A Study on Customer Satisfation Level in Using Debit Cards in Banks

Like the ATM side of the industry, the debit-card side has also seen important changes, especially in transaction volume and industry structure. After a long gestation period in which debit transactions grew slowly, debit transaction volume began to grow very rapidly in the mid- 2000s in India. Paralleling developments in the ATM industry, the number of online debit networks has declined and industry concentration has increased.

Perhaps the most dramatic development in the industry has been the race between online and offline debit. Important underlying elements in this competition are the fee structures associated with debit card payments and rules that compel merchants to accept offline debit cards. This section reviews these changes. The section also reviews authorization, fee, and settlement arrangements for debit transactions. In addition, emerging products that use debit cards for making payments are surveyed.

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Although debit cards were in use during the 1980s, transaction volume was negligible. In the early 1990s, growth was sufficient to make debit card volume more noticeable, but by 1995 it still represented only 2 percent of retail noncash payments. 68 Strong growth in more recent years, however, pushed the percentage to 11. 6 percent in 2000. 69 As seen in Chart 10, online and offline debit transactions showed similar growth patterns from 1990 to 1995, and by 1995 each had roughly the same number of transactions.

However, after 1995, the growth of offline transactions outpaced online, so that by 2000 the number of offline transactions was 63 percent higher than online transactions. 70 As a consequence, online debit’s share of total debit transactions has fallen . Online debit represented about 60 percent of debit transactions in the early 1990s, but in the last few years its share has been closer to 40 percent. Online debit’s share has increased the last couple of years as volume growth has accelerated, but it is too soon to tell whether this trend will persist.

The number of cards in circulation that have a debit function (either online or offline) has also grown, rising from 130 million in 1985 to 287 million in 2002 . However, until well into the 1990s, few consumers were using the debit function of their cards: there were less than 10 annual debit transactions per card in circulation until 1990. Since then, annual debit transactions per card have risen to nearly 50. It is clear that the late 1990s witnessed a sea change in how consumers use their debit cards. 1. 1 COMPANY PROFILE

IMRB, International and an exclusive member of the Walker Information Global Network (WIGN) in the Indian subcontinent, providing solutions to companies for measuring and managing their key stakeholders. As the exclusive member of the Walker Information Global Network (WIGN) in South Asia (Sri Lanka, Bangladesh, Pakistan and Nepal), CSMM uses the proprietary tools developed by Walker Information, the recognized pioneers in Stakeholder Measurement and Management with over 35 years experience. The network offers the world’s most thoroughly tested and proven system and also provides appropriate benchmarks through the WIGN Normative Database

As a specialist unit of IMRB International (India’s oldest and largest customized research agency) CSMM leverages IMRB’s infrastructural strengths with presence in 130 towns in India, 11 countries and 28 cities globally. It operates out of 5 full service offices, five specialist units ; 15 field offices in India and handles approximately 4 million interviews annually. Working with over 100 clients from diverse sectors, CSMM provides strategic information services to enhance customer loyalty amongst both end customers and trade channel customers as well as help build employee commitment.

CSMM has experience with over 1000 programs across stakeholder groups and is a market leader in the stakeholder measurement space. CSMM offers a team of highly trained and experienced consultants with multidisciplinary backgrounds. Our consultants have experience in conducting multicounty and regional programs for leading multinational companies, across various sectors CSMM is a pioneer in non-contact form of data collection (telephonic and web) and has its own 200 seater call centre operating from Delhi and Bangalore which together handle 80000 telephonic interviews per month.

Stakeholders are entities that can affect your company either directly or indirectly. Stakeholder loyalty is derived from the combined effect of customer loyalty, employee commitment ; other stakeholder relationship The performance of the company in the market place is the result of the combined efforts and inter-relationships between the various stakeholders.

Stakeholders like the vendors and employees and the company culture, processes, standards, etc, are enablers that impact perceptions and behaviours of external stakeholders like end customers, channel members and others such as the media, government, prospective customers, regulators, etc. All of these together play a role in the business and financial performance of a company CSMM has different tools and techniques to manage direct stakeholders (internal and external) and indirect stakeholders(government, media, investors, etc. ) CSMM studies consistently show that two broad themes have a very high impact on driving customer loyalty:

Brand and People The brand promise needs to be delivered consistently across all touch points and for this people across the organization need to be aligned to the essence of the brand. Central to delivering customer delight is the human capital of an organization. CSMM believes in engaging with clients in building customer-centric organizations through enhancing capabilities and competencies within the organizations and thereby aligning the entire organization to deliver customer delight. Therefore, CSMM has evolved two broad practices as areas for focus: The “Customer” and “People”.

CREATING CUSTOMER CENTRIC ORGANISATIONS Customer Practice The “customer” practice addresses relationships with all direct and indirect customers such as end customer, vendor, channel member, other stakeholders such as media, government, investment community, etc. Specialized tools and techniques are available to understand the quality of these relationships and aspects that drive them. But loyalty amongst these stakeholders is driven by the people of an organization who formulate processes and norms for service delivery and execute them. People Practice

Given their importance to the business success of an organization, CSMM has evolved a separate unit which is focused in understanding the quality of relationships that employees have with their organizations, how committed they are and how “capable” they are to deliver high quality customer experience through products and services. CSMM has tools and techniques to measure employee commitment at workplace and has also tied up with an international expert to build “people capabilities” in customer centricity. Performance Measurement Framework (PMF) CSMM takes a holistic look at relationships.

The company must manage its internal stakeholders such as employees, channel members and vendors in order to engender customer loyalty; this in turn results in business performance and market share. However, customer loyalty cannot be managed unless….. • Everyone in the system is made accountable for improvement in scores. • Accountability is percolated down to the lowest manageable unit. • Employee commitment is looked at in sync with customer loyalty. • Minimum standard of service is met across all units and touch-points. • All the above is linked to financial and business performance.

