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    Uae exchange Uae exchange Document Transcript

    • DECLARATIONI hereby declare that the report titled “A STUDY ON CUSTOMER SATISFACTIONTOWARDS VARIOUS PRODUCTS AND SERVICES OF UAE EXCHANGE” is a bonafiderecord of the study done by me, as a part of my PGDM programme at Rajagiri BusinessSchool.This study has been undertaken in partial fulfilment of the requirement for the award ofPost Graduate Diploma in Management (PGDM) by Rajagiri Business School.I also declare that this report has not been previously formed for the award of anydegree, diploma or other similar title of recognition of any other university/ institutions.Date: 14-06-2012 Signature:Place: Cochin Name: Achu James
    • (i) ACKNOWLEDGEMENTThis report has been enriched by the inputs of various people. I take this opportunity tothank each and every one of them.Above all I thank the God Almighty for his immense grace and blessings at each andevery stage of the project.I would like to thank Dr. Joseph. I. Injodey, Hon.Dean, of Rajagiri Business School toprovide the necessary support to complete the project report, and encourage us to furthercarry out research in coming future.I am greatly indebted to my faculty guide, Prof. Abraham Babu, Rajagiri Centre forBusiness Studies for his kind guidance, cooperation and helpful suggestions in everystage of this project.I extend my sincere thanks to Mr. Johnee Praveen Head- Human Resource and myproject guide Mr. Benny Joseph, Division Head HR, for giving me valuable guidance.I owe my sincere thanks to UAE EXCHANGE Ernakulam MG Road branch and itsemployees for helping me during my visits and took special efforts to see that I couldlearn as much as possible during the Internship.I would also like to thank my parents, friends & relatives for supporting me incompleting this project.
    • CONTENTSCHAPTER 1 INTRODUCTION........................................................................1 1.1 Introduction................................................................................2 1.2 Rationale of the study.................................................................4 1.3 Scope of the study.......................................................................4CHAPTER 2 INDUSTRY AND COMPANY PROFILE................................5 2.1 Indian Non Banking Finance Companies...................................6 2.2 Types of NBFCs.........................................................................8 2.3 UAE Exchange Group................................................................9 2.4 History........................................................................................9 2.5 Company port folio...................................................................11 2.6 Indian operations.......................................................................11 2.7 Advantages................................................................................13 2.8 Major business activities...........................................................13 2.8.1 Money Transfer................................................................13 2.8.2 Money Exchange..............................................................16 2.8.3 Travel and Ticketing........................................................18 2.8.4 Xpress Loan.....................................................................19 2.9 Organization Structure...............................................................23 2.10 Various Departments in UAE Exchange.................................24 2.11 Branch Structure......................................................................26
    • CHAPTER 3 RESEARCH METHODOLOGY..............................................28 3.1 Title of the study........................................................................29 3.2 Objectives..................................................................................29 3.3 Research Design........................................................................30 3.4 Sampling Design.......................................................................30 3.5 Data collection Tools................................................................30 3.6 Data analysis Tools...................................................................30 3.7 Limitation of the study..............................................................30CHAPTER 4 DATA ANALYSIS AND INTERPRETATION.................31-47CHAPTER 5 FINDINGS, SUGGESTIONS AND CONCLUSION...............48 5.1 Findings.....................................................................................49 5.2 Suggestions................................................................................50 5.3 Conclusion.................................................................................50 BIBLIOGRAPHY........................................................................52 ANNEXURES.........................................................................53-55 (iv)
    • LIST OF TABLESTABLE NO: TABLE NAME PAGE NO: 4.1 Age Profile 31 4.2 Gender Classification 32 4.3 Product Port folio 33 4.4 Frequency of Transaction 34 4.5 Preference level of customers 35 4.6 Transaction time 36 4.7 Acceptable waiting time 37 4.8 Courteousness of branch staff 38 4.9 Affordable service provider 39 4.10 Speedy responses to the complaints 40 4.11 Customer satisfaction on Foreign Exchange 41 4.12 Customer satisfaction on Money Transfer 42 4.13 Customer satisfaction on Travel and Tours 43 4.14 Customer Experience 44 4.15 Customer preferred Brands 45 4.16 Level of Satisfaction with UAE Exchange 46
    • LIST OF FIGURESGRAPH NO: TABLE NAME PAGE NO: 2.1 Organization Structure 22 2.2 Branch Structure 25 4.1 Age Profile 31 4.2 Gender Classification 32 4.3 Product Port folio 33 4.4 Frequency of Transaction 34 4.5 Preference level of customers 35 4.6 Transaction time 36 4.7 Acceptable waiting time 37 4.8 Courteousness of branch staff 38 4.9 Affordable service provider 39 4.10 Speedy responses to the complaints 40 4.11 Customer satisfaction on Foreign Exchange 41 4.12 Customer satisfaction on Money Transfer 42 4.13 Customer satisfaction on Travel and Tours 43 4.14 Customer Experience 44 4.15 Customer preferred Brands 45 4.16 Level of Satisfaction with UAE Exchange 46
    • Non banking finance companies form an integral part of the Indian financial system.NBFC in India are registered companies conducting business activities similar to banks.But the main difference between these two are, NBFC cannot accept demand depositand they cannot issue cheque to customers. A non banking financial company is acompany registered under the Companies Act, 1956 and is engaged in the business ofbanks and advances, acquisition of shares, bonds, debentures, securities issued bygovernment or local authority or other securities of like marketable nature, leasing, hirepurchase, insurance business, chit business, foreign exchange transactions. The UAEExchange Group is one of the largest and most trusted financial institutions in the worldoffering money transfer and money exchange services all over the world. The productline of UAE Exchange includes money transfer, foreign exchange, travel and tours,general insurance, stock trade, loans against gold and shares etc. The UAE Exchangegroup commenced its Indian operation in 1999 with 5 branches in the state of Kerala asUAE Exchange & Financial Services Ltd. It was incorporated as a Public Limitedcompany in 1995 under the Indian Companies Act 1956. It is also registered with theReserve Bank of India as a public limited non banking finance company (NBFC).The title of the project is “A study on customer satisfaction towards various product andservices of UAE Exchange”. As the title suggests, the project involved studying thefactors that influenced the customers while availing the product and services of theorganization. The objective is to find out the frequency of transactions, preference, timetaken to conclude the transaction, helpfulness of the branch staff etc. Through this thesatisfaction level of services can be identified. The scope of the study was restricted tothe customers of UAE Exchange in the Ernakulam city. The research design used in thestudy is descriptive in nature. The population of the study are the customers of UAEExchange MG Road Ernakulam branch. The convenience sampling method is used forcollecting the data. Primary data was obtained through structured questionnaires withthe customers of the organization. The study was mainly aimed at identifying the closecompetitor of the UAE Exchange and compares both with the satisfaction level of thecustomers.
