality is perceived quality; and different from objective or actual quality; being a judgment usually made within a customer evoked set. Service quality resembles an attitude in many ways, and service quality is distinct from customer satisfaction. Traditional financial ratios are not appropriate for measuring the economic benefits of service quality improvement. 10. According to Stellenbosch London March 12 - 2004State that the Measuring

user satisfaction with information systems has attracted widespread research attention, given it is often used as an indicator of success. The Internet has allowed applications to be extended to customers of an organization, where interaction can take place through a web site, typically from home or office. The focus of attention with such applications is customer satisfaction. In this research, a 21-item, 7-factor instrument developed to measure customer satisfaction with web sites that market generic digital products and services was modified slightly, and then empirically tested and validated in the context of Internet banking specifically. A 19-item, 5-factor validated instrument emerged, the factors being Customer Support, Security, Ease of Use, Transactions and Payment, and
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Information Content and Innovation. The difference in number of factors as compared to the generic instrument was attributed to the unique nature of Internet banking web sites. These and other findings are discussed in the paper, and their implications examined.

11. According to Nan-Hong Lin, Wen-Chun Tseng, Yu-Chung Hung, David C. Yen Tokyo March 9 2008State that the Soon after becoming a WTO member, Taiwan found the internationalization and liberalization in the financial industry ushered its domestic banks into a new era. In response to this global trend, all its banks strove to rely on customer relationship management (CRM) to enhance customer value (CV). This study aims to probe further into the connection between CV and CRM. A series of examinations revealed that (1) both functional and social value impact customer behavior directly and positively; (2) customer satisfaction positively and directly affects customer loyalty; (3) a positive and direct relationship exists between customer loyalty and customer behavior; and (4) the positive and significant relationship between CV and customer behavior can be developed through mediators such as customer satisfaction and customer loyalty. Consequently, banks should offer their customers different services, products, and marketing channels to meet their diversified needs to cultivate a win-win environment of CRM for both parties.

12. According to Alessandro Arbore and Bruno Busacca June 28 -2008 State that The paper presents the results of an extensive study on the determinants of customer satisfaction for a retail bank. In doing so, it uses a revised version of the traditional analyses based on derived measures of attribute importance. The need for a revised methodology is prompted by the insights of the two- and three-factor theories of customer satisfaction, such as Kano's framework. Indeed, the evidence from 5000 customers of a prominent Italian bank confirms a non-linear and asymmetric relationship between attribute performances and overall customer satisfaction. The results from both a traditional and our revised approach are compared. While this approach can be applied across different industries, it should not be assumed that the numerical results presented in the paper apply to contexts with substantially different underlying characteristics. General trends and implications for banking services are reported.

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13. According to Pratap K.J. Mohapatra January 19 -2009 State that The article examines whether service quality of Indian commercial banks increases customer satisfaction that fosters customer loyalty. Data were collected from 350 valued customers of scheduled commercial bank branches in Orissa (India). A questionnaire elicited information on sociodemographic variables along with human, technical, and tangible aspects of service quality, customer satisfaction, and loyalty. Results suggest that better human, technical and tangible aspects of service quality of the bank branches increase customer satisfaction. Human aspects of service quality were found to influence customer satisfaction more than the technical and tangible aspects. Customer satisfaction furthers customer loyalty. Increase in service quality of the banks can satisfy and retain customers. In the Indian banking sector, human aspects are more important than technical and tangible aspects of service quality that influence customer satisfaction and promote and enhance customer loyalty.

14. According to Megha TriveditheEconomics times December 7 2009 (Page 7) State that the Customer satisfaction has become a major source of concern in retail banking business. With exceptional progress in the establishment of banks in India, banks are increasingly interested in retaining existing customers and targeting new customers. In this paper, it is proposed that quality of service is an indicator of customer satisfaction. Measuring service quality involves objective feedback about existing customers of ICICI bank with respect to their expectations and services offered. Performance of a bank may be evaluated with regard to a set of satisfaction parameters that indicate the strengths and weaknesses of an organization. Standard scale of SERVQUAL developed by Parasuraman et al. has been used to conduct the survey. This study is based on five overall dimensions of customer satisfaction with services provided by ICICI. The five dimensions used to measure service quality are tangibility, reliability, responsiveness, assurance and empathy. This study gives useful insights to boost customer satisfaction towards ICICI.

