Comparative Study on Services of Public Sector and Private Sector Banks

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Î p p m *m ore number of people have account with Public Banks. ajority of the respondents whether in public sectors or in private sector banks have savings account with banks. *m aumber of problem faced by the people is more in public sector banks. *m People want a change in the behavior of the staff of the public sector banks. *m People are more satisfied from the private sector banks due to their better services provided by them in terms of speedy transactions, fully computerized facilities, more working hours (in case of p p p bank, the number of working hour are 12), good investment Advisory services, efficient and co-operative staff, better approach to ustomer Relationship anagement. *m

pn private sector banks proper promotional activities should be taken up so as to make the population aware of the services provided by the banks even in rural areas.

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The facility that was availed by most of the people at public sector banks was that of ATebit cards. The least availed facility was that of emat account and foreign transfer of funds

*m The facility that was availed by most of the people at private sector banks was that of pnternetPhone banking by ATebit card. *m ajority of respondents do not want to shift from their present bank. *m rom the above study it is clear that private banks are providing better services than nationalized banks. 95% respondents favored that private banks are providing better services than nationalize d banks while 5% respondents are not agree with it. rom the above study it is clear that majority of the respondents said that the average balance requirement for operating their saving account is between 5000 -10000. 20% said it is between 10000 -

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20000 and remaining 5% said it is between 20000 -50000 in private sector banks which as compared to Public sector bank is very high.

*m 0% respondents said that the bank employees never pay any attention to them and 10% respondents said that their problems are not solved by bank executives. The remaining 50% respondents give a positive reaction in the favour of bank. 30% respondents favoured that their problems are solved by bank executives and 20% respondents said they are received with smile by bank executives. So there is a mix response. *m

ajority of the respondents said that the average time taken for transactions is between 25 to 50 minutes in their bank. 30% respondents said the average time taken for transaction is between 20- 25 minutes, 20% said it is be tween 10 to 25 min. and remaining 10% said that the average time taken for transaction by their bank is 5 to 10 minutes.

* m rom the above study is clear that the banks do not organize any customer meets. All the 100% respondents said that their bank doesn·t organize any customer's meets to resolve their problems. ustomer satisfaction is the demand of time, so the banks should organize customer meets to resolve the problems of their customers.

*m

rom the above study it is clear that majority of the respondents are ready to pay nominal charges for better services provided by private banks while 0% respondents are not ready to pay any nominal charges.

*m The above study depicts that 60% respondent said that their bank updates them time to time about the latest facilities and remaining 0% said that their bank doesn't update them. m

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å p m Based on the study conducted, there are some of the suggestions given by the customers of how the modern banking should be. These are the comment given by them about the improvement of the banking sector in pndia.

*m Banks should obey the RBp norms and provide facilities as per the norms, which are not being followed by the banks. While the customer must be given prompt services and the bank officer should not have any fear on mind to provide the facilities as per RBp norms to the units going sick. * m Banks should increase the rate of saving account * m Banks should provide loan at the lower interest rate and education loans should be given with ease without much documentation. All the banks must provide loans against shares. * m air dealing with the customers. ore contribution from the employee of the bank. The staff Should be co -operative, friendly and must be capable of understanding the problems of customers * m pnternet banking facility must be made available in all the banks. * m Prompt dealing with permanent customers and speedy transaction without harassing the customers * m Vach section of every bank should be computerized even in rural areas also. * m Real time gross settlement can play a very important role * m ore AT coverage should be provided for the convenience of the customers. * m ao limit on cash withdrawals on AT cards.

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* m The bank should bring out new schemes at time -to-time so that more people can be attracted. Vven some gifts and prizes may be offered to the customers for their retention. * m 2 hours banking should be induced so as to facilitate the customers who may not have a free time in the daytime. pt will help in facing the competition more effectively. * m The charges for saving account opening are high, so they should also be reduced. * m ustomers generally complain that full knowledge is not granted to them. Thus, the bank should properly disclose the features of the product and services to the customers. oreover door to door services can also be introduced by bank. * m The need of the customer should properly be understood so that customer feels satisfied. The relationship value should be maintained. * m The branch should promote cooperation and coordination among employees which help them in efficient working. * m aintenance of proper hierarchy should be done. A good hierarchy set up can ensure better results with in the bank.

Banking sector is improving by leaps but still it needs to be improved. Proper and efficient relationship staffs having knowledge for one stop

banking,

ustomer friendly atmosphere, and

better rate of interest are need of the hour. The concept of privatization has overall improved the

services in all the banks. Home banking will be

order of the day. Hence, some banks have even started like p p p Banksm

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p m or Public Sector Banks: ±m Bank staff should be customer friendly and highly motivated to serve the normal customer. ±m As far as possible, banks should reduce its documentation process while providing loans. ±m

omputerization should be done in banks at all level and the operators should be properly trained.

±m Token system should be induced ±m Proper ambience in the banks can develop a healthy working culture. ±m uick services should be provided.

or Private sector Banks ±m 2 hours banking should be induced so as to facilitate the customers who may not have free time in the day time. pt will help in facing the competition more effectively. ±m ore AT coverage should be provided for the convenience of the customers. ±m

ustomer care services should be provided by banks.

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ü p m The customers now days are not only exposed of what type of service is being provided by bank in pndia but in the world as a whole. They expect much more than what is actually being provided. So the new coming banking sector has to provide and cater to all the needs of the customers otherwise it is difficult to survive in the competition coming up.

They not only expect the safety of money but also best ways to invest that money which need needs to be fulfilled. Banks need to have a better outlook towards to actually what customers are requiring. Vntries of the private sector banks have made the competition tougher. pf a bank is not functioning properly it is being closed. So it is difficult to face these types of conditions. Here a simple philosophy can wo rk that customers are God and we need to follow this to survive and serve better.

The banking sector is poised for explosive growth. pn this, scenario, it is imperative that banks adopt technology at an aggressive Pace, if they wish to remain competitive. ani amallan makes a case for banks to outsource their technology infrastructure requirement, thus enabling early adoption and increased efficiencies.

pn the prevailing scenario, a number of Private banks have adopt a new deployment strategy of infrastructure outsourcing, to lower the cost of service channels. As a result, other banks too will need to align their reinvented business models. The required changes at both the business and technology levels are enormous. pn highly competitive banking markets, early adopters are profiting from increased efficiencies

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Comparative Study on Services of Public Sector and Private Sector Banks

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