Biz outcomes Client’s Internal Data Example – Target achieved – Conversions Customer Impact CSMM Studies – Customer Relationship Assessment (CRA) – Channel Commitment – Supplier Relationship (SRR) – Lost Customer Assessment (LCA) – Customer Transaction Assessment (CTA CSMM Studies – Tao of Commitment. – Employee Attrition Analysis Impact CSMM Conformance Audits – Call Centre Audits. – Retail Audits. Customer Relationship Assessment (CRA) CSMM’s Customer Relationship Assessment Program is a holistic assessment of the relationship companies have with their customers.

CSMM-Walker model predicts loyalty which is defined as “commitment” or degree of positive engagement with the company and behavioural loyalty. An engaged customer is more likely to be an advocate of the company and continue availing of its products and services. Channel Commitment Channel is the face of the company and is as important as employees in achieving your business goals. Channels project your brand to the rest of the world. CSMM’s model for trade satisfaction identifies expectations channel members have from the companies whose products and services they sell.

Our work has helped some leading names in these sectors in defining their trade strategies. Supplier Relationship Report (SRR) Companies need their suppliers to be “partners” and work with the company to jointly achieve business goals. Without the support and tacit participation of suppliers, companies cannot initiate or execute any initiative in the products and services they offer. CSMM’s Vendor or Supplier Relationship program predicts vendor loyalty towards the company and identifies the experiences and perceptions which impact their loyalty.

Lost Customer Assessment (LCA) The LCA™ approaches your lost customers to learn from them. It evaluates their profitability. It looks at the customer profile, market dynamics, and external forces to determine why customers leave. This information helps you add value to your long-term relationships with current customers, and provides actionable solutions to your customer retention problems. Customer Transaction Assessment (CTA) The CTA™ is designed to measure actual customer experiences (perceptions of your performance) on specific transactions.

Transactions are “moments of truth” that shape customer’s perceptions of organizational performance. Interactions with customers can be measured and analyzed to improve customer experience and increase their loyalty to you and your products and services. Reputation Stakeholder Assessment (RSA) Companies with strong reputations deliver higher than industry average profits and stock performance, and have increased employee support, productivity, sales, and customer loyalty. A strong corporate reputation can increase the financial risk investors are willing to take, or even lower the level of return they demand.

RSA looks at your company’s reputation from the perspective of the people and groups who matter the most to you: your stakeholders. Financial Impact Modelling (FIM) In order to assist our clients (particularly senior managers/executives) in creating greater focus and attention on the business and financial implications of their customer relationships, Walker Information has developed a methodology to estimate (in rupees) the effect on customer retention revenue resulting from various business “what-if” scenarios.

FIM helps companies toassess what’s the financial payoff or impact of their efforts to increase customer commitment. Tao of Commitment Committed employees, by definition are those employees who are highly motivated, productive and feel that the organization brings the best out of them as individuals as well as professionals. For organizations to build a loyal and committed employee base, they need to have certain conditions in place at their workplace. These conditions are managed by three distinct entities: the top management/leadership, the HR Manager and HR practices, and the immediate supervisor.

The Tao of Commitment is a tool that captures employee experiences and expectations from all these three entities and provides a clear roadmap for all three to action in their respective roles. Employee Attrition Analysis Former employees can provide valuable feedback to an organization, which is willing to listen. A well designed and executed lost employee strategy will identify the root causes of employee attrition. It can help frame intervention and assist proactively in eliminating the causes of low satisfaction.

The program attempts to understand root causes leading to attrition, identifies profiles of employees most likely to attrite and tracks current employees on identified causes to help pre-emptive action Deployment Workshops Measuring customer loyalty and employee loyalty is not enough. Organizations can succeed only if genuine steps are taken to convert this feedback into “sustainable” actions. CSMM goes beyond measuring stakeholder loyalty and assists organizations through the process of implementation by facilitating workshops with line managers.

These workshops help managers decode customer feedback, link them back to their internal processes, identify internal roadblocks in processes delivery, refine process norms and finally come up with a detailed, time-bound implementation plan complete with accountabilities. Building People Capabilities for Customer Centricity Some of the road blocks that organizations face in implementing findings of a survey are lack of company vision, lack of will power to make necessary changes, lack of coordination among internal stakeholders and departments, lack of accountability, lack of communication and a host of other issues.

CSMM goes one step beyond deployment workshops and offers organizations tools and methodologies to overcome some of the roadblocks identified above. People in companies often need to undergo a complete mindset change in order to become customer centric. Customer centricity is not restricted to the customer touching employees only, but has to be a common thread across the company and at all levels. Everyone in the organization has to speak a common language -that of customer delight . CSMM has tied up with international experts to bring to organizations specialized tools and echniques to help people in the organization develop the “capabilities” required to become customer centric. These are not mere one-off training programs but long term engagements with clients for “sustainable” change in customer related behaviour over time. CONFORMANCE AUDITS There is an inherently large variety in the touch points that deliver the essence of any brand. Thus managing brand delivery in the service sector is a complicated and difficult mission. We believe that in order for the touch points to deliver consistent quality they need to be armed with information on how they are performing and the gaps that need to be closed.

CSMM measures conformance to the company’s norms at various touch points such as call centres, retail outlets, bank branches. EXPERIENCE SECTOR • Trade / Channel Satisfaction • Hospitality • Telecommunications • IT • Airlines • Banking and Finance • Mutual Funds • Retail • Logistics • Petroleum • FMCG • Paints • Pharmacy • Automotive • Engineering / Infrastructure • PSU • Power 2. PRODUCT PROFILE Debit cards are electronic current account cards that offer a safe, convenient alternative to cash and cheques when you wish to make payments.

Unlike a credit card, these cards are linked to your current account and you can only spend money that you have; regardless of the type of transaction you make using your card, the funds are always deducted from your current account balance. Debit cards can be used to purchase goods and services in shops, restaurants, garages and supermarkets, as well as online. Debit cards can also be used at Automated Teller Machines (ATMs) to withdraw cash from your account. For most transactions that you make, you will not be charged for using your debit card.

