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Cooperativebank 140414134632-phpapp02

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Cooperativebank 140414134632-phpapp02

  1. 1. CUSTOMER SATISFACTION AND KYC IN THE AMRITSAR CENTRAL CO-OPERATIVE BANK LTD.  Presented by Ajayveer Singh Deol  Roll no. 2014MGB1097  MBA-B (GEN) 3rd semester
  2. 2. INTRODUCTION OF THE ORGANISATION  The Amritsar Central Co-operative Bank Limited is one of the District Central Co-operative Bank functioning for the benefit of rural sector in Punjab.  The present area of operation of this Bank is Amritsar, Ajnala and Baba Bakala Tehsils. Earlier the Bank was providing credit to the members of Co-operative societies i.e. PAC/individuals handloom/ weaver/ LC societies etc. But at present the bank is also providing credit to individuals, firms, companies and sanities.
  3. 3. OBJECTIVES OF THE BANK  To promote economic interest of the members of the bank and the public in accordance with co-operative principles.  To carry on Banking and credit business.  To make arrangements for supervision and inspection of its affiliated co-operative societies.  To provide credit facilities to its members on convenient and easy terms as practicable.  To undertake such measures as are conducive to the spread of co-operative education and training.  To encourage its members by offering the suitable facilities
  4. 4. MISSION OF THE BANK  Promotion and sustenance of economic interest & providing easy finance, cost effective and quality banking services to customers & PACs.
  5. 5. INTRODUCTION TO TOPIC  In a competitive marketplace where business complete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.  Customers satisfaction refers to the extent to which are happy with the products and provided by a business. Customers satisfaction level can be measured using survey techniques and questionnaires.  Gaining high levels of customer satisfaction is very important to a business because satisfied customers are most likely to the loyal and to make repeat orders and to use a wide range of services offered by an business.
  6. 6. KYC  Know Your Customer – KYC enables banks to know/understand their customers and their financial dealings to be able to serve them better and prudently manage the risks of Money Laundering and Financing of Terrorism. It includes :-  Put in place a system to monitor the accounts and transactions on a regular basis.  Update customer information and records at reasonable intervals.  Maintain proper records of customer identifications and clearly indicate, in writing.  Monitor and check unusually large cash transactions, especially those which are out of character/ inconsistent with the history.
  7. 7. OBJECTIVES OF THE STUDY  To study the satisfaction level of the customer of Amritsar Central Co-operative Bank Limited.  To get information regarding different conditions to be fulfilled for opening an account in Amritsar Central Co- operative Bank Limited.  To know about the different products and services provided by Amritsar Central Co-operative Bank Limited.  To know the type of facilities provided by Amritsar Central Co-operative Bank limited.  To Know the staff attitude towards bank's customers.  To analyze the problems faced by the customers while opening an account in Amritsar Central Co-operative Bank Limited.
  8. 8. KYC  To establish the identity of the client. This means identifying the customer and verifying his/her identity by using reliable, independent source documents, data or information.  To ensure that sufficient information is obtained on the nature of employment/business that the customer does/expects to undertake and the purpose of the account.  To prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities.
  9. 9. RESEARCH METHODOLOGY  Data Sources Primary Sources : personal interview, observation. Questionnaire and through schedules. Secondary Sources : Text books, Internet sites, Newspaper articles andBroachers.  Research Approach: Descriptive and analytical research process.  Sampling plan : a)Sample unit : The target population must be defined that has to be sampled. It is necessary so as to develop a sample frame so that everyone in the target population has equal chance of being sampled. b)Sample size : 50 Respondants c)Contact methods : by telephone interview, personal interview, Mail etc. here, in my survey, I have contacted the respondents through Personal interviews. d)Sampling technique : Random Sampling
  10. 10. DATA ANALYSIS AND INTERPRETATION 1) People having account in Amritsar Central Co-Operative Bank Ltd. Interpretation:  Amritsar Central Co-operative Bank Ltd. is one of the oldest Co-operative Bank in Punjab. From the above table it is clear that all the 100% respondents are aware of Amritsar Central Co- operative Bank Ltd.
