Final project report of 3rd sem
Transcript of Final project report of 3rd sem
1
11INTRODUCTION OF ING VYSYA BANK
ING Vysya Bank is a privately owned Indian multinational bank based in Bangalore with retail
wholesale and private banking platforms formed from the 2002 purchase of an equity stake in
Vysya Bank by the Dutch ING Group This merger marks the first between an Indian bank and a
foreign bank Prior to this transaction Vysya Bank had a seven-year-old strategic alliance with
erstwhile Belgian bank Banque Bruxelles Lambert which was also acquired by ING Group in 1998
As of March 2013 ING Vysya is the seventh largest private sector bank in India with assets
totaling 54836 crore (US$91 billion) and operating a pan-India network of over 1000 outlets
including 527 branches which service over two million customers ING Group the highest-ranking
institutional shareholder currently holds a 44 equity stake in ING Vysya Bank followed
by Aberdeen Asset Management private equity firm Chrys Capital Morgan Stanley and Citi group
respectively
ING Vysya has been ranked the Safest Banker by the New Indian Express and among Top 5 Most
Trusted Private Sector Banks by the Economic Times
History
Established in 1930s Vysya Bank was formally incorporated in the city of Bangalore Karnataka
The state of Karnataka is known as the cradle of Indian banking due to the regions bygone
banking relationship with several European East India Companies during the 17th 18th and 19th
centuries Seven of the countrys leading banks (Canara Bank Syndicate Bank Corporation
Bank Vijaya Bank Karnataka Bank State Bank of Mysore and ING Vysya Bank) were originally
established in Karnataka
From the 1930s through the 1950s Vysya Bank built its banking business organically in southern
India The bank focused on serving the Vysya community a merchanttrading community operating
across Karnataka and Andhra Pradesh In 1958 the bank was licensed by the Reserve Bank of
India (RBI) to expand its banking operations nationwide In 1972 the RBI upgraded Vysya Bank to
a national B class bank
2
In 1987 Vysya Bank established two independently operating subsidiaries providing equipment
leasing and home mortgaging services (Vysya Bank Leasing Ltd and Vysya Bank Housing Finance
Ltd respectively) In 1994 Vysya Bank began marketing several innovative financial products to the
fast-growing Indian middle-class segment (eg Vysprime and Vysinvest for NRIsVysbuy for
consumer financing Vysmobile for auto loan financing and Vysequity for common equity
financing)
Globalisation through Europe
Bank In 1999 Vysya Bank joined the ING Group in co-marketingdistribution of life insurance
products in India Vysya Bank also acquired a 26 equity stake in the ING Asset Management
Company In 2000 Vysya Bank ING Insurance and the Damani Group formed a life insurance JV
this innovative collaboration marks the first bancassurance venture in India In 1995 Vysya Bank
entered into a long-term strategic alliance with Belgian bank Bank Bruxelles Lambert (BBL)
Following this agreement the Vysya Bank engaged KPMC Peat Marwick for assistance in re-
engineering its business processes in preparation for globalisation In 1996 an international
investment banking joint venture (JV) with MC Securities (London) an investment banking
subsidiary of BBL was formally established
In 1998 the ING Group acquired BBL and all its contractual and JV interests in Vysya
Formal merger with the ING Group
In 2002 Vysya Banks Board of Directors and the RBI approved Vysya Banks formal merger with
the ING Group Under Indian law this move allowed ING to increase its total equity holdings in
Vysya Bank from 20 to 44 Peter Alexander Smyth and Jacques PM Kemp were appointed to the
board of the newly formed ING Vysya Bank
ING Vysya Bank then appointed Bart Hellemans as CEO and managing director (MD) and G
Mallikarjuna Rao as chairman of the board
3
Post merger News
In 2003 Western Union a leading global money transfer firm tied up with ING Vysya for inbound
money transfer services across India ING Vysya then launched three new endowment products and
an innovative retail savings account called Orange with facilities such as personal accident and free
annual accident coverage Japanese auto manufacturer Toyota then signed an agreement with ING
Vysya for auto financing services ING Vysya then inked a deal with fertilizer concern Madras
Fertiliser Ltd (MFL) to co-marketdistribute life insurance products to farmers by employing the
fertilizer companys broker-dealer network in the rural sector
In 2005 ING Vysya Bank named Ned Swarup to the CEO and MD role ING Vysya launched an
innovative checking account product for mid-sized businesses ING Vysya Bank also rolled out its
own proprietary online money transfer service
In 2006 Vaughn Richtor stepped into the CEO and MD role for a fixed three-year term Under Mr
Richtors leadership ING Vysya went private and delisted from the Bangalore Stock Exchange ING
Vysya also forayed into private banking and portfolio management services
In 2009 Shailendra Bhandari was appointed as CEO and MD of ING Vysya Bank He was formerly
the Head of Private Equity at Tata Capital the Tata Groups private equity arm Having completed
his three-year term in India Vaughn Richtor was promoted to CEO of ING Banking Asia
In 2010 the Board of ING Vysya Bank nominated Mr Arun Thiagarajan to succeed Mr KR
Ramamoorthy as chairman of the board Mr Thiagarajan was selected for his vast and diverse
international experience across strategic planning economics and finance technology and systems
As of January 2013 ING Group plans to divest itself of its Indian insurance and investment
management businesses through the sale of its 26 interest in ING Vysya Life Insurance Company
Ltd to its joint venture partner Exide Industries Ltd
4
CURRENT OPERATIONS
ING Vysya Bank has competed in the bankingfinancial services and insurance markets for over 80
years and currently serves over 2 million Indian consumers The bank markets an entire range of
financial products and services organised under three strategic lines of business retail private and
wholesale banking
Retail banking
With 547 branches and 10 counters 28 satellite offices and 470 ATMs nationwide ING Vysyas
retail operation offers checking accounts savings depositsCDs retail wealth management services
consumer loans agriculturalrural banking and retail life insurance products The bank has rapidly
expanded its distribution footprint and has created a national brand presence through several
innovative marketing campaigns
Private banking
ING Vysyas private bank operates on an advisory-driven model Specialized market research
remains the banks focus for the introduction of new tailored products to serve the high-end private
banking segment
Corporatewholesale banking
The wholesale banking business provides corporate clients in India a range of commercial
transactional and electronic banking products The bank offers client focused products including
working capital finance trade and transactional services foreign exchange term loans and cash
management services The wholesale banking business comprises four business sub-segments and
multiple product offerings The business segments Corporate and Investment Banking Emerging
Corporates Banking and Financial Institutions and financial markets
Agriculture and rural banking
Agriculture and Rural Banking deals with all business related to agriculture and allied activities
Gold Loans loans to SHGs and lending to government sponsored schemes Working Capital and
Agriculture Term Loans for Poultry Dairy Cold storage units etc are also being offered to cater
diverse needs of the farming community The Bank has accelerated retail agricultural lending at a
5
few places in North India and Central India especially in Rajasthan Uttarakhand Maharashtra
Gujarat and Madhya Pradesh
ING VYSYA APPS
ING Vysya banks mobile app helps customers check the balance and much more than
PRODUCT amp SERVICES-
PRODUCTS
ING VYSYA Bank offers the following four core products
Personal banking
Under Personal Banking ING VYSYA offers
Accounts amp Deposits
Loans
Cards
Demat
Investment
Insurance
Wholesale banking
Premium Banking
Private Banking
NRI banking
Under NRI Banking ING VYSYA offers
Accounts amp Deposits
Money Transfer
Investments amp Insurance
Research Reports
Payment Services
6
SME banking
Under SME Banking ING VYSYA offers
Accounts amp Deposits
Business Financing
Trade Services
Payments amp Collections
Cards
ING VYSYA offers Wholesale Banking for Corporates and Financial Institutions amp Trusts The
Bank also provides services such as Investment Banking and other services in the Government
sector
SERVICES
Wholesale banking services
ING VYSYA Bank provides a range of commercial and transactional banking services including
working capital finance trade services transactional services cash management etc to large small
and mid-sized corporates and agriculture-based businesses in India The bank is also a leading
provider of these services to its corporate customers mutual funds stock exchange members and
banks
Retail banking services
ING VYSYA Bank was the first bank in India to launch an International Debit Card in association
with Electron) The bank also issues the Master Card Maestro debit cardThe Bank launched
its credit card business in late 2001 By the end of June 2013 it had a credit card base of 594
million By March 2012 the bank had a total card base (debit and credit cards) of over 197
million The Bank is also one of the leading players in the merchant acquiring business with over
240000 point-of-sale (POS) terminals for debitcredit cards acceptance at merchant establishments
The Bank is positioned in various net based B2C opportunities including a wide range of Internet
banking services for Fixed Deposits Loans Bill Payments etc
7
Treasury
The bank has three main product areas - Foreign Exchange and Derivatives Local Currency Money
Market amp Debt Securities and Equities These services are provided through the banks Treasury
team To comply with statutory reserve requirements the bank is required to hold 25 of its
deposits in government securities The Treasury business is responsible for managing the returns and
market risk on this investment portfolio
OPERATIONS
As of 30 September 2013 ING VYSYA Bank has 3251 branches and 11177 ATMs in 2022 cities
in India and all branches of the bank are linked on an online real-time basis The Bank has overseas
branch operations in Bahrain and Hong Kong
ING VYSYA Bank has two subsidiaries
a non-deposit taking non-bank finance company (NBFC) Apart from lending to individuals the
company grants loans to micro small and medium business enterprises It also runs call HDB
Financial Services Limited (lsquoHDBFSrsquo) HDBFS is engaged in retail asset financing It is centers
for collection services to the ING VYSYA Bankrsquos retail loan products ING VYSYA Bank holds
974 shares in HDBFS As of March 31 2013 HDBFS has 230 branches in 184 cities During the
FY 2012-13 HDBFS had turnover of INR 96 billion and profit after tax of INR 1 billion It has
6404 employees as of 31 March 2013
ING VYSYA Securities Limited (lsquoHSLrsquo) HSL is engaged in stock broking As of March 31
2013 HDBFS has 194 branches across 150 cities ING VYSYA Bank has 621 shareholding in
HSL During the FY 2012-13 HSL had turnover of INR 23 billion and profit after tax of INR 668
million During the year the Company received the ldquoBest e-Brokerage Award - 2012rdquo in the
Outlook Money Awards in the runner up category
8
Shareholding
On 30 September 2013 the promoter ING VYSYA group held 2272 of its equity shares 3361
of the shares were owned by the Foreign Institutional Investors (FII) Around 428000 individual
public shareholders own approx 843 of its shares The remaining 3524 shares are owned by
others
Table 11 Shareholding of ING VYSYA
Shareholders (as of 30-September-2013) Shareholding
Promoter Group (ING VYSYA ) 2272
Foreign Institutional Investors (FII) 3361
Individual shareholders 0843
Bodies Corporate 0801
Insurance companies 0538
Mutual FundsUTI 0434
NRIOCBOthers 0040
Financial InstitutionsBanks 0009
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
2
In 1987 Vysya Bank established two independently operating subsidiaries providing equipment
leasing and home mortgaging services (Vysya Bank Leasing Ltd and Vysya Bank Housing Finance
Ltd respectively) In 1994 Vysya Bank began marketing several innovative financial products to the
fast-growing Indian middle-class segment (eg Vysprime and Vysinvest for NRIsVysbuy for
consumer financing Vysmobile for auto loan financing and Vysequity for common equity
financing)
Globalisation through Europe
Bank In 1999 Vysya Bank joined the ING Group in co-marketingdistribution of life insurance
products in India Vysya Bank also acquired a 26 equity stake in the ING Asset Management
Company In 2000 Vysya Bank ING Insurance and the Damani Group formed a life insurance JV
this innovative collaboration marks the first bancassurance venture in India In 1995 Vysya Bank