    • From the analysis done it is revealed that 3/4th the product and services of theorganization were used by male. The lion share of the customers is belonging to the agegroup of 21-30. The most moving product of UAE Exchange is foreign exchange andmoney transfer facilities. One important thing is that there were no customers for theproduct general insurance and gold loan. From the study it is understood that the mainreason why the customers chose UAE Exchange for their transaction is because ofreliability. Most of the customers took 5-10 minutes to conclude their transactions. Thecustomers confirm that the behaviour and helpfulness of branch employees are verygood. More than 60% of the customer agrees that the charges made for the services arereasonable.. In the case of UAE Exchange 58% of the customers did not have anycomplaints regard to the services and products. From the analysis of the product part, itis revealed that majority customers of foreign exchange are satisfied with the product.The customers of money transfer also satisfied with the organization and its product.When compared with the product of competitors the customers are satisfied with theofferings and operations of UAE Exchange. These are the major findings from theproject study.The general public treated UAE Exchange as a company which deals in only moneytransfer and money exchange business. So it is very important that the company shouldpromote other product in a great extent. Advertisement campaign about the businesslike travel and tours, general insurance and loan should be taken care of. As a result thecompany can attract more customers for its product. When the services of competitorswere taken into consideration, the customers who used both the product are satisfiedwith UAE Exchange. So, in this case the organization should take measures to gainmore advantage over the competitors by adding more agencies to the business. (ix)
    • 1.1 INTRODUCTIONIn recent years, the non banking industry around the country has been undergoing arapid transformation. Non banking company is regarded as a consumer-orientedservices industry and the companies have started realizing that their businessincreasingly depends on the quality of the consumer service provided and overallsatisfaction of the customer.. In addition, the deepening of information technology hasfacilitated better tracking and fulfilment of commitments, multiple delivery channels forcustomers, and faster resolution of issues. Today, customers expect higher qualityservices from companies which, if fulfilled, could result in significantly improvedcustomer satisfaction, and potentially retention levels. The non banking industry, as isthe case with other financial services industries, is facing a rapidly changing market,new technologies, economic uncertainties, competition, and more demandingcustomers; and the changing environment has presented an unprecedented set ofchallenges .Unlike in the past, the companies in the non banking sector, today aremarket driven and market responsive. The top concern in the mind of everyorganizations head is increasing or at least maintaining the market share in every line ofbusiness against the competition. With the entry of new players and multiple channels,customers have become less loyal to the companies or organizations in this field. Bankis also treated as a major competitor of non banking finance industry. This makes it veryimportant that the companies in this sector provide best possible products and servicesto ensure customer satisfaction.Customer satisfaction is an evaluation by the customer, after buying goods andservices. The most important view of customer satisfaction in the academic world is thatcustomer satisfaction is assumed out of the comparison of pre purchase expectationswith post-purchase evaluation of the product or service. Achieving customer focusrequires leveraging existing customer information to gain deeper insight into therelationship a customer has with the institution, and improving customer service-relatedprocesses so that the services are quick, error free and convenient for the customers.Furthermore, a basic percept of marketing is that customer satisfaction with a productwill possibly lead to repeat purchases and favourable word-of-mouth advertising. Infact, customer satisfaction is widely recognised as a key pressure in the formation of 2|Page
    • consumers‟ future purchase. In today‟s highly competitive, increasingly consolidatedworld, offering personalized and differentiating services can be critical to organizationsuccess.The foreign exchange trading in India is growing at a really good pace however it is saidthat the forex market is still in the early phase in India. Nevertheless there are alreadyseveral big players in the Indian forex market. Companies like UAE Exchange, ThomasCook, Western union, and Lulu Exchange etc were in this industry. In this context it isimportant that the company should provide its best to the customers to retain its positionin the market and make a good market share. In this scenario the customer satisfactionregard with the product and services got importance. If the customer is not satisfied withwhat the company offered, they will look into an alternative and move to the closesubstitute of the same product.This project considers different aspects that used to identify the customer satisfactionlevel of the users those who avail the product and services of UAE Exchange. From thatwe can get an idea about what all are the products and services offered by theorganization and the satisfaction level of the customers using that product. Anotherimportant thing is to identify the percentage or number of customers who is doingbusiness with other organization. From that we can ascertained that whether thecustomer is satisfied with the services offered by that organization. A comparisonbetween product and services of UAE Exchange and other competing organization willhelp to identify the customer preferences. With the help of that result the organizationcan frame or change their policies according to the needs.Customers have different levels of satisfaction as they have different attitudes andexperiences as perceived from the company. Customer‟s satisfaction is affected by theimportance placed by the customers on each of the attitudes of the product and servicein question. Customer satisfaction measurement allows an organization to understandthe key drivers that create satisfaction or dissatisfaction; and what is really driving theirsatisfaction during a service experience. It is a well-researched fact that investments incustomer satisfaction, customer relationships and service quality leads to profitabilityand market share. Put differently, customer satisfaction leads to customer loyalty and 3|Page
    • this also leads to profitability. If customers are satisfied with a particular high qualityservice offering after its use, then they can be expected to engage in repeat purchase andeven try line extensions and thus market share can be improved.1.2 RATIONALE OF THE STUDYIt is very important that all the companies must retain a loyal base of customers. Inorder to achieve this and better their market and profit positions, many organizations areincreasingly retains a loyal base of customers. In order to achieve this and better theirmarket and profit positions, the company should rearrange and targeting their strategiesand policies towards improving the overall satisfaction levels of their customers andbuilding upon their loyalty through improved service quality. The main concern of thestudy is to provide information that would help the management to evaluate and re-design its current marketing strategies in order to improve the overall customersatisfaction levels, which, in turn, can help them, retain their existing customers andalso attract new ones in today‟s competitive environment1.3 SCOPE OF THE STUDYThe study is specific only to the customers of UAE Exchange in Ernakulam city. Thisproject study revolves around the customer satisfaction of product and services and thefactors related with that.. 4|Page