However, if you use your debit card abroad, or withdraw cash from certain cash machines, there may be a small percentage fee. As with most financial products, certain terms and conditions will apply to the use of the card. Protecting your debit card from fraud is paramount, if you wish to safeguard the money in your current account. A debit card essentially gives a criminal unlimited access to your current account funds if they wish to make online purchases; you should be aware of the potential drawbacks of using debit cards, so that you can manage and secure your finances appropriately. . MARKET PROFILE World Debit Cards Market This report analyzes the worldwide markets for Debit Cards in million units. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America, India and Rest of World. Annual forecasts are provided for each region for the period of 2003 through 2012. The report profiles 175 companies including many key and niche players worldwide such as Bank of America Corporation, Barclays Plc, China Merchants Bank Co. , Ltd, Citigroup, Inc. , Citibank Inc. , Credit Agricola S.

A, Deutsche Bank AG, Direct Response Financial Services, Inc. , HSBC Holdings Plc, ING Group N. V. , JPMorgan Chase ; Co. , Laser Card Services Ltd. , Lloyds TSB Group Plc, The Royal Bank of Scotland Group Plc, S2 Card Services Ltd. , State Bank of India, Wachovia Corporation, Washington Mutual, Inc. , Wells Fargo ; Company, SA Banksys NV, First Data Corporation, STAR® Networks, Inc. , Metavante Corporation, MasterCard Worldwide, PULSE EFT Association, Inc. , SSB SPA, and Visa U. S. A. , Inc. Market data and analytics are derived from primary and secondary research.

Company profiles are mostly extracted from URL research and reported select online sources. That is a very significant change in the last 4-5 years. Over the last few years debit cards that accounted for only three per cent of volumes of card purchases has reached 80 per cent. That is because while the credit cards issuable population is estimated to be 30-40 million, we can issue debit cards to just about anyone with a bank account. Just four or five years ago, credit cards were restricted to about 8-10 top cities.

Today, cards are being issued – debit, credit, prepaid – in over 100 cities. While the larger part of the spends continue in the top 10 cities, people in the tier-II and III cities are getting more familiar with plastic cards. We are seeing a silent revolution taking place where cards are actually moving out to mainstream India. Another important thing that is happening is on the pre-paid side. Prepaid population can be even larger. Whereas target population for credit and debit cards would be around 200 million, there are about 400 million who don’t have access to bank account.

These are micro-finance type of clients where prepaid will start making an entry. That is a very significant change in the last 4-5 years. Over the last few years debit cards that accounted for only three per cent of volumes of card purchases has reached 80 per cent. That is because while the credit cards issuable population is estimated to be 30-40 million, we can issue debit cards to just about anyone with a bank account. Just four or five years ago, credit cards were restricted to about 8-10 top cities. Today, cards are being issued – debit, credit, prepaid – in over 100 cities.

While the larger part of the spends continue in the top 10 cities, people in the tier-II and III cities are getting more familiar with plastic cards. We are seeing a silent revolution taking place where cards are actually moving out to mainstream India. Another important thing that is happening is on the pre-paid side. Prepaid population can be even larger. Whereas target population for credit and debit cards would be around 200 million, there are about 400 million who don’t have access to bank account. These are micro-finance type of clients where prepaid will start making an entry.

The RBI is actually very much pro-electronic payment. They are extremely supportive and want to promote payment cards. What they are trying to do is to put together a code of conduct that can be uniformly followed by all issuers and acquirers. This has been done in a collective fashion. The RBI did not wake up one fine day and start issuing guidelines. They formed a committee and invited people like Visa and MasterCard for discussion. The Singapore Bankers’ Association has a code of conduct for self-regulation. I would not take it as something negative.

When a particular institution grows, there are certain checks and counter-checks that need to be built in and it has been done in a proactive manner. I think people would take some time to adjust to it, but eventually it would be good for everyone. India has moved into a free interest rate regime. When we had our meeting with the RBI some groups (consumer) had made representations, but the RBI was very firm that we cannot on the one hand say interest rates have freed up and on the other side curb interest rates. On late fees, I am not at all sympathetic.

I do not see any harm in charging someone who fails to pay a bill on time. However, the RBI has done the right thing by asking banks to be transparent about the charges. The consumers should know that if he is using a credit facility he might end up paying a certain amount of interest. The consumer has a choice of not using that credit facility or over-leveraging the facility. 1. 4 COMPETITORS PROFILE VENTURE INFOTEK Venture Infotek Global Pvt. Ltd. is India’s first and leading ISO 9001:2008 transaction processing and knowledge management company.

Incorporated in 1997, Venture Infotek pioneered the introduction of e-Payments in India, and since then has continued to be instrumental in shaping this industry. The company not only enjoys a tremendous first mover’s advantage, but also has in place a superior infrastructure, providing integrated end-to-end card payment solutions to organizations across industry verticals like banking, financial services, petroleum, retail, manufacturing, government and travel ; hospitality. Venture Infotek manages payment card and other transactions emanating from over 190,000 Merchant locations in India.

Last year, Venture Infotek processed 150 Mn transactions with a commercevalueofRs. 35, 000Cr. (USD7Bn). The cards and fulfillment division of Venture Infotek, with the largest state-of-the-art secure card personalization bureau in India has a capacity to personalize around 48 million cards per annum. The merchant business division of Venture Infotek, not only offers multi-application Point-of-Sale terminals to merchants, but also innovative products such as Exchange Plus, a Dynamic Currency Conversion solution and a fully secured Internet Payment Gateway.

Crossing the digital divide, ‘Venture Gram’ – an initiative from the Government Business Unit delivers Government Benefits (like Health Insurance for the rural poor under the Rashtriya Swasthya Bima Yojana) through cutting-edge technology, thereby facilitating the inclusive growth and development of the disadvantaged sections of India’s population. With a truly pan-India reach from Leh to Port Blair, Venture Infotek services are available in over 6000 unique postal PIN codes across the country.