entered into a long-term strategic alliance with Belgian bank Bank Bruxelles Lambert (BBL)
Following this agreement the Vysya Bank engaged KPMC Peat Marwick for assistance in re-
engineering its business processes in preparation for globalisation In 1996 an international
investment banking joint venture (JV) with MC Securities (London) an investment banking
subsidiary of BBL was formally established
In 1998 the ING Group acquired BBL and all its contractual and JV interests in Vysya
Formal merger with the ING Group
In 2002 Vysya Banks Board of Directors and the RBI approved Vysya Banks formal merger with
the ING Group Under Indian law this move allowed ING to increase its total equity holdings in
Vysya Bank from 20 to 44 Peter Alexander Smyth and Jacques PM Kemp were appointed to the
board of the newly formed ING Vysya Bank
ING Vysya Bank then appointed Bart Hellemans as CEO and managing director (MD) and G
Mallikarjuna Rao as chairman of the board
3
Post merger News
In 2003 Western Union a leading global money transfer firm tied up with ING Vysya for inbound
money transfer services across India ING Vysya then launched three new endowment products and
an innovative retail savings account called Orange with facilities such as personal accident and free
annual accident coverage Japanese auto manufacturer Toyota then signed an agreement with ING
Vysya for auto financing services ING Vysya then inked a deal with fertilizer concern Madras
Fertiliser Ltd (MFL) to co-marketdistribute life insurance products to farmers by employing the
fertilizer companys broker-dealer network in the rural sector
In 2005 ING Vysya Bank named Ned Swarup to the CEO and MD role ING Vysya launched an
innovative checking account product for mid-sized businesses ING Vysya Bank also rolled out its
own proprietary online money transfer service
In 2006 Vaughn Richtor stepped into the CEO and MD role for a fixed three-year term Under Mr
Richtors leadership ING Vysya went private and delisted from the Bangalore Stock Exchange ING
Vysya also forayed into private banking and portfolio management services
In 2009 Shailendra Bhandari was appointed as CEO and MD of ING Vysya Bank He was formerly
the Head of Private Equity at Tata Capital the Tata Groups private equity arm Having completed
his three-year term in India Vaughn Richtor was promoted to CEO of ING Banking Asia
In 2010 the Board of ING Vysya Bank nominated Mr Arun Thiagarajan to succeed Mr KR
Ramamoorthy as chairman of the board Mr Thiagarajan was selected for his vast and diverse
international experience across strategic planning economics and finance technology and systems
As of January 2013 ING Group plans to divest itself of its Indian insurance and investment
management businesses through the sale of its 26 interest in ING Vysya Life Insurance Company
Ltd to its joint venture partner Exide Industries Ltd
4
CURRENT OPERATIONS
ING Vysya Bank has competed in the bankingfinancial services and insurance markets for over 80
years and currently serves over 2 million Indian consumers The bank markets an entire range of
financial products and services organised under three strategic lines of business retail private and
wholesale banking
Retail banking
With 547 branches and 10 counters 28 satellite offices and 470 ATMs nationwide ING Vysyas
retail operation offers checking accounts savings depositsCDs retail wealth management services
consumer loans agriculturalrural banking and retail life insurance products The bank has rapidly
expanded its distribution footprint and has created a national brand presence through several
innovative marketing campaigns
Private banking
ING Vysyas private bank operates on an advisory-driven model Specialized market research
remains the banks focus for the introduction of new tailored products to serve the high-end private
banking segment
Corporatewholesale banking
The wholesale banking business provides corporate clients in India a range of commercial
transactional and electronic banking products The bank offers client focused products including
working capital finance trade and transactional services foreign exchange term loans and cash
management services The wholesale banking business comprises four business sub-segments and
multiple product offerings The business segments Corporate and Investment Banking Emerging
Corporates Banking and Financial Institutions and financial markets
Agriculture and rural banking
Agriculture and Rural Banking deals with all business related to agriculture and allied activities
Gold Loans loans to SHGs and lending to government sponsored schemes Working Capital and
Agriculture Term Loans for Poultry Dairy Cold storage units etc are also being offered to cater
diverse needs of the farming community The Bank has accelerated retail agricultural lending at a
5
few places in North India and Central India especially in Rajasthan Uttarakhand Maharashtra
Gujarat and Madhya Pradesh
ING VYSYA APPS
ING Vysya banks mobile app helps customers check the balance and much more than
PRODUCT amp SERVICES-
PRODUCTS
ING VYSYA Bank offers the following four core products
Personal banking
Under Personal Banking ING VYSYA offers
Accounts amp Deposits
Loans
Cards
Demat
Investment
Insurance
Wholesale banking
Premium Banking
Private Banking
NRI banking
Under NRI Banking ING VYSYA offers
Accounts amp Deposits
Money Transfer
Investments amp Insurance
Research Reports
Payment Services
6
SME banking
Under SME Banking ING VYSYA offers
Accounts amp Deposits
Business Financing
Trade Services
Payments amp Collections
Cards
ING VYSYA offers Wholesale Banking for Corporates and Financial Institutions amp Trusts The
Bank also provides services such as Investment Banking and other services in the Government
sector
SERVICES
Wholesale banking services
ING VYSYA Bank provides a range of commercial and transactional banking services including
working capital finance trade services transactional services cash management etc to large small
and mid-sized corporates and agriculture-based businesses in India The bank is also a leading
provider of these services to its corporate customers mutual funds stock exchange members and
banks
Retail banking services
ING VYSYA Bank was the first bank in India to launch an International Debit Card in association
with Electron) The bank also issues the Master Card Maestro debit cardThe Bank launched
its credit card business in late 2001 By the end of June 2013 it had a credit card base of 594
million By March 2012 the bank had a total card base (debit and credit cards) of over 197
million The Bank is also one of the leading players in the merchant acquiring business with over
240000 point-of-sale (POS) terminals for debitcredit cards acceptance at merchant establishments
The Bank is positioned in various net based B2C opportunities including a wide range of Internet
banking services for Fixed Deposits Loans Bill Payments etc
7
Treasury
The bank has three main product areas - Foreign Exchange and Derivatives Local Currency Money
Market amp Debt Securities and Equities These services are provided through the banks Treasury
team To comply with statutory reserve requirements the bank is required to hold 25 of its
deposits in government securities The Treasury business is responsible for managing the returns and
market risk on this investment portfolio
OPERATIONS
As of 30 September 2013 ING VYSYA Bank has 3251 branches and 11177 ATMs in 2022 cities
in India and all branches of the bank are linked on an online real-time basis The Bank has overseas
branch operations in Bahrain and Hong Kong
ING VYSYA Bank has two subsidiaries
a non-deposit taking non-bank finance company (NBFC) Apart from lending to individuals the
company grants loans to micro small and medium business enterprises It also runs call HDB
Financial Services Limited (lsquoHDBFSrsquo) HDBFS is engaged in retail asset financing It is centers
for collection services to the ING VYSYA Bankrsquos retail loan products ING VYSYA Bank holds
974 shares in HDBFS As of March 31 2013 HDBFS has 230 branches in 184 cities During the
FY 2012-13 HDBFS had turnover of INR 96 billion and profit after tax of INR 1 billion It has
6404 employees as of 31 March 2013
ING VYSYA Securities Limited (lsquoHSLrsquo) HSL is engaged in stock broking As of March 31
2013 HDBFS has 194 branches across 150 cities ING VYSYA Bank has 621 shareholding in
HSL During the FY 2012-13 HSL had turnover of INR 23 billion and profit after tax of INR 668
million During the year the Company received the ldquoBest e-Brokerage Award - 2012rdquo in the
Outlook Money Awards in the runner up category
8
Shareholding
On 30 September 2013 the promoter ING VYSYA group held 2272 of its equity shares 3361
of the shares were owned by the Foreign Institutional Investors (FII) Around 428000 individual
public shareholders own approx 843 of its shares The remaining 3524 shares are owned by
others
Table 11 Shareholding of ING VYSYA
Shareholders (as of 30-September-2013) Shareholding
Promoter Group (ING VYSYA ) 2272
Foreign Institutional Investors (FII) 3361
Individual shareholders 0843
Bodies Corporate 0801
Insurance companies 0538
Mutual FundsUTI 0434
NRIOCBOthers 0040
Financial InstitutionsBanks 0009
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
3
Post merger News
In 2003 Western Union a leading global money transfer firm tied up with ING Vysya for inbound
money transfer services across India ING Vysya then launched three new endowment products and
an innovative retail savings account called Orange with facilities such as personal accident and free
annual accident coverage Japanese auto manufacturer Toyota then signed an agreement with ING
Vysya for auto financing services ING Vysya then inked a deal with fertilizer concern Madras
Fertiliser Ltd (MFL) to co-marketdistribute life insurance products to farmers by employing the
fertilizer companys broker-dealer network in the rural sector
In 2005 ING Vysya Bank named Ned Swarup to the CEO and MD role ING Vysya launched an
innovative checking account product for mid-sized businesses ING Vysya Bank also rolled out its
own proprietary online money transfer service
In 2006 Vaughn Richtor stepped into the CEO and MD role for a fixed three-year term Under Mr
Richtors leadership ING Vysya went private and delisted from the Bangalore Stock Exchange ING
Vysya also forayed into private banking and portfolio management services
In 2009 Shailendra Bhandari was appointed as CEO and MD of ING Vysya Bank He was formerly
the Head of Private Equity at Tata Capital the Tata Groups private equity arm Having completed
his three-year term in India Vaughn Richtor was promoted to CEO of ING Banking Asia
In 2010 the Board of ING Vysya Bank nominated Mr Arun Thiagarajan to succeed Mr KR
Ramamoorthy as chairman of the board Mr Thiagarajan was selected for his vast and diverse
international experience across strategic planning economics and finance technology and systems
As of January 2013 ING Group plans to divest itself of its Indian insurance and investment
management businesses through the sale of its 26 interest in ING Vysya Life Insurance Company
Ltd to its joint venture partner Exide Industries Ltd
4
CURRENT OPERATIONS
ING Vysya Bank has competed in the bankingfinancial services and insurance markets for over 80
years and currently serves over 2 million Indian consumers The bank markets an entire range of
financial products and services organised under three strategic lines of business retail private and
wholesale banking
Retail banking
With 547 branches and 10 counters 28 satellite offices and 470 ATMs nationwide ING Vysyas
retail operation offers checking accounts savings depositsCDs retail wealth management services
consumer loans agriculturalrural banking and retail life insurance products The bank has rapidly
expanded its distribution footprint and has created a national brand presence through several
innovative marketing campaigns
Private banking
ING Vysyas private bank operates on an advisory-driven model Specialized market research
remains the banks focus for the introduction of new tailored products to serve the high-end private
banking segment
Corporatewholesale banking
The wholesale banking business provides corporate clients in India a range of commercial
transactional and electronic banking products The bank offers client focused products including
working capital finance trade and transactional services foreign exchange term loans and cash
management services The wholesale banking business comprises four business sub-segments and
multiple product offerings The business segments Corporate and Investment Banking Emerging
Corporates Banking and Financial Institutions and financial markets
Agriculture and rural banking
Agriculture and Rural Banking deals with all business related to agriculture and allied activities
Gold Loans loans to SHGs and lending to government sponsored schemes Working Capital and
Agriculture Term Loans for Poultry Dairy Cold storage units etc are also being offered to cater