    • INDUSTRY PROFILE:2.1 INDIAN NON BANKING FINANCE COMPANIESNon-banking financial companies (NBFCs) form an integral part of the Indian financialsystem. The history of the NBFC Industry in India is a story of under-regulationfollowed by over-regulation. Policy makers have swung from one extreme position toanother in their attempt to set controls and then restrain them so that they do not reducethe growth of the industry. Non Banking Financial Companies or NBFC in India areregistered companies conducting business activities similar to regular banks. Theirbanking operations include making loans and advances available to consumers andbusinesses, acquisition of marketable securities, leasing of hard assets like automobiles,hire-purchase and insurance business.Though they are similar to banks, they differ in a couple of ways. NBFC‟s cannotaccept demand deposits (deposits that can be withdrawn at immediate notice), theycannot issue cheque to customers and the deposits with them are not insured by theDICGC (the India equivalent of FDIC in the US system). Either the RBI (Reserve Bankof India) or the SEBI (Securities and Exchange Board of India) or both regulateNBFC‟s.A bank is a financial organization that accepts the deposits from the public for thepurpose of lending the same to the public in the form of loan. Non Banking FinancialCompanies are financial institutions that provide banking services without meeting thelegal definition of a bank. That is the non banking finance company and the banks arenot the same. In another words it does not hold a banking license. These institutions arenot allowed to take deposits from the public. Nonetheless, all operations of theseinstitutions are still exercised under bank regulation. Though the NBFC‟s have beenaround for a long time, they have recently gained popularity amongst institutionalinvestors, since they facilitate access to credit for semi-rural and rural India where thereach of traditional banks has traditionally been poor. NBFC‟s have also had a majorimpact in developing small business in rural India through local presence and strongcustomer relationships. Usually the loan officers in such NBFC‟s know the end 6|Page
    • customer or have a strong “informal” understanding of the credibility of the borrowerand are able to structure their loans appropriately.With the next wave of growth in India expected to come from the semi-rural and ruralsectors, the unique access of NBFC‟s to these sector puts them in a great position tobenefit from this growth. As evidence of their attractiveness, Goldman Sachs bought a20% stake in Sriram Credit for 75 mUSD in Q1 2008. Credit Suisse is planning to takea majority stake in Bokdia Marketing and Finance (as reported in May 2008). ForeignInstitutional Investors (“FII”) are also setting up their own NBFC‟s in India to offercorporate banking and private banking operations. As an example, Societe Generale gotapproval for its NBFC launch in the country in October 2007. The French financialservices group plans to strengthen its brand in India though NBFC‟s.A non banking financial company is a company registered under the Companies Act,1956 and is engaged in the business of banks and advances, acquisition of shares,bonds, debentures , securities issued by government or local authority or othersecurities of like marketable nature, leasing, hire purchase, insurance business, chitbusiness, foreign exchange transactions. But this does not include any institution whoseprincipal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property. A non banking institution which is a companyand which has its principal business of receiving deposits under any scheme orarrangement or any other manner, or lending in any manner is also a non bankingfinancial company.NBFCs are doing functions to that of banks; however there are a few differences: I. A NBFC cannot accept demand deposits from the public. Demand deposits are funds deposited at a depository institution that are payable on demand made by the depositor. That is immediately or within a short period like current or savings accounts that maintained in the banks. II. It is not a part of the payment and settlement system and as such cannot issue cheques to its customers. III. Deposit facility of DICGC (deposit insurance and credit Guarantee Corporation) is not available for NBFC depositors unlike in case of banks. 7|Page
    • 2.2 TYPES OF NBFCsWith effect from December 6, 2006 NBFCs registered with RBI have been classified as: I. Asset Finance Company II. Investment Company III. Loan companyAFC would be defined as any company which is a financial institution carrying as itsprincipal business the financing of physical assets supporting productive/ economicactivity, such as automobiles, tractors, lathe machines, generator sets, earth moving andmaterial handling equipments, moving on own power and general purpose industrialmachines.Investment Company is any financial intermediary whose principal business is that ofbuying and selling of securities.Loan Company means any financial institution whose principal business is that ofproviding finance, whether by making loans or advances or otherwise for any activityother than its own (excluding any equipment leasing or hire-purchase finance activity). 8|Page
    • COMPANY PROFILE:2.3 UAE EXCHANGE GROUPThe UAE Exchange Group is one of the largest and most trusted financial institutions inthe world offering money transfer and money exchange services in the United ArabEmirates. Headquartered in Abu Dhabi, the Group commenced business in UAE in1980. The Group was founded by the great visionaries His Excellency Abdulla HumaidAl Mazroei and Dr. B R Shetty. It has, expanded its operations all over the UAE withassociates in neighbouring Middle Eastern countries, India, USA, UK, Australia andSudan besides liaison offices in India, Bangladesh, Sri Lanka and Pakistan.2.4 HISTORYNew Medical Centre (NMC) Group:It is one of the fastest growing and most prestigious business conglomerates in the UAEand was established in Abu Dhabi in 1975 by two visionaries, His Excellency AbdullaHumaid Al Mazroei, (former Minister of Justice and Law in the UAE Cabinet) and thebusiness magnate Dr. B R Shetty. The Group has a global network of companiesengaged in various business interests across the Middle East, India, Sri Lanka,Bangladesh, Australia, USA, UK – ranging from Healthcare, Pharmaceuticals(Manufacturing & Trading), Medical & Scientific equipment to Foodstuff, Catering &Hospitality, Information Technology, Gold & Diamond jewellery, Engineering services,Financial Services and Advertising & Public Relation. 9|Page
    • UAE Exchange centre LLC:UAE Exchange Centre LLC, Abu Dhabi is an ISO certified, Limited Liability Companyestablished under the UAE Commercial Companies Law in Dubai with its corporateoffice at Abu Dhabi, UAE from where the central administration of the company iscarried out. Presently, the company has liaison offices in India at Kochi, New Delhi,Chennai, Mumbai, Hyderabad and Jallandhar for coordinating with the company‟scorrespondent banks in India and for speedy transfer of remittances.UAE ExchangeCentre LLC has a strong tie-up with over 90 correspondent banks around the globe. Thecompany commenced its liaison office in India on January 01, 1997 at Kochi as per thespecific approval received from the Reserve Bank of India on September 24, 1996. Allthe activities of the Indian liaison offices are controlled and managed from the Kochioffice. The entire operational expenses of all liaison offices in India are met exclusivelyfrom the funds received from the head office at Abu Dhabi through normal bankingchannels.UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one of theleading exchange houses in the Middle East, primarily focusing on money transfers andmoney exchange, and is part of the NMC Group, one of the biggest and the mostprestigious business conglomerates in the UAE. UAE Exchange have pioneered newstandards in fund transfer services since our establishment in 1980, ever staying aheadof competition with advanced and slick enhancements in the technology, operations andcustomer service spheres. 10 | P a g e