The Web makes building and maintaining relationships affordable, even for your smallest competitor. So you can bet that your competitors are already planning an e-loyalty strategy. In fact, your smaller competitor might even be better at building relationships online because they are closer to the customers they serve. So NOT building an e-loyalty program won’t be an option much longer for profitable companies. Recent Awards & Recognition: Winner of Confederation of Indian Industry-Export Import Bank of India (CII-Exim) Bank Award 2009 for its Strong Commitment to Excel • Winner of the prestigious International Asia Pacific Quality Organization (IAPQO) Best in Class Award 2009 • Winner of the Indian Merchants Chamber – Ramakrishna Bajaj National Quality Award 2008 in the Small Business category • Conferred with the “Best Innovation in a Loyalty Card Award” along with partner Welcome Real-time at the annual Cards and Payments Europe conference in June, ‘09

OZ CARDS one of the fastest growing sectors of the telecommunications industry. This year alone, it has been projected that over a billion worth of prepaid calling cards will be sold through local gas stations, grocers, local delis, and highway rest areas. Buying online is also becoming more popular as e-commerce is expanding at a phenomenal rate. SIEPMANNS Siepmann’s Card Systems Private Limited is an ISO 9001:2000 certified company, solely involved in the manufacture and supply of plastic cards.

Modern card manufacturing plant with complete in-house facility for card manufacturing the company has its presence in all the major metropolitan cities, with full fledged sales and production branches operating from Delhi, Kolkata, and sales offices in Bangalore and Chennai. The organizational philosophy of the company is to adapt newer technologies for the local market combined with cutting edge quality and service standards. The company produces all types of plastic cards for both local and foreign consumption as also associated services such as card personalization too.

Separate Service Bureau handles the card personalization requirement of a score of banks (for their ATM card needs). The company also offers a complete ‘fulfillment service’ for banks who wish to outsource the card issuing activity.. CHAPTER:2 REVIEW OF LITERATURE 2. REVIEW OF LITERATURE It appears that what consumers are saying is that they expect good products and services from their bank and that what is important to them is to have courteous and professional employees whom they can trust to explain them; and correct problems when they happen.

In the product arena, by far the most important issues surround the checking account. Of importance to consumers is not only the account itself, but the format of the monthly statements which they receive. They expect more from their accounts and want this increased functionality presented in an understandable way. Also, consumers are more sensitive to the pricing of this product, as the “gap” between the importance of the pricing of a checking account and customer’s satisfaction is comparatively high.

While banks have had the checking product pretty much to themselves in the past, the emergence of internet based banks, and the “creep” of large non-banks into the checking business should be an alarm bell for banks who want to improve customer satisfaction. Other “alarm bells” emerging from the study are such attributes as: Rates on Savings/CDs; Fees and Service Charges; ATMs; and Hours of Operation. These are among the attributes where banks score the lowest or where the gap between “importance” and “satisfaction” is the highest. “Loyalty” measures the strength of a customer’s satisfaction.

But it goes beyond, and also indicates the “action ability” of that loyalty. The ABA Financial Client Satisfaction Index measures loyalty in three area Deposit Services, Loans and Investments. This is done by asking clients whether they would consider the bank for their next service in these three areas. Of course, results will vary by both bank and customer, but it is interesting to note that on an overall industry basis, clients are more likely to consider their bank for their next deposit account than for either their next loan of their next investment. And in the case of investments, the score is much lower.

Or viewed differently, while 75% would consider their bank for their next deposit account, only 45% would consider it for their next investment. In a way, there is some probability that the loyalty score also measures the degree of competition (or alternative choices, from a customer’s perspective) in that particular product marketplace. The key with this measure is that it been improving over time It has been observed by such experts in customer satisfaction as J. D. Power & Associates that “consumer expectations are growing faster than industries can meet them”.

And the explosive growth of the Internet is shifting the power of information to the consumer. Since customer service expectations are growing and are influenced by customer experience with others, The ABA Financial Client Satisfaction Index measures a customer’s overall satisfaction with his/her bank as compared with other financial providers they use, and with other companies, in general. The idea here is for a bank’s overall satisfaction scores to keep up with, or exceed, those in other areas. Power, J. D and Associates, 1999. Fredrick Reichheld (1996) expanded the loyalty business model beyond customers and employees.

He looked at the benefits of obtaining the loyalty of suppliers, employees, bankers, customers, distributors, shareholders, and the board of directors. A model by Kay Storbacka, Tore Strandvik, and Christian Gronroos (1994), the service quality model, is more detailed than the basic loyalty business model but arrives at the same conclusion. In it, customer satisfaction is first based on a recent experience of the product or service. This assessment depends on prior expectations of overall quality compared to the actual performance received. If the recent experience exceeds prior expectations, customer satisfaction is likely to be high.

Customer satisfaction can also be high even with mediocre performance quality if the customer’s expectations are low, or if the performance provides value (that is, it is priced low to reflect the mediocre quality). Likewise, a customer can be dissatisfied with the service encounter and still perceive the overall quality to be good. This occurs when a quality service is priced very high and the transaction provides little value. The final link in the model is the effect of customer loyalty on profitability. The fundamental assumption of all the loyalty models is that keeping existing customers is less expensive than acquiring new ones.