diverse needs of the farming community The Bank has accelerated retail agricultural lending at a
5
few places in North India and Central India especially in Rajasthan Uttarakhand Maharashtra
Gujarat and Madhya Pradesh
ING VYSYA APPS
ING Vysya banks mobile app helps customers check the balance and much more than
PRODUCT amp SERVICES-
PRODUCTS
ING VYSYA Bank offers the following four core products
Personal banking
Under Personal Banking ING VYSYA offers
Accounts amp Deposits
Loans
Cards
Demat
Investment
Insurance
Wholesale banking
Premium Banking
Private Banking
NRI banking
Under NRI Banking ING VYSYA offers
Accounts amp Deposits
Money Transfer
Investments amp Insurance
Research Reports
Payment Services
6
SME banking
Under SME Banking ING VYSYA offers
Accounts amp Deposits
Business Financing
Trade Services
Payments amp Collections
Cards
ING VYSYA offers Wholesale Banking for Corporates and Financial Institutions amp Trusts The
Bank also provides services such as Investment Banking and other services in the Government
sector
SERVICES
Wholesale banking services
ING VYSYA Bank provides a range of commercial and transactional banking services including
working capital finance trade services transactional services cash management etc to large small
and mid-sized corporates and agriculture-based businesses in India The bank is also a leading
provider of these services to its corporate customers mutual funds stock exchange members and
banks
Retail banking services
ING VYSYA Bank was the first bank in India to launch an International Debit Card in association
with Electron) The bank also issues the Master Card Maestro debit cardThe Bank launched
its credit card business in late 2001 By the end of June 2013 it had a credit card base of 594
million By March 2012 the bank had a total card base (debit and credit cards) of over 197
million The Bank is also one of the leading players in the merchant acquiring business with over
240000 point-of-sale (POS) terminals for debitcredit cards acceptance at merchant establishments
The Bank is positioned in various net based B2C opportunities including a wide range of Internet
banking services for Fixed Deposits Loans Bill Payments etc
7
Treasury
The bank has three main product areas - Foreign Exchange and Derivatives Local Currency Money
Market amp Debt Securities and Equities These services are provided through the banks Treasury
team To comply with statutory reserve requirements the bank is required to hold 25 of its
deposits in government securities The Treasury business is responsible for managing the returns and
market risk on this investment portfolio
OPERATIONS
As of 30 September 2013 ING VYSYA Bank has 3251 branches and 11177 ATMs in 2022 cities
in India and all branches of the bank are linked on an online real-time basis The Bank has overseas
branch operations in Bahrain and Hong Kong
ING VYSYA Bank has two subsidiaries
a non-deposit taking non-bank finance company (NBFC) Apart from lending to individuals the
company grants loans to micro small and medium business enterprises It also runs call HDB
Financial Services Limited (lsquoHDBFSrsquo) HDBFS is engaged in retail asset financing It is centers
for collection services to the ING VYSYA Bankrsquos retail loan products ING VYSYA Bank holds
974 shares in HDBFS As of March 31 2013 HDBFS has 230 branches in 184 cities During the
FY 2012-13 HDBFS had turnover of INR 96 billion and profit after tax of INR 1 billion It has
6404 employees as of 31 March 2013
ING VYSYA Securities Limited (lsquoHSLrsquo) HSL is engaged in stock broking As of March 31
2013 HDBFS has 194 branches across 150 cities ING VYSYA Bank has 621 shareholding in
HSL During the FY 2012-13 HSL had turnover of INR 23 billion and profit after tax of INR 668
million During the year the Company received the ldquoBest e-Brokerage Award - 2012rdquo in the
Outlook Money Awards in the runner up category
8
Shareholding
On 30 September 2013 the promoter ING VYSYA group held 2272 of its equity shares 3361
of the shares were owned by the Foreign Institutional Investors (FII) Around 428000 individual
public shareholders own approx 843 of its shares The remaining 3524 shares are owned by
others
Table 11 Shareholding of ING VYSYA
Shareholders (as of 30-September-2013) Shareholding
Promoter Group (ING VYSYA ) 2272
Foreign Institutional Investors (FII) 3361
Individual shareholders 0843
Bodies Corporate 0801
Insurance companies 0538
Mutual FundsUTI 0434
NRIOCBOthers 0040
Financial InstitutionsBanks 0009
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
4
CURRENT OPERATIONS
ING Vysya Bank has competed in the bankingfinancial services and insurance markets for over 80
years and currently serves over 2 million Indian consumers The bank markets an entire range of
financial products and services organised under three strategic lines of business retail private and
wholesale banking
Retail banking
With 547 branches and 10 counters 28 satellite offices and 470 ATMs nationwide ING Vysyas
retail operation offers checking accounts savings depositsCDs retail wealth management services
consumer loans agriculturalrural banking and retail life insurance products The bank has rapidly
expanded its distribution footprint and has created a national brand presence through several
innovative marketing campaigns
Private banking
ING Vysyas private bank operates on an advisory-driven model Specialized market research
remains the banks focus for the introduction of new tailored products to serve the high-end private
banking segment
Corporatewholesale banking
The wholesale banking business provides corporate clients in India a range of commercial
transactional and electronic banking products The bank offers client focused products including
working capital finance trade and transactional services foreign exchange term loans and cash
management services The wholesale banking business comprises four business sub-segments and
multiple product offerings The business segments Corporate and Investment Banking Emerging
Corporates Banking and Financial Institutions and financial markets
Agriculture and rural banking
Agriculture and Rural Banking deals with all business related to agriculture and allied activities
Gold Loans loans to SHGs and lending to government sponsored schemes Working Capital and
Agriculture Term Loans for Poultry Dairy Cold storage units etc are also being offered to cater
diverse needs of the farming community The Bank has accelerated retail agricultural lending at a
5
few places in North India and Central India especially in Rajasthan Uttarakhand Maharashtra
Gujarat and Madhya Pradesh
ING VYSYA APPS
ING Vysya banks mobile app helps customers check the balance and much more than
PRODUCT amp SERVICES-
PRODUCTS
ING VYSYA Bank offers the following four core products
Personal banking
Under Personal Banking ING VYSYA offers
Accounts amp Deposits
Loans
Cards
Demat
Investment
Insurance
Wholesale banking
Premium Banking
Private Banking
NRI banking
Under NRI Banking ING VYSYA offers
Accounts amp Deposits
Money Transfer
Investments amp Insurance
Research Reports
Payment Services
6
SME banking
Under SME Banking ING VYSYA offers
Accounts amp Deposits
Business Financing
Trade Services
Payments amp Collections
Cards
ING VYSYA offers Wholesale Banking for Corporates and Financial Institutions amp Trusts The
Bank also provides services such as Investment Banking and other services in the Government
sector
SERVICES
Wholesale banking services
ING VYSYA Bank provides a range of commercial and transactional banking services including
working capital finance trade services transactional services cash management etc to large small
and mid-sized corporates and agriculture-based businesses in India The bank is also a leading
provider of these services to its corporate customers mutual funds stock exchange members and
banks
Retail banking services
ING VYSYA Bank was the first bank in India to launch an International Debit Card in association
with Electron) The bank also issues the Master Card Maestro debit cardThe Bank launched
its credit card business in late 2001 By the end of June 2013 it had a credit card base of 594
million By March 2012 the bank had a total card base (debit and credit cards) of over 197
million The Bank is also one of the leading players in the merchant acquiring business with over
240000 point-of-sale (POS) terminals for debitcredit cards acceptance at merchant establishments
The Bank is positioned in various net based B2C opportunities including a wide range of Internet
banking services for Fixed Deposits Loans Bill Payments etc
7
Treasury
The bank has three main product areas - Foreign Exchange and Derivatives Local Currency Money
Market amp Debt Securities and Equities These services are provided through the banks Treasury
team To comply with statutory reserve requirements the bank is required to hold 25 of its
deposits in government securities The Treasury business is responsible for managing the returns and
market risk on this investment portfolio
OPERATIONS
As of 30 September 2013 ING VYSYA Bank has 3251 branches and 11177 ATMs in 2022 cities
in India and all branches of the bank are linked on an online real-time basis The Bank has overseas
branch operations in Bahrain and Hong Kong
ING VYSYA Bank has two subsidiaries
a non-deposit taking non-bank finance company (NBFC) Apart from lending to individuals the
company grants loans to micro small and medium business enterprises It also runs call HDB
Financial Services Limited (lsquoHDBFSrsquo) HDBFS is engaged in retail asset financing It is centers
for collection services to the ING VYSYA Bankrsquos retail loan products ING VYSYA Bank holds
974 shares in HDBFS As of March 31 2013 HDBFS has 230 branches in 184 cities During the
FY 2012-13 HDBFS had turnover of INR 96 billion and profit after tax of INR 1 billion It has
6404 employees as of 31 March 2013
ING VYSYA Securities Limited (lsquoHSLrsquo) HSL is engaged in stock broking As of March 31
2013 HDBFS has 194 branches across 150 cities ING VYSYA Bank has 621 shareholding in
HSL During the FY 2012-13 HSL had turnover of INR 23 billion and profit after tax of INR 668
million During the year the Company received the ldquoBest e-Brokerage Award - 2012rdquo in the
Outlook Money Awards in the runner up category
8
Shareholding
On 30 September 2013 the promoter ING VYSYA group held 2272 of its equity shares 3361
of the shares were owned by the Foreign Institutional Investors (FII) Around 428000 individual
public shareholders own approx 843 of its shares The remaining 3524 shares are owned by
others
Table 11 Shareholding of ING VYSYA
Shareholders (as of 30-September-2013) Shareholding
Promoter Group (ING VYSYA ) 2272
Foreign Institutional Investors (FII) 3361
Individual shareholders 0843
Bodies Corporate 0801
Insurance companies 0538
Mutual FundsUTI 0434
NRIOCBOthers 0040
Financial InstitutionsBanks 0009
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
5
few places in North India and Central India especially in Rajasthan Uttarakhand Maharashtra
Gujarat and Madhya Pradesh
ING VYSYA APPS
ING Vysya banks mobile app helps customers check the balance and much more than
PRODUCT amp SERVICES-
PRODUCTS
ING VYSYA Bank offers the following four core products
Personal banking
Under Personal Banking ING VYSYA offers
Accounts amp Deposits
Loans
Cards
Demat
Investment
Insurance
Wholesale banking
Premium Banking
Private Banking
NRI banking
Under NRI Banking ING VYSYA offers
Accounts amp Deposits
Money Transfer
Investments amp Insurance
Research Reports
Payment Services
6
SME banking
Under SME Banking ING VYSYA offers
Accounts amp Deposits
Business Financing
Trade Services
Payments amp Collections
Cards
ING VYSYA offers Wholesale Banking for Corporates and Financial Institutions amp Trusts The
Bank also provides services such as Investment Banking and other services in the Government
sector
SERVICES
Wholesale banking services
ING VYSYA Bank provides a range of commercial and transactional banking services including
working capital finance trade services transactional services cash management etc to large small
and mid-sized corporates and agriculture-based businesses in India The bank is also a leading
provider of these services to its corporate customers mutual funds stock exchange members and
banks
Retail banking services
ING VYSYA Bank was the first bank in India to launch an International Debit Card in association
with Electron) The bank also issues the Master Card Maestro debit cardThe Bank launched
its credit card business in late 2001 By the end of June 2013 it had a credit card base of 594
million By March 2012 the bank had a total card base (debit and credit cards) of over 197
million The Bank is also one of the leading players in the merchant acquiring business with over
240000 point-of-sale (POS) terminals for debitcredit cards acceptance at merchant establishments
The Bank is positioned in various net based B2C opportunities including a wide range of Internet