    • 2.5 COMPANY PORT FOLIOThe Companys portfolio of services include Draft cheques, Swift transfers, Ex- presstransfers, Xpress Money transfers, Western Union money transfers, Travelex moneytransfers, Credit card settlement services and cash advances, Inter-Emirates moneytransfers, purchase and sale of foreign currency bank notes, and Travellers Cheques inretail and wholesale.UAE Exchange celebrates 32 progressively successful years of commitment to qualityproducts and an unblemished image, which has empowered it to become anacknowledged force in the world remittance market. UAE Exchange an organizationwhich believes in fair management and operational practices, continually motivated toperform the regulators, customers and societys high expectations and standards.2.6 INDIAN OPERATIONSThe UAE Exchange group commenced its Indian operation in 1999 with 5 branches inthe state of Kerala as UAE Exchange & Financial Services Ltd. It was incorporated as aPublic Limited company in 1995 under the Indian Companies Act 1956. It is alsoregistered with the Reserve Bank of India as a public limited non banking financecompany (NBFC). The company has its registered office at Manipal Centre, DickensonRoad, Bangalore- 560 042, Karnataka, and the Administrative office at AirlinesBuildings , M G Road, Kochi- 682 011, Kerala.The company is one of the fastest growing financial institutions in India offering MoneyTransfer, Foreign Exchange, Travel and Ticketing, Tours, Gold loan and FinancialAdvisory services in a highly automated environment. Presently the company has over300 fully automated and operational branches, 3000 employees and over 2500 sub agentlocations spread across India. 11 | P a g e
    • The company commenced inward remittance and money changing business inSeptember 1999 as per specific licences received from the apex bank of the country, theReserve Bank of India, for the same. The company also has a full-fledged IT divisionfor developing comprehensive, user friendly software solutions for India as well asinternational market. The milestones in the history of this organization are:Incorporated in India in 1995 as a public limited company, Dr. B R Shetty and H.H.Abdulla Humaid Al Mazroei laid the first building blocks of the UAE Exchange Group.1999 UAE Exchange became fully operational with its branch at MG Road, Bangaloreand the first Xpress Money payment given out on 1 September 1999 at P T Usha branchKochi.2000 UAE Exchange started Money Exchange, later renamed as Foreign Exchange, asper specific licenses received from the apex bank of the country, The Reserve Bank ofIndia.2001 UAE Exchange added one more service – Travel and Ticketing services. Thecompany is an IATA accredited passenger sales agent and also an active member ofTAAI. UAE Exchange has 7 IATA locations in India. The company also opened the50th branch in Surat, Gujarat.2002 a separate wing for Agency Business was formed. UAE Exchange also includedanother service, Insurance, in 2003 partnering with LIC and United India Assurancecompany.2004 the company opened the 100th branch in Mattannur –Kerala. In 2005 UAEExchange also started Tours along with Travel services.2006 UAE Exchange opened its 200th branch at Mangalore.2006 was a landmark year in the history of Indian operations of UAE Exchange. TheRBI elevated the company to Authorized Dealer II category, thus becoming the firstFFMC (full fledged money changers) in Indian history to get the status.2008 UAE Exchange entered into the realm of another service Gold Loan and providesEMI repayment option for customers. 12 | P a g e
    • 2009 the company received the license under payment and settlement acts from RBI tooperate a debit mode of payment system and thus introduced XPAY, an indigenouslydeveloped mobile based payment system.2.7 ADVANTAGES  Fully automated operations  Multilingual and courteous staff  Innovative services and quality products  Competitive rates and charges  Promptness, safety and confidentiality of transactions  Spacious, comfortable and strategically-located branches  Personalised customer care  Full-functioning customer-service department  Prompt and Secure Wire Transfer facility via SWIFT  World-wide Correspondent network consisting of over 95 major banks2.8 MAJOR BUSINESS ACTIVITIES:The following are the major business activities of this organization.2.8.1 MONEY TRANSFERUAE Exchange & Financial Services Ltd is the Paying Agent for „Xpress Money‟ inassociation with UAE Exchange Centre LLC, Abu Dhabi and for „MoneyGram‟services in association with MoneyGram Payment Systems Inc., USA. Money Transferservice is provided at the company‟s countrywide branches and sub-agent locations,including several esteemed banks and financial institutions, in accordance with thespecific permission accorded to us by the Reserve Bank of India for Money TransferService Scheme. The essentials of money transfer service are: 13 | P a g e
    • I. Identification of the Customera. Before effecting a transaction, the staff should confirm the identity of the customer with the help of any valid photo identity card /document that helps in such identification.b. The customer should produce the above documents in original and staffs has to ensure its genuineness.c. Inspection of all documents should be carefully done. The photo, name, signature, expiry date, etc. given in all the documents and papers should be carefully checked.d. Every time the staff should ask for the original identity of the customer and counter check the same with the information available in the customer database.e. The customer, the concerned staff and the cashier are required to sign (Full Signature) the application to execute any transaction. "No Signature No Transaction" shall be the thumb rule.II. Registering the Customera. UAE Exchange and Financial Services Ltd insist on a valid identification from its customers to avail Money Transfer payments.b. Regular customers are registered and identified with a Customer Reference Card having a Unique Number.c. All transactions with the registered customers will be linked to the "Unique Customer Number". The History of the transactions done by any customer can be accessed at any point of time for scrutiny. 14 | P a g e
    • III. Transaction Form Fillinga. Individual customer shall fill in the prescribed form (Receive Now Form for Xpress Money and Receive Form for Money Gram). For one-time customers, copy of a valid ID is compulsorily taken to avail the service. For regular customers, Customer Reference Card is compulsory.b. Modifications or Additions in the Receive Now form shall be done at the respective branches by a specially designated person following prudent procedures.c. The formats shall be signed (Full Signature) by the customer in the presence of the designated officer of UAE Exchange and Financial Services Ltd.IV. Large Value Transactionsa. Customer, whether registered or not, have to declare details such as Purpose of Remittance and give the details of the Sender.b. Maximum amount allowed under a single transfer is USD 2500/-.c. The maximum number of transactions an individual can receive in a calendar year is now fixed at twelve per principal.d. The purpose of remittance has to be for domestic use / family maintenance. Remittances for other purposes like trade or commercial, charitable trust, donation etc. are not allowed.e. The branches shall ensure to take a declaration from the beneficiaries confirming the above purpose and number of transaction.f. The maximum amount a beneficiary can collect in cash in a day is Rs. 50,000/-. More than one transaction shall not be paid to a single beneficiary in cash in a day. Any payment above Rs. 50,000/- shall be affected by A/C payee cheque for the whole amount. 15 | P a g e