15. According to RajKumar the Hindu Aug 7 2008 State that

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The banking industry like many other financial service industries is facing a rapidly changing market, new technologies, economic uncertainties, fierce competition and more demanding customers and the changing climate has presented an unprecedented set of challenges (1). Banking is a customer oriented services industry, therefore, the customer is the focus and customer service is the differentiating factors (2). The banking industry in India has undergone sea change since post-independence. More recently, liberalization, the opening up of the economy in the 90s and the government's decision to privatize banks by reduction in state ownership culminated in the banking reforms based on the recommendations of Narasimha Committee (3). The prime mover for banks today is profit, with clear indications from the government to 'perform or perish'. Banks have also started realizing that business depends on client service and the satisfaction of the customer (4) and this is compelling them to improve customer service and build up relationship with customers. With the current change in the functional orientation of banks, the purpose of banking is redefined. The main driver of this change is changing customer needs and expectations. Customers in urban India no longer want to wait in long queues and spend hours in banking transactions. This change in customer attitude has gone hand in hand with the development of ATMs, phone and net banking along with availability of service right at the customer's doorstep. With the emergence of universal banking, banks aim to provide all banking product and service offering less than one roof and their endeavor is to be customer centric (5). With the emergence of economic reforms in world in general and in India in particular, private banks have come up in a big way with prime emphasis on technical and customer focused issues.

16. According to G. Mihelis6 Feb 2009 Commercial Bank of Greece states that Customer satisfaction represents a modern approach for quality in enterprises and organizations and serves the development of a truly customer-focused management and culture. Measuring customer satisfaction offers an immediate, meaningful and objective feedback about clients preferences and expectations. In this way, companys performance may be evaluated in relation to a set of satisfaction dimensions that indicate the strong and the weak points of a business organization. This paper presents an original customer satisfaction survey in the private bank sector. The implemented methodology is based on the principles of multicriteria analysis and preference disaggregation modeling. The most important results are focused on the determination of the critical service
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dimensions and the segmentation to customer clusters with distinctive preferences and expectations.

RESEARCH METHODOLOGY

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REASERCH METHODOLOGY 4.1 RESEARCH DESIGN:


A descriptive study tries to discover answers to the questions who, what, when, where, and, sometimes, how. The researcher attempts to describe or define a subject, often by creating a profile of group of problems, people, or events. Such studies may involve the collection of data and the creation of a distribution of the number of times the researcher observes a single Event or characteristic (the research variable), or they may involve relating the interaction of two or more variables. Organizations that maintain databases of their employees, customers, and suppliers already have significant data to conduct descriptive studies using internal information. Yet many firms that have such data files do not mine them regularly for the decision-making insight they might provide. This descriptive study is popular in business research because of its versatility across disciplines. In for-profit, not-for-profit and government organizations, descriptive investigations have a broad appeal to the administrator and policy analyst for planning, monitoring, and evaluating. In this context, how questions address issues such as quantity, cost, efficiency, effectiveness, and adequacy. Descriptive studies may or may not have the potential for drawing powerful inferences. A descriptive study, however, does not explain why an event has occurred or why the variables interact the way they do.

4.2 SAMPLING
Convenience sampling method is used for the survey of this project. It is a nonprobability sample. This is the least reliable design but normally the cheapest and easiest to conduct .In this method Researcher have the freedom to choose whomever they find, thus the name convenience. Example includes informal pools of friendsand neighbors or people responding to a newspapers invitation for readers to state their position on some public issue.
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4.2.1. SAMPLE SIZE

Sample size denotes the number of elements selected for the study. For the present study, 100 respondents were selected at random. All the 100 respondents were the customers of Mahindra Finance

4.3 SAMPLING METHOD


A sample is a representative part of the population. In sampling technique, information is collected only from a representative part of the universe and the conclusions are drawn on that basis for the entire universe. A convenience sampling technique was used to collect data fromthe respondents.

