A study on customer satisfaction of the Agrani Bank Ltd
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Letter of Transmittal To Prof. Md. …….. ……….. ………………. Subject: Submission of Project paper.
Dear Sir, With due respect and humble submission to state that I am Md. ……. is submitting my project paper on “ A study study on custome customerr satisfa satisfactio ction n of the Agran Agranii Bank Ltd. Ltd. for your ind consideration as a part of re!uirement in completing my ""# program . This project paper contains a lot of information about $ustomer Satisfaction . I %ould lie to e&press my heartiest gratitude for your ind cooperation and guidance in maing this project paper informati'e informati'e and time oriented . There may ha'e some unintention unintentional al mistaes mistaes and lapses . (ou (ou are re!uested to consider those as e&cuses .
Sincerely (ours ,
………………………
!d. """.. …….. University
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Ackno#ledgement #t the inception of preparing this report, I %ould lie to e&press gratitude to the #lmighty #llah for special blessings in completing it. There is an )nglish pro'erb *T%o heads are better than one.+ So, no one can obtain a noble objecti'e alone. This project is an accumulation of some peoples endea'or. -or this, I am indebted to a number nu mber of people %ho % ho helped me to prepare this and for their ind ad'ices, suggestions, directions, and cooperation and proper guidelines for this. -irs -irstl tly y, I %oul %ould d lie lie to than thans s to the the $nternal $nternal $nternsh $nternship ip Sup Super% er%isor isor&& Lec Lectur turer er "".& 'epertment of Business Administration& "".. %ho has guided me from the 'ery beginning of
my internship program and other teachers of the Department for pro'iding me the opportunity to undergo the internship program. -inall -inally y, sincer sinceree thans thans again again to my intern internal al super' super'iso isorr !d". ecturer er , Depert Depertmen mentt of !d"... , ectur "usiness #dministration, Dhaa for his appropriate suggestions, moral support and in'aluable co/operation from time to time in completing my project p aper during the internship period.
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()ecuti%e summary 0o% the bans constitute the core of the countrys organi1ed financial system in "angladesh. "ans are no%/a/days the most trusted financial organi1ations to the people all o'er the %orld and they satisfied their customer by offering Different baning ser'ices. )nsuring the ma&imum le'el of customer satisfaction is an aim for each financial institution. #s a result the customer e&pect e&pectati ations ons about about the ser'ice ser'ice !uality !uality of #grani #grani "an "an al%ays al%ays remain remain medium medium.. I got the opportunity of getting important information from the employees of this ban that help me to prepare this project paper. #grani "an imited, a leading commercial ban %ith 234 outlets strategically located in almost all the commercial areas throughout "angladesh, o'erseas )&change 5ouses and hundreds of o'erseas $orrespondents, came into being as a Public imited $ompany on May 64, 7884 %ith a 'ie% to tae o'er o' er the business, assets, liabilities, rights and obligations of the #grani "an %hich emerg emerged ed as a nation nationali ali1ed 1ed commer commercia ciall ban in 6947 6947 immedi immediate ately ly after after the emerg emergence ence of "angladesh as an independent state. The objecti'e of the report is to assess the le'el of importance, the customer of #grani "an put across 'arious ser'ice attributes and also to determine ho% %ell #grani "an is satisfying the custom customer er of those those ser'ic ser'icee grounds grounds and differ different ent ser'ic ser'icee !ualit !uality y dimens dimension ions. s. The sur'ey sur'ey is conducted on 688 respondents :sample; those represent the total general customers segment. $ustomer had to mar the le'el of importance that they percei'e about a particular ser'ice attributes !uality. !uality. The sur'ey data is then analy1ed %ith the help of o f statistical tools lie %eighted a'erage mean and simple arithmetic mean. The sur'ey outcome is not highly satisfactory. $ustomers are highly dissatisfied %ith the ser'ice !uality of #TMs because of the less number of #TMs. "y increasing the numbers of #TMs, constructi constructing ng the ne% branches, branches, employees employees training, training, introducin introducing g locer ser'ice, personali1e personali1e caring, implementing charges #grani "an can impro'e its ser'ice !uality. #grani "an should attract the dissatisfied customer in order to bring them to positi'e side of the road strong relationship %ith the customers can be maintained.
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Table of Content *hapter ,
Title
Introduction
6
6.6 Introduction of the Topic
7
6.7
=
6.= Scope of the Study
>
6.> Methodology of the Study
?
6.>.6 Type Type of @esearch
?
6.>.7 Auestionnaire Preparation
?
6.>.= Target Broup
?
6.>.> Sources of Information
3
6.6.? Data $ollection Instrument
4
6.6.3 Method and Si1e
4
6.>.4 Data #nalysis and -indings
4
6.? imitation of the @eport -
Page +o
$u $ ustomer Ser'ice
2 9
7.6 Satisfaction
68
7.7 $ustomer Satisfaction
68
7.= 0eed to Measure $ustomer Satisfaction
66
7.> "enefit of $ustomer Satisfaction
67
7.? What do $ustomer %ant
67
7.3 $ustomer Satisfaction Dimension
6=
7.4 Define Ser'ice Auality and Satisfaction
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6>/6?
7.2 Ser'ice Auality Dimension
Industry Profile
62
=.6 5istory of "aning in "angladesh
/
0
6?/64
69/78
=.7 "aning Ser'ice in "angladesh
76
=.= Types of "an #ccount
76
=.> Plastic Money
77
=.? -uture of "aning in "angladesh
77
=.3 @is Management
7=
<'er'ie% of the
7>
>.6 5istorical "acground of #grani "an
7?
>.7 0ature of "usiness
73
>.=
74
>.> $ompany Mission C ision
72
>.?
79
>.3 "usiness $hallenges
=8
>.4 $redit @ating
=6
"a "an Ser'ice Pro'ided "y #grani "an td.
=7
?.6 #gency Ser'ice
==/=>
?.7 ocer Ser'ice
=>
?.= )'ening "aning Ser'ice
=?
?.> -inancial Ser'ice
=?
?.>.6 Import -inance
=3
?.>.6 )&port -inance
=4
?.? Merchant "aning
=2/=9
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?.3 -oreign @emittance
1
2
>8/>6
?.4 @emit<0) Money Transfer Management Solution
>7
?.2 -uture Plan
>=
$ustomer Sa Satisfaction an and e e'el of of Im Importance at at #grani "a "an
>>
3.6 @eliability
>?/>2
3.7 @esponsi'eness
>2/?6
3.= #ssurance
?6/?=
3.> $are C )pthay
?>/?4
3.? Tangible Tangible
?4/36
3.3 Some
37/34
3.4 -indings from obser'ation
32
3.2 Implication of @esult
39
3.2.6 Di'ers of Satidfaction
39
3.2.7 Most important attributes of ser'ice
39
3.2. 3.2.= = Sati Satisf sfac acti tion on To%ard %ardss the the most most impo import rtan antt attr attrib ibut utes es
48
3.2.> Most Satisfied aspects of #grani "an ser'ice
46
3.2.? Most ost dissatisfied aspects of #grani "an ser'ice
46
3.9 SW
47/4=
$onclusion C @ecommendation
4>
4.6 $onclusion
4?
4.7 @ecommendation
43
@eference
44
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*hapter 3,
$ntroduction
1.1 $ntroduction $ntroduction of the topic Page 8 of 85
Benerally by the %ord *"an+ %e can easily understand that the financial institution deals %ith money. "ut there are different types of bans lieE $entral "an, $ommercial "ans, Sa'ings "ans, In'estment "ans, Industrial "ans, $ooperati'e "ans etc. "ut %hen %e use the term *"an+ %ithout any prefi&, or !ualification it refers to the *$ommercial "ans+. # commercial ban is a type of financial intermediary and a type of ban. $ommercial baning is also no%n as business baning. baning. It is a ban that pro'ides checing accounts, accounts, sa'ings accounts, accounts, and money maret maret accounts accounts and that accepts time deposits. Traditional Traditionally ly,, large large commercial commercial bans also under%rite bonds, and mae marets in currency, interest rates, and credit/related securities, but today large commercial bans usually ha'e an in'estment ban arm that is in'ol'ed in the mentioned acti'ities. "aning sector is e&pending its hand in different e'ents e'eryday. #t the same time the baning process is becoming faster, easier and the baning arena becoming %ider. #s the demand for the better ser'ice increase day by day, they are coming %ith different inno'ati'e ideas and products. In order to sur'i'e in the competiti'e field of the baning sector, all baning organi1ation looing for better ser'ice opportunities to pro'ide their fello% clients.
,.- 4bjecti%e of the Study Page of 85
The objecti%es of the study are mentioned as beneath F a5 Primary 4bjecti%e: Primary objecti'e of the report is fulfilling the course re!uirement for
$ompletion of the degree deg ree of ""# program of 0ational Gni'ersity, Gni'ersity, b5 Secondary 4bjecti%e: "eside the primary objecti'e, there are some other objecti'es %hich
are e!ually important. The prime objecti'e of the study is to e&amine •
To assess the le'el of importance, the customer of #grani "an put across 'arious ser'ic ser'icee attrib attribute utess and also also to determ determine ine ho% %ell %ell #gran #granii "an "an is satisf satisfyi ying ng the customers on those ser'ice grounds and different ser'ice !uality dimensions.