banking services for Fixed Deposits Loans Bill Payments etc
7
Treasury
The bank has three main product areas - Foreign Exchange and Derivatives Local Currency Money
Market amp Debt Securities and Equities These services are provided through the banks Treasury
team To comply with statutory reserve requirements the bank is required to hold 25 of its
deposits in government securities The Treasury business is responsible for managing the returns and
market risk on this investment portfolio
OPERATIONS
As of 30 September 2013 ING VYSYA Bank has 3251 branches and 11177 ATMs in 2022 cities
in India and all branches of the bank are linked on an online real-time basis The Bank has overseas
branch operations in Bahrain and Hong Kong
ING VYSYA Bank has two subsidiaries
a non-deposit taking non-bank finance company (NBFC) Apart from lending to individuals the
company grants loans to micro small and medium business enterprises It also runs call HDB
Financial Services Limited (lsquoHDBFSrsquo) HDBFS is engaged in retail asset financing It is centers
for collection services to the ING VYSYA Bankrsquos retail loan products ING VYSYA Bank holds
974 shares in HDBFS As of March 31 2013 HDBFS has 230 branches in 184 cities During the
FY 2012-13 HDBFS had turnover of INR 96 billion and profit after tax of INR 1 billion It has
6404 employees as of 31 March 2013
ING VYSYA Securities Limited (lsquoHSLrsquo) HSL is engaged in stock broking As of March 31
2013 HDBFS has 194 branches across 150 cities ING VYSYA Bank has 621 shareholding in
HSL During the FY 2012-13 HSL had turnover of INR 23 billion and profit after tax of INR 668
million During the year the Company received the ldquoBest e-Brokerage Award - 2012rdquo in the
Outlook Money Awards in the runner up category
8
Shareholding
On 30 September 2013 the promoter ING VYSYA group held 2272 of its equity shares 3361
of the shares were owned by the Foreign Institutional Investors (FII) Around 428000 individual
public shareholders own approx 843 of its shares The remaining 3524 shares are owned by
others
Table 11 Shareholding of ING VYSYA
Shareholders (as of 30-September-2013) Shareholding
Promoter Group (ING VYSYA ) 2272
Foreign Institutional Investors (FII) 3361
Individual shareholders 0843
Bodies Corporate 0801
Insurance companies 0538
Mutual FundsUTI 0434
NRIOCBOthers 0040
Financial InstitutionsBanks 0009
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
6
SME banking
Under SME Banking ING VYSYA offers
Accounts amp Deposits
Business Financing
Trade Services
Payments amp Collections
Cards
ING VYSYA offers Wholesale Banking for Corporates and Financial Institutions amp Trusts The
Bank also provides services such as Investment Banking and other services in the Government
sector
SERVICES
Wholesale banking services
ING VYSYA Bank provides a range of commercial and transactional banking services including
working capital finance trade services transactional services cash management etc to large small
and mid-sized corporates and agriculture-based businesses in India The bank is also a leading
provider of these services to its corporate customers mutual funds stock exchange members and
banks
Retail banking services
ING VYSYA Bank was the first bank in India to launch an International Debit Card in association
with Electron) The bank also issues the Master Card Maestro debit cardThe Bank launched
its credit card business in late 2001 By the end of June 2013 it had a credit card base of 594
million By March 2012 the bank had a total card base (debit and credit cards) of over 197
million The Bank is also one of the leading players in the merchant acquiring business with over
240000 point-of-sale (POS) terminals for debitcredit cards acceptance at merchant establishments
The Bank is positioned in various net based B2C opportunities including a wide range of Internet
banking services for Fixed Deposits Loans Bill Payments etc
7
Treasury
The bank has three main product areas - Foreign Exchange and Derivatives Local Currency Money
Market amp Debt Securities and Equities These services are provided through the banks Treasury
team To comply with statutory reserve requirements the bank is required to hold 25 of its
deposits in government securities The Treasury business is responsible for managing the returns and
market risk on this investment portfolio
OPERATIONS
As of 30 September 2013 ING VYSYA Bank has 3251 branches and 11177 ATMs in 2022 cities
in India and all branches of the bank are linked on an online real-time basis The Bank has overseas
branch operations in Bahrain and Hong Kong
ING VYSYA Bank has two subsidiaries
a non-deposit taking non-bank finance company (NBFC) Apart from lending to individuals the
company grants loans to micro small and medium business enterprises It also runs call HDB
Financial Services Limited (lsquoHDBFSrsquo) HDBFS is engaged in retail asset financing It is centers
for collection services to the ING VYSYA Bankrsquos retail loan products ING VYSYA Bank holds
974 shares in HDBFS As of March 31 2013 HDBFS has 230 branches in 184 cities During the
FY 2012-13 HDBFS had turnover of INR 96 billion and profit after tax of INR 1 billion It has
6404 employees as of 31 March 2013
ING VYSYA Securities Limited (lsquoHSLrsquo) HSL is engaged in stock broking As of March 31
2013 HDBFS has 194 branches across 150 cities ING VYSYA Bank has 621 shareholding in
HSL During the FY 2012-13 HSL had turnover of INR 23 billion and profit after tax of INR 668
million During the year the Company received the ldquoBest e-Brokerage Award - 2012rdquo in the
Outlook Money Awards in the runner up category
8
Shareholding
On 30 September 2013 the promoter ING VYSYA group held 2272 of its equity shares 3361
of the shares were owned by the Foreign Institutional Investors (FII) Around 428000 individual
public shareholders own approx 843 of its shares The remaining 3524 shares are owned by
others
Table 11 Shareholding of ING VYSYA
Shareholders (as of 30-September-2013) Shareholding
Promoter Group (ING VYSYA ) 2272
Foreign Institutional Investors (FII) 3361
Individual shareholders 0843
Bodies Corporate 0801
Insurance companies 0538
Mutual FundsUTI 0434
NRIOCBOthers 0040
Financial InstitutionsBanks 0009
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
7
Treasury
The bank has three main product areas - Foreign Exchange and Derivatives Local Currency Money
Market amp Debt Securities and Equities These services are provided through the banks Treasury
team To comply with statutory reserve requirements the bank is required to hold 25 of its
deposits in government securities The Treasury business is responsible for managing the returns and
market risk on this investment portfolio
OPERATIONS
As of 30 September 2013 ING VYSYA Bank has 3251 branches and 11177 ATMs in 2022 cities
in India and all branches of the bank are linked on an online real-time basis The Bank has overseas
branch operations in Bahrain and Hong Kong
ING VYSYA Bank has two subsidiaries
a non-deposit taking non-bank finance company (NBFC) Apart from lending to individuals the
company grants loans to micro small and medium business enterprises It also runs call HDB
Financial Services Limited (lsquoHDBFSrsquo) HDBFS is engaged in retail asset financing It is centers
for collection services to the ING VYSYA Bankrsquos retail loan products ING VYSYA Bank holds
974 shares in HDBFS As of March 31 2013 HDBFS has 230 branches in 184 cities During the
FY 2012-13 HDBFS had turnover of INR 96 billion and profit after tax of INR 1 billion It has
6404 employees as of 31 March 2013
ING VYSYA Securities Limited (lsquoHSLrsquo) HSL is engaged in stock broking As of March 31
2013 HDBFS has 194 branches across 150 cities ING VYSYA Bank has 621 shareholding in
HSL During the FY 2012-13 HSL had turnover of INR 23 billion and profit after tax of INR 668
million During the year the Company received the ldquoBest e-Brokerage Award - 2012rdquo in the
Outlook Money Awards in the runner up category
8
Shareholding
On 30 September 2013 the promoter ING VYSYA group held 2272 of its equity shares 3361
of the shares were owned by the Foreign Institutional Investors (FII) Around 428000 individual
public shareholders own approx 843 of its shares The remaining 3524 shares are owned by
others
Table 11 Shareholding of ING VYSYA
Shareholders (as of 30-September-2013) Shareholding
Promoter Group (ING VYSYA ) 2272
Foreign Institutional Investors (FII) 3361
Individual shareholders 0843
Bodies Corporate 0801
Insurance companies 0538
Mutual FundsUTI 0434
NRIOCBOthers 0040
Financial InstitutionsBanks 0009
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
8
Shareholding
On 30 September 2013 the promoter ING VYSYA group held 2272 of its equity shares 3361
of the shares were owned by the Foreign Institutional Investors (FII) Around 428000 individual
public shareholders own approx 843 of its shares The remaining 3524 shares are owned by
others
Table 11 Shareholding of ING VYSYA
Shareholders (as of 30-September-2013) Shareholding
Promoter Group (ING VYSYA ) 2272
Foreign Institutional Investors (FII) 3361
Individual shareholders 0843
Bodies Corporate 0801
Insurance companies 0538
Mutual FundsUTI 0434
NRIOCBOthers 0040
Financial InstitutionsBanks 0009
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
9
ADSGDRs 1702
Total 1000
Employees
As of 31 March 2013 the company has 69065 employees out of which 12295 are women
(1780) In June 2013 the company reported an annual attrition rate of approx 20During the
financial year 2012-13 the company incurred INR 42 billion on employee benefit expenses
CSR Activities
ING VYSYA Bank has taken several initiatives as part of its corporate social responsibility
Table 12 CSR Activities of ING VYSYA
Initiative Objective Activities FactsFigures
Sustainable
Livelihood
Provide livelihood finance to empower
rural people especially women at the
bottom of the pyramid
Training for
Occupation Skills
Credit Counseling
Financial Literacy
Market Linkages
Reached 20 lakh
households across 24
states
Financial
Literacy
Provide affordable access to basic
banking products and services to
excluded and underprivileged sections of
the society
Literacy programs in
schools
lsquoPower of Bankingrsquo
workshops
600 government schools
across Andhra Pradesh
amp Odisha in literacy
programs
3365 students across 6
locations covered in
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
10
workshops
Education Spread the importance of education by
providing quality education to children
Galli School Project
Grow with Books
Library programs
Engineering
scholarships
Child development
program
Family based care
programs
A large number of
students reached
through various
programs across the
country
Training
Enhance employability of youth and
women in the weaker sections of the
society by providing training and
capacity development
Skill-based courses
Technical amp
vocational training
Basic computer
programming
Educational support
for children
More than 1500 youth
benefitted through
various programs across
the country
Community
Enable economic growth and sustainable
development through community
building programs
Rain water harvesting
programs
Setting up blood
storage facilities
Construction of
sanitation facilities in
schools
Child Aid Foundation
150 tribal girls
benefitted through
sanitation project
350 poor and needy
children supported
1600+ children rescued
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
11
Our Mission
Customer Service and Product Innovation tuned to diverse needs of individual and corporate
clientele
Continuous technology up gradation while maintaining human values
Progressive globalization and achieving international standards
Efficiency and effectiveness built on ethical practices
Core Values
Customer Centricity
Ethics
Transparency
Teamwork
Ownership
Go Green
Take responsibility for the effects of the
operations of the Bank on the
environment and the society
Promoting paperless
banking
Multi-channel delivery
(Internet Mobile
Phone ATM)
Energy efficiency
Green infrastructure
As of Mar 2013 82 of
customer-initiated retail
transactions direct
banking channels
reducing the need to
commute
66 lakh retail customers
subscribed for e-
statement
20 ATMs operating on
clean energy
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
12
SWOT ANALYSIS
STRENGTHS
Support of various promoters
High level of services
Knowledge of Indian Market
WEAKNESSES
Not having good image
Market capitalization is very low
Not been fully able to position itself correctly
OPPORTUNITIES
Growing Indian banking sector
People are becoming more service oriented
THREATS
From various competitors
Foreign banks
Government banks
Future market trends
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
13
12 INTRODUCTION TO CUSTOMER SATISFACTION
Overall customer satisfaction with retail banks improved significantly from 2012 largely a result of
improvements made by big banks according to the JD Power and Associates 2013 US Retail Banking
Satisfaction Study