  11. 11. 2) People aware of Banking Services provided by Amritsar Central co- operative Bank Ltd. Interpretation:  The study show that maximum numbers of people are aware of saving account of Amritsar Central Co-operative Bank Ltd. From the above table it is clear that 56% of respondents are aware of saving account, 20% current account, 10% loan and fixed deposits and remaining 4% are aware of agriculture loans. Particulars No. of Respondent % of Respondent Saving A/c 28 56% Current A/c 10 20% Fixed Deposit 5 10% Agriculture Loans 2 4% Loans 5 10% Total 50 100
  12. 12. 3) Main criteria specified for opening an account in Amritsar Central Co- operative Bank Ltd. Interpretation:  Majority of Respondents have opened an account in Amritsar Central Co-op. Bank Ltd. Due to goodwill of the Bank, 24% due to nearness of Office to Bank, 20% due to good staff behaviour and remaining 6% due to personal contacts with the Bank Staff. Particulars No. of Respondent % of Respondent Goodwill of bank 25 50% Staff Behaviour 10 20% Nearness to Bank 12 24% Personal Contact 3 6% Total 50 100%
  13. 13. 4) Average time taken for any transaction by Amritsar Central Co-op. Bank Ltd. Interpretation:  Majority of the respondents said that the average time taken for transaction is between 5 to 10 minutes in their bank. 26% respondents said the average time taken for transaction is between 10-15 minutes, 20% said it is between 15-20 minutes and remaining 14% said that the average time taken for transaction by their bank is 20-25 minutes Time Taken No. of Respondent % of Respondent 5 to 10 min. 20 40% 10 to 15 min. 13 26% 15 to 20 min 10 20% 20 to 25 min 7 14% Total 50 100
  14. 14. 5) How do you come to know about the Amritsar Central Co-operative Bank Ltd. Interpretation:  From the above graph it is clear that majority of the respondents have come to know about the products and services of Amritsar Central Co-operative Bank Ltd. Through newspaper. 30% of respondents have come to know about the product & services of Amritsar Central Co-operative Bank Ltd. Through friends, 14% through pamphlets and 10% through hoarding, banner & television. Particulars No. of Respondent % of Respondent TV 5 10% Friends 15 30% Hoarding/Banner 5 10% News Paper 18 36% Pamphlets 7 14% Total 50 100
  15. 15. 6) From how long, you are dealing with Amritsar Central Co-operative Bank limited. Interpretation:  From the above table it is clear that 34% of customers are dealing with Amritsar Central Co-operative Bank Ltd. from last 3-5 years, 26% customers are dealing with Bank from last more than 5 years, 20% of customers are dealing with Bank from last 2-3 years, 10% customers are dealing Bank for last 6 months and rest of them are dealing with Bank from last one year Duration No. of Respondent % of Respondent 6 months 5 10% 1 Year 5 10% 2-3 Years 10 20% 3-5 Years 17 34% More than 5 Years 13 26% Total 50 100%
  16. 16. 7) Reason for opening an account with Amritsar Central Co-operative Bank Ltd. Interpretation:  From the above table it is clear that 24% of customers have opened their account due to network for bank,52% due its quick services, 14% due to brand name, 10% due to staff behaviour, 26% bec they are with bank for more than 5 years. Responses No. of Respondent % of Respondent Network 12 24% Quick Services 26 52% Brand Name 7 14% Staff Behaviour 5 10% More than 5 Years 13 26% Total 50 100%
  17. 17. 8) Satisfaction with the time taken by Bank for opening of Account. Interpretation:  The above table shows the percentage of satisfaction level of customer for opening of Account. 50% of the customers are satisfied with the time taken by Bank for opening of an account, 48% of the customers are highly satisfied with the time taken by bank for opening at account & 2% of the customers are not satisfied with the time taken by bank for opening of an Account. Therefore, it has been analyzed that most of the customers of the bank are satisfied with the time taken by bank for opening of A/c in Amritsar Central Co-operative Bank Ltd. Level of Satisfaction No. of Respondent % of Respondent Highly satisfactory 24 48% Satisfactory 25 50% Not Satisfactory 1 2% Total 50 100%
  18. 18. 9) Satisfaction with the services provided by Bank for opening of Account. Interpretation:  From the above table it is clear that the majority of the respondents are satisfied with products and services being provided by the Amritsar Central Co-operative Bank Ltd. As compared to 70% satisfied customer 30% of respondents are not satisfied with products and services of Amritsar Central Co-operative Bank Ltd. Level of Satisfaction No. of Respondent % of Respondent Highly satisfactory 24 48% Satisfactory 25 50% Not Satisfactory 1 2% Total 50 100%
  19. 19. 10) No. of Visits at Amritsar Central Co-operative Bank Ltd. in a month. Interpretation:  From the above graph it is clear that majority (70%) of the respondents visit the Amritsar Central Co-operative Bank Ltd., 1-4 times in a month, 20% respondents visit 5-10 months and remaining 10% respondents visit the Bank 11-15 times in a month. No. of Visits No. of Respondent % of Respondent 1-4 times 35 70% 5-10 times 10 20% 11-15 times 5 10% Never 0 0% Total 50 100%
  20. 20. 11) Would you like to recommend the name of Amritsar Central Co-op. Bank Ltd. To your known persons? Interpretation:  From the above table it is clear that 86% customers would like to recommend the name of the Amritsar Central Co-operative Bank Ltd. To other persons only 4% customers would not like to recommend the name of Amritsar Central Co-op Bank Ltd. and 10% customers are confused to give response. Responses No. of Respondent % of Respondent Yes 43 86% No 2 4% Can't Say 5 10% Total 50 100%
  21. 21. 12) How do you rate the attitude of staff of Amritsar Central Co-op. Bank Ltd. towards customers? Interpretation:  From the above table it is clear that 14% respondents are highly satisfied with the behaviour of staff of Amritsar Central Co-operative Bank Ltd. While 60% respondents are satisfied with staff behaviour, 20% of the respondents are not satisfied with the staff behaviour of Amritsar Central Co-operative Bank Ltd. and 4% are highly dissatisfied with staff behaviour. Responses No. of Respondent % of Respondent Highly Satisfied 7 14% Satisfied 30 60% Dis Satisfied 10 20% Highly Dis satisfied 2 4% Total 50 100%