•
To come up %ith possible %ays of impro'ing ser'ice !uality and efficiency that %ill lead to bring more customer satisfaction for #grani "an td.
•
#naly1e customer opinion regarding satisfaction through !uestioning customer.
,. Scope of the study Page 1! of 85
#s a student of ""#, it is normally essential to no% the customer ser'ice and satisfaction of any ban. In modern %orld %ithout $ustomer Satisfaction any organi1ation can not run in any moments. This report co'ersF •
$ustomer Ser'ice and Satisfaction of #grani "an td.
•
The scope of this report is limited to the o'erall description of the company. Its ser'ice and their customers assessment about the ser'ice pro'ided p ro'ided by the customer ser'ice department.
,./ !ethodology of the Study Page 11 of 85
,./., Type of research: In this study, e&ploratory research %ill be conducted to find out and understanding of the o'erall baning of #grani "an td. and also to determine some of the attributes of ser'ice !uality in this ban. •
()ploratory 6esearch
)&ploratory research is a type of research conducted for a problem that has not been clearly defined. defined. )&ploratory )&ploratory research research helps determine determine the best research research design, design, data collection collection method and selection of subjects. It should dra% definiti'e conclusions only %ith e&treme caution. Bi'en its fundamental fundamental nature, nature, e&ploratory e&ploratory research research often concludes that a percei'ed percei'ed problem does not actually e&ist. )&ploratory research often relies on secondary research such as re'ie%ing a'ailable literature andHor data, or !ualitati'e approaches such as informal discussions %ith consumers, employees, management or competitors, and more formal approaches through in/depth inter'ie%s.
,./.- 7uestionnaire Preparation The entire !uestionnaire is prepared based on the S)@AG# scale. There are fi'e ser'ice !uality !uality dimensions dimensions @eliabilit @eliability, y, @esponsi'eness, @esponsi'eness, #ssurance, #ssurance, )mpathy )mpathy and Tangibles. angibles. I also designed a structure and unstructured !uestionnaire. This structured !uestionnaire %as the major tools of this research project. 76 !uestions are selected %hich focus this ? dimensions.
,./. Target 8roup Indi'idual $ustomers of #grani "an td.
,././ Sources of $nformation Page 12 of 85
,. Primar mary 'at 'ata a
I ha'e collected primary data d ata by 'ariety of %ays, first of all by inter'ie%ing employees of #grani "an td. and directly communicating %ith the customers. I ha'e also conducted a !uestionnaire sur'ey of the customers minimi1ing interruptions in their baing acti'ities. Primary data %ere mostly deri'ed from the discussion %ith the employees C through sur'eys on customers of the organi1ation. Primary information is under consideration in the follo%ing mannerF •
-ace to face con'ersation %ith the employees.
•
"y inter'ie%ing customers of #grani "an.
-. Seco Second ndar ary y data data
I ha'e ha'e elabor elaborate ated d differ different ent types types of seconda secondary ry data data in my resear research. ch. Source Sourcess of seconda secondary ry information can be defined as follo%sF Internal Sources •
Prior research report
•
Broup "usiness Principal manual
•
"ans #nnual @eport
)&ternal Sources •
Different boos and periodicals related to the baning sector
•
Internet
•
0e%spapers
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,./.0 'ata *ollection $nstruments During the e&ploratory research, research, Iconducted Iconducted in/depth inter'ie%s inter'ie%s %ith $n3depth $n3depth inter%ie#: inter%ie#: During employees and customers of #grani "an td. also design designed ed a struct structure ure and unstru unstructu ctured red !uestio !uestionnai nnaire re for the 7uestionnaire 7uestionnaire sur%ey: I also customers of #grani "an. This structured !uestionnaire %as the major tools of this research project.
,./.1 !ethod and Si9e ,. !ethod
-or the purpos purposee of gettin getting g better better result result,, I adopete adopeted d non probab probabili ilisti sticc purpos purposi'e i'e sampli sampling ng techn techni! i!ue ue durin during g the the sur' sur'ey ey of thes thesee proj project ect %her %heree custom customer erss %ere %ere gi'e gi'en n copi copies es of the the !uestionnaire and %ere ased to fill them. I ga'e continuous support to the customers for any problems that they faced %hile filling up !uestionnaire so that the 'alidity of the !uestionnaire increases. #s the simple simple random sampling is easily understood and results are assessable it is best suited for my study. -. Si9e
In this research phase I selected a group g roup of 688 people
,./.2 'ata analysis and indings The analysis of collected data is completed %ith the help of the statistical tools. The response of the sur'ey including the le'el of importance and the customers perception are tallied at first and than the %eighted a'erage of those responses are prepared. 5ere the 'alue of the S)@AG# scale :?, >, =, 7, and 6; is counted as the %eight. -inally by doing mean of the three !uestions of the single segment the o'erall mean importance and o'erall mean satisfaction le'el of the ser'ice !uality dimension are calculated.
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,.0 Limitation of the report report •
Time frame of the research %as 'ery limited. The actual sur'ey %as done %ith in a month.
•
arge scale research %as not possible due to constraints and restriction posed by the organi1ation.
•
Part of organi1ational culture %as %ritten from indi'iduals perception and may 'ary from person to person.
•
Betting rele'ant papers and documents %ere strictly prohibited.
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*hapter 3-
*ustomer Ser%ice
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-.; *ustomer Ser%ice $ustomer Ser'ice is the set of beha'ior that a business undertaes during its interaction %ith its customers. It can also refer to a specific person or des %hich is set up to pro'ide general assistance to customers.
-., Satisfaction 'efinition ,: Satisfaction means the contentment one feels %hen one has fulfilled a desire, need
or e&pectations. 'efinition -: $ustomer le'el of appro'al %hen comparing a product percei'ed performance %ith
his or her e&pecta e&pectatio tion. n. #lso #lso could could refer refer to discha discharge rge,, e&ting e&tinguis uishme hment, nt, or retire retiremen mentt of an obligation to the acceptance of the obligator, or fulfillment of a claim. While satisfaction is sometimes e!uated %ith performance, it implies compensation substitute %here as performance denotes doing %hat %as actually promised.
-.- *ustomer Satisfaction Baining high le'els of customer satisfaction is 'ery important to a business because satisfaction customers are most liely to be loyal and to mae repeat orders and to use a %ide range of ser'ices offered by a business.
@ather than a single definition, I thin it is appropriate to pro'ide se'eral definitions because a single definition gi'es the impression that there can be o nly one, %hich is certainly not true.
•
'efinition 'efinition ,: $ustomer satisfaction is e!ui'alent to maing sure that product and ser'ice
performance meets customer e&pectations.
•
'efinition 'efinition -: $ustomer satisfaction is the perception of the customer that the outcome of
a business transaction is e!ual to or greater than hisHher e&pectation.
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•
'efinition : $ustomer satisfaction occurs %hen ac!uisition of products andHor ser'ices
pro'ides a minimum negati'e departure from e&pectations %hen compared %ith other ac!uisitions.
-. The +eed to !easure *ustomer Satisfaction •
The %ord satisfied itself had a number of different meanings for respondents, %hich can be split into the broad themes of contentment contentmentHhappi Hhappiness, ness, relief, relief, achie'ing achie'ing aims, and achie'ing aims and happy %ith outcome and the fact that they did not encounter any hassle.
•
In the era of the globali1ation, management of the companies is more concerned about $ustomer Satisfaction, %hich leads to profitability. Satisfied customers are central to optima optimall perfor performan mance ce and financi financial al return returns. s. In many many places places in the %orld, %orld, busine business ss organi1ations ha'e been ele'ating the role of the customer to that of a ey staeholder o'er the past t%enty years. $ustomers are 'ie%ed as a group %hose satisfaction %ith the enterprise must be incorporated in strategic planning efforts. -or%ard/looing companies are finding 'alue in directly measuring and tracing customer satisfaction :$S; as an important strategic success indicator. )'idence is mounting that placing a high priority on $S is critical to impro'ed organi1ational performance in a global maretplace.
•
With With better better underst understandi anding ng of custom customers ersJJ percep perceptio tions, ns, compan companies ies can determ determine ine the actions re!uired to meet the customersJ needs. They can identify their o%n strengths and %eanesses, %here they stand in comparison to their competitors, chart out path future progress and impro'ement. $ustomer satisfaction measurement helps to promote an increased focus on customer outcomes and stimulate impro'ements in the %or practices and processes used %ithin the company.
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-./ Benefits of *ustomer Satisfaction The importance of customer satisfaction and support is increasingly becoming a 'ital business issue as organi1at organi1ation ion reali1e reali1e the benefits benefits of $ustomer $ustomer @elationshi @elationship p Management Management :$@M; for pro'iding effecti'e customer ser'ice. Professionals %oring %ithin customer focused business or those those runnin running g call call centers centers or help help dess, dess, need to eep informed informed about the latest latest custom customer er satisfact satisfaction ion techni!ues techni!ues for running a 'aluable 'aluable customer customer ser'ice ser'ice function. function. -rom small customer customer ser'ice departments to large call centers, the importance of de'eloping a 'alued relationship %ith customers using $@M is essential to support customer and long/term business gro%th.