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors
Account information
Channel activities
Facility
Fees
Problem resolution
Product offerings
After several years of relatively minor increases in overall satisfaction scores customer satisfaction in
2013 improved significantly with the largest increase among big banks While as a group big banks
have historically trailed smaller banks in satisfying customers by a fair margin the satisfaction gap
between big banks vs midsize and regional banks has narrowed year over year
During the past several years many banks have eliminated free checking and implemented new fees
which has often negatively impacted overall satisfaction The study found that as fees have begun to
stabilize and banks have helped their customers better understand their fee structures satisfaction in
this area has begun to rebound One-third (33) of customers say they ldquocompletelyrdquo understand their
fee structure compared with 26 in 2012 Fees also have been a major source of customer problems
and complaints The stability in fees coupled with banks placing more emphasis on preventing
problems has lowered the proportion of consumers experiencing a problem by 3 percentage points year
over year to 18 in 2013
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
14
ING VYSYA BANK PRIVACY PROMISE TO CUSTOMERS
While information is the cornerstone of our ability to provide superior service our most important asset
is our customers trust Keeping customer information secure and using it only as our customers would
want us to is a top priority for all of us at ING VYSYA Bank Here then is our promise to our
individual customers
The Bank safeguard according to strict standards of security and confidentiality any information
our customers share with us
The Bank limit the collection and use of customer information to the minimum we require to
deliver superior service to our customers which includes advising our customers about our
products services and other opportunities and to administer our business
The Bank permit only authorized employees who are trained in the proper handling of customer
information to have access to that information Employees who violate our Privacy Promise will
be subject to our normal disciplinary process
The Bank not reveal customer information to any external organization unless we have
previously informed the customer in disclosures or agreements have been authorized by the
customer or are required by law
The Bank always maintain control over the confidentiality of our customer information We
may however facilitate relevant offers from reputable companies These companies are not
permitted to retain any customer information unless the customer has specifically expressed
interest in their products or services
The Bank tell customers in plain language initially and at least once annually how they may
remove their names from marketing lists At any time customers can contact us to remove their
names from such lists
Whenever we hire other organizations to provide support services The Bank require them to
conform to our privacy standards and to allow us to audit them for complianceFor purposes of
credit reporting verification and risk management The Bank exchange information about our
customers with reputable reference sources and clearinghouse services
The Bank not use or share - internally or externally - personally identifiable medical information
for any purpose other than the underwriting or administration of a customers policy claim or
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
15
account or as disclosed to the customer when the information is collected or to which the
customer consents
The Bank attempt to keep customer files complete up-to-date and accurate The Bank tell our
customers how and where to conveniently access their account information (except when were
prohibited by law) and how to notify us about errors which The Bank promptly correct
ING VYSYA BANK CUSTOMER CARE
ING VYSYA Bank customer care service has enabled the bank to reach out to their customers and
help them with any information they might need The ING VYSYA Bank customer support centres
spread across the country operate 24 x 7 customer care services that are dedicated to provide most
accurate and prompt information regarding the banking products services and the respective
policies As the banking field is getting more and more commercialize theres a bombardment of
highly innovative banking products to lure as many customers as possible This creates confusion
among the customers about the terms and conditions that the new banking schemes are subject
to ING VYSYA Bank customer care centres aim to carry forward the transparency ING VYSYA
Bank has maintained with its customers regarding the terms and conditions on any new banking
product and scheme
PRODUCTS amp SERVICES PROVIDED TO CUSTOMER BY ING VYSYA
BANK
ACCOUNTS
ZING MINOR SAVINGS ACCOUNT Saving Money is now easier for minor ie Presenting
ING VYSYA Banks Minor Savings Account At ING VYSYA Bank it has been our constant
endeavor to create products specifically catering to your needs The account while offering you a
whole range of services also addresses minor latent need of having an account
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
16
Features
Rs 2500 Average Quarterly Balance requirement
Debit card is issued after 15 years of age and the limit of withdrawal is rs 1000day
Free mobile banking facility
At-Par cheque facility with the clearing limit of Rs 50000
24x7 Telebanking amp Internet banking
Free quarterly statements and passbooks
ORANGE SAVINGS ACCOUNT ING VYSYA Bank offers a unique savings account which is
easy to operate and allows you to transact immediately This product has been specially designed
keeping in mind the unique requirements of a farmer and true to its nature has been called the Krishi
Savings Account
Some of the features of our new product are
Average Balance Requirement This account is offered with the requirement of maintaining the
half-yearly average balance of Rs 5000 only The Krishi Savings Account entitles you to an
International Master Debit Card This card comes with A cash withdrawal limit of Rs 25000 per
day
Anywhere Banking Being a Krishi account holder you are entitled to access our wide network of
more than 1000 branches and 4055 ATMs across 440 cities You can now easily carry out your
transactions through any of the branches or ATMs
At Par Cheque Book Your Krishi Savings Account comes with the At-Par Cheque facility This
facility enables you to encash the cheques as local instruments at any of the 440 centres where the
Bank has its presence at no extra cost Moreover you can also issue cheques at other centers upto
the limit of Rs 50000
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
17
ZWIPE SAVINGS ACCOUNT The account is an endeavor by the Bank to understand the
consumers needs and redefine banking to suit your requirements for a truly comfortable banking
experience Easy Access Savings Account gives you instant access to your money anywhere
anytime Possessing a range of unmatched features it has been devised to better suit the convenience
of our eclectic client base
At-par cheque
Anywhere Banking
Telebanking
iConnect
Mobile Banking
Quarterly account statement
You can avail of all these services with a minimum quarterly average balance of Rs20000
PLATINA SAVINGS ACCOUNT At ING VYSYA Bank we have always strived to pace our
products with the growing needs of our customers The Prime Savings account has therefore been
created with your specific financial requirements in mind Minimum balance required is 100000
FEATURES
Wider accessibility As a Prime Savings account holder you enjoy access to a wide network of
over 1000 branches and one of the largest ATM networks in India giving you easy access to your
account from almost any corner of the country
Greater convenience To simplify daily banking your Prime Savings account comes with an
international photo-signature Debit Card This unique card comes with withdrawal limit of Rs
150000 per day facilitating transfer of funds deposits of cashcheques and payment of insurance
premium (LIC)
More comfort Through our 24 hr Internet Banking and Tele Banking services you can enjoy the
ease of banking from home or office Through these comprehensive services you can access a range
of facilities including online funds transfer requests for a new chequebook Financial Advisory
Services (FAS) online shopping and information on mutual funds
Enhanced privileges The Prime Savings Account eases your banking experience by providing you
a passbook and monthly statement of account to keep you updated on all your transactions and
assists you better in managing your finances
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
18
Added speed Through the At Par cheque facility you have the unique advantage to encash your
cheques as a local cheque at more where the bank has a presence at no extra cost In addition the
account enables you to issue cheques up to Rs 1 lakh which will be treated as At Par across these
locations
SALARY SAVINGS ACCOUNT Salary Savings Account from ING VYSYA Bank will do the
job for you We know how important employee satisfaction is for an organisation to grow to its full
potential Which is why we have tailored our Salary Savings Account not only to be a convenient
way for you to manage salaries (across various centres through our centralised database) but also
provide your employees with a range of value added benefits
SMART PRIVILEGE ACCOUNT In todays busy world its tough being a working woman
Right from shuttling between a job and family to taking care of her finances she has to be on her toes
all the time Keeping this in mind we at ING VYSYA Bank have designed a savings account best
suited for the woman of today With the Smart Privilege Account you can manage your money and
your life and as well as enjoy a host of lifestyle privileges Furthermore ING VYSYA Banks Smart
Privilege Account ensures that you have enough time for all the important things in life
Dedicated Relationship Manager A Dedicated Relationship Manager will be your one point
contact at the branch for all your banking transactions thus ensuring that you would neither have to
move from one counter to the other nor stand in queues to await your turn
Round-the-Clock access through ATMs There could be an instance when at 3 am you could
require cash With our round-the-clock access you can withdraw cash up to Rs 50000 per day
deposit cashcheques transfer funds print a mini statement and pay insurance premiums (LIC) all
through our ATM channel which is one of the largest ATM networks in the country
Anywhere Banking Imagine being in an unknown city and still having complete access to all your
transaction needs As a customer of the bank you are in control and not restricted to the branch So
even if you are travelling you can access your account easily from any of the 1000 plus ING
VYSYA Bank offices spread over 400 cities across the country
At-par cheque facility Your cheque will be treated as a local cheque within the vast ING VYSYA
Bank network of over 1000 offices across 400 cities in India Now no more running around to get a
Demand Draft issued
i-Connect TM The Complete online banking experience Its the age of Wi-Fi All your banking
needs should be on your fingertips with our i-connect you can check your account status transfer
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
19
funds place online request for a new cheque book and many more features without even having to
visit an ING VYSYA Bank branch
Financial Advisory Services Our Financial Advisor will assist you with your financial planning
and help you to earn maximum returns on your savings
Discount on Retail Purchases Just live the feeling of walking into a store and getting amazing
discounts not available to others As you are a valued customer for us we shall endeavour to provide
you with discounts at various outlets periodically All you have to do is use your new Smart
Privilege Debit Card and avail of discounts at these outlets Details of such tie-ups will be sent to
you on a regular basis
SENIOR CITIZEN ACCOUNT
ING VYSYA Banks Senior Citizen Savings Account has been designed keeping in mind the fact
that a senior citizens banking requirements are wholly different and require special consideration
Special Previlege
A Privilege assures the care which customers deserve
ING VYSYA bank has introduced Senior Citizen ID card for Senior Privilege patrons
Avail of Great benefits with Senior Citizen ID card ID card acts as an age proof Enabling
redeem every advantage that you are eligible for This card will soon help you avail of certain never-
before Senior-citizen benefits at various stores service providers and installation across the nation
Feel safe Everywhere Apart from provide you with the power to claim great benefits card also act
as emergency information medium In case of emergencies it provides the doctors and authorities