    • XPRESS MONEY:Xpress Money is the fastest mode of transferring money to any part of the world inminutes. Registered in the UK, it is a unique offering, brought to you by UAE ExchangeCentre LLC.Xpress Money Policy Statement  Only Individual to Individual transfers are allowed under X-press Money.  Due diligence is carried out prior to appointment of X- press Money Agents.Regulations  X-press Money prohibits remittances to Charitable and Religious Organizations.  X-press Money gives special attention to transactions with or originating from countries identified by the FATF as being non-co-operative combating money laundering & terrorist financing.  The list of suspected names (Watch List) issued by various regulatory authorities is being timely updated in the system.  X- Press Money Transfer Transaction is limited to USD 2500 worldwide.As one of the most popular instant money transfer services of the world, Xpress Moneyoffers true value for your money with nominal charges, reliability ensured with state-of-the-art technologies, simplified transaction procedures, and instant payout to thebeneficiary. It offers a one-stop solution to the customer who wants to send moneyurgently across the world, realised by a world-wide network of over 5500 agent outlets..Exchange offers credit card dues settlement facility to the credit card holders of majorlocal and international banks in the UAE, without any service charges2.8.2 MONEY EXCHANGEUAE Exchange & Financial Services Ltd is approved by the Reserve Bank of India as aAuthorized Dealer to conduct Money Changing operations. Today, the company is oneof the largest Money Changers in the country in terms of both volume and network.The company is engaged in the following money changing activities: 16 | P a g e
    • 1. BUYING & SELLING OF FOREIGN CURRENCY BANK NOTES – The company‟s countrywide branches purchase and sell major Foreign Currency Bank Notes to the Public, Authorized Dealers and other Authorized Money Changers. 2. ISSUANCE & ENCASHMENT of MAJOR TRAVELLERS CHEQUES - The Company‟s countrywide branches en-cash Travellers Cheque in all major foreign currencies. The company is the authorized agent of American Express for the issue of American Express Travellers Cheque. 3. INTERNATIONAL DEBIT CARDS/ WORLD CURRENCY CARD – The Company has tied up with IDBI BANK and AXIS BANK to promote the International Debit Card/WCC card through the company‟s branches. 4. SAUDI RIYAL „SAR‟ DRAFTS – The branches of the company issue „SAR‟ drafts for Hajj pilgrims in association with UAE Exchange Centre LLC, Abu Dhabi, with specific approval from the Reserve Bank of India. 5. SENDING MONEY ABROAD(SWIFT/FCDD) – UAE Exchange has tied up with ING Vysya bank, HDFC bank and Thomas Cook to handle transfer of money abroad. 6. EXPORT OF FOREIGN CURRENCY BANK NOTES & TRAVELLERS CHEQUES – The Company‟s wholesale division exports the surplus Foreign Currency Bank Notes and Travellers Cheques to buyers in the overseas market.Encashment of Foreign Currency Notes and/or Travellers Cheques: a. For purchase of foreign exchange less than US $200 or its equivalent Photocopies of the identification document need not be kept on record. 17 | P a g e
    • However, full details of the identification document and contact details should be maintained in the encashment certificate. b. For encashment of foreign exchange from US $200 onwards or its equivalent. Valid photo identification is compulsory and the photocopies of the identification document should be maintained. c. Currency Declaration FormWhere the amount of Forex tendered for encashment by a non-resident or a personreturning from abroad exceeds the limits prescribed for Currency Declaration Form(CDF), the same should invariably insist for production of declaration in CDF.As against the provisions to make cash payments while providing encashment up to US$1000 or its equivalent, the amount has been increased to US $2000 while providingencashment to NRIs/Foreigners. The earlier limit of USD 1000 stands as it is whileproviding encashment to residents.All encashment within one month may be treated as single transaction for the purpose.In all other cases AMCs should make payment by way of “Account Payee”cheque/demand draft only.Sale of foreign exchange:The sale of Forex should be made only on personal application and identification. Foridentification purpose, the passport of the customer should be insisted upon. Payment inexcess of Rs. 50,000/- towards sale of foreign exchange should be received only byaccount payee cheque/demand draft. All purchases by a person within one month maybe treated as single transaction for the purpose. Encashment Certificate, whereverrequired, should also be insisted upon.2.8.3 TRAVEL & TICKETINGThe company has a Travel Division at the Administrative Office, Kochi by the nameUAE Exchange Travel Services. It commenced travel and ticketing operations in 2001and is accredited as an approved Passenger Sales Agent by IATA, Canada (IATA 18 | P a g e
    • Registration no. HO-14-3 5580. UAE Exchange Travel Services provides Domestic &International Air tickets for customers and renders assistance in getting EmigrationClearance, Certificate / Document Attestations, Passport Application and other alliedservices.2.8.4 XPRESS LOANUAE EXCHANGE has been successfully doing gold loan as value added service totheir loyal and valuable money transfer customers from June 2008. Recently thecompany extended gold loan product to all customers in addition to money transfercustomers. The company provides Loan against gold ornaments, shares and loan forpurchasing vehicles. The loans provided are subject to the guidelines of the ReserveBank of India. The Company, among other things, sanctions/disburses loans for variouspurposes to those who comply with its requirements. I. Application for loan The company shall prescribe proforma of application for loans. The application shall contain the essential details of the applicant. a. Name and address of the applicant b. Amount of loan required c. Purpose for which loan is required d. Period of loan e. List of documents to be submitted along with the application like photocopy of election identity card, pass port, driving licence or pan card. f. Collateral security details g. Declaration 19 | P a g e
    • II. Acknowledgement of application The company shall acknowledge receipt of application for loan duly signed by its authorized official over the company‟s seal/stamp indicating the approximate number of days required for processing of the application. III. Processing of application All application shall be duly processed by the authorized officials of the company within 15 days from the date of receipt of application. IV. Loan appraisal and terms/conditions Where an application for loan is rejected, the company shall advise the applicant giving the reason thereof. In all other cases and on sanction of the loan the same shall be conveyed in writing by way of a sanction letter giving details as under: a. Amount of loan sanctioned b. Period of loan c. Rate of interest d. Processing charges e. Method of application/ calculation of interest i.e. whether it‟s on constant balance or reducing balance etc. f. Penalty for delayed the payment of instalment g. Charges for pre payment of loanINTERNAL GUIDELINES ON INTEREST AND PROCESSING CHARGESRate of interest:The rate of interest of the company at which it lends varies according to the cost offund. Depending on the risk involved the rate of interest also varies as per the period forwhich the loan is availed by the borrower. The rate of interest so levied at higher rateover the base rate charged by the company will he recovered as risk charges.In determining the interest rate, the company has formed internal committee and itmeets periodically to analyse the situation and fix the interest rate in consonance with 20 | P a g e
