A comparative study on customer benefits with special reference to public and private sector banks in kanyakumari district

Abstract

The challenge of each bank is to work towards ensuring that customers prefer its products and services to those of other competing banks. The key to develop and nurture a close relationship with customers is the appreciation of their needs and preferences and fulfillment of their requirements. Employment of Information Technology to appropriately analyze and understand the needs of existing customers better, to ensure that customers get their benefits and to explore the possibility of cross-selling products to gain a competitive advantage is the other issue drawing their attention. Thus, in this current competitive scenario, both private and public sector banks are to survive on competition, succeed and make profit. There is hardly any other option but to identify customers needs and benefits and find ways and means to serve their needs and provide them with benefits. Thus bankers are bound to attract customers by providing to them a spectrum of services like, online banking, ATM banking and tele banking. Banks can enhance customer service by leveraging on technology, maintaining efficient service delivery standards and business process. Further, it is observed that some banks lose their good clients to competitors due to a variety of reasons. newline In Kanyakumari District, with the increased number of both private and public sector banks, the problem increases. Banks in this district find it very difficult in getting new customers as well as in retaining the existing customers. All these lead to the undertaking of the present study. newline newline