4.4 QUESTIONNARIE DESIGN:


The questionnaire consists of 2 types of questions. i) ii) open ended Closed ended.

OPEN ENDED QUESTION This refers to a question that has no fixed alternatives to which the answer must confirm. The respondent answers in his own words and at any length they choose. CLOSED ENDED QUESTION It contains those questions in which the respondent is given a limited number of alternatives responses from which he/she is to select the one that most closely matches his attitude.

The fixed alternative questions may be taken in the form of Dichotomous questions Multi-choice questions
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Dichotomous questions It refers to one, which offers the respondent a choice between only 2 alternatives and reduces the issues to its simplest terms. Multi-choice questions A multiple-choice question refers to one, which provides several set of alternatives. Multiple-choice questions can be used when an issue has more than two aspects.

4.5. METHOD OF DATA COLLECTION


To know the response, the researcher used questionnaire method. It has been designed as a primary research instrument. Questionnaires were distributed to respondents and they were askedto answer the questions given in the questionnaire. The questionnaires were used as an instrumentation technique, because it is an important method of data collection. The success of the questionnaire method in collecting the information depends largely on proper drafting. So in the present study questions were arranged and interconnected logically. The structured questionnaire will reduce both interviewers and interpreters bias. Further, coding and analysis was done for each questions response to reach into findings, suggestions and finally to the conclusion about the topic.

4.6. TYPES OF DATA


Every decision poses unique needs for information, and relevant strategies can be developed based on the information gathered through research. Research is the systematic objective and exhaustive search for and study of facts relevant to the problem Research design means the framework of study that leads to thecollection and analysis of data. It is a conceptual structure with inwhich research is conducted. It facilitates smooth sailing of various research operations to make the research as effective as possible.

4.6.2PRIMARY DATA
Primary data are those collected by the investigator himself for thefirst time and thus they are original in character, they are collected for particular purpose.A well-structured questionnaire was personally administrated to theselected sample to collect the primary data.

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4.6.3SECONDARY DATA
Secondary data are those, which have already been collected by someother persons for their purpose and published. Secondary data areusually in the shape of finished products. Two types of secondary data were collected for the preparation of theproject work: Internal Data was generated from companys brochures, manualsand annual reports External Data, on the other hand, was generated from magazines, research books, intranet and internet (websites).

4.7 TOOLS USED FOR ANALYSIS OF DATA


1. Simple percentage analysis

4.7.1SIMPLE PERCENTAGE ANALYSIS


Percentage refers to a special kind of ratio percentage are used to describe relationship.

Percentage=

No. of. Customers x 100 Total No. of Customers

4.8 SCOPE OF THE STUDY


This study is limited to the customers with in kerala only. The study will be able to reveal the preferences, needs, satisfaction of the customers regarding the banking services, It also help banks to know whether the existing products or services they are offering are really satisfying the customers needs.

4.9 LIMITATIONS OF THE STUDY


Although the study was carried out with extreme enthusiasm and careful planning there are several limitations, which handicapped the research vise,

1. Time Constraints:

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The time stipulated for the project to be completed is less and thus there are chances that some information might have been left out, however due care is taken to include all the relevant information needed.

2. Sample size:
Due to time constraints the sample size was relatively small and would definitely have been more representative if I had collected information from more respondents.

3. Accuracy:
It is difficult to know if all the respondents gave accurate information; some respondents tend to give misleading information. 4. It was difficult to find respondents as they were busy in their Schedule and collection of data was very difficult. Therefore, the study had to be carried out based on the availability of respondents

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DATA ANALYSIS & INTERPERTATION

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DATA ANALYSIS & INTERPRETATION DATA ANALYSIS


Analysis is the process of placing the data in an ordered form, combining them with the existing information and extracting the meaning from them. In other words analysis is an answer to the questions what message is conveyed by each group of the data which are otherwise raw facts are unable to give meaning full information. A raw data become an information only when they are analyzed and put in a meaning form.

INTERPRETATION
Interpretation is a process of relating various bits of information to existing information. Interpretation attempts to answer well, what relation existing between the findings to research objectives and hypothesis framed for the study in the beginning.