    • the prevalent market conditions. In determining the interest rates the company willfollow the appropriate internal principles and procedures confirming to normal financialservices.Processing charges:Loan processing charge will be Rs. 250 or 1% of the loan whichever is higher. Anycharge in the interest rate will be informed to the borrower and acceptance of theseterms and conditions are to be recorded by obtaining the signature of the borrower. V. Disbursement of loans including changes and conditions a. The company shall upon receipt of all documents for disbursement of loan and the same being in order, disburse the amount of loan either by way of cash or by way of a crossed cheque drawn in favour of the borrower. b. The company shall acknowledge receipt of documents/collateral securities and undertake to keep them in its safe custody till such time the loan amount together with the interest there of is repaid. c. The loan Agreement among other things shall contain the details of the borrower/lender, amount of loan, period of loan, rate of interest, method of calculation of interest, penalty for pre payment or delayed payment of instalment etc. The details of collateral securities submitted, value thereof and the copy of the same will be provided to the borrower together with enclosures. d. Besides collateral securities, the company may also insist upon guarantees such as personal guarantees acceptable to the company, or issued by the banks etc. The cost of obtaining and furnishing such guarantee shall be to the borrower‟s account. e. Stamp duty, registration charges, other taxes if any applicable for registration of the loan agreement shall be borne by the borrower. 21 | P a g e
    • f. Decision to recall/accelerate the payment or performance under the agreement shall be in consonance with the agreement and should be with prior intimation to borrower and acceptance of the same by the borrower should be kept on records.g. The company shall give due notice of changes if any ain any or all the terms and conditions of the loan agreement. Changes if any in the interest rate s shall be affected prospectively.h. The company shall furnish a statement of account relating to the borrowed account as on 31st march of each year or at such intervals as the borrower may require for purposes such as income tax etc.i. The company shall release all securities held by it as collateral against the loan only on repayment of dues completely or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim of the company against borrower. The company shall exercise its right of set off with due notice to the borrower giving full particulars about the remaining claims and the conditions under which the company is entitled to retain the securities till the relevant claim is settled.j. The company shall build a repossession clause in the agreement in the case of repossession of vehicles which will be legally enforceable. The terms and conditions for repossession of vehicles contains, (a) notice period before taking possession (b) circumstances under which the notice period can waived (c) the procedure for taking possession of the security (d) a provision regarding final chance to be given to the borrower for payment of loan before sale/auction of the property (e) the procedure for giving repossession to the borrower and (f) the procedure for sale/auction of the property. The company shall provide a copy of the terms and condition to the borrowers. 22 | P a g e
    • 2.9 ORGANIZATION STRUCTURE Fig: 2.1 Organization Structure 23 | P a g e
    • For the smooth functioning of the organization, there is an organizational structureheaded by the Chairman and Managing Director. For looking into the global operationsthere is a Chief Operating Officer assisted by Country Heads. Each country operation ishandled by the Country Heads. The various departments are headed by Head of thatDepartments and senior department heads. The organizational structure has also gotregional offices in different parts of India to oversee the functioning of branches in theseregions2.10 VARIOUS DEPARTMENTS IN UAE EXCHANGEAccounts DepartmentThis department handles all the payments and receipts made by the organization. It alsomanages the accounts which include the accounts of money transfer. It also handlesvarious expenses and monitoring the asset of the organization.Finance DepartmentFunding operations, funding control etc taken care of by the finance department. At theend of the financial year the preparation of balance sheet to ascertain the profit and taxdone by this department.Purchase DepartmentThis department handles all the purchase operations, printing and stationary, stockmaintenance, interior design etc taken care of.Internal Audit DepartmentAudit inspection in the organization is handled by this department. 24 | P a g e
    • Human Resource DepartmentHR department deals with the recruitment process, training and development processand have the authority in leave and transfer process. It also deals in bank operation andemployee emoluments.Forex DepartmentForex department deals with the purchase, sale and remittance of currencies.Travel and ticketing DepartmentThis department deals with all international and domestic travel operations. Thisdepartment also taken care of other travel services.Allied products DepartmentThis department deals with allied products like general insurance, tours and gold loan.Business Development DepartmentThis department deals with all marketing, corporate sales and customer care functions. 25 | P a g e
    • UAE Exchange has 300 branches and 3000 employees in India. Every branch comesunder the direct control of the 21 regional offices located in different parts of thecountry. For the smooth functioning of an organization there should be a structuredefines the authority and responsibility. In this organization every branch has a branchhead that is the main authority of that branch. In the Ernakulam MG road branch thereare 10 employees. The hierarchy goes like this. There is one assistant manager, a seniorofficer and an officer to assist them. There are four staffs and two sub staffs. 27 | P a g e
    • 3.1 TITLE OF THE STUDYA Study on Customer Satisfaction Towards Various Products And Services of UAEExchange In Ernakulam City.PROBLEMThere are many players in currency exchanging and money transfer industry. Themanagement wants to know the major competitors, customers over all level ofsatisfaction and identify the position of UAE Exchange when compared to other brands.3.2 OBJECTIVESThe following objectives should be taken into consideration to find out the satisfactionof customers towards the products and services that provided by the UAEEXCHANGE. The objectives of this project study are: a. Find out the frequency of transactions made by the customers in the organization. b. Identify or find out the reasons, why the customers prefer UAE EXCHANGE for their business transaction. c. Find out the total time taken to conclude the transaction by the customers. d. Identify the customer-employee relationship while in the business transaction. e. To find out whether the services and products are affordable to the customers. f. Identify the response time taken to rectify the complaints. g. Identify the level of satisfaction regard with the products. h. To find out customer preferred brands other than UAE Exchange. 29 | P a g e
    • 3.3 RESEARCH DESIGNDescriptive research design was adopted to conduct the research based on customersatisfaction.3.4 SAMPLING DESIGNPopulation for the data collection is the users of UAE EXCHANGE‟s product andservices in Ernakulam city. A sample of 150 respondents is taken as sample size.Convenience sampling is used to get the data.3.5 TOOLS FOR DATA COLLECTIONStructured questionnaire was used to collect the primary data.3.6 TOOLS FOR DATA ANALYSISStatistical tools like percentage and charts like bar diagrams and pie charts were used toanalyse the collected data.3.7 LIMITATION OF THE STUDY  Study is restricted to only one branch and one city.  The accuracy of report depends upon how honestly or sincerely the respondents have answered. 30 | P a g e
