Abstract: The improved banking scenario has positively impacted the Indian economy with profound transformation and structural changes in the financial system in India. The introduction of the banking reforms, the emergence of technological advancement coupled with cut throat competition amongst banks are the driving force that have contributed to the growth of the banking sector. The truth is that banks in India have become competitive, dynamic, hopefully, also more efficient and profitable. But in all of these, there is this fundamental question which is repeatedly asked but no absolute answer provided, that is are the customers really satisfied with the services and products as promised by these banks? Are they banks committed to improving their services and products? Are customers experiencing practical scenarios of banks effectively handling their dissatisfaction and also ensuring that systems are instituted to resolve these complains? There is, thus the notion that you cannot talk about improving customer satisfaction and loyalty in the competitive environment without first delivering the quality of services and products to the customers. Consequently, in the process of offering these services and products, there are likelihood of customers experiencing challenges either from the employees or with the available facilities. So it is the responsibility of the banks i.e. public, private and foreign to provide the physical and core services in order to maintain their customer base, market share and profitability. This study seeks to examine the importance of maintaining and improving customer -employee relationship with the view of enhancing service quality and customer satisfaction because the customer is the ultimate recipient of whatever services and products rendered. It is important to note that customer satisfaction should be a strategic and managerial priority for banks if they want to gain and maintain competitive advantage. Service encounter is also critical in modern day banking business and if not given the requisite attention, skills and empowerment can result in failure in a number of ways, which may in turn lead to relationship breakdown. This present study is descriptive, exploratory and literature –review based in nature. Secondary data was derived from past and current literatures in journals, articles, research papers, magazines, newspapers and websites for interpretation and analysis. This study underpins the importance of customer feedback and its implications to sustainability and profitability of banks. Dealing effectively with failed service encounters should be seen as one of the critical success for the banking sector. The result of the study revealed that the Indian banking industry has become highly competitive such that quality service and satisfaction of customers should be seen as a priority and paramount concern if bank institutions are to survive, grow and succeed in the competitive environment. Importantly also, employee relationship with customers is essential for continuous feedback in order to improve customer satisfaction and retention.
Keywords: Complaint Management, Customer Satisfaction, Customer Delight, Customer Loyalty, Indian Banks.
Title: A REVIEW OF INDIAN BANKS IN SUSTAINING COMPLAINT MANAGEMENT TO ENHANCE CUSTOMER SATISFACTION IN THE COMPETITIVE ENVIRONMENT
Author: Dauda A. Kuyateh, Dr. Margie Parikh
International Journal of Interdisciplinary Research and Innovations
ISSN 2348-1218 (print), ISSN 2348-1226 (online)
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