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TABLE 6.1 TYPE OF ACCOUNT TO OPERATE WITH BANK

SL. NO

ACCOUNT TYPE

NUMBER OF RESPONDENTS

PERCENTAGE OF RESPONDENTS 58% 22% 17% 13%

1 2 3 4

Saving Account Current Account Fixed Deposit NRI Account

58 22 17 13

Analysis: From the above table it could be inferred that 58% of the customers are choosing savings account and very few of about 13% prefer NRI Account.

Interpretation: Most of the respondents are preferring savings account. Presently the bank offers varieties of account services to the customer.

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CHART 6.1

Account Type
70 60 58% 50 40 30 20 10 0 Saving Account Current Account Fixed Deposit NRI Account 22% 17% 13% Saving Account Current Account Fixed Deposit NRI Account

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TABLE 6.2 Facility Level of MAHINDRA FINANCE SL. NO FACILITY LEVEL NUMBER OF RESPONDENTS 1 2 3 4 Excellent Good Satisfactory Poor Total 27 43 23 7 100 PERCENTAGE OF RESPONDENTS 27% 43% 23% 7% 100%

Analysis: From the above table it could be inferred that 43% of the customers are satisfied with the service and quality of products of their bank. Only 7% of customers are says poor facility in MAHINDRA FINANCE. Interpretation: Most of the respondents say MAHINDRA FINANCE offering good facility to its customer. But to the other end few people says the facilities are less.

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CHART 6.2

FACILITY LEVEL
50 45 40 35 30 25 20 15 10 5 0 Excellent Good Satisfactory Poor 7% 27% 23% Excellent Good Satisfactory Poor 43%

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TABLE 6.3

MAHINDRA FINANCEs Value Added Service

SL. NO

VALUE ADDED SERVICE

NUMBER OF RESPONDENTS 57 24 7 100

PERCENTAGE OF RESPONDENTS 57% 24% 19% 100%

1 2 3

Senior Citizen Prepaid Cards Fixed Deposit Total

Analysis: From the above table it could be inferred that 57% of the customers are using senior citizen service and only 19% are using fixed deposit scheme.

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Interpretation: Most of the respondents are utilizing the value added service as senior citizen accounts. But rarely very few people are choosing recurring deposit account.

CHART 6.3

VALUE ADDED SERVICE


60 57% 50 40 Young Star 30 20 10 0 Young Star Senior Citizen Prepaid Cards Recurring Deposit 24% Senior Citizen Prepaid Cards Recurring Deposit

12% 7%

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TABLE 6.4

Product Ratings of MAHINDRA FINANCE from Others

SL. NO

PRODUCT RATING

NUMBER OF RESPONDENTS 16 62 20 2 100

PERCENTAGE OF RESPONDENTS 16% 62% 20% 2% 100%

1 2 3 4

Excellent Good Better Poor Total

Analysis: From the above table it could be inferred that 62% of the customers rate MAHINDRA FINANCE products as Good. Only 2% of the people Rate MAHINDRA FINANCE products as Poor.

Interpretation: Most of the respondents are rating the products as good. Moderate peoples are rating as excellent. Only few people in the customers are rating the MAHINDRA FINANCE products as poor.

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CHART 6.4

Product Rating
70 60 50 40 30 20 20% 10 0 Excellent Good Better Poor 16% 2% Excellent Good Better Poor 62%

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TABLE 6.5

REFERRING MAHINDRA FINANCE TO OTHERS

SL. NO

REFERRING MAHINDRA FINANCE

NUMBER OF RESPONDENTS

PERCENTAGE OF RESPONDENTS

1 2 3

Yes No Not Sure Total

76 18 6 100

76% 18% 6% 100%

Analysis: From the above table it could be inferred that 76% of the customers are ready to refer MAHINDRA FINANCE to others. Only 6% of customers are not sure what to do.

Interpretation: Most of the respondents are obviously ready to refer Mahindra Finance to their friends, relatives and others. But few of them are not sure on this decision also some people are straight forward in not referring Mahindra Finance to others.