with vital data like your blood group allergies illnesses address and emergency contact details
This ensures that you are well looked after in any situation no matter where you are
Always a Privilege It will help in strengthen the bond with us and to be of assistance to you at all
the times no matter what your need be Whether its loan a savings account or any financial services
that you wish to avail of The Bank make sure that were always be there by your side
Banking Privileges
Dedicated Relationship Manager
Free At-Par Cheque book
Free Monthly Statement of Accounts and Passbook
Free Issuance of Pay Orders or Demand Drafts drawn on ING VYSYA Bank branches
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
20
Free Inward Remittances
Free Outward Remittances once a year
Faster credits to foreign cheques providing you prompt availability of funds remitted by your near
and dear ones abroad
Cheque pickup and Cash delivery services
Anywhere Banking
Telebanking
DEPOSITS
FIXED DEPOSITS ING VYSYA Bank offers you simple reinvestment Fixed Deposits (at
very competitive interest rates) which can be opened with a minimum investment of Rs 10000
You can make additions to your deposit in multiples of Rs 1000 each The tenure of deposit must
be a minimum of 6 months
Deposit Schemes
Reinvestment Deposits In a reinvestment deposit the interest accrued to your deposit at the end
of each quarter is invested along with the principal The tenure of your deposit must be a minimum
of 6 months At the end of the quarter the interest and the principal are both rolled over and the
interest is calculated on the total sum Income tax is deducted at source
Automatic Rollover As a Fixed Deposit holder you can avail of the facility for automatic
rollovers on maturity (for both the principal and interest) You can select this option in the Account
Opening Document (AOD) The options available are
Rollover only Principal Only the principal amount will be rolled over The interest will be either
credited to your designated account or paid out
Rollover Principal and Interest accrued in Reinvestment Deposit This will rollover both the
deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity
date On or before the maturity date you can make the following changes in the rollover
instructions of the deposit
Change in tenure
Change in maturity instructions
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
21
Change in payment instructions
Change in principal (only reduced amount)
Change rollover of Principal to rollover of Principal + Interest or vice versa
Withdrawals
All encashment or withdrawals of Fixed Deposits can only be made at the branch where the deposit
was booked
ING FIXED DEPOSIT PLUS In the Finance Bill of 2006 the government had announced Tax
benefits to Bank Term Deposits which are of over 5 year tenure us 80C of IT Act 1961 vide
Notification Number 2032006 and SO1220 (E) dated 28072006
The salient points of the scheme notification are
Fixed tenure without premature withdrawal
Year is defined as a financial year
Amount limited to Rs 100 minimum and Rs 100000 maximum
Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit
Term deposit under this scheme cannot be pledged to secure a loan Rate(Normal)-
925Rate(Senior Citizen)-975
Benefits of tax break us 80C of IT Act Benefit Illustrator Example
Assume that a customer invests Rs 100000 in this scheme 8 pa in fixed deposit for five
years He will get a benefit of Rs 30600 at 306 on the eligible investment of INR 100000
assuming that he is in Rs 250000 lac to Rs 100000 lac tax bracket thus his effective investment
would be Rs 69400 He would earn Rs 8000 (08 percent on 1 lac) as interest per annum which
would translate to a return of 115 percent on the effective investment of Rs 69400
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
22
LOANS
PERSONAL LOAN There are various needs in our life which cannot be postponed whether itrsquos
your home renovation wedding in your family education expenses business expansion holiday
plans and so on Whatever be the occasion INGrsquos Personal Loan can help The loan procedure is
simple minimal documentation and loan processing time is really fast
KEY BENEFITS
Loan up to 15 Lac
Attractive Interest Rate amp Processing charges
Easy documentation
Speedy loan processing
Hassle free loans - No securitycollateral required
Flexible repayment options
Part Payment Option upto 25 of principle outstanding in a year
Personalized and professional service
Special Schemes for salary account holders with ING Vysya Bank
Conditions Apply Credit at the sole discretion of ING Vysya Bank
HOME LOAN Is it an apartment you are looking for or a penthouse Your search for a Ideal
Home ends at ING you can avail Home Loans from ING for constructing a home purchasing a
ready built houseflat or even for refinancing existing loans
KEY BENEFITS
Attractive Interest Rates
Funding upto 80 of the cost of Property
Floating Rate loans linked to IVBR ie ING Vysya Base Rate
EMI on a monthly reducing balance method
Flexible Repayment Options Maximum Loan Tenor upto 20 years
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
23
Convenient part-payment options
Nil penalty on partial pre-payments
LOAN AGAINST PROPERTY A home is more than just a house It is the sum total of
your dreams aspirations and the love that binds your family Sometimes there are situations that
demand finance on a large scale ndash like when your children get married go abroad for higher
studies when you need to provide medical care to your aged parents fulfill any business need or
any other exigencyAt these times you decide to leverage your house as equity for raising a loan
We understand your need to support your family and look towards their well-being
KEY BENEFITS
Attractive Interest rates
Floating Rate loans linked to IVBR - ING Vysya Base Rate
EMI on a monthly reducing balance method
Nil penalty on partial pre-payments
GOLD LOAN Loan against Gold from ING Utilise the potential of your Gold jiyo Easy
KEY BENEFITS
Get Maximum value for your gold as a loan
Attractive interest rates
Quick processing
Easy documentation
Flexible repayment options
Your gold is safe with us
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
24
LOAN AGAINST SECURITIES ING presents Loan Against Securities ndash so that you can
enjoy the benefit of your securities without compromising on liquidity
KEY BENEFITS
No EMIrsquos No post-dated cheques
You pay Interest only on utilized amount
Simple and speedy processing
Exhaustive number of approved securities
Up to 85 loans against debt securities
Up to 50 loans against equity
CARDS
DEBIT CARDS Modern times necessitate that you need to have access to your money anytime
and any where The ING VYSYA Bank International Debit Card addresses this need A deposit
access program the Debit Card redefines convenience Apart from being an ATM (Automated
Teller Machine) Card used for withdrawing cash it also enables you to shop and make cashless
purchases You can use the card to make payments at shops department stores restaurants petrol
pumps and many more outlets in India and overseasThe ING VYSYA Bank Debit Card is a VISA
Electron Card and is accepted at VISA and VISA Plus ATMs worldwide and all merchant
establishments using electronic terminals and displaying the VISA Electron sign
GOLD DEBIT CARD ING VYSYA Banks Gold Debit Card is more than just a debit card It
comes with a host of enhanced benefits and exclusive reward program Meant for valued ING
VYSYA Bank customers it is a result of our constant endeavour to understand your requirements
and design products and services with you in mind
BUSINESS GOLD DEBIT CARDThe Business Gold Debit Card is an effort from ING
VYSYA Bank to offer customers the very best deals possible through a debit card Available only to
their most privileged current account holders the Business Gold Debit Card mirrors great business
success and achievement with a host of enhanced benefits and exclusive value deals
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
25
The benefits of ING VYSYA Bank Business Card include
Instant identification
Flexibility of usage
Worldwide reach
Zero petrol surcharge
Special offers and discounts on card usage
Reward program
Additional safety and enhanced insurance
Enhanced limits for cash withdrawal
24-hour customer service
Customer Service Contact
REMITTANCE CARD ING VYSYA Banks Remittance Card is meant for people who
receive remittances from abroad It aims to make the procedure of receiving money from your loved
ones abroad easy and hassle free Thereby rendering the age-old instruments like Demand Drafts and
Pay Orders obsolete
Other Advantages
ING VYSYA Banks Remittance Card comes free of cost and with a host of advantages
Some of them are
Free multi-city at-par chequebook on request
Quarterly interest payment
Withdraw up to Rs 40000 every day from ATMs
Make purchases up to Rs 40000 every day from merchant outlets
Free insurance cover of Rs 50000 on goods purchased using the card
Get protected against fraudulent transactions from the moment the loss of the card is reported
Pay your utility bills recharge your prepaid mobile card at ING VYSYA Bank ATMs
Enjoy exclusive Internet Banking Mobile Banking and Telebanking services from ING
VYSYA bank
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
26
REWARDS CARD Timeliness and convenience is of critical essence while making payments
of salaries and commissions to the employees agents who are the lifeline of any business We at
ING VYSYA Bank appreciate the efforts and understand that it is all about the optimum utilization
of the resources with the utmost convenience The ING VYSYA Bank Rewards Card is a prepaid
reloadable card which can be used for cash withdrawals at all ING VYSYA Bank ATMs as well as
Visa enabled ATMs or making purchases at the numerous merchant outlets across India thus
making anytime anywhere access of funds to employees
Purpose
Rewards Card can be used for the following varied payment needs
Salary Payouts for Low Ticket Salary Account
Payment instrument for disbursement of benefits like
Incentives
Commission
Rewards
Bonus
Reimbursements
Other payments
Payment instrument for reimbursements and perquisites like
Medical Reimbursement
Local Conveyance
Entertainment Expenses
Petrol Entitlement
Mobile Phone Reimbursement
Bills Credit
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
27
GIFT CARD
Nearly Perfect The ING VYSYA Bank Gift Card completely does away with these
concerns Just load an equivalent amount onto the card and gift it to your loved ones It lets
your loved one select his own gift for himself
Suitable for all occasions The ING VYSYA Bank Gift Card is suitable for gifting for all
purposes So be it festivities like Diwali Christmas or New Year or occasions like
marriages birthdays anniversaries or special days like Mothers Day Valentines Day etc
the ING VYSYA bank Gift Card is the Perfect Gift
Perfect in more than one ways
Aesthetic Design - The ING VYSYA Bank Gift Card comes in a unique Gift Wrap shape
thus making it more adorable as a gift
Denomination - Load any amount between Rs 1000- and in multiples of Rs 100
thereafter subject to a maximum limit of uptoRs 50000-
Simple to Use - It works in the same way as a Debit Card for purchase transactions at
merchant outlets including hotels restaurants shops etc
Balance Enquiry ndash ING VYSYA bank provides the facility of Balance Enquiry on the Gift
card through our Telebanking facility
Redemption of Unutilized Balance - Redeem any unutilized balance within three months
of the expiry of the card form any of the ING VYSYA Bank branches
Great Acceptance The ING VYSYA Bank Gift Card is a VISA Electron signature based
card which signifies the widest acceptance It is accepted at over 130000 VISA enabled
merchant outlets across the country
ANNUITY CARD ING VYSYA Bank in association with Life Insurance Corporation of India
presents the internationally accepted Co-branded Prepaid Annuity Card The Annuity Card is a rupee
denominated card for receiving the Annuities Pensions from LIC of India Now you need not wait
in long queues for depositing your cheques and no more delays in getting the credits of your
Annuities You will also get your annuity reloaded on your card whenever it is due so that you can
access your annuity anytime anywhere Whats more The Annuity Card comes to you absolutely
free of cost
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
28
ESHOP CARDS
Worried about revealing your credit card details on the Internet
ING VYSYA Bank presents the eShop Card A virtual credit card that allows you to shop online
securely without divulging your credit card details
All you need is your ING VYSYA Bank Credit Card and an Internet connection
ONLINE TRADING
Investing and trading click of a mouse
ING VYSYA Bank with Geojit Financial Services now offers you an Online Trading Account
Trade from the comfort of your home or office either through the Internet or the Phone This service
provides you with an integrated Savings Bank Account Demat Account and an Online Trading