It is claimed by Reichheld and Sasser (1990) that a 5% improvement in customer retention can cause an increase in profitability between 25% and 85% (in terms of net present value) depending upon the industry. However, Carrol and Reichheld (1992) dispute these calculations, claiming that they result from faulty cross-sectional analysis. Schlesinger and Heskett, 1991. CHAPTER:3 RESEARCH METHODOLOGY 3. 1. RESEARCH OBJECTIVES: ? To study about the awareness of the debit cards produced by Venture Infotek. ? To know the customer satisfaction level on the product through personal services. To know the perception on the next most preferred company. ? To suggest methods to upgrade the satisfaction level of customers.. ? The ability to dispatch the whole card within the agreed turnaround time as on good progress. ? The total accuracy of dispatch accurate on conditioning. ? Weather the company stands forward a good value on packaging. ? To find the contact with the customer service connection on condition. ? The overall rating given to the fulfilment division. ? The processing on account billing section and their feedback plays a feedback. ? To find the accuracy of bill/voices within the company. . 2. RESEARCH METHODOLOGY: Research methodology is the method in which a problem can be solved systematically. It may be understood as a science of studying how research is done scientifically. In it we study various steps that are generally adopted by a researcher in studying this problem. It is necessary for the researcher to know not only the research methods/ techniques but also the methodology. 1. Research design : Descriptive research 2. Research method : Survey method 3. Research instrument used : Structured questionnaire 4. Sampling procedure 5. a. Sampling method : Non probability convenience sampling 6. b. ) Sample size : 40 in Chennai and nearby location. 7. c. ) Sampling unit : Customers who purchase men’s apparels. 8. Data collection method : Primary data- Personal contact 9. Statistical tools used : a. Percentage analysis b. Confidence Interval 10. Statistical package used : SPSS 17. 0 3. 2. 1 RESEARCH DESIGN A Research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure.

The Research design used for the study was DESCRIPTIVE STUDY. Descriptive research studies are those studies which are concerned with describing the characteristics of a particular individual, or of a group. Descriptive research includes surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present. 3. 3. 2. RESEARCH APPROACH: The Research approach used for the study was SURVEY METHOD. In case of Descriptive study the Survey was performed to obtain the primary data through direct communication with respondents. . 3. 3. RESEARCH INSTRUMENT: The Research instrument used for the study was QUESTIONNAIRE. The effective instrument used for collection of primary data is through Questionnaire. Structured questionnaires are those questionnaires in which there are definite, concreter and pre-determined questions. Closed end questions are those questions that include objective type questions whereas Open end questions include questions that invite free response. The questionnaire used for the study is Structured questionnaire with both Closed and Open ended questions. 3. 3. 4. SAMPLING TYPE:

The Sampling type used for the study was NON-PROBABILITY SAMPLING. All the items under consideration in any field of inquiry constitute a ‘universe’ or ‘population’. Sampling is the process of obtaining information about an entire population by examining only a part of it. Non-probability sampling is that sampling procedure which does not afford any basis for estimating the probability that each item in the population has of being included in the sample. 3. 3. 5. DATA COLLECTION METHOD: The Sampling method used for the study was CONVENIENCE SAMPLING. Non-probability sampling is based on convenience sampling.

When population elements are selected for inclusion in the sample based on the ease of access, it can be called convenience sampling. 3. 3. 6. SAMPLE SIZE: Sample size refers to the number of items to be selected from the universe to constitute the sample. The study includes sample size of 40 in the Chennai and nearby location. 3. 3. 7. SAMPLING UNIT: Sampling unit for the study was the college people who buy men’s clothes in textile stores in that locality. 3. 3. 8. CONTACT METHOD USED: The contact method used for the study to obtaining the primary data is through PERSONAL CONTACT METHOD.

Personal contact method describes the direct communication between researcher and respondents for collection of primary data by means of questionnaire. 3. 3. 9. STATISTICAL TOOLS USED: The Statistical tools used for the study includes Percentage analysis, Chi-square test, and Confidence Interval. 3. 3. 10. Percentage Analysis: Percentages are often used in data presentation for they simplify numbers, reducing all of them to a 0 to 100 range. Through the use of percentages, the data are reduced in the standard form with base equal to 100 which fact facilitates relative comparisons. Percentage = [pic] . 3. LIMITATIONS The study has used convenience sample. The banks are not willing to share the information about customer’s profile because of privacy policy. Efforts should be made to investigate the study using a random sample to enhance its generalizebility. Survey design has been used in the study. A mix of interviews and quantitative data gathering techniques could be used to make the results more comprehensive and generalizeable. CHAPTER: 4 DATA ANALYSIS AND INTERPRETATION DATA ANALYSIS AND INTERPRETATION 4. 1. CUSTOMER PREFERENCES ON SOURCING OF PERSONALIZATION CARDS Table 4. 1 Introduction:

The analysis is about the customer preference on personalization cards which is based on data obtained from the Venture Infotek company and its competitors CARD MANFACTURING SYSTEM (CMS), OZ-WIZARD (OZ CARDS) and SIEPMANNS. | | | | | |Percent | | |Companies |Frequency | | | | | | |

Interpretation: It is found that the cards and fulfillment division of Venture infotek provides more number of cards that are preferred by the customers, Inference: From the above interpretation, it can be inferred that the venture infotek company provides 82. 5% of the customer preference, CMS and OZ cards occupies 7. 5%, and finally sieppmans have 2. 5% of the customer preferences. Chart 4. 1 the chart shows the companies competition level with the venture infotek company [pic] 4. 2 MOST PREFERRED COMPANY TO DEAL WITH Table 4. 2 Introduction:

The analysis is made on the CRM team to check out the most preferred company to deal other than the venture infotek company who stands next as the leading company of manufacturing personalization cards. | | | | |Frequency | Percent | | |Companies | | | Interpretation: The most preferred companies depending on the customer’s opinion has been checked and the value are been analysed.

Inference: From the above table it is understood that next to Venture Infotek cards the respondents prefer OZ cards. Chart 4. 2 the chart denotes the companies with the most preferred to deal with [pic] 4. 3 CUSTOMERS EXPERIENCE WITH THE COMPANY |Table 4. 3 | |Introduction: | |The analysis on the purchasing team in every bank buys the personalization cards from various companies. |The relationship between the customers and the company is important. Mutually they should have a good | |relationship to promote the particular cards. | | | |Frequency |Percent | | |Value level | | | | | | | | Interpretation: From the table, it is clear that the 25% of the customers agree that their experience with the company is very good, 75% agree that their experience with the company is good. Inference:

It can be inferred that the experience of the company with the customer’s are good Chart 4. 3 the chart refers to the experience on a particular level. [pic] |4. 4 CUSTOMERS OPINION ON PRICE OF THE PRODUCTS | |Table 4. 4 | |Introduction: | |The following table states the opinion given by the respondents on the price of the product | |referred to Venture Infotek company. | | | | |Frequency |Percent | | |Product value | | | Interpretation: From the table, it is clear that 87. 5% of the customer’s opinion on the product is of good value and 12. 5% of the customer’s opinion is that the products are of poor value. Inference: From the above interpretation, 87. % of the customer opinion on products is of good value as analysed about the terms and the products and services received and the relationship with the product is enjoyed in term with time and money it holds a good value. Chart 4. 5 the chart represents the customers opinion on the value of the product [pic] 4. 6 CUSTOMERS PREFERENCES ON THE PRODUCT AND ITS SERVICE METHODS Table 4. 6 Introduction: The analysis on the CRM team is done to measure and promote the level of assuming what they denote and the changes to be made on the product on embossing, intending, image printing, stuffing and pin mailer. | | | | | | | | | | | |Product services | |Frequency | |Percent | |Cumulative Percent | | | | | | | |A) Personalisation of cards-embossing-printing letters and numbers on the cards with raised project from he card surface. | | | |3 | | | |7. | | | |7. 5 | | | | | |B) Personalisation of cards-indenting is same like embossing but the printed matter will not be raised above the surface of | |the card. | |14 | |35. 0 | |42. | | | | | |C) Personalisation of cards-image printing / photo printing(image printing-printing on the company logo or any other image | |on the credit/debit or loyalty card)(photo printing-printing of the customers photograph on the credit card) | |4 | |10. 0 | |52. 5 | | | | | |D)STUFFING- which includes arranging the cards and documents together inside the welcome kit envelope | |2 | |5. 0 | |57. | | | | | |E) Pin Mailer- which includes generating the pin no for your customer | |17 | |42. 5 | |100. 0 | | | | | |Total | |40 | |100. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interpretation: From the table, it is clear that 57. 5% of the customer’s opinion on the product is of good value and 7. 5% of the customer’s opinion is that the products are of poor value. Inference: From the above interpretation , 42. 5 percent of the customer opinion are good in terms of products, services and the money it holds. The relationship with the product is enjoyed in term of time. Chart 4. 6 the total methods on modifying the product [pic] |4. 7 CUSTOMERS PREFERENCES ON THE QUALITY OF THE OPERATION TEAM. | |Table 4. | |Introduction: | |An analysis done on the CRM team to check the quality of the operation team to work on the product in| |a particular time. | | | |Frequency |Percent | | |Quality level | | | Interpretation: About 82. 5% of the customers agree that the quality of the operation team is good. Inference: From the above interpretation, 82. 5% of the customers agree that the quality of the operation team is good. But still the 17. 5% of the customers are not satisfied with the quality. So the quality of the team has to be improved. Chart 4. 7 measures the total quality of the team work with the product. [pic] | | | | | | | | | | | |4. 8 Customers Rating on the quality of embossing | |Table 4. 8 | |Introduction: | |An analysis on checking the quality of embossing on the product as demanded by the customers is checked | |through the CRM team as their quality is mentioned on value. | | |Frequency |Percent | | |Quality of | | | | |embossing | | | Interpretation: From the table, it is clear that 37. 5% of the customers agree that the quality of the embossing is very good, 62. 5% of the customers feel that the quality of the embossing is good. Inference: From the above interpretation, 37. 5% of the customers agree that the quality of the embossing is very good. But still the 62. 5% of the customers feel it’s good. To achieve customers delight, the quality can be improved more. Chart 4. 8 process of this measurement is to check on the quality of embossing. [pic] 4. 9 ACCCURACY OF THE INTENDING OF CARDS |Table 4. | |Introduction: | |An analysis on the process of intending is made through the purchasing team on card system on what the | |customer expects the product to be which is a part of the quality system. | | | |Frequency | Percent | | |Quality of | | | | |intending | | | Interpretation: From the table, it is clear that 7. 5% of the customers agree that accuracy of intending of cards is excellent, 40% feel that the accuracy is very good, 50% of the customers feel that the accuracy is good, and finally 2. 5% of the customers are not satisfied with the accuracy. Inference:

From the above interpretation, more than 50% of the customers feel that the accuracy of intending of cards is good. It can also be improved to attain 100% accuracy. Chart 4. 9 the customer’s opinion on quality of intending. [pic] |4. 10 QUALITY OF THE IMAGE/PHOTO PRINTING. | |Table 4. 10 | |Introduction: | |An analysis is done on the quality of the image/photo printing done through the purchasing team as the | |most important part on the card system is considered as the image/photo printing on the card as the | |feedback from the customers is measured on value. | | |Frequency | Percent | | |Image/photo | | | | |printing | | | Interpretation: From the table, it is clear that 37. 5% of the customers agree that quality of image/photo printing on the card is very good, 62. 5% of the customers agree that quality of image/photo printing on the card is good. Inference: From the above interpretation, the holder’s image which is printed on the card, and the quality of the image/photo printing on the card designed by the company has a 37% of a very good methodology. 62. % of the customers agree that quality of image/photo printing on the card is good. It can also be improved to attain 100% quality. Chart 4. 10 the quality of image/photo printing on the card. [pic] |4. 11 ACCURACY OF THE STUFFING | |Table 4. 11 | |Introduction: | |An analysis is done on the purchasing team on the process of stuffing i. e. putting all the specific | |documents in the welcome kit, also the mismatch between the card and the documents which is required to | |the particular customers. | | |Frequency | Percent | | |Accuracy of | | | | |stuffing | | | Interpretation: From the table, it is clear that 15% of the customers agree that accuracy of stuffing in is very good, 85% of the customers feel that the accuracy is good. Inference: The measurement refers from the level of very good performance is 15% and the 85% customers feel that it’s good. So the accuracy can be improved to attain 100% accuracy. Chart 5. 11 the accuracy of stuffing [pic] 4. 12 ACCURACY OF PIN PRINTING |Table 4. 2 | |Introduction: | |An analysis is done on the pin printing efficiency through the purchasing team which is the main | |progressive method as the accuracy of pin printing which is stated on correct mapping of pin numbers of | |the respective cards | | | |Frequency | Percent | | |Accuracy of pin| | | | |printing | | | Interpretation: From the table, it is clear that 10% of the customers agree that accuracy of pin printing of cards is excellent, 15% feel that the accuracy is very good, 75% of the customers feel that the accuracy of pin printing is good. Inference: From the above interpretation, more than 50% of the customers feel that the accuracy of intending of cards is good.