    • Age profile of the customers:Age No. of CustomersBelow 20 821-30 6431-40 3241-50 27Above 50 19Total 150 Table: 4.1 Age profile Age profile No.of Customers 43% 21% 18% 13% 5% Below 20 21-30 31-40 41-50 Above 50 Fig: 4.1 Age profile of customersInterpretation:According to the data 43% of the total sample belongs to the age group of 21-30. 21%of the customers lie in the age group between 31 and 40. 18% are part of the 41-50 agegroups. Customers who have the age above 50 are come around 13% of the sample. 5%are below 20 age limit 32 | P a g e
    • Gender classification of the customers:Gender No. of CustomersMale 117Female 33Total 150 Table: 4.2 Gender classifications Gender Female 22% Male 78% Fig: 4.2 Gender classificationsInterpretation:This diagram shows the gender classification of the customers. Out of the 150 samplesize 117 customers are male and rest of the 33 customers are female. 33 | P a g e
    • Product port folio of UAE Exchange:Product No. of CustomersForeign Exchange 65Money Transfer 66Travel and Tours 17Gold loan 0Vehicle Loan 2General Insurance 0Total 150 Table: 4.3 Product port folio Product port folio No. of Customers 45% 43% 11% 1% Foreign Money Transfer Travel and Gold loan Vehicle Loan General Exchange Tours Insurance Fig: 4.3 Product port folioInterpretation:From the sample of 150, 43% of the customers are using foreign exchange transaction.45% customers doing money transfer facility with the organization. Travel and tours gota 11% customers. 1% of the remaining customers took the vehicle loan. None of thecustomers took either gold loan or general insurance from UAE EXCHANG 34 | P a g e
    • Frequency of transaction:Frequency of Transaction No. of CustomersOnce in a month 31Twice a month 9Once in Two months 9Once in Three months 26Once in Six months 75Total 150 Table: 4.4 Frequency of transactions Frequency of transaction No. of customers 50% 21% 17% 6% 6% Once in a Twice a month Once in Two Once in Three Once in Six month months months months Fig: 4.4 Frequency of transactionsInterpretation:Most of the customers ie, 50% of the sample population used the product once in sixmonths. 21% customers came once in a month and 6% twice in a month. 17% of thecustomers come once in three months and remaining 6% once in two months. 35 | P a g e
    • Preference level of Customers:Preference No. of CustomersReliability 47Location and Timing 42Rates and Charges 28Faster Credit 16Service at the Counter 17Total 150 Table: 4.5 Preference levels of Customers Preference level No.of Customers 31% 29% 19% 10% 11% Reliability Location and Rates and Charges Faster Credit Service at the Timing Counter Fig: 4.5 Preference levels of CustomersInterpretation:31% of the customers prefer because of reliability. 29% prefer because of location andtiming. 19% prefer this because of the rates and charges levied by the organization. 10%customers prefer faster credit provided by the organization and remaining 11% becauseof the service rendered by the employees at the counter were good. 36 | P a g e
    • Transaction time taken by the customers:Transaction time No. of CustomersLess than 5 minutes 105-10 minutes 9310-20 minutes 3220-30 minutes 12More than 30 minutes 3Total 150 Table: 4.6 Transaction time taken Transaction time taken No.of Customers 62% 21% 7% 8% 2% Less than 5 minutes 5-10 minutes 10-20 minutes 20-30 minutes More than 30 minutes Fig: 4.6 Transaction time takenInterpretation:62% of the customers conclude their transaction between 5-10 minutes. 21% of thecustomer took 10-20 minutes to conclude their transaction. 7% customers felt that thebranch took less than 5 minutes to conclude the business. 8% of the customers took 20-30 minutes and 2% took more than 30 minutes to conclude their transaction. 37 | P a g e
    • 38 | P a g e
    • Courteousness of branch staff: No. of CustomersVery Good 32Good 70Moderate 42Bad 5Very Bad 1Total 150 Table: 4.8 Courteousness of branch staff Courteousness of Staff No. of Customers 47% 28% 21% 3% 1% Very Good Good Moderate Bad Very Bad Fig: 4.8 Courteousness of branch staffInterpretation:21% said that the helpfulness of staff is very good. 47% felt that it was good. 28% hasmoderate opinion. 3% of the sample felt that it was bad and the remaining 1% said itwas very bad experience. 39 | P a g e
    • Affordable service provider: No. of CustomersStrongly Agree 25Agree 91Neutral 29Disagree 4Strongly Disagree 1Total 150 Table: 4.9 Affordable services provider Affordable service provider No. of Customers 61% 17% 19% 2.50% 0.50% Strongly Agree Agree Neutral Disagree Strongly Disagree Fig: 4.9 Affordable services providerInterpretation:17% believes that the charges are reasonable and they strongly agree with that. But61% of the customers, which is more than half of them, just agree that the charges arereasonable. 19% customers have no opinion. 2.5% disagree with the statement andremaining 0.5 % strongly disagrees with the statement. 40 | P a g e
    • Speedy responses to the complaints: No. of CustomersStrongly Agree 8Agree 46Neutral 35Disagree 3Strongly Disagree 1No complaints 57Total 150 Table: 4.10 Speedy responses Speedy responses No. of customers 38% 31% 23% 5% 2.50% 0.50% Strongly Agree Agree Neutral Disagree Strongly No complaints Disagree Fig: 4.10 Speedy responsesInterpretation:According to the data 38% of the customers have no complaints about the products andservices of UAE EXCHANGE. 5% strongly agrees that complaints are rectified soonand 31% agrees the same. 23% of the customers have no opinion regarding this. Fromthe sample 2.5% customers disagree and 0.5% strongly disagrees with the statement. 41 | P a g e
    • Customer satisfaction on Foreign Exchange:Level of Satisfaction No. of CustomersHighly Satisfied 14Satisfied 46Neutral 2Dissatisfied 2Highly Dissatisfied 1Total 65 Table: 4.11 Customers satisfaction on foreign exchange Foreign Exchange No.of Customers 71% 22% 3% 3% 1% Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied Fig: 4.11 Customers satisfaction on foreign exchangeInterpretation:22% of the customer highly satisfied with the transaction. 71% of customers aresatisfied with the business. 3% has no opinion. 3% customers are dissatisfied with thetransaction and the remaining 1% is highly dissatisfied. 42 | P a g e
    • Customer satisfaction on Money Transfer:Level of Satisfaction No. of CustomersSatisfied 61Neutral 4Dissatisfied 1Total 66 Table: 4.12 Customers satisfaction on money transfer Money Transfer No. of Customers 92% 6% 2% Satisfied Neutral Dissatisfied Fig: 4.12 Customers satisfaction on money transferInterpretation:92% of the customer said that they are satisfied with the business transaction. 6% has noopinion. The remaining 2% is dissatisfied with the product. The important thing is thatno one highly dissatisfied with the product. 43 | P a g e
    • Customer experience on other brands: No. of CustomersYes 79No 71Total 150 Table: 4.14 Customer experience on other brands Experienced other products No.of customers 53% 47% Yes No Fig: 4.14 Customer experience on other brandsInterpretation:53% of the customers did the same business with other organization. 47% customers didnot make the business with other organization. 44 | P a g e
    • Customer preferred Brands:Brands No. of CustomersThomas Cook 21Western Union 30SIB Express 2Muthoot Finance 3Others 23Total 79 Table: 4.15 customers preferred organizations Preferred Brands No.of Customers 38% 29% 26% 3% 4% Thomas Cook Western Union SIB Express Muthoot Finance Others Fig: 4.15 customers preferred organizationsInterpretation:About 38% used the services of Western Union money transfer and exchange. Othersinclude Lulu, SBT, and Mahindra etc. This constitutes 29% of the total customersThomas Cook got 26% of customers. 3%used the product of South Indian bank and theremaining 4% with Muthoot Finance. 45 | P a g e
    • Level of satisfaction with UAE EXCHANGE:Level of Satisfaction No. of CustomersSatisfied 67Neutral 9Dissatisfied 3Total 79 Table: 4.16 Level of satisfaction with UAE Exchange Level of satisfaction No.of Customers 84% 11% 5% Satisfied Neutral Dissatisfied Fig: 4.16 Level of satisfaction with UAE ExchangeInterpretation:84% is satisfied with the product and services of UAE Exchange. 11% have no opinionand stands neutral. Remaining 5% is dissatisfied with the organization. 46 | P a g e