  22. 22. 13) Are you satisfied with the overall performance of Amritsar Central Co-operative Bank Ltd. Interpretation:  From the above table it is clear that the majority (80%) of the respondents are satisfied with the overall performance of Amritsar Central Co-operative Bank Ltd. and remaining 20% respondents are not satisfied with the performance of the Amritsar Central Co- operative Bank Ltd. Satisfaction Level No. of Respondent % of Respondent Yes 40 80% No 10 20% Total 50 100%
  23. 23. FINDINGS OF THE STUDY  It is clear that all the 100% respondents were aware of Amritsar central co-operative bank ltd.  The study shows that maximum numbers of people are aware of saving account of Amritsar central co-operative bank limited.  Majority of the respondents have opened an account in Amritsar central co-operative bank limited due to goodwill of the bank.  Majority of the respondents said that the average time taken for transaction is between 5 to 10 minutes in their bank.  It is revealed that majority of the respondents have come to know about the products and services of Amritsar central co- operative bank ltd.  The study shows that 34% of customers are dealing with Amritsar central co-operative bank ltd. from last 3-5 years.  It is depicted from this study that 24% customers have opened their account in Amritsar central co-operative bank ltd. Due to good network of branches.  The study shows that the percentage of satisfaction level of customer for opening of account. 50% of the customers are satisfied with the time taken by bank for opening of an account, 48% of the customers are highly satisfied with the time taken by bank for opening at account & 2% of the customers are not satisfied with the time taken by bank for opening of an account.  It could be analyzed from the majority of the respondents are satisfied with products and services being provided by the Amritsar central co-operative bank ltd.  Majority (70%) of the respondents visit the Amritsar central co-operative bank ltd. 1-4 times in a month.  It is revealed that 86% customers would like to recommend the name of the Amritsar central co-operative bank ltd. To other persons.  It is clear that majority (80%) of the respondents are satisfied with the overall performance of Amritsar central co-operative bank ltd. And remaining 20% respondents are not satisfied with the performance of the Amritsar central co-operative bank ltd. KYC  No respondant was willing to send information on their own at the very first attempt.  A lot of queries amd questioning was done by cutomer against kyc.  Some people showed up after 15 days i.e. after the deadline given to them.
  24. 24. RECOMMENDATIONS  ATMs should be provided for the convenience of the customers, so that bank can give itself modern look and customers are more satisfied.  In order to create awareness regarding the various products and services provided by Amritsar central co-operative bank ltd., various medium of media should be put to use to advertise about the services provided by the bank.  New strategies should be made by the bank which enables them to face the competition with other government and private sectors bank like HDFC, ICICI and IDBI etc.  Customers generally complain that full knowledge is not given to them. Thus the bank should properly disclose the features of products and services being provided by the bank to their customers.  The need of the customer should be properly understood so that customer feels satisfied. The relationship values should be maintained.  The branches should promote co-operation and coordination among employees which help them in efficient working.  Maintenance of proper hierarchy should be done. A good bierarchy set up can ensure better results within bank.  Banks should facelift their branch and give ultra modern outlook, so as to provide neat and nice environment in branches. KYC  Banks should take steps to provide proper training to its employees on the statutory/ regulatory requirements and the internal policy & procedures so that the risks are well understood and managed.  Employees should also be educated on the need for proper handling of customer queries.  Distribution of pamphlets etc. .may be considered
  25. 25. LIMITATIONS OF THE STUDY The limitation of the study are:  Some of the respondents of the survey were unwilling to share information.  The research was carried out on in-house customers i.e. within the branch in the small city of Punjab viz. Amritsar, so the response may vary by including respondents from other branches in other areas as well.  The research was carried out in a short period of 6 weeks as a part of summer training. Therefore the sample size and other parameters were selected accordingly so as to finish the work within the given time frame.  The information given by the respondents might be biased because some of them might not be interested to give correct information.
  26. 26. CONCLUSION  The customer satisfaction is very important for success of bank. Only those banks will be at the top, which can satisfy their customer. If the employees are performing their job efficiently it will improve the level of customer relations.  The face of Indian banking is changing rapidly. The competition and challenges in Indian banking sector is increasing day by day. I made this project on the topic entitled "Customer satisfaction & services provided by the Amritsar central co-operative bank ltd." From the above study I concluded that the account holders of the Amritsar central co-operative bank ltd. are satisfied with the bank.  Amritsar central co-operative bank ltd. Is the most reputed co-operative sector bank in Punjab. The bank has to take necessary initiatives in order to increase customer base. The bank should increase number of branches and install ATMs at the prime locations of Amritsar.  The bank can also introduce gifts and prizes from time to time. The interest for different deposit account should be increased.  From the above study, I can conclude that Amritsar central co-operative bank ltd. Has maintained excellent position in the market and the customers are satisfied with the overall performance of Amritsar central co-operative bank ltd. So, we can say that Amritsar central co-operative bank ltd. Is well known for understanding the customers needs in the modern era of banking.
  27. 27. THANK YOU

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