Account to give you a convenient and paper free trading experienceAs an ING VYSYA Bank
Online Trading Customer you would also have the flexibility to get an insight to a complete range of
Corporate Information Reuter News and Research Tools which would help you to take timely
Investment decisions
INVESTMENT
MUTUAL FUNDS Invest smartly
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal The money thus collected is then invested in capital market instruments such as
shares debentures and other securities The income earned through these investments and the capital
appreciation realized are shared by its unit holders in proportion to the number of units owned by
themThus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified professionally managed basket of securities at a relatively low
cost
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
29
Offering ING VYSYA Bankrsquos Financial Advisory team adopts a strong research driven
recommendation model to help customers choose the best funds based on qualitative and
quantitative parameters Apart from this a dedicated Relationship Manager can also be assigned to
you to ensure that your investment requirements are taken care of smoothly and efficiently Our
advisors understand your profile and lead you through a structured financial planning process to
devise financial solutions best suited to you The advisors will also help you choose the right
investment products in line with your investment goals
DEPOSITORY SERVICES ING VYSYA Bank is a registered member (Depository
Participant) of NSDL In this system physical security holdings are converted into electronic (or in
other words dematerialized) holdings ING VYSYA Bank has been enrolled as a Depository
Participant by the NSDL - Indias first depository You can avail of all the depository-related
services by just opening an account with NSDL through ING VYSYA Bank
Transfer of shares and settlements Transfer and settlements have never been easy as it is
under the depository system All that is required is an instruction slip from you If you are
selling securities then it has to be a delivery instruction slip If you are purchasing
securities it has to be a receipt instruction slip or standing instructions for credit
Receipt of Corporate Benefits Even securities entitlements like bonus and rights can be
credited to your Demat Account electronically All you have to do is choose the right option
in the share application form Cash benefits like dividends and interest will however be
forwarded to you directly and not through the depository However MICR code details in the
Demat Account would ensure credit of cash corporate action to your respective bank account
Dematerialisation of shares At customerrsquos request ING VYSYA bank arranges to convert
their physical holdings into electronic form and this would require opening an account with
NSDL through us called Beneficiary Account in the name and style in which the shares are
held and lodge the share certificates with us accompanied by a dematerialisation request
form separate for each scrip You are required to only make sure that NSDL has admitted
that scrip for dematerialisation An upto date list will be provided to you which will be
constantly updated
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
30
Rematerilialisation
You have the option to convert your electronic shares back to physical shares
Pledge-Hypothecation
You can also avail loans against your electronic shares This process is also much
faster than in the case of physical shares
Freezing or Locking of Accounts
You can also keep your accounts frozen or locked for the span of time desired by you
No debits from your account will be made during this period
Dial-Your-Demat
Access your Demat Account(s) through a telephone from any of the Access Centres Just dial
the Tele-Depository Services number and get all information about your account on Voice Fax or
even email Dial-Your-Dematis available 24 hours a day 365 days a year
This service offers a wide range of facilities such as
Balance Inquiry
Statement of Demat account by fax or phone or email
Transaction details by fax or phone or email
Holding details by fax or phone or email
Overdue cum Holding details by fax or phone or email
Rejection details by fax or phone or email
Change of PIN
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
31
PAYMENTS
BILL PAY
ING VYSYA Banks Bill Pay service enables you to make secure payments from the comfort of
your home or office So its time to say goodbye to late payment fines long queues lost bills and
commissions paid to local errand boys
Features-
Pay bills without stepping out of your home or office
Link multiple bills to your account
View and Pay bills anytime anywhere
Fast convenience and hassle-free
Access to all major utility billers
Get updates for pending bills
Registration for bill payments through Internet can be done on the Internet itself Through the ATM
currently LIC BSNL and MTNL bills can be registered and paid To register for bill payment on the
ATM you need to fill the Registration Form for Bill Payment through ATM and submit it at your
nearest branch Once successfully registered your bill will appear for payment on the ATM from the
next billing cycle
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
32
ELECTRONIC CLEARING SERVICES
ECS is an electronic clearing system that facilitates paperless credit debit transaction directly linked
to your account and also provides for a faster method of effecting periodic and repetitive payments
Benefits of ECS (Debit)
Through ECS (Debit) you can pay all your Utility bills (electricitytelephoneMobile bills credit
cards etc) Mutual Fund (SIP) Insurance Premium Loan Installments credit card payments
payments of donations and other bill payments
TAX PAYMENTS
DIRECT TAX PAYMENT The Bank is authorized for Collection of Income or Other
Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) wef 1 October 2003 The
assesses or taxpayers can pay Income or Other Direct Taxes as listed below at 214 authorized
branches of ING VYSYA Bank across the country
Corporation Tax - Tax on Companies and Tax Deducted at Source from Companies
Income Tax
Interest Tax and Expenditure Tax
Gift Tax
Wealth Tax
Fringe Benefit Tax (FBT)
Securities Transaction Tax (STT)
Banking Cash Transaction Tax (BCTT)
Other Tax Deducted or collected at source (TDS or TCS) on salaries of employees income
from Fixed Deposits Vendor Payments Rent Income from Game Shows or Lottery etc Any
other Direct Tax including Advance Tax
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
33
OTHER SERVICES
MOBILE REFILL
Forget the road side vendor In todays age of 24 hours connectivity do you still need to go to
the roadside vendor every time your mobile runs out of talk time And what happens when your
roadside vendors does not stock up your operators recharge coupons
With ING VYSYA mobile refill facility you no longer have to worry about losing your mobile
connectivity anytime of the day or night ING VYSYA Banks mobile refill facility enables you
to refill your mobile on the ATM
Whats more Recharging through ATM is absolutely free
All ING VYSYA Bank debit cardholders (VISA as well as Master) and any VISA debit or
credit cardholders (any bank) can use the facility to recharge through our ATMs
LOCKER
A Safe Deposit Locker with ING VYSYA Bank is the solution to your concern Located at
select branches in cities all over the country our lockers ensure the safe keeping of your
valuables
ONLINE SHOPPING
Safe and Secure Internet PaymentING VYSYA Bank offers you the convenience of shopping at
many major Online stores from the comfort of your home or office All you need is an internet
enabled PC You can choose amp then get the items delivered at your doorstep You can also avail
of numerous online services get to know about the current special offersdiscounts and get a
preview of the new items added on to the shelves by these online retailersservice providers
You can shop as much as you like and conveniently make instant payments by debiting your
account through the secured payment channel iConnect - Our internet banking platform
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
34
E-BANKING FACILITIES PROVIDED BY ING VYSYA BANK
E-banking facilities are provided by ING VYSYA bank to customer like phone banking
mobile banking ATM cards instant alert
Advantages of Modern age banking to customers
Convenience Unlike your corner bank online banking sites never close theyre available 24
hours a day seven days a week and theyre only a mouse click away
Uniquity If youre out of state or even out of the country when a money problem arises you
can log on instantly to your online bank and take care of business 247
Transaction speed Online bank sites generally execute and confirm transactions at quicker
speed You can withdrew cash from anywhere with help of your ATM or debit card
Efficiency You can access and manage all of your bank accounts including IRAs CDs even
securities from one secure site
Effectiveness Many online banking sites now offer sophisticated tools including account
aggregation stock quotes rate alerts and portfolio managing programs to help you manage all
of your assets more effectively
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
35
2REVIEW OF LITERATURE
As we know that each study has some background information is gather by the researcher from the
other studies conducted by the other people in the area Revises are the guidelines to understand the
problem so reviews provide some secondary data regarding the problem
Faulhaber (1995) conducted a research on Banking Markets Productivity Risk
and Customer Satisfaction A structural model was developed which incorporates bank decisions on
productivity risk taking and customer satisfaction into an equilibrium model of banking markets This
structural model was estimated directly for 219 large US banks 1984-1992 The results were (i)
banks differ widely in their ability to manage risk (ii) greater customer satisfaction correlates with
greater profitability principally due to higher levels of demand (iv) very large bank-specific effects
that previous researches discovered appear to have been largely captured in the structural model
Shamsuddoha and Alamgir( 2004) formulated research on Loyalty and Satisfaction Construct in
Retail Banking - An Empirical Study on Bank Customers This study investigated
customer satisfaction as the most important factor behind loyalty in retail banking Various study
showed that satisfaction plays an important role to establish loyal customer base This study points out
that satisfaction and loyalty relationship was critical for retail banks Understanding the factors behind
loyalty as well as the antecedents of customer satisfaction was an important issue for academic research
as well as for marketing in financial services The major aim of this study was to identify satisfaction as
the major factor behind customer loyalty in retail banking To comply with the aim two basic questions
had been investigated where one was related to determine the relationship between satisfactionand
loyalty in retail banking and the second one was to determine the role of dimensions of service quality
towards satisfaction The research had been carried out through secondary research and primary
research Survey method had been used for primary research Personal contact approach through
questionnaire had been introduced to conduct the survey The findings revealed that satisfaction and
loyalty were related to each other Moreover satisfaction had a positive and direct impact on loyalty in
bankingInthis key words were Loyalty Satisfaction Retail bank
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
36
Fuchita(2005) conducted research customer satisfaction surveys as a means of improving disclosure
Japans Financial Services Agency (FSA) requested the banks securities brokerages and insurance
companies to conduct customer satisfaction surveys and publish the results Some have opined that
such a request by the financial authorities constitutes excessive intervention in the private sectors
management of the financial services business The author argued that the disclosure
of customer satisfactionand other non-financial information was a welcome request from the standpoint
of full disclosure
Naga and Rajan (June2005) formulated research on Measuring Customer Relationships The Case of
the Retail Banking Industry argued that GAAP was ill suited for estimating the future profitability of
intangibles It characterized the core deposit intangible an important retail banking intangible
representing a banks relationships with its customers using financial and nonfinancial metrics on price
service customer usage and customer satisfaction This result occurred because the activities
underlying the measures were causally interlinked to profits and explicitly illustrate these linkages with