    • 5.1 FINDINGS  78% of the respondents are male.  43% of the respondents belong to the age group 21-30 years.  More than 90% of the respondents have chosen foreign exchange, money transfer and travel & tours.  There were no customers for the product Gold loan and General insurance.  50% of the respondents have often avail services once in six month. This includes first time customers also.  Courteousness, helpfulness and product knowledge of branch staff is rated in upper positive side ie, very good.  Majority of respondents are satisfied with currency exchange service, money transfer service and travel and tours.  There were only two customers for the product vehicle loan. Both of them are satisfied with UAE Exchange.  62% of the customers conclude their transaction between 5-10 minutes.  60% of the customer preferred UAE EXCHANGE because of reliability and easy to access. (Location and Timing)  61% of the customers agree that the charges made for the services are reasonable.  Majority of the customers have no complaints about the product and services provided by the organization.  53% of the sample were used or avail product and services other than UAE EXCHANGE.  According to the sample Western Union and Thomas cook is the close competitor of UAE EXCHANGE.  Compared with the competitors, the services provided by the organization is satisfied.  It is found out that majority of the customers are satisfied with the product and services of UAE Exchange. 48 | P a g e
    •  One of the main reasons for increasing waiting time is problem with the electronic equipments.  Customers were not avail the service between 1.30 pm and 2.00 pm.5.2 SUGGESTIONSThe organization should provide offers to their customers who have been with them formore than a particular period. This can help to further increase in the satisfaction level.By providing unique identity cards or numbers to the regular customers, standardprocedures can be eliminated and as a result a speedy transaction is possible.Since there is a close competition, UAE Exchange should expand their business byadding more agencies for their product and services.Since there were no customers for gold loan and general insurance, it is observed thatthe customers are not aware about these products. So, promotional activities should betaken care of.5.3 CONCLUSIONThis project attempts to study the customer satisfaction level with different product andservices of UAE EXCHANGE. In this competitive world each company wants to takenan edge over the other to become the market leaders. Successful organisation can usecustomer needs and expectations as a starting point and developing proposals aroundtheir customers needs and expectations. Measuring satisfaction seems to be just oneelement in this overall satisfaction management approach. One of the key elements of asuccessful marketing strategy is development of product and promotional stimuli thatconsumers will perceive as relevant to their needs. The company should considercustomer perception to improve their promotional strategies of UAE Exchange. Sincethe customer is the king of the market today, the company should analyze the needs andwants of customers. Company should know what the customer is actually lookingforward from them. 49 | P a g e
    • With the help of the study, the overall satisfaction level of the customers is identified.One of the important finding is that there were no customers for the product generalinsurance and loans that provided by the UAE EXCHANGE. To promote these productsto a higher level the company should take high promotional activities to attract thecustomers. This includes advertisement campaigns, creating awareness about thecompany etc. One of the major barriers for these products is the rules and regulationsimposed by the Reserve Bank of India. According to the latest regulation by the RBI, anon banking finance company is limited to issue loans up to 60% of the market value ofthe gold. This over regulation will decrease the business volume level of the NBFC‟s.By providing more satisfaction to the customers, the company can retain their valuablecustomers and through proper advertisement and marketing promotions it can attract thecustomers of competitors also. It is very important to take advantage over thecompetitor and gain customer preference to remain in a premium position in the marketplace. 50 | P a g e
    • BIBLIOGRAPHY Naresh K. Malhotra and Satyabhushan Dash, 2011, Marketing Research- An Applied Orientation, Sixth Edition, Pearson. Philip Kotler, Kevin Lane Keller, Abraham Koshy and Mithileshwar Jha, 2009, Marketing Management- A South Asian Perspective, 13th Edition, Pearson. Cooper Donald R. and Schindler Pamela S, 2003,Business Research Methods, Eighth edition, McGraw-Hill higher Education Market Research on factors affecting customer satisfaction, Ankit shah, ATL India. Emerson Carol J. and Grimm Curtis M., 1999, Buyer-seller customer satisfaction: the influence of the environment and customer service, Journal of Business and Industrial Marketing; Vol. 14 . Websites: 51 | P a g e
    • ANNEXURES Questionnaire:Respected Sir/ Madam, I am Achu James, student of Rajagiri Business School, Cochin, Kerala. As a part ofmy curriculum, I am doing a project on “ A STUDY ON CUSTOMER SATISFACTION TOWARDSVARIOUS SERVICE OF UAE EXCHANGE” In UAE EXCHANGE Ernakulam. Please answer thequestions given below by marking a tick at the concern cell and help me out in carrying thestudy.1. Name:2. Age: Below 20 21- 30 31- 40 41-50 Above 503. Gender: Male Female4. Which product do you normally use? Foreign Exchange Money Transfer Travel and Tours Gold Loan Vehicle loan General Insurance5. How often do you avail our services? Once in a month Twice a month Once in 2 months Once in 3 months Once in 6 months6. Why do you prefer UAE Exchange for your transactions? Reliability Location & Timing Rates & Charges Faster Credit Service at the counter7. What according to you is the time taken to conclude your transaction? Less than 5 minutes 5-10 minutes 10-20 minutes 20-30 minutes More than 30 minutes8. Is the waiting time acceptable to you? Yes No9. How do you rate the courteousness and helpfulness of branch staffs? 52 | P a g e
    • V. Good Good Moderate Bad V. Bad10. The charges made for the services are reasonable Strongly agree Agree Neutral Disagree Strongly Disagree11. Time taken by the company to respond to the complaints are very fast Strongly agree Agree Neutral Disagree Strongly Disagree Level of satisfaction with the product and services of UAE EXCHANGE12. Are you satisfied with the foreign exchange services provided by UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied13. How will you rate your level of satisfaction with regard to money transfer services in UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied14. Are you satisfied with the fares and packages in travel &tours provided by UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied15. How will you rate your level of satisfaction with regard to General Insurance with UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied16. Are you satisfied with the terms, conditions and interest rates with regard to the gold loan provided by UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied17. Are you satisfied with the payment options, interest rates with regard to the vehicle loan provided by UAE EXCHANGE? Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied 53 | P a g e
    • 18. Have you ever used the same product/services in any organization other than UAE EXCHANGE? Yes No19. If yes, please select the organization. Thomas Cook Western Union SIB Express Muthoot Finance Others (Specify) :........................................20. Compared to the services provided by other organization, your level of satisfaction with UAE EXCHANGE : Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied 54 | P a g e