-.0
)&pressed
•
Implied
()pressed: $ustomer )&pectations are those re!uirements that are %ritten do%n n the contract
and agreed upon by both parties for e&le, product specifications and deli'ery re!uirements. Suppliers performance against these re!uirements is most of the items directly measurable. $mplied: $ustomer )&pectations are not %ritten or spoen but are the ones the customer %ould
Le&pect the the supplier to meet ne'ertheless. -or e&le, e&le, a custom customer er %ould %ould e&pect e&pect the ser'ic ser'icee repres represent entati ati'e 'e %ho calls on him to be no%ledgeable and competent to sol'e a problem on the spot. There are many reasons %hy customer e&pectations are liely to change o'ertime. Process impro'ements, ad'ent of ne% technology, changes in customers priorities, impro'ed !uality of ser'ice pro'ided by competitors are just a fe% e& amples.
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-.1 *ustomer Satisfaction 'imension $ustomer Satisfaction is measured across 'arious parameters. There are parameters and sub parameters :some enumerated belo%;. Sales ()perience •
e'el of product no%ledge %ith Sales staff
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Timeliness and !uality of response to customer !ueries on product.
•
e'el of understanding of customers needs and uni!ue perspecti'e.
•
#'ailability #'ailability and !uality of brochures, sales material.
•
Presentation, communication and mannerism of sales person.
•
Project of honesty and trust%orthiness.
Product 'eli%ery ()perience •
Timeliness of product deli'ery
•
Sharing of status %hile %or/in/progress
•
Auality and sophistication of deli'eryHproduct pac
•
"eha'ior and mannerism of deli'ery staff.
•
e'el of congruence bet%een %hat %as sold and %hat %as deli'ered.
Product ()perience •
e'el of product !uality 'is/N/'is e&pectation.
•
e'el of need fulfillment 'is/N/'is e&pected
Product Ser%icing
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•
Timeliness of product ser'icing
•
Auality of product ser'icing
•
$ost of product ser'icing
•
Mannerism and conduct of ser'icing staff
6elationship e)perience •
-re!uency and !uality of contact
•
no%ledge of company products and customer opportunities
•
$onduct and $ommunication of relationship person.
*omplaint resolution > 8rie%ance ?andling •
Timeliness of complaint resolution
•
Auality of complaint resolution
•
e'el of iterations till the complaint %as resol'ed.
•
)mpathy of the customer ser'icing staff
•
no%ledge of customer ser'icing staff
*ollection ()perience •
$ommunication !uality and information for collection
•
$onduct and communication of collection staff
•
$hannel and )ase of gi'ing payments.
-.2 'efining Ser%ice 7uality and Satisfaction Page 21 of 85
The t%o separate separate terms *satisfaction *satisfaction++ and *!uality+ *!uality+ are difficult difficult to define define in general, and press %riter %riterss tend tend to use those those terms terms interc interchang hangeabl eably y. 5o%e'er 5o%e'er,, the more more precis precisee meani meanings ngs and measurement of the t%o concepts %ere de'eloped after a considerable debate. #lthough these t%o consensuses share something in common, the fundamental causes and outcomes differ from one another. While satisfaction is a %ide and broad concept in general, ser'ice !uality has specific attributes of the ser'ice itself. #s sho%n belo% in -igure 6, ser'ice !uality is a reflection of the customers perception of reliability, assurance, responsi'eness, empathy and tangibles. Whereas customer satisfaction is more inclusi'e and percei'ed according to ser'ice !uality, product !uality, price, situational factors and personal factors. :Oeithaml, "itner C Bremler, 7889, 68=.;
@eliability
@esponsi'eness
#ssurance
)mpathy
Tangibles
Ser'ice Auality
Product Auality
Situational -actors
$ustomer Satisfaction
Personal -actors
Price
-igureF Ser'ice Auality and satisfaction
-.@ Ser%ice 7uality 'imension S(67CAL5
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$ustomer oyalty
The S)@AG# model is a %idely accepted model of determining and e&pressing the customer satisfaction. It %as first published in 6922 and has undergone impro'ements and re'isions since than. #s it is east to understand and to identify the customer satisfaction le'el this model is selected to use in the report. There are fi'e major those entirely represent the ser'ice !uality. These are e&plained belo%F Tangibles: 6epresenting the Ser%ice Physically
Tangib ngible less are define defined d as the appeara appearance nce of physic physical al facili facilitie ties, s, e!uipm e!uipment ent,, person personnel nel and comm communi unicat catio ions ns mate materi rial als. s. $ust $ustom omer ers, s, parti particu cula larl rly y ne% ne% cust custom omer ers, s, use use thes thesee physi physical cal representations or images to assess !uality. Ser'ice companies can mae good use of tangible factors to impro'e their image, pro'ide continuity, and indicate !uality to customers, or e'en combine them %ith another element to create a ser'ice !uality strategy. :Oeithaml, "itner C Bremler 7889, 66?;
6eliability: 'eli%ering on Promises
Reliability is defined as the ability to perform perform the promised promised ser'ice dependably and accurately accurately.. More specifically, it means that the company deli'erers ser'ice pro'ision, problem resolution, and pricing according to their promises. In this %ay, firms can eep their customers loyal to them. :Oeithaml, "itner C Bremler 7889, 66=.;
6esponsi%eness: Being
Responsiveness is the %illingness to help customers and to pro'ide prompt ser'ice. The focus is %eighted on ho% !uicly and attenti'ely companies are able to deal %ith customer re!uests, !uestions, complaints, and problems. $ompanies must ha'e customers point of 'ie% to deli'er ser'ice and handle re!uests in order to e&cel on this dimension. :Oeithaml, "itner C Bremler 7889, 66>.; Assurance: $nspiring Trust and *onfidence
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Assurance is the no%ledge and courtesy of employees and their ability to con'ey trust and confidence. -or high/ris ser'ice such as baning, insurance, medical, broerage, and legal ser'ices, this aspect tends to be particularly significant. $ompanies need to gain trust and confidence in order to create trusting relationships %ith their customers. :Oeithaml, "itner C Bremler 7889, 66>.;
(mpathy: Treating *ustomers as $ndi%iduals )mpathy is the pro'ision of caring indi'iduali1ed attention to customers. The core idea is to pro'e customers that they are cared and understood through personali1ed or customi1ed ser'ice, as they are special and important for firms. Small firms are often able to reflect their personal no%ledge of customer re!uirements and preferences and build relationships %ith their customers so that small firms tend to be more ad'antageous %hen competing %ith larger firms in this dimension. :Oeithaml, "itner C Bremler 7889, 66>/66?.;
This attribute demands customi1ation ser'ice process. #spects lie indi'idual attention, understanding customers needs and interests %ere categori1ed in this section. #ll of those elements are e!ually important in order to obtain one hundred percent of !uality and ha'e differ differen entt influe influence nce on the final final ser'i ser'ice ce !ualit !uality y. $ustom $ustomers ers use those those fi'e fi'e dimens dimension ionss to organi organi1e 1e information about ser'ice !uality in their minds. Depending on a situation, sometimes all the dimensions are used, and at other times not. #lthough this model is found rele'ant for a 'ariety of ser'ice business and therefore %idely used, some researchers researchers suggest that cross/cul cross/cultural tural aspect is missing missing on those those dimensions. Indi'iduals from different bacgrounds see different e&periences from the same set of ser'ice and also percei'e actual e&periences differently. This has to be taen into account %hen applying these dimensions. :Oeithaml, "itner C Bremler 7889, 667.;
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*hapter 3
$ndustry Profile
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., ?istory of Banking in Bangladesh "angla "anglades desh h is a de'elo de'elopin ping g countr country y. "anin "aning g sector sector plays plays a pi'ota pi'otall role role in the economi economicc de'elopment of the country. "aning system of a country can %ell be said as a barometer of its economic prosperity. Well/de'eloped baning system is indispensable for modern trade and comm commerc erce. e. 0o%/ 0o%/a/ a/day days, s, bans bans not not only only act act as custo custodi dian an of publ public ic money money but but also also are are indispensable as 'ital agent for maintenance of sound financial position of a country. 0ationali1ed $ommercial "ans :0$"s; %ere established in "angladesh in 6947 through amalgamati amalgamation on of t%el'e t%el'e commercial commercial bans that %ere operating operating in pre/independ pre/independent ent "angladesh "angladesh allo%ing the poor access to fund, reducing capital flight to foreign countries, and increasing domestic in'estment %ere some of the basic objecti'e of this nationali1ation. That means a society %ith %ealth distributed as e!uitably as possible. "ut %ith time difference those bans has changed their policies and strategies, %hich %ere not fulfilling the class baning policies of the go'ernment.
Page 26 of 85
Table: Banking ?istory of Bangladesh
()isting Bank
The 0ational "an of Paistan, The "an of "eha%alpur td. The Premier "an td., The 5abib "an td., The $ommerce "an td. The Gnited "an td., The Gnion "an td. The Muslim $ommercial "an td., The Standard "an td. The #ustrasia "an td., The )astern Mercantile "an td. The )astern "aning $orporation td.
Authori9ed *apital
Paid3up *apital
Lac Tk.5
Lac Tk.5
Sonali "an
0;;
-;;
#grani "an
0;;
,;;
anata "an
0;;
,;;
@upali "an
0;;
,;;
Pubali "an
0;;
,;;
Gttara "an
0;;
,;;
+e# Bank
#fter the liberation of "angladesh the t%el'e "aning companies %ho %ere doing business in "angladesh, %ere nationali1ed by the Bo'ernment of the PeopleJs @epublic of "angladesh under Bangladesh Bank +ationali9atio +ationali9ations5 ns5 4rder 4rder&& presidentJs order 0o.73 of 6947 entitled The Bangladesh ,D2- on March 73, 6947.
.- Banking ser%ice in Bangladesh
Page 27 of 85
With years, bans are also adding ser'ices to their customers. The "angladesh baning industry is passing through a phase of customers maret. The customers ha'e more choices in choosing their bans. # competition has been established %ithin the bans operating in "angladesh. With stiff stiff competition competition and ad'ancement of technology technology,, the ser'ices ser'ices pro'ided by bans ha'e become more easy and con'enient. The pastdays are %itness to an hour %ait before %ithdra%ing cash from accounts or a che!ue from north of the country being cleared in one month in the south. This section of baning deals %ith the latest disco'ery in the baning instruments along %ith the polished 'ersion of their old systems.
. Types of Bank Account The most common and first ser'ice of the baning ba ning sector. There There are different types of ban account in "angladesh baning sector. The The ban accounts are as follo%sF
•
"an Sa'ings #ccount / "an Sa'ings #ccount can be opened for eligible person H persons and certain organi1ations H agencies :as ad'ised by "angladesh "an from time to time;
•
"an "an $urr $urren entt #ccoun ccountt / "an "an $urr $urren entt #ccou ccount nt can can be opene opened d by indi indi'i 'idu dual alss H partnership firms H Pri'ate and Public imited $ompanies H Specified #ssociates H Societies H Trusts, etc.
•
"an "an Term Depo Deposi sits ts #cco #ccoun untt / "an "an Term Depo Deposi sits ts #ccou ccount nt can can be opene opened d by indi'i indi'idua duals ls H partne partnersh rship ip firms firms H Pri'at Pri'atee and Public Public imite imited d $ompan $ompanies ies H Specifi Specified ed #ssociates H Societies H Trusts, etc.
•
"an #ccount
./ Plastic !oney Page 28 of 85
-ormer #0O Brindlays "an, no% Standard $hartered Brindlays "an, too a pioneering role in introducing credit card in "angladesh. It started ac!uiring isa and Mastercard nearly 68 years bac. In the first fe% years, its operational area %as 'ery limited and concentrated only on the large hotels and restaurants. In 6994 the ban decided to launch full/scale card operation and 'ery realistically brought a %ide range of people under its ser'ice system. It is no% no % gi'ing a %ide range of card ser'ices through multifarious !uality facilities. $redit cards are financial instruments, %hich can be used more than once to borro% money or buy products and ser'ices on credit. "asically bans, retail stores and other businesses issue these.
.0 uture of Banking in Bangladesh # healthy baning system is essential for any economy stri'ing to achie'e good gro%th and yet remain stable in an increasingly global business en'ironment. The "angladeshi baning system has %itnessed a series of reforms in the past, lie deregulation of interest rates, dilution of go'ernment stae , and increased participation of pri'ate sector bans. It has also undergone rapid changes, reflecting a number of underlying de'elopments. This trend has created ne% competiti'e threats as %ell as ne% opportunities. opp ortunities. This paper aims to foresee major future baning trends, based on these past and current mo'ements in the maret.
Bi'en the competiti'e maret, baning %ill :and to a great e&tent already has; become a process of choice and con'enience. The future of baning %ould be in terms of integration. This is alre already ady becom becomin ing g a real realit ity y %ith %ith ne%/ ne%/age age ban banss such such as "ani "aning ng,, Mobai Mobaill "an "anin ing g etc. etc. Technology Technology %ill pro'e to be the differentiator differentiator in the short/term but the dynamic en'ironment %ill soon lead to its saturation and %hat %ill ultimately be the ey to success %ill be a better relationship management.
Page 2 of 85
.1 6isk !anagement The future of baning %ill undoubtedly rest on ris management dynamics.
#lthough capital ser'es the purpose of meeting une&pected losses, capital is not a substitute for inade!uate decontrol or ris management systems. $oming years %ill %itness bans stri'ing to create sound internal control or ris management processes. With the focus on regulation and ris management in the "asel II frame%or gaining prominence, the post/"asel II era %ill belong to the bans that manage their riss effecti'ely. The bans %ith proper ris management systems %ould not only gain competiti'e ad'antage by %ay of lo%er regulatory capital charge, but %ould also add 'alue to the shareholders and other staeholders by properly pricing their ser'ices, ade!uate pro'isioning and maintaining a robust financial structure.
LThe future belongs to bigger banks alone, as well as to those which have minimized their risks considerably. considerably.
Page 3! of 85
*hapter 3/
4%er%ie# of the 4rgani9ation
Page 31 of 85
4.1 Historical Background: Agrani Bank Limited , a leading commercial ban %ith 234 outlets strategically located in
almost almost all the commer commercial cial areas areas through throughout out "anglad "angladesh esh,, o'ersea o'erseass )&chan )&change ge 5ouses 5ouses and hundreds of o'erseas $orrespondents, came into being as a Public imited $ompany on May 64, 7884 %ith a 'ie% to tae o'er the business, assets, liabilities, rights and obligations of the #grani "an "an %hic %hich h emer emerge ged d as a nati nation onal ali1 i1ed ed comme commerc rcia iall ban ban in 6947 6947 imme immedi diat atel ely y afte afterr the the emergence of "angladesh as an independent state. #grani "an imited started functioning as a going concern basis through a endors #greement signed bet%een the ministry of finance, Bo'ernment of the PeopleJs @epublic of "angladesh on behalf of the former #grani #grani "an and the "oard of Directors of #grani "an imited on 0o'ember 6?, 7884 %ith retrospecti'e effect from 86 uly, 7884. #grani "an imited is go'erned by a "oard of Directors consisting of 6=:thirteen; members headed by a chairman. The "an is headed by the Managing Director C $hief )&ecuti'e 8 #D: auth author ori1 i1ed ed deal dealer er;; bran branch ches es.. The The corpor corporat atee and and #D branc branche hess are are authori1ed to deal in -oreign e&change business.
The authori1ed capital of the "an is T. 288 crore.
Page 32 of 85
/.- +ature of business: The principal acti'ities of the "an are pro'iding all inds of commercial baning ser'ices to its customers customers and the principal principal acti'ities acti'ities of its subsidiari subsidiaries es are to carry on the remittance remittance business business and to undertae undertae and participate participate in any or all transactions transactions,, and operations commonly commonly carried or undertaen by remittance and e&change houses. The "an also started its Merchant "aning operations at 5ead H7889 dated March 7=, 7889 under Securities and )&change $ommission #ct, 699= and Securities and )&change $ommission @ules, 6993. #grani "an td. %ith its %ide/ranging branch net%or and silled personnel pro'ides prompt ser'ices lie issuingF
Demand Draft
Telegraphic Transfer
Pay
bills collection clearing
The "an pro'ides the follo%ing account accou nt facilitiesF
$urrentHSa'ingsHSTD account
-D@ account
#d'ance account
oan account
#grani "an has already established a %orld%ide net%or and relationship in international "aning through its o'erseas branches and foreign correspondents. The "an has earned an e&cellent business reputation in handling and funding international trade particularly in boosting e&port C import of the country. The "an finances e&ports %ithin the frame%or of the e&port policy of the country.
Page 33 of 85
/. 4rgani9ational 4%er%ie#: +ame of the company
Agrani Bank ltd.
chairman
Ehondokar ba9lul haFue&phd
!anaging director
Syed abu naser bukhtear ahmed& B.Sc&!BA
*ompany secretary
!'. (kramul ?akim
Legal status
Public limited company
'ate of incorporation
,2 may -;;2
6egistered office
Dd
Authori9ed capital
,;;;.bangladesh. Tk. @;; crore
Paid up capital
Tk. /D2 crore
6eser%e and retained earning
Tk. /-; crore
+umber of employees
,,//
+umber of branch
@12
+umber of subsidiary
;-
#ebsite
###.Agranibank.org
email
AgraniG Agranibank.org
dilkusha
Page 34 of 85
commercial
area&
'haka3
/./ *ompany !ission H ision
*ompany !ission:
To become a leading ban of "angladesh.
*ompany ision: We operate ethically and fairly %ithin the stringent frame%or set by our regulators. We fuse ideas and lessons from best practice to e&plore ne% a'enues to become stronger, more efficient and competiti'e. We apply information and communication technology for the benefit of our customer and employees. We in'est to strengthen the future of the ban.
Page 35 of 85
/.0 4rgani9ational ?ierarchy: ?ierarchy:
$hairman $hairman
Managing Director C $)<
Beneral Manager Manager
:5uman @esource Di'ision;
:
Deputy Managing Director Director
#ssist. Managing Director
:oan @eco'ery; @eco'ery;
(Chittagong Circle)
:Principal :Principal "ranch; "ranch;
Senior Principal
Principal Principal
(Chittagong Circle) Senior Senior
(Chittagong Circle)
(Chittagong Circle) Page 36 of 85
/.1 Business *hallenge #grani "an %anted to streamline their remittance operations and impro'e customer ser'ice. To achie'e these objecti'es, they had to address four major challengesF •
Pre'io Pre'iousl usly y, most most money money transf transfers ers %ere %ere proces processed sed manual manually ly across across #gran #granii "an "anss remittance centres due to %hich it %ould tae up to four days for beneficiaries to recei'e funds. #grani "an %anted to offer their customers popular same day ser'ices such as spot cash %ithin minutes.
•
#grani "an %anted to be able to communicate communicate and collaborat collaboratee informati information on accurately accurately,, rapidly and reliably among their 234 branches. They %anted to ensure that the right information is deli'ered to the right branch at the right time using ad'anced auto/routing features.
•
Some #grani "an branches could e&pect up to 7,888 customers on certain days, maing it 'ery difficult for their staff to ser'e them. #grani "an %anted to empo%er their staff to help customers as effecti'ely as possible.
•
#grani "an %anted to ha'e a sophisticated money transfer management system that could be easily used by their staff. They %anted the system to be user/friendly so staff could rapidly learn ho% to use it, %hich in turn could sa'e them time and cost.
Page 37 of 85
/.2 *redit 6ating: $redit @ating Information and Ser'ices imited :$@IS; assigns ### :Triple #; rating to #gra #grani ni "an "an in the the long long run run and and ST/ ST/6 in the the shor shortt term term.. The The abo' abo'ee has has been been done done in consideration of the guarantee of the Bo'ernment of the Peoples @epublic of "angladesh %hile setting up #grani "an under the Presidential
particular
*redit rating by *6$SL
)ntity @ating as Bo'ernment Buaranteed "an )ntit )ntity y @ating @ating as $ommer $ommercia ciall "an/7889
Page 38 of 85
Long
Short
term ###
term ST/6
#
ST/7
Stable 83H89H7868
*hapter 30 Bank Ser%ice Pro%ided by Agrani Bank
0., Agency Ser%ices: Page 3 of 85
#grani "an imited, being a state o%ned "an, has both commercial commitment to its clients and societ societal al commit commitment ment to the nation nation.. "eside "esidess cateri catering ng ser'ic ser'icee to its client clientss at nomina nominall feesHcharges the "an has to pro'ide a plethora of ser'ices, free of charges, in respect of transferring money to different bene'olent organi1ations and groups of professionals in far flung areas through its branches in urban and rural areas all o'er "angladesh. 5ere belo% are a fe% of such ser'ices #grani "an imited pro'idesF 6. $ollec $ollectio tion n of Gtilit Gtility y bills bills F •
Telephone Telephone bills of T CT #uthority %ithout ser'ice charges
•
Brameen Phone bills of Brameen Phone Phon e td. %ith ser'ice charge C other charges
•
)lectric bill of @)" %ithout ser'ice charges
•
)lectric bills of D)S# %ithout ser'ice charges
•
)lectric bill of PD" %ithout ser'ice charges
•
)lectric bill of D)S$< %ithout ser'ice charges
•
"ills of @ail%ays %ithout ser'ice charges cha rges
•
Bas bill of Titas Bas, TC D $o. ltd %ithout ser'ice charges
•
Bas bill of "ahrabad Bas $o. ltd %ithout ser'ice charges
•
"ill of
7. SaleHe SaleHencas ncashmen hmentt of Sa'ing Sa'ing $ertif $ertifica icates tes =. Sale SaleHP HPur urch chas asee of Pri1 Pri1ee bonds bonds Page 4! of 85
>. Paymen Paymentt of #rmy #rmyHci Hci'il 'il pension pension ?. Payment Payment of non/go'ernmen non/go'ernmentt primary primary Hsecondary Hsecondary schoolHcoll schoolHcollege ege HMadrasha HMadrasha teachers teachers benefit :go'ernment portion; 3. Payment Payment of Bo'ernment Bo'ernment primary primary school school teachers teachers salary salary 4. Paymen Paymentt of 5onorar 5onorarium ium to to freedom freedom figh fighter ters. s. 2. Payment Payment of stipend stipend for female female students students of secondary secondary and higher secondar secondary y institution institutionss 9. Payment Payment of Bo't. Bo't. allo%a allo%ances nces to to "ayasa, "ayasa, "ida'a "ida'a and and Dostho Dostho Mohila. Mohila. 68. Payment Payment of stipend to primary primary students students 66. Payment of stipend to Shishu allyan Trust Trust in urban areas. 67. Maintain of "#D$ disbursement disbursement account %ith 788 branches 6=. Payment Payment of -ood Procurement Procurement bills. bills.
0.- Locker Ser%ice: -or safeeeping of customersJ 'aluables lie important documents and goods lie je%elries and gold ornaments, #grani ocer Ser'ice is a'ailable in most of the "ranches in urban areas. 0ature of Ser'ice
0ature of $harges
$ustody of ocer H Safe
@ent
0. (%ening Banking Ser%ice: Page 41 of 85
@ate of $harges a; (early T.988HQ for small si1e locer b; (earl (early y T.6788HQ for medium si1e locer c; (early (early T.6288HQ for big si1e locer
)'ening "aning, a uni!ue ser'ice of #grani "an imited, only for recei'ing $ash and Documents beyond transaction hours till 3 oJcloc in the e'ening, is a'ailable in about 784 important "ranches of #grani "an imited. The ser'ice is attracti'e for those, lie shop eepers, %ho accumulate cash as sales proceeds in the afternoon %hen counters of "an branches usually remain closed.
0./ inancial Ser%ice: The "an offers financing on easy terms to the follo%ing Thrust SectorsF
#gro/based #gro/based industri industries es
#rti rtific ficial ial flo flo%er Pro Product duct
Bift item
e%elry and Diamond
Te&tile Te&tile industry
$omputer $omputer Soft%are Soft%are C IT
-ro -ro1en 1en food food
leather goods
Sil %orm culti'ation
0./., $mport inance:
Page 42 of 85
)lectronic )lectronicss
)&po )&port rt orien riente ted d non/ on/ traditional agro product
ute goods
Stuffed toys :e&cept @MB;
With assistance from about >88 o'erseas correspondents, #grani "an imited, through >8 #uthori1ed Dealer "ranches, has been financing full range import business of a lot of Importers %ho are "anJs clients.
Wheat
Mil -ood
-ruits
$otton (arn
Drugs C Medicine
$ement $ement
Petrol, Petrol,
@ice
Suger
)dible
Spices
@a% $otton
Te&tile -abrics
$hemicals
Pharmaceuticals @.M
Parts
Motor ehicle
)lectronic )lectronic $omponent $omponent
-ertili1er -ertili1er
Scrap essels essels
Page 43 of 85
0./.- ()port inance To boost up countryJs )&port, #grani #grani "an imited has been pro'iding different inds of assistance and incenti'e to the e&porters. Some of %hich areF •
Pre/Shipment and Post/Shipment -inance.
•
DiscountH$oncession DiscountH$oncession rate of interest for e&ports -inance.
•
"ac/to/"ac H$ facility under bonded Warehouse Warehouse system.
•
Sight H$ under )&port De'elopment -und :)D-;.
•
Interest bearing and non/interest bearing )&porterJs retention Auota #H$.
•
)&port Incenti'e Program.
-inancing industries of 688R foreign in'estment or of oint enture at )&port Processing Oones •
•
Pro'iding ser'ices to the e&porters by the "anJs o%n logistical supports lie SWI-T, @euters Ser'ice, Internet, and -a& etc.
Scope of urther ()pansion:
Soft Softwa ware re and and Data Data entr entry y
Fashio Fashion n item item
Dry Dry & Dehy Dehydr drat ated ed fish fish
Toys Toys and and lugg luggag agee
Leather Leather goods goods
Statio Stationer nery y goods goods
Page 44 of 85
Orchid
Gift item
am!oo & wooden furniture
0.0 !erchant Banking 4peration $ssue !anagement:
We shall render our ser'ice to help the capital maret to increase the supply of securities. "eing a Manager to issue %e shall pro'ide assistance to the Pri'ate imited $ompanies intended to be con'er con'erted ted into into Public Public imit imited ed $ompani $ompanies es by %ay of obtain obtaining ing necess necessary ary permi permissi ssion on from from rele'ant authorities, preparing prospectus for public issue of shares and debentures, in'ol'ing in the collection of application money and an d end through listing of securities %ith stoc e&change. Cnder#riting:
#gra #grani ni "an "an imi imite ted d %ith %ith its its stro strong ng capi capita tall base base is capab capable le of pro' pro'id idin ing g under under%r %rit itin ing g commitments for successful completion of IP< of any si1e enabling the companies to go public. Portfolio !anagement:
Initially the 0on/Discretionary :i.e. In'estorJs Discretion; portfolio account %ill be opened. Subse!uently the portfolio management shall be e&panded %ith the introduction of follo%ing schemesF •
"anJs discretionary portfolio account.
•
In'estorJs discretion portfolio management scheme for high net %orth in'estors.
•
Profit loss sharing portfolio management scheme :subject to appro'al of S)$;.
$nterest& ees& *ommission etc: •
$ost of account opening form FT. 7?.88
•
Initial Documentation $harge FT. ?88.88
•
"roerage $ommissionF 8.?8R on the 'alue of o f traded securities.
