A study on the level of customer satisaction; ANZ Grindlays Bank, Madras

Abstract

29 present clients of ANZ Grindlays Bank were surveyed to test the level of satisfaction enjoyed by them regarding the services provided by the Trade Finance Unit and GIFTS. The sample was chosen on the basis of usage of products and proximity to the bank. To judge the service of a Trade Finance Unit, Service Quality factors were decided and prioritised by the respondents depending on their companies’ needs. Time taken for product delivery, Ease of Transaction, Response Time for enquiry , Need-based solution Provided and Courtesy in dealing headed the list of factors. EMPATHY for the customer should be the philosophy of Trade Finance. ANZ and six competing banks were rated on their performance on service quality factors by the respondents according to their dealings with the banks. An overall rating was arrived at on the basis of weights provided to each Service Quality Factor in THE INDEX OF SATISFACTION. CITI and BANKAM steal a march over ANZ on all factors . HK, STANCHART, SBI and AMEX fall behind ANZ. The bank's services seem to be liked by companies which are not members of a business group and have a turnover < 100 Cr.. This difference should not be so immense. The companies with sister concerns and turnover > 100 Cr. have to be provided better service now to retain them in the future. ANZ's performance on individual products was also tested. ANZ is judged to be performing miserably on Charges & Commissions , Advising on Forex Rates and Spread of Bank's Network and Centres. Its procedure-oriented outlook is disenchanting its customers. A lot of companies are not utilizing their full limits. This could be due to dissatisfaction with the service or the charges. They will have to be motivated to improve utilization. To win the battle in the mind of the customer, ANZ has to be more receptive to the customers’ needs and has to implement a change in the charge structure , forex advising and thus the product utilization.