But only 10% customers feel that the accuracy is good. So to improve this accuracy of pin printing has to be increased. Chart 4. 12the chart measures on the accuracy of pin printing on the card [pic] | | |4. 13 DISPATCH OF THE PIN MAILERS WITHIN THE AGREED TURN AROUND TIME. | |Table 4. 13 | |Introduction: | |An analysis on the process of making a calculated timing procedure within the agreed turn around time of | |the pin mailers is done through the CRM team. | |Dispatch of pin|Frequency | Percent |Cumulative Percent | | |mailers | | | | | | | | | | | |Excellent |4 |10. 0 |10. 0 | | |very good |7 |17. 5 |27. 5 | | |Good |20 |50. 0 |77. 5 | | |Poor |7 |17. 5 |95. 0 | | |very poor |2 |5. 0 |100. 0 | | |Total |40 |100. | | | | | | | | | | | | | |Interpretation | |From the table, it is clear that, 10% of the customers agree that process of making a calculated timing | |procedure within the agreed turn around time of the pin mailers is excellent, 17. 5% agree that process of | |making a calculated timing procedure within the agreed turn around time of the pin mailers is very good, | |50% agree that process of making a calculated timing procedure within the agreed turn around time of the | |pin mailers is good, 17. % of the customers feel that the process is poor and 5% agree that its very poor. | |Inference: | |From the above interpretation, more than 50% of the customers feel that process of making a calculated | |timing procedure within the agreed turn around time of the pin mailers is good. But more than 20% feel | |that the process is poor. This gives a bad impression for the customers. So the process efficiency should | |be increased. | | | |Chart 4. 3 verification on the time duration of the dispatch on the pin mailers[pic] | | | | | | | | | | | | | | | | | | | | | | | | | |4. 14 DIPATCH THE CARDS WITHIN THE AGREED TURNAROUND TIME. | |Table 4. 14 | |Introduction: | |An analysis on the process on performing the ability to dispatch the cards is done on the SALES TEAM which| |refers to the agreed time from the company to the customers is measured. | |Dispatch of |Frequency | Percent |Cumulative Percent | | |cards | | | | | | | | | | | |excellent |2 |5. 0 |5. 0 | | |very good |2 |5. 0 |10. 0 | | |Good |34 |85. 0 |95. 0 | | |very poor |2 |5. 0 |100. 0 | | |Total |40 |100. 0 | | | | |Accuracy of |Frequency | Percent | | |dispatch | | | |Interpretation: | |From the table, it is clear that 17. 5% of the customers agree that accuracy of dispatch is excellent, | |37. 5% feel that the accuracy is very good, 45% of the customers feel that the accuracy of dispatch is | |good. | |Inference: | |From the above interpretation, 45% of the customers feel that the accuracy of dispatch of cards is good. |The time and the process taken through the level of dispatching the cards to the customers at the point | |of time as on the total accuracy of dispatch is on 55% as conditioned. | | | |Chart4. 15 processing level on the dispatch on accuracy of the cards. | | | |[pic] | | | | | 5. 6 CUSTOMERS OPINION ON THE QUALITY OF THE PACKAGING MATERIAL, USED WHILE DELIVERING THE CADERS/MAILERS. Table 4. 16 Introduction: The table shows the packaging of the product on the positioning level is done by the sales team which acts through the main progressive function when delivered it to the customers and their values are estimated below. | |Quality of |Frequency | Percent |Cumulative Percent | | |packaging | | | | | |excellent |8 |20. 0 |20. 0 | | |very good |15 |37. 5 |57. | | |Good |17 |42. 5 |100. 0 | | |Total |40 |100. 0 | | | | | | | | | | | | | Interpretation: From the table, it is clear that 20% of the customers agree that packaging the product on the positioning level which acts through the main progressive function when delivered it to the customers is excellent, 37. % feel that packaging the product on the positioning level which acts through the main progressive function when delivered it to the customers is very good, 42. 5% of the customers feel that its good. Inference: From the above interpretation, 42. 5% of the customers feel that packaging the product on the positioning level which acts through the main progressive function when delivered it to the customers is good. The customer seeks for the quality in packaging level is also meant to be taken under consideration when it comes on packaging the product. Chart 4. 16 the part on packaging the product at the customers point of reach [pic] 4. 17 AT THE POINT ON CONNECTING THE CALL CENTRE Table 4. 17 Introduction:

An analysis is made on the CRM team as the customers’ needs must be taken special care and consideration as when they are in need of a particular information about the product the customer executive must enact the point of response is tabulated below | | | |Connecting call |Frequency | Percent | | |centres | | | Interpretation: From the table, it is clear that 55% of the customers agree that the time duration and the response of calls from the customers to the call centre executives is good, 45% of the customers feel that the time duration and the response of calls from the customers to the call centre executives is poor. Inference:

From the above interpretation, the company has take a keen role of considering the customer help on the clarification of the product for the contact with the customer service connection stands 55% on good condition. Chart 4. 17 time duration and the response of calls from the customers to the call centre executives[pic] 4. 18 THE PROCESSING RATE OF THE FULFILMENT DIVISION |Table 4. 18 | |Introduction: | |An analysis is made on the opinion of the sales person regarding the problems in the product. | | |Processing rate |Frequency | Percent | Interpretation:

From the table, it is clear that 15% of the customers agree that checking the overall quality of the sales team or the customer relationship management team (CRM) the particular person who can be contacted on problems with the product is excellent, 20% feel that the checking the overall quality of the sales team is very good, 65% of the customers feel that its good. Inference: From the above interpretation, 65% of the customers agree that the processing rate of the fulfillment division is good. For the overall rating of fulfilment division the timeless of contracting process, accessibility of CRM during business process, knowledge and competence of the sales team has been considered as it is the part of the customer’s product. Chart 4. 18 the part in which the one who handles the customer calls [pic] |4. 19 ON THE PROCESSING OF CHECKING THE ACCOUNTS BILLING DIVISION | |Table 4. 9 | |Introduction: | |An analysis made through the CRM team on comparison between the companies account and billing division | |is made with the other benchmark companies and values shown | | |Billing division|Frequency | Percent | Interpretation: From the table, it is clear that 37. 5% of the customers agree that the accuracy on the time process on the accounting and the billing division is very good, 62. 5% of the customers feel that the accuracy on the time process on the accounting and the billing division is good. Inference: From the above interpretation, 62. 5% of the customers agree that the accuracy on the processing of checking the accounts billing division is good. Chart 4. 19 the companies accounting and billing division [pic] . 4. 20 AT THE RATE OF ACCURACY ON BILLS/INVOTEES ON CARDS PROCESSING |Table 4. 0 | |Introduction: | |An analysis is made on the accuracy on the time process through the CRM team on the accounting and the | |billing division is tabulated | | |Accuracy of |Frequency | Percent | | |bills | | | Interpretation: From the table, it is clear that 32. 5% of the customers agree that the division of accounting and billing division on their accuracy level is excellent, 7. % of the customers agree that the division of accounting and billing division on their accuracy level is very good, 57. 5% of the customers feel that the division of accounting and billing division on their accuracy level is good. Inference: From the above interpretation, the over all quality of accounts billing and payment process on timelines of receiving bills/invoices and payment process and the accuracy of billing and their invoices stands about 57. 5% stands on the accuracy of bill/voices within the company is good. Chart 4. 20 the point on the division of accounting and billing division [pic] 4. 21. KOLMOGOROV SMIRNOV TEST 4. 21. 1. ACCURACY OF THE INTENDING OF CARDS

An analysis on the process of intending is made through the purchasing team on card system on what the customer expects the product to be which is a part of the quality system. Which includes a test on Kolmogrov-Smirnov. Null Hypothesis: Opinion on the accuracy of intending is good. Level of Significance: Let ? =0. 05, be the level of significance. Data | |Excellent |Very Good |Good |Poor | |Oi |3 |16 |20 |1 | |ei |2. 8 |17. 2 |17. 2 |2. 8 | ei = Expected values are derived from the basis of normality. | Test Statistics: Do = Max | Fn(x) – Sn(x) | FN(x) – Cumulative probability of expected values. Sn(x) – Cumulative probability of observed values. Do = 0. 045 De = 0. 215 Inference: Since DoDe, the null hypothesis is rejected. Findings: The respondents agree that the quality of the packing material used while delivering the cards/mailers is good. CHAPTER: 5 FINDINGS AND RECOMMENDATIONS 5. 1. FINDINGS ? It is found out that 82. 5% of the clients prefer venture infotek to handle their business ? It is well identified that the OZ cards is the next most preferred company to deal with. As per consideration they play a very good role in the quality of interactions. ? As compared to the other companies on price rates Venture infotek goes on with moderately price level. ? As analyzed about the terms and the products and services received as the relationship enjoyed in relation with time and money it holds a good value. ? As mentioned about the products on services of the cards on different methods like pin mailers, stuffing, image printing, intending, embossing etc about 42. 5% goes through the intending process. ? When referred on the total performance of the team as the operations team which handles the entire end to card solution it is about 82. 5% goes on through good value. The quality of the embossing system in the cards shows very good performance from the client’s position. ? The intending procedure on the cards stands about 47. 5% on very good value. ? The quality of the image/photo printing on the card designed by the company has a 37% of a very good methodology. ? The accuracy of stuffing stands about 15% of good condition. ? The accuracy of pin printing stands 10% on excellent conditions. ? The purpose on the ability to dispatch the pin mailers within the agreed turnaround time is about 77. 5% on good condition. 5. 2. RECOMANDATIONS improvements. CHAPTER: 6 CONCLUSION 4. CONCLUSION Customer service, like any aspect of business, is a practiced art that takes time and effort to master.

All you need to do to achieve this is to stop and switch roles with the customer. What would you want from your business if you were the client how you would want to be treated Treat your customers like your friends and they’ll always come back. be OZ cards. Although precise statistics are unavailable, the fraud risk of ATM/online debit card transactions is thought to be substantially lower than that of other payment instruments, such as checks and credit cards. 158 Two features of ATM/online debit transactions keep fraud risk low. One is the “immediately debit” function, which makes a transaction on insufficient funds impossible. The second is the use of a PIN.

Theoretically, only a legal cardholder knows his other own PIN. Even though someone else may try to use the card, if the correct PIN is not entered, the transaction will not occur. Of course, this type of fraud cannot be prevented in thecae of an offline debit transaction since a signature can be forged. Recent developments in the EFT industry will likely impact fraud risk. Some developments will probably be positive, while others are uncertain. As noted earlier, EFT networks are developing check conversion programs. When check conversion is processed through an EFT network, the risk of insufficient funds is negated because of the “immediately debit” nature of an online transaction.

On the other hand, the effects of other emerging payment instruments on fraud risk, especially those involving Internet-based transactions, are uncertain The ATM and debit card industry is undergoing significant change along a number of dimensions. Some of the most dramatic changes include the sharp growth in POS debit card transactions, the intense competition between online and offline debit, the heavy consolidation of regional EFT networks and third-party service providers, the growing importance of nonbank and third-party processor ownership of networks, and new pricing structures and strategies. An industry this dynamic and fast-paced is difficult to summarize but fascinating to study.

This paper has attempted to present a comprehensive overview of the current state of the ATM and debit card industry, and to begin to address some important economic and public BIOBLIOGRAPHY

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