Customer Satisfaction of Public Sector Banks and Private Sector Banks: An Overview

As Indian banking sector enters the new millennium, the most crucial challenge, it has to face, is in the realm of customers satisfaction. Customer's satisfaction is an important theoretical as well as practical issue for most marketers and customer researchers. Customer's satisfaction can be considered the essence of success of success in today's highly competitive world of business. In general, satisfaction is a person's feelings of pleasure of disappointment resulting from comparing a product's perceived performance in relation to his or her expectations. If the performance falls short of expectation, the customer is dissatisfied, if the performance matches the expectations, the customer is satisfied. If the performance exceeds expectations, the customer is highly satisfied or delighted. Customers become the focal point for the banking business so that bankers have to involve themselves totally in anticipating, identifying, reciprocating and satisfying their customers in a mutually rewarding manner. Realizing this there is a strong feeling in the modem banks that each individual employee working with them has to act as a marketing person who contributes to the total satisfaction of their customers. Latest business models have attached the highest importance to customer satisfaction for the success of an organization.