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CHART 6.5

Referring Mahindra Finance


80 70 60 50 Yes 40 30 20 10 0 Yes No Not Sure 18% 6% No Not Sure 76%

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TABLE 6.6

RELATIONSHIP WITH MAHINDRA FINANCE A/C OPERATIONS SL. NO MAHINDRA FINANCE ACCOUNT OPERATIONS 1 2 3 4 < 1 Year 1-5 Years 5-10 Years >10 Years Total 17 55 17 11 100 17% 55% 17% 11% 100% NUMBER OF RESPONDENTS PERCENTAGE OF RESPONDENTS

Analysis: From the above table it could be inferred that 55% of the customers are having relationship with the bank for about 1-5 years. Only 11% of customers are having more than 10 years of relationship with Mahindra Finance.

Interpretation: Most of the respondents are satisfied with the service offered by Mahindra Finance. Presently the bank has more customers who have the account with them for more than a year and less than 5 years.

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CHART 6.6

MAHINDRA FINANCE ACCOUNT OPERATIONS


60 50 40 < 1 Year 30 20 17% 10 0 < 1 Year 1-5 Years 5-10 Years >10 Years 17% 11% 1-5 Years 5-10 Years >10 Years 55%

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TABLE 6.8

Best Insurance Product in MAHINDRA FINANCE

SL. NO

INSURANCE PRODUCT

NUMBER OF RESPONDENTS 15 20 5 60 100

PERCENTAGE OF RESPONDENTS 15% 20% 5% 60% 100%

1 2 3 4

Tax Saver Investment Security All the Above Total

Analysis: From the above table it could be inferred that 60% of the customers choose the entire insurance product for their benefits. Only 5% of the customers choose the insurance product offered them security.

Interpretation: Most of the respondents are investing in MAHINDRA FINANCE for tax saving, investment and security for their money. This shows that the customers believe MAHINDRA FINANCE has a best insurance market in India.

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CHART 6.8

INSURANCE PRODUCT
70 60 60% 50 40 30 20 20% 10 0 Tax Saver Investment Security All the Above 15% 5% Tax Saver Investment Security All the Above

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TABLE 6.9

OTHER MAJOR SERVICES IN MAHINDRA FINANCE

SL. NO

OTHER SERVICES IN MAHINDRA FINANCE

NUMBER OF RESPONDENTS

PERCENTAGE OF RESPONDENTS

1 2 3 4

Vehicle loan Home loan Personal loan Bond Total

16 54 23 7 100

16% 54% 23% 7% 100%

Analysis: From the above table it could be inferred that 54% of the customers feel the home loan is the service other than the general service. Only 7% of the people prefer to Forex exchange.

Interpretation: Most of the respondents are utilizing the additional service of home loan fascilities from MAHINDRA FINANCE. But only few people are utilizing the personal loan , bond and other services from MAHINDRA FINANCE.

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CHART 6.9

Chart Title
120 100

Axis Title

80 60 40 20 0 Vehicle loan 1 16% 16 Home loan 2 54% 54 Personal loan 3 23% 23 Bond 4 7% 7 100% 100 Total

PERCENTAGE OF RESPONDENTS NUMBER OF RESPONDENTS

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TABLE 6.12 AWARNESS AND SATISFACTION LEVEL OF VARIOUS LOANS SL. NO LOAN SCHEME NUMBER OF RESPONDENTS 1 2 3 4 Vehicle loan Personal loan Home loan SME Loan Total 8 15 72 5 100 PERCENTAGE OF RESPONDENTS 8% 15% 72% 5% 100%

Analysis: From the above table it could be inferred that 72% of the customers are aware of the Home Loan. Only 5% of the customers are not sure on the SME loan.

Interpretation: Most of the respondents are Aware about the home loan in Mahindra Finance. But few customers are not so.