$nterest on !argin Loan:
Page 45 of 85
•
Interest @ate F 6=.88R per annum Mode of charging interest F Auarterly
Service Charge •
Portfolio Management F 6R per annum %ith a minimum
•
charge of T. ?88.88
•
Mode of Ser'ice $harge F Auarterly
•
-inancialHPortfolio
•
Statement $harge FT. 68.88 per statement
•
Terms Terms C $onditions F $harges, fees etc. may change c hange from
•
Time to time at the discretion of #grani "an imited.
Page 46 of 85
0.1 oreign 6emittance: #grani "an imited gi'es top priority in handling remittance from "angladeshi Wage )arners %oring abroad. We ha'e made arrangement to ensure crediting the remitted amount to the beneficiaryJs #H$ %ithin 47 hours from the time our "ac
(our money %ill al%ays be in foreign currency of your choice
•
(ou (ou can %ithdra% and transfer both interest and principal in foreign currency
•
(ou %ill enjoy many pri'ileges Bo'ernment has declared for e&patriate "angladeshis %ho send their money through baning channels
•
(ou (ou can also con'ert your foreign currency into Taa
Probashi 6emittance *ard:
The Probashi @emittance $ard is a prepaid card that pro'ides customer immediate access to their pay. The cardholder or beneficiaries can use the card at any )lectro %ays #TM or pay for purchases at the point/of/sale, pay bills and transfer funds to their lo'ed ones ie other prepaid payment products, the Probashi $ard can be used u sed e'ery places %here )lectro %ays logos are accepted. The cardholders also can recei'e a monthly statement and can obtain account information at #T #TMs and P
•
•
Instant payment
0o minimum balance re!uirement
$an be used at any )lectro %ays enabled P
Page 47 of 85
•
#ccess to money anytime
•
"alance in!uiry facility a'ailable 'ia #TMs #TMs and P
•
7> hour call centre assistance :coming soon;
•
SMS alerts e'ery reload
•
Monthly statements 'ia email :coming soon;
•
)asy process of replacement of lost card
Gpon enrolment, the customer recei'es a Prepaid card from the bans %hich is %oring %ith @emittance program :ieE Probashi;. The customer can either gi'e standing instructions for transferring a fi&ed amount to his beneficiarys card e'ery pay cycle or use the card to transfer remittances to his beneficiary as and %hen he %ants. The transactions made are detailed on monthly electronic or printed account statements.
Page 48 of 85
0.2 6emit4+( !oney Transfer !anagement Solutions !T!S5 #grani "an engaged @emit<0) to pro'ide them %ith an end/to/end, %eb/based money transfer management solution to address their business challenges. The @emit<0) MTMS %as deli'ered on time and met the demands. In addition, #grani "an is 'ery pleased %ith the le'el of support suppo rt they recei'ed from @emit<0).
Business Benefits With the @emit<0) MTMS, #grani "an no% offer a set of ad'anced, enhanced, rapid and secure ser'ices to their customers, includingF 6. (nhanced customer e)perience due to the follo%ing impressi'e same day ser'icesF •
Spot $ash remittance for both account holders and non/account holders
•
Instant SMS notifications after successful processing of transactions
7. $mpro%ed remittance deli%ery options for remitters to choose from and to mae it easier for beneficiaries to collect their funds =. Significantly reduced processing costs due to automation of all remittance/related tass $mpro%ed business process management management due to business/c >. $mpro%ed business/criti ritical cal informati information on being
instantly a'ailable to the right staff member at the right branch
Page 4 of 85
?. (mpo#ered (mpo#ered business users %ho can tend to a multitude of customers in a highly effecti'e and efficient manner 3. 6apidly increasing 64$ through rapid e&ecution of 'arious remittance operations, tass and acti'ities
0.@ uture Plans #grani "an is acti'ely %oring to become the foremost remittance pro'ider in all "angladesh through effecti'e maret penetration. They plan to open more o'erseas e&change houses in important locations and forge strategic alliances %ith major global remittance companies sending money to "angladesh. With 234 branches across the country and no% an end/to/end, fast and reliable technology solutions by @emit<0), #grani "an are certainly placed %ell in the remittance industry to achie'e their business goals.
Page 5! of 85
*hapter 31 *ustomerIs $mportance H Le%el of Satisfaction
Page 51 of 85
6.! "ustomer#s $m%ortance & Le'e( of )atisfaction* $ustomers importance and le'el of satisfaction at #grani "an sho%n briefly. The results are produced according to the 'arious ser'ice !uality dimensions. )ach dimension consists of its o%n specific !uestions. The results of the sur'ey are presented according to these !uestions that %ere ased to the respondents %ith the help of a structured !uestionnaire. The results of this study are as follo%sF
1., 6eliability: #spects relating to reliability dimension of ser'ice !uality %ere ased in = different !uestions. These !uestions are as follo%sF •
A6F Pro'ides ser'ices %ithin the time promised.
•
A7F )mployees gi'e appropriate solution to problems.
•
A=F )rrors and mistaes correctly promptly. promptly.
7,: Pro%ides ser%ices #ithin the time promised.
The respondents placed a high importance in this characteristic of the ser'ice. The majority of the respondents are indifferent. 7R customers are highly satisfied, 78R customers are satisfied 38R customers are indifferent as %ell as 62R customers are negati'e %ith this statement. Table Table 6F Pro'ides ser'ices %ithin the time promised. Satisfaction Score
Satisfaction Percentage (%)
5
2+
4
2!+
3
6!+
2
18+
1
!+
Page 52 of 85
$hart/6F Pro'ides
ser'ices
%ithin the
time
promised. 7-:
(mployees gi%e appropriate solution to problems.
It is one of the most 'ital parts of the reliability. $ustomer al%ays tries to get appropriate solution to problem. The respondents placed a high importance importance in this characterist characteristic ic of the ser'ice. The majority of the respondents are negati'e %ith this statement. 6?R customers are satisfied, >8R customers are indifferent and >?R customers are disagreeing %ith this statement. Table Table 7F )mployees gi'e appropriate solution to problems.
$hart/7F
Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
15+
3
4!+
2
45+
1
!+
)mployees gi'e appropriate solution to problems. 7: (rrors and mistakes correctly promptly.
The respondents placed a high importance in this characteristic of the ser'ice. The majority of the respondents are indifferent. ?R customers are highly satisfied, 7?R customers are satisfied >8R customers are indifferent as %ell as =8R customers are negati'e %ith this statement.
Page 53 of 85
Table Table =F )rrors and mistaes correctly promptly.
Satisfaction Score
Satisfaction Percentage (%)
5
5+
4
25+
3
4!+
2
3!+
1
!+
$hart/=F )rrors and mistaes correctly promptly.
1.- 6esponsi%eness: Three attributes %ere grouped in this dimension and the respondents %ere ased to e&press their opinion. @esults are 'arious aspects are sho%n belo%F •
A6F )mployee gi'es you prompt ser'ice. Page 54 of 85
•
A7F )mployees are al%ays %illing to help.
•
A=F )mployee al%ays searches for solution.
7,: (mployee gi%es you prompt ser%ice.
#n e&tremely high percentage of Satisfaction %as gi'en in this attribute of ser'ice. The majority of the respondents are satisfied. 7R customers are highly satisfied, >8R customers are satisfied %ith this statement, =8R customers are indifferent as %ell as 72R customers are negati'e %ith this statement. The results are as follo%sF
Table Table >F )mployee gi'es you prompt ser'ice. Satisfaction Score
Satisfaction Percentage (%)
5
2+
4
4!+
3
3!+
2
28+
1
!+
Page 55 of 85
$hart/>F )mployee gi'es you prompt ser'ice. 7-: (mployees are al#ays #illing to help.
# moderate importance %as placed on this attribute of responsi'eness dimension %here the satisfaction percentage is high. )mployees are al%ays %illing to help but their resources are limited so they can not gi'e higher percentage of satisfaction. The majority of the respondents are satisf satisfied ied.. 68R custom customers ers are highly highly satisf satisfied ied,, >?R custom customers ers are satis satisfie fied d %ith %ith this this statem statement ent,, 7?R custom customers ers are indif indiffer ferent ent as %ell %ell as 78R custom customers ers are negati negati'e 'e %ith %ith this this statement. The results are as follo%sF Table Table ?F )mployees are al%ays %illing %illing to help. Satisfaction Score
Satisfaction Percentage (%)
5
1!+
4
4!+
3
25+
2
2!+
1
!+
Page 56 of 85
$hart/?F )mployees are al%ays %illing to help.
7: (mployee al#ays searches for solution.
Most of the respondents %ere in indifferent %hile e&pressing their satisfaction to%ards this aspect. The satisfaction percentages of this attribute %ere dissatisfactory. =?R customers are satisfied, >8R customers are indifferent, 78R customers are disagreeing %ith this statement and ?R customers are highly disagreeing %ith this statement.
Table Table 3F )mployee al%ays searches for solution.
Page 57 of 85
)atisf )atisfac actio tion n )core )core 5 4 3 2 1
)atisf )atisfac actio tion n Perc Percent entag age e ,+!+ 35+ 4!+ 2!+ 5+
$hart/3F )mployee al%ays searches for solution.