a structural path model Measurement model also predicted significant interactive effects in the way our
measures were informative about future profits and documented such effects not just among the
individual measures but also across the measures and environmental factors such as the banks strategy
In sum measurement model illustrated the key drivers measures and interactions in retail
banking customer relationships
David (2007) conducted a study thatthe relative efficiency of banks taking into account
a customer satisfactionratingformulated research on this paperused customer satisfaction scored
generated for a New Zealand wide survey of consumers to augment analysis of bank efficiency and to
achieve greater consistency with shareholder value analysis It was found that
the customer satisfaction score needs to be adjusted for the number of locations (branches) through
which customers were served The extent of divergence in efficiency was significantly reduced
consistent with propositions that a large divergence in efficiency scores should not be sustainable in a
competitive market
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
37
Haisley and Loewenstein (2009)conducted a research on the effect of gift sequence on deposit
balances and customer sentiment in a commercial bank The impact of gifts on deposit balances
and customer sentiment was examined in a longitudinal field experiment conducted on depositors at
a bank Several factors were manipulated gift type the accompanying message and the sequence
of gift value which was either increasing ($35 then $100 gift) decreasing ($100 then $35 gift) or a
single gift Gifts increased deposit balances survey response rates and measures of customer
satisfaction trust and loyalty compared to the no-gift control Within gift conditions the sequence of
gift value was the most important factor with a highly detrimental effect of decreasing value on
deposit balances These results showed evidence of persistence in a long term follow-up analysis of
deposit balances It concluded that by providing reciprocation gift giving sequence effects
preference patterns customer are satisfied
Hazra and Srivastava(2009) conducted research on impact of service quality on customer loyalty
commitment and trust in the Indian banking sector It examined the relationship of service quality
with customer loyalty commitment and trust from the customerrsquos perspective in the Indian banking
sector Data was collected from 300 customers of public and private sector banks using structured
interview schedules The results showed that dimensions of service quality such as assurance-
empathy reliability and tangibles significantly predict customer trust and commitment The results
also indicated that service quality was positively associated with customer loyalty
Private bank customers were more committed and loyal as they receive better quality of service
The study implied that public sector banks should also come forward and try their best to provide
better quality service to win back their customersrsquo loyalty and commitment
Mengi (2009)formulated Customer Satisfaction with Service Quality An Empirical Study of Public
and Private Sector Banks It compared customersrsquo perceptions of service quality of public
and private banks of Jammu The service quality of both the banks had been measured using
SERVQUAL (service quality) scale SERVQUAL scale was used to determine different dimensions
of service quality and chi-square analysis was used to understand the impact of SERVPERF
(service performance) dimensions (tangibility reliability responsiveness assurance and empathy)
on customer satisfaction It was found that customers of public sector banks are more satisfied with
the service quality than those of private sector banks
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
38
Sinha and Sharma (2009) formulated research on the Legality of Forex Derivative Contracts
Recent Developments in India June 01 2009 It critically examined the ruling in Rajshree Sugar amp
Chemicals Ltd v ING VYSYA bank which upholds the legal validity of forex derivative contracts
under Indian law It also reflects on ICICI Bank Ltd v Sundaram Multi Pap Ltd which followed
the same trend in a different context
The perusal of literature revealed the most of the researches are in foreign They had discussed
about the various problem faced by Customer in bank but it was also discussed whether the
customers are satisfied with the present banking services and the problem faced by them by not
providing services at time
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
39
31 NEED OF THE STUDY
After conducting the review of researchers done by various professional a gap has been identified
Various studies were conducted on the impact of service quality on customer loyalty
commitment and trust in the indian banking sector and customer satisfaction keeping in view the
increasing market size and intense competition But till now there had not been any research
regarding customer satisfaction in ING VYSYA bank related to matters like whether the
customers were satisfied with the present banking services and customers perception towards
bankingThis gap had been identified and it had let to the present research being undertaken So
the need was felt to cover the areas neglected Thus here customer satisfaction in ING VYSYA
bank has been taken care of
32 SCOPE OF THE STUDY
The scope of the present study was limited to customer of ING VYSYA Bank Dinanagar only
33 OBJECTIVES OF THE STUDY
1) To know whether the customers are satisfied with the present banking services
2) To know the services preferred by customer
3) To study the scope for further improvement in banking scenario
4) To provide the appropriate recommendations to bank to increase customerrsquos satisfaction rate
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
40
4RESEARCH METHODOLOGY
Research methodology is a systemic way to solve the research problem It may be understood as a
science of studying how research is done systematically
Research
According to Clifford Woody research comprises defining and redefining problems formulating
hypothesis or suggested solutions collecting organising and evaluating data making deductions
and reaching conclusions and at last carefully testing the conclusion to determine whether they
fit the formulating hypothesis
DSlesinger and MStephenson in the Encyclopaedia of social science define the research as ldquothe
manipulation of thingsconcepts or symbols for the purpose of generlising to extent correct or
verify knowledge whether that aids in construction of theory or in practice of an artrdquo
41 Research Design
Research design is known as a framework within which the whole activity of research and
methods or procedures are clearly mentioned under which the research is to conduct
Descriptive research and Conclusion Oriented research
The descriptive research is concerned with specific predictions with narration of facts and
characteristics concerning individuals groups or situations This research conducted is a descriptive
one The conclusion oriented research aims at determining a particular result from the research done
42 Sampling design
A sampling design is a definite plan for obtaining a sample from a given population It refers to
the technique or the procedure the researcher adopts in selecting items for the sample The
following factors have to decide within the scope of sample design
421 Universe
All the items under consideration in any field of study constitute a lsquouniversersquo or lsquopopulationrsquo
This study constitute all the customers of ING VYSYA Bank Dinanagar
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
41
422 Sampling frame
Sample frame refers from where the questionnaires are to be filled Our sample frame consists of
customers and staff of ING VYSYA Bank
423 Sampling unit
Sampling unit is the every single person who is a customer of ING VYSYA bank and can fill the
questionnaire Or in other words every single respondent
424 Sample size
It is the number of respondents under consideration In this report sample size is 100
425 Sampling Technique
It is a method of selecting sample size for the study Sampling technique used for this study is
convenience sampling
43 Data Collection and Analysis
431 Data Collection
It is the type of data used for the study In this study both primary and secondary data is used
Secondary Data
The secondary data are those data which have already been collected by someone else and which
have already been passed through the statistical process Magazines journals are used as source of
secondary data
Primary Data
Primary data is first hand information and thus happen to be original Such original data is
compiled and studied for a specific purpose
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
42
The various sources of information are
1 Questionnaires from respondents
2 Consulting with officials of the bank
432 Tools of presentation and Analysis
Tables percentage bar graphs and pie charts were used to analyze the data
44 LIMITATIONS OF THE STUDY
1 The Banking association of ING VYSYA Bank walk- in have considered
2 The Respondents were sometimes not ready to provide the required information
3 Many a time the data collected from various sources was contradictory
4 Time Bound Research conducted was one time research ie restricted to 6 weeks
5 Sample Size was small ie100
6 People were reluctant to spare their time for the survey
7 Responses may be biased given by the sample population because people hesitate to
release their personal life issues in public
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
43
5 DATA ANALYSIS AND INTERPRETATION
STATEMENT 51 Demographic Profile of Respondents
Table 51 Demographic Profile of Respondents
Analysis and InterpretationThe above table represented the demographics of the
respondents majority of the respondents were of 20 ndash 45 years Most of the respondents were
with an income ranging between Rs 10000-30000
DEMOGRAPHICS NUMBER OF
RESPONDENTS
PERCENTAGE OF
RESPONDENTS
Age
Less than 10 years
10 -20
20 - 45
Above 45 years
0
6
79
15
0
6
79
15
TOTAL 100 100
Income
10000- 30000
30000- 50000
Above 50000
47
28
18
51
30
19
Total 93 100
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
44
STATEMENT 52 Time period for which Customers are associated with
ING VYSYA Bank
Table 52 Time period for which Customers are associated with ING VYSYA Bank
Figure 51 Time period for which Customers are associated with ING VYSYA Bank
Analysis and Interpretation
The above analysis shows us that since ING VYSYA Bank was a growing bank so maximum
no of respondents falls in the category of 1-3 years ING VYSYA bank has made its presence
strong in the past 3-4 years Only 2 of respondents had been associated with the bank as in
when it was UTI bank From the above analysis it was interpreted that majority of the
respondents were customer of ING VYSYA bank from last three years
5540
32
Association with ING VYSYA Bank
1-3yrs
3-7yrs
7-
10yrs
Time
Period
No of Respondents of Respondent
1-3 years 55 55
3-7 years 40 40
7-10 years 3 3
Above 10
Years
2 2
TOTAL 100 100
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
45
STATEMENT5 3 Visit in the branch
Table 53 Visit in the branch
Visit in the branch No of respondent of respondents
Never 1 1
1-3 times 50 50
4-9 times 34 34
10-19 times 15 15
Total 100 100
Figure 52 Visit in the branch
Analysis and Interpretation
From the above given data it was analyzed that 50 of the respondents have visited
ING VYSYA bank branch 1-3 times in last 3 months 34 have visited 4-9 times
15 have visited 10-19 times and 1 never visited the branch in last 3 months It
was interpreted that majority of the respondents have visited
1
50
34
15
Visit in the Branchnever
1-3
times4-9
times10-
19times
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
46
STATEMENT54 Source of awareness regarding ING VYSYA Bank
Table 54 Source of Awareness Regarding ING VYSYA Bank
Medium No of respondents of Respondent
Advertisement 18 18
Peer Group 18 18
Newspaper 6 6
Direct 58 58
TOTAL 100 100
Figure 53 Source of Awareness Regarding ING VYSYA Bank
Analysis and Interpretation
From the above data it had been analyzed that 18 of respondents got awareness about ING
VYSYA bank through advertisements on television hoardings posters etc 18 of
respondents came to know about ING VYSYA Bank through the Peer group 6 got through
newspapers and the 58 through direct contact with the bank As per the above analysis it
had been interpreted that maximum no of respondents got awareness regarding ING VYSYA
bank through direct contact rather than other sources
18
18
6
58
Source Of Awareness
Advertisements
Peer group
Newspaper
Direct
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
47
STATEMENT55 Perception towards ING VYSYA Bank
Table55Perception towards ING VYSYA Bank
Perception No of respondent of respondents
Friendly Staff 93 28
Timely Product Delivery
And Servicing
89 27
Provide Value Added
Services
79 24
Compete With
Competitors
70 21