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CHART 6.12

Chart Title
120 100 80 60 40 20 0

Axis Title

Vehicle loan 1 8% 8

Personal loan 2 15% 15

Home loan 3 72% 72

SME Loan 4 5% 5

Total

PERCENTAGE OF RESPONDENTS NUMBER OF RESPONDENTS

100% 100

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TABLE 6.13

LOCKER FACILITY AVAILING CUSTOMER SL. NO LOCKER FACILITY PREFERENCE 1 2 3 4 Business People Government Staff Bank Staff House Wifes Total 50 30 13 7 100 50% 30% 13% 7% 100% NUMBER OF RESPONDENTS PERCENTAGE OF RESPONDENTS

Analysis: From the above table it could be inferred that 50% of the customers using locker facility are business class people. Only 7% of the customers are house wifes using locker facility.

Interpretation: Most of the respondents say they are utilizing the locker facility in Mahindra Finance. The main players are business class people. Followed by government staffs and then bank staffs.

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CHART 6.13

LOCKER FACILITY PREFERENCE


60 50 40 Business People 30 50% 20 30% 10 13% 0 Business People Government Staff Bank Staff House Wifes 7% Government Staff Bank Staff House Wifes

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TABLE 6.14

RELATIONAL SHIP BETWEEN BANKER & CUSTOMER SL. NO RELATIONSHIP BETWEEN BANK & CUSTOMER 1 2 3 4 Good Moderate Better Poor Total 13 58 9 20 100 13% 58% 9% 20% 100% NUMBER OF RESPONDENTS PERCENTAGE OF RESPONDENTS

Analysis: From the above table it could be inferred that 58% of the customers are have moderate relationship with Mahindra Finance. Only 9% of the customers feel relationship between bank & customer is better.

Interpretation: Most of the respondents are having a moderate relationship between the bank & customer. But few customers are feeling it is better and some feel it is poor in relationship.

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CHART 6.14

RELATIONSHIP BETWEEN BANK & CUSTOMER


70 60 50 40 30 20 20% 10 0 Good Moderate Better Poor 13% 9% Good Moderate Better Poor 58%

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TABLE 6.15

FIXED DEPOSIT INTEREST RATE SLAB OF MAHINDRA FINANCE FROM OTHER BANKS

SL. NO

FIXED DEPOSIT RATE

NUMBER OF RESPONDENTS 5 27 40 28 100

PERCENTAGE OF RESPONDENTS 5% 27% 40% 28% 100%

1 2 3 4

2- 3% 3- 4% 5- 10% Above 10% Total

Analysis: From the above table it could be inferred that 40% of the customers are satisfied with the interest rate slab. Only 5% of customers are not satisfied.

Interpretation: Most of the respondents are satisfied with the fixed rate slab with the bank. Hence it is offering the interest rate at minimum level. Also few people are not aware of the interest rate of fixed deposit in Mahindra Finance.

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CHART 6.15

FIXED DEPOSIT RATE


45 40 35 30 25 20 15 10 5 5% 0 2- 3% 3- 4% 5- 10% Above 10% 27% 28% 2- 3% 3- 4% 5- 10% Above 10% 40%

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TABLE 6.16

OPINION ABOUT THE CHARGES LEIVED BY MAHINDRA FINANCE

SL. NO

CHARGES LEIVED NUMBER OF BY MAHINDRA FINANCE RESPONDENTS

PERCENTAGE OF RESPONDENTS

1 2 3

High Moderate Low Total

26 64 10 100

26% 64% 10% 100%

Analysis: From the above table it could be inferred that 64% of the consumers feel that the charges are high comparatively from other banks. Only 10% of consumers are not satisfied in charges levied by Mahindra Finance.

Interpretation: Most of the respondents are not satisfied the charges levied by Mahindra Finance. Customers are expecting the charges to be reduced to get more benefit from the bank.

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CHART 6.16

CHARGES LEIVED BY MAHINDRA FINANCE


70 60 50 40 30 20 10 10% 0 High Moderate Low 26% High Moderate Low 64%

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TABLE 6.17

HOW DO YOU KNOW MAHINDRA FINANCE

SL. NO

HOW YOU KNOW MAHINDRA FINANCE

NUMBER OF RESPONDENTS

PERCENTAGE OF RESPONDENTS

1 2 3 4

Advertisements Friends & Relatives Awareness

20 61 18

20% 61% 18% 1% 100%

Direct Selling Agents 1 Total 100

Analysis: From the above table it could be inferred that 61% of the consumers are referred by friends & relatives for the best service offered by Mahindra Finance. Only 1% of consumers are came by direct selling agents.