1. Assurance: #spects relating to assurance dimension of ser'ice !uality %here ased three different !uestions. The results are as follo%sF •
A6F -riendliness C $ourtesy of the employees.
•
A7F (ou (ou feel safe in your transactions %ith #grani "an.
Page 58 of 85
7,: riendliness H *ourtesy of the (mployee
This attribute %as also found to be another one of the most important ones. In this attribute satisfaction percentage is not much higher. =7R customers are satisfied, >8R customers are indifferent, 7?R customers are disagreeing %ith this statement and =R customers are highly disagreeing %ith this statement. Table Table 4F -riendliness C $ourtesy of the employees. Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
32+
3
4!+
2
25+
1
3+
$hart/4F -riendliness C $ourtesy of the employees.
Page 5 of 85
7-: Jou feel safe in your transactions #ith Agrani Bank.
Most of the respondents %ere in satisfied %hile e&pressing their satisfaction to%ards this aspect. 7?R custom customers ers are highly highly satisf satisfied ied,, >?R custom customers ers are satisf satisfied ied %ith %ith this this statem statement ent,, =?R customers are indifferent. Most of the respondents positi'e %ith this statement. The results are as follo%sF Table Table 2F (ou (ou feel safe in your transactions %ith #grani "an. Satisfaction Score
Satisfaction Percentage (%)
5
25+
4
45+
3
3!+
2
!+
1
!+
$hart/2F (ou (ou feel safe in your transactions %ith #grani "an.
Page 6! of 85
1./ *are H (mpathy = attributes %ere grouped in the dimension and the respondents %ere ased to e&press their opinions. @esults of the 'arious aspects are sho%n belo%F •
A6F #grani "an gi'es attention to e'ery indi'idual
•
A7F )mployees of #grani "an understands your specific needs
•
A=F #grani "an has your best interest at hearts
7,: Agrani Bank gi%es attention to e%ery indi%idual
Most of the respondents %ere in indifferent %hile e&pressing their satisfaction to%ards this aspect. In this attribute satisfaction percentage is not much higher. 78R customers are satisfied, >7R customers are indifferent, =8R customers are disagreeing %ith this statement and 2R customers are highly disagreeing %ith this statement. Table Table 9F #grani "an gi'es attention to e'ery indi'idual Satisfaction Score
Satisfaction Percentage (% (%)
5
!+
4
2!+
3
42+
2
3!+
1
8+
Page 61 of 85
$hart/9F #grani #grani "an gi'es attention to e'ery indi'idual
7-: (mployees of Agrani Bank understands your specific needs
Most of the respondents %ere in indifferent %hile e&pressing their satisfaction to%ards this aspect. In this attribute satisfaction percentage is not much higher. 7?R customers are satisfied, ??R customers are indifferent, and 78R customers are disagreeing %ith this statement. Table Table 68F )mployees of #grani "an understands your specific needs Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
25+
3
55+
2
2!+
1
!+
Page 62 of 85
$hart/68F )mployees of #grani "an understands your specific needs
7: Agrani Bank has your best interest at hearts
This attribute %as also found to be another one of the most important ones. In this attribute satisfaction percentage is not much higher. =7R customers are satisfied, >2R customers are indifferent, 6?R customers are disagreeing %ith this statement and ?R customers are highly disagreeing %ith this statement. Table Table 66F #grani "an has your best interest at hearts Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
32+
3
48+
2
15+
1
5+
Page 63 of 85
$hart/66F #grani #grani "an has your best interest at hearts
1.0 Tangibles > !uestions relating to the tangible dimension %ere ased to the respondents. These !uestions co'ered 'arious tangible aspects of the ser'ices pro'ided by #grani "an. The results are sho%n belo%F •
A6F #grani "an has 'isually appealing facilities
•
A7F #grani "an has con'enient hours of operation
•
A=F Statements are easily understood, reliable and accurate
•
A>F #grani "an has modern e!uipment and technology that better satisfy your needs
7,: Agrani Bank has %isually appealing facilities
Most of the respondents %ere in indifferent %hile e&pressing their satisfaction to%ards this aspect. In this attribute satisfaction percentage is not much higher. 7?R customers are satisfied,
Page 64 of 85
>?R customers are indifferent, 77R customers are disagreeing %ith this statement and 2R customers are highly disagreeing %ith this statement.
Table Table 67F #grani "an has 'isually appealing facilities Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
25+
3
45+
2
22+
1
8+
$hart/67F #grani "an has 'isually appealing facilities
7-: Agrani Bank has con%enient hours of operation
Most of the respondents %ere in satisfied %hile e&pressing their satisfaction to%ards this aspect. >>R customers are satisfied, =8R customers are indifferent and 73R customers are disagreeing
Page 65 of 85
%ith this statement. Most of the respondents positi'e %ith this statement. The results are as follo%sF
Table 6=F #grani "an has con'enient hours of operation Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
44+
3
3!+
2
26+
1
!+
$hart/6=F #grani #grani "an has con'enient hours of operation
7: Statements are easily understood& reliable and accurate
Page 66 of 85
This attribute %as also found to be another one of the most important ones. In this attribute satisfaction percentage is much higher. 68R customers are highly satisfied, ??R customers are satisfied, 6?R customers are indifferent %ith this statement, 2R customers are disagreeing %ith this statement and 7R customers are highly disagreeing %ith this statement.
Table 6>F Statements are easily understood, reliable and accurate Satisfaction Score
Satisfaction Percentage (%)
5
1!+
4
55+
3
15+
2
8+
1
2+
$hart/6>F Statements are easily understood, reliable and accurate
7/: Agrani Bank has modern eFuipment and technology that better satisfy your needs
Page 67 of 85
This attribute %as also found to be another one of the most important ones. In this attribute dissatisfaction percentage is much higher. 7?R customers are indifferent, =?R customers are disagreeing %ith this statement and >8R customers are highly disagreeing %ith this statement.
Table 6?F #grani "an has modern e!uipment and technology that better satisfy your needs Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
!+
3
25+
2
35+
1
4!+
$hart/6?F #grani "an has modern e!uipment and technology that better satisfy your needs
Page 68 of 85
1.1 Some other Analysis In spite of the fi'e dimensions, some other !uestions %ere also ased to the customers for better understanding of their satisfaction or dissatisfaction and the reason behind this. These !uestions and their analysis are gi'en belo%F •
A6F #grani "an has strong brand name and reputation
•
A7F Auality of ser'ice is high that are pro'ided by the personnel
•
A=F #grani "an has sufficient #TM booths
•
A>F #grani "an has suitable branch location
•
A?F #grani "an gi'es a'erage ban ser'ice and facilities
7,: Agrani Bank has strong brand name and reputation
Different customer 'ie%s products and ser'ices indifferent %ay. The reason for taing ser'ice or buying products from organi1ation is different among the customers. This attribute %as also found to be another one of the most important ones. In this attribute satisfaction percentage is not much higher. 72R customers are satisfied, ?7R customers are indifferent %ith this statement and 78R customers are disagreeing %ith this statement. Table 63F #grani "an has strong brand name and reputation
Page 6 of 85
Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
28+
3
52+
2
2!+
1
!+
$hart/63F #grani "an has strong brand name and reputation
7-: 7uality of ser%ice is high that are pro%ided by the personnel
More the !ualified people the organi1ation ha'e more the efficiency and effecti'eness in the ser'ice pro'ided by those personnel. )fficient and effecti'e %or reduces the lead time of performing job that %ill satisfy the customers. In this attribute satisfaction percentage is not much higher. 6?R customers are satisfied, 7?R customers are indifferent %ith this statement, =?R customers are disagreeing %ith this statement and 7?R customers are highly disagreeing %ith this statement.
Page 7! of 85
Table Table 64F Auality of ser'ice is high that are pro'ided by the personnel Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
15+
3
25+
2
35+
1
25+
$hart/64F Auality of ser'ice is high that are pro'ided by the personnel
7: Agrani Bank has sufficient AT! booths
In recent days #TM ser'ice has become 'ital for the customers and bans. The bans are %illin %illingly gly to achie' achie'ee competi competiti' ti'ee ad'ant ad'antage age throug through h superi superior or fle&ib fle&ibili ility ty.. In this this attrib attribute ute satisfaction percentage is not much higher. 78R customers are indifferent %ith this statement, =?R customers are disagreeing %ith this statement and >?R customers are highly disagreeing %ith this statement. Table 62F #grani "an has sufficient #TM booths
Page 71 of 85
Satisfaction Score
Satisfaction Percentage (%)
5
!+
4
15+
3
25+
2
35+
1
25+
$hart/ 62F #grani "an has sufficient #TM #TM booths
7/: Agrani Bank has suitable branch location
0umber of customers and superior ser'ice also depends on the number of branches. $on'enience of branches or the branches a'ailability also influences the customer to get in'ol'ed %ith the ban. 7?R customers are highly satisfied, >?R customers are satisfied, 78R customers are indifferent %ith this statement, and 68R customers are disagreeing %ith this statement. Table Table 69F #grani "an has suitable branch b ranch location
Page 72 of 85
Satisfaction Score
Satisfaction Percentage (%)
5
25+
4
45+
3
2!+
2
1!+
1
!+
$hart/ 69F #grani "an has suitable branch location
70: Agrani Bank gi%es a%erage bank ser%ice and facilities
$ustomers al%ays compare the products and ser'ices of one organi1ation %ith another to find out out the the best best one. one. 6?R custo custome mers rs are are high highly ly sati satisf sfie ied, d, >7R >7R cust custom omer erss are are sati satisf sfie ied, d, 72R custom customers ers are indif indiffer ferent ent %ith %ith this this statem statement ent and 78R custom customers ers are disagr disagreei eeing ng %ith %ith this this statement. Table 78F #grani "an gi'es a'erage ban ser'ice and facilities
Page 73 of 85
Satisfaction Score
Satisfaction Percentage (%)
5
15+
4
42+
3
28+
2
2!+
1
!+
$hart/ 78F #grani "an gi'es a'erage ban b an ser'ice and facilities
1.2 indings from the obser%ation "esides the formal !uestionnaire sur'ey I ha'e found out some important facts. Those facts %ere re'ealed from the obser'ation during the three months of period. Such facts refle& the customers e&pectation regarding the ser'ice pro'ided by the ban. Such facts are as follo%sF •
Though the #TM machines are latest in technology but e'ery the customers are coming up %ith complaints regarding the #TM #TM booths are not a'ailable in different area.
Page 74 of 85
•
Auality of ser'ice is the most important part of the #grani "an. "ut they do not gi'e !uality full ser'ice. So it is 'ery necessary to impro'e their ser'ice !uality.
•
#grani "an does not use modern e!uipment and technology that better satisfy customers needs
•
#grani "an does not gi'e indi'idual attention to the customer
•
The customers ha'e to pay charge to get second copy of o f ban statement. If it is for last si& months then the ban pro'ides p ro'ides it instantly, instantly, but they see for more than si& months, statements are deli'ered on after t%o or three da ys.
•
Most of the customers feel safe in transactions %ith #grani "an. So that it is one of the most 'ital or strong part p art for #grani "an.
1.@ $mplication of 6esult 1.@., 'i%ers of Satisfaction Page 75 of 85
If bans are to impro'e their satisfaction loyalty ratings and differentiate themsel'es from the competition, they need to understand %hat really dri'es satisfaction and loyalty. they also need to no% %hich areas ha'e the greatest room for impro'ement. There is little point in inter'ening resources on areas that are important but are performing %ell, or in areas that there is much room for impro'ement but they are not important in dri'ing satisfaction and loyalty. Thus #grani #grani "an managers need to no% %hat le'ers to push to increase these measures of success.
[email protected] !ost important attributes of the ser%ice The analysis of the importance scores across 'arious attributes of ser'ice !uality dimension pointed out some attributes that %ere highly important to the customer. These attributes are listed belo% according to importanceF •
Speed of Ser'ice
•
ocations of #TMs
•
-riendliness C courtesy of the employees
•
Promptness of error correction
•
ocation of the branches
These attributes %ere considered as the dri'ers of satisfaction for the customers. Satisfaction across these attributes influenced the o'erall satisfaction to%ards the ban ser'ices. Some other attributes, %hich %ere important to customers but not considered as dri'ers of satisfaction are listed belo%F •
Indi'idual attention
•
Safety of transactions %ith #grani "an
Page 76 of 85
•
@eliability and accuracy of the statements
•
Problem sol'ing interest %ithin employees
The rest of the attributes administered during the sur'ey %here found to moderately important or less important or indifferent for the customers and %ere not considered by them %hile deciding on satisfaction scores.
1.@. Satisfaction to#ards the most important attributes: #s mentioned earlier, the major concern of managers is to find out satisfaction of the customers across the 'arious dri'ers of satisfaction. The results of the sur'ey sho%ed that customers %ere satisfied only across the follo%ing dri'ers of satisfactionF •
Promptness of error correction
•
ocation of the branches
•
Professionalism of the employees
•
@eliability and accuracy of the statements
Thus the abo'e attributes %ere only 'ery fe% compared to the list of highly important attributes. #gain the customer also raned some of the highly important factors as highly dissatisfactory. These attributes thus damaged the o'erall satisfaction scores drastically. Some such attributes are as follo%sF •
Speed of Ser'ice
•
ocations of #TMs
Most of the other dri'ers of satisfaction that %ere 'ery important to customers sho%ed a'erage satisfaction scores. This depicts that most of the customers are not 'ery satisfied %ith the attributes and are the some %hat indifferent %ith the attributes. This bought do%n the o'erall satisfaction scores to the neutral or a'erage points.
Page 77 of 85
1.@./ !ost Satisfied Aspects of Agrani Bank Ser%ice The respondent sho%ed high satisfaction scores to%ards some of the attributes of the ser'ice dimensions. Though most of these %ere not 'ery important to customers they do represent the good side of the ser'ice pro'ided by #grani "an. Some such satisfied attributes are listed belo% starting from the most satisfied onesF •
Safety %ith #grani "an
•
@eliability and #ccuracy of statement
•
$leanliness of the premises
•
-riendliness and courtesy of employees
•
ocation of the branch
•
Professionalism of the employees
So these %ere the attributes that resemble strength of ser'ice pro'ided by #grani "an ser'ices, %hich %ere raned as satisfactory by the respondents.
[email protected] !ost 'issatisfied Aspects of Agrani Bank Ser%ice The respondent %hile e&pressing their satisfaction 'ie%s to%ard 'arious attributes raned some of the aspect of the ser'ice !uality poorly. Such dissatisfied must be taen care as early as possible. Some such poorly raned dissatisfied attributes attributes are as follo%sF •
#TM booth ser'ice Page 78 of 85
•
%illingness to help
•
#grani "an has best interest of the customer
•
Serching for solution
•
$larity of the statements
6.9 SWOT Analysis
Strength:
The attribute %ith %hich customers %ere highly satisfied but ga'e less importance %as tagged as the strength areas of the ban. Some attributes that gi'e #grani "an td. a better standing in the competition. These areF
•
arge number of customers
•
ocation of the branches
•
Professionalism of the employees
•
@ates on sa'ings
Page 7 of 85
Some %eanesses of the ban %ere pointed out in the sur'ey, %hich had lo% satisfaction scores and %ere some%hat less important to customers. "ut in order to impro'e o'erall satisfaction these attributes should be considered.
•
Slo% decision maing due to large hierarchy
•
Solution searching tendency of employees
•
ocation of the #TMs
•
Willingness Willingness to help
4pportunities:
•
@eliability of the statement
•
-ees and ser'ice charges
•
ocation of the branch
•
Sa'ings ser'ice Page 8! of 85
Threats:
Threats are ones that represent danger for the ban in its future gro%th and are responsible for the do%ngrading of customer satisfaction. Some of the threats areF
•
ocation of the #TMs
•
Technology Technology of ban
•
phone baning ser'ice
•
neatness of employees
•
-riendliness of employees
*hapter 32 *onclusion Page H 6ecommendation 81 of 85
2., *onclusion This research has pro'ided some interesting insight in to %hat ind of ser'ice the customers gi'e importance to and %hat !uality ser'ice they get from #grani "an td. It is !uite ob'ious from the research that the customer re!uirements are not fully met and they are 'ery dissatisfied %ith some of the aspects of the ban. #gain the research re'ealed that only one third of customers %ere more or less satisfied %ith the ser'ice of the ban and more than half of the respondents %ere on the neutral side of satisfaction line. Page 82 of 85
-inall -inally y, I %ould %ould say that this this resear research ch report report at #grani #grani "an "an has increa increased sed my practi practical cal no%ledge of "usiness #dministration and made by ""# education more complete and applied. In this report, I got the opportunity to apply 'arious tools and concepts I learn in my ""# courses. $ustomers are the 'ital for e'ery business. It is not possible to mae a profitable business %ithout concerning the customers benefit. #grani "an is a great domestic ban. To achie'e the desired position in the maret, timely impro'ement in ser'ice is essential
2.- 6ecommendation 6ecommendation #grani "an is one of the most flourishing "an of "angladesh %ith %ide gro%th opportunities in the industry. The sur'ey on the customers of #grani "an %as conducted %ith an aim of impro'ing the o'erall customer satisfaction at #grani "an td. The research ga'e 'aluable insights as to %here impro'ements %ere necessary to impro'e the !uality of ser'ice. #grani "an has strong organi1ational strength can successfully utili1e the opportunities and o'ercome its %eaness. These are gi'en belo%F
Page 83 of 85
•
Gse of Mareting @esearch
•
-ocus on relationship strategies
•
$larity of the statements
•
#'ailable the #TM booths
•
@econsider interest rate and sa'ings
These are all about the recommendation pro'ided based on sur'ey and my personal e&periences of internship in #grani "an. "y follo%ing these recommendations #grani "an %ould be able to build up a strong platform of satisfied customers.
6eferences 6. httpFHH%%%.agraniban.org.bd 7. #nuj #nuja, a, Punj Punjab ab 0ati 0ation onal al "an "an httpFHH%%% httpFHH%%%.scribd.comHdocH76?78?82Hcustomer .scribd.comHdocH76?78?82Hcustomer satisfaction =. httpFHHen.%iipedia.orgH%iiHagraniban.bd Page 84 of 85
>. httpFHH%%%.e&periencefesti'al.comHcustomerUser'ice
Page 85 of 85