Interpretation: Most of the respondents tell they are referred by their friends and relatives. Where very few came by the advertisements and the awareness created by the bank. Very less in count are generated by direct selling agents.

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CHART 6.17

HOW YOU KNOW MAHINDRA FINANCE


70 60 50 40 30 20 20% 10 0 Advertisements Friends & Relatives Awareness Direct Selling Agents 18% 1% Advertisements Friends & Relatives Awareness Direct Selling Agents 61%

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TABLE 6.18

MOSTLY PREFFERED LOAN OFFERED BY MAHINDRA FINANCE

SL. NO

MOSTLY PREFERRED LOAN

NUMBER OF RESPONDENTS

PERCENTAGE OF RESPONDENTS

1 2 3 4

Personnel Loan Commercial Loan Housing Loan Educational Loan Total

10 8 72 5 100

10% 8% 72% 5% 100%

Analysis: From the above table it could be inferred that 72% of the consumers are choosing housing loan

Interpretation: Most of the respondents prefer housing loan from Mahindra Finance. Only few of the customers prefer education loan and other loans in Mahindra Finance

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CHART 6.18

MOSTLY PREFERRED LOAN


80 70 60 50 40 30 20 10 10% 0 Personnel Loan Commercial Loan Housing Loan Educational Loan 8% 5% Personnel Loan Commercial Loan Housing Loan Educational Loan 72%

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TABLE 6.19

IS MANAGER AVAILABLE FOR ANY CLARIFICATION

SL. NO

MANAGER DISCUSSION

NUMBER OF RESPONDENTS 68 32 100

PERCENTAGE OF RESPONDENTS 68% 32% 100%

1 2

Yes No Total

Analysis: From the above table it could be inferred that 68% of the customers are satisfied since the manager is available for any clarification. Only 32% of the customers says it is not followed in Mahindra Finance.

Interpretation: Most of the respondents are satisfied with the clarification facility with manager. But some customers feel not so.

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CHART 6.19

MANAGER DISCUSSION
80 70 60 50 40 30 20 10 0 Yes No 32% Yes No 68%

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TABLE 6.20

OTHER SERVICE OUTLETS OF MAHINDRA FINANCE SL. NO OTHER SERVICES NUMBER OF RESPONDENTS 1 2 Yes No Total 95 5 100 PERCENTAGE OF RESPONDENTS 95% 5% 100%

Analysis: From the above table it could be inferred that 95% of the customers are aware that Mahindra Finance has other service outlet . Only 5% of the customers do not know there are any branches. Interpretation: Most of the respondents are aware that there are branches throughout the india. Where we can see that many people are aware in the branch regarding other outlets.

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CHART 6.20

OTHER SERVICES
100 90 80 70 60 50 40 30 20 10 0 Yes No 5 Yes No 95%

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TABLE 6.21

DRAWBACKS/ PROBLEM WITHIN MAHINDRA FINANCE

SL. NO

CUSTOMER SUGGESTION

NUMBER OF RESPONDENTS 86 12 2 100

PERCENTAGE OF RESPONDENTS 86% 12% 2% 100%

1 2 3

Yes No Not Sure Total

Analysis: From the above table it could be inferred that 86% of the consumers are suggesting that there are drawbacks within ION. Only 12% of consumers are sure that there are no internal problems in MAHINDRA FINANCE.

Interpretation: Most of the respondents tell that there are some internal problems and drawbacks in Mahindra Finance. Where few people saythat no problem in Mahindra Finance.
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CHART 6.21

DRAWBACKS/ PROBLEM WITHIN MAHINDRA FINANCE


100 90 80 70 60 50 40 30 20 10 0 Yes No Not Sure 12 2 Yes No Not Sure 86%

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FINDINGS OF THE SYUDY

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FINDINGS OF THE STUDY


58% of the respondents are opinion that the customers are choosing saving account in Mahindra Finance. 43% of the respondents are opinion that the customers are satisfied with the service and the quality of products in Mahindra Finance. 57% of the respondents are opinion that the customers are using senior citizen services in Mahindra Finance. 62% of the respondents rated that Mahindra Finance products is good. 76% of the respondents are ready to refer Mahindra Finance to others. 55% of the respondents have relationship with the Mahindra Finance for about 1-5 years. 60% of the respondents are opinion that all the insurance products of Mahindra Finance are beneficial. 72 of the respondents are opinion that they are aware of home loan product of Mahindra Finance. 50% of the respondents are utilizing the locker facility in Mahindra Finance by business class people. 72% of the respondents are opinion that the publicity of Mahindra Finance to the people is done through friends & Relatives. 64% of the respondents are sure that the levied charges by Mahindra Finance are low. 72% of the respondents are opinion that the customers prefer Housing Loan from Mahindra Finance. 68% of the respondents are satisfied with the manager availability for any clarification. 58% of the respondents are opinion that the customers have moderate relationship with Mahindra Finance.
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95% of the respondents are aware of the Mahindra Finance service outlets in other areas 50% of the respondents agree that customers have some drawbacks and problems in Mahindra Finance. 40% of the respondents are satisfied with the interest rate slabs. 36% of the respondents are opinion that the immediate attention on any complaints. 71% of the respondents are opinion that they do not expect any more service from Mahindra Finance.

SUGGESTIONS & RECOMMENDATIONS

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SUGGESTIONS & RECOMMENDATIONS


With regard to banking products and services, customers respond at different rates, depending on the consumers characteristics. Hence Mahindra Finance should try to bring their new product and services to the attention of potential early adopters. Due to the intense competition in the financial market, MAHINDRA FINANCE should adopt better strategies to attract more customers. Return on investment company reputation and premium outflow are most preferred attributes that are expected by the respondents. Hence greater focus should be given to these attributes. Mahindra Finance should adopt effective promotional strategies to increase the awareness level among the customers. Mahindra Finance should ask for their consumer feedback to know whether the customers are really satisfied or dissatisfied with the service and product of the bank. If they are dissatisfied, then the reasons for dissatisfaction should be found out and should be corrected in future. The Mahindra Finance brand name has earned a lot of goodwill and enjoys high brand equity. As there is intense competition, Mahindra Finance should work hard to maintain its position and offer better service and products to customers. The bank should try to increase the Brand image through performance and service then, only the customers will be satisfied. Majority of the people find banking important in their life, so Mahindra Finance should employ the strategies to convert the want in to need which will enrich their business. The bank may conduct events/ schemes week or months for promoting products. A separate information desk marked as an investment consultancy provider may be established for catering to the needs of the customers. A refined data base may be used for sending personal reminders to the customers. Strategic points may be identified for the displaying the potters. All the communications may be bear the information/ logo of the different schemes. Cost effective, visually appearing tools like bulletin board may be used for promotion. Direct mailers may be sent to co-operate account holder.

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CONCLUSION

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CONCLUSION

The project entitled THE STUDY ON CUSTOMER PERCEPTION TOWARDS MAHINDRA FINANCE has helped me in studying satisfaction about services and products offered to customers. Since the opening up of the banking sector, private banks are in the fray each one trying to cover more market share than the other. Mahindra finance must also be alert what with Private Banks (ICICI, HDFC) breathing down its neck. I am sure the bank will find my findings relevant and I sincerely hope it uses my suggestions enlisted, which I hope will take them miles ahead of competition. In short, I would like to say that the very act of the concerned management at Mahindra Finance in giving me the job of critically examining consumer satisfaction towards financial products and services of the company is a step in their continual mission of making all round improvements as a means of progress. I am sure the bank has a very bright future to look forward to And will be a trailblazer in its own right.

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BIBLOGRAPHY

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BIBLOGRAPHY

Websites
www.wikipedia.com www.thehindu.com www.newyorktimes.com www.economictimes.com www.mahindrafinance.com

Books Referred
SERVICE MAKETING, Zeithaml.A Tata Mc Graw-Hills, Publications New Delhi

BUSINESS STATISTICS G.P.Gupta Sultanchand Publication Mumbai

Research Methodology Kothari.C.R New Age International Publication New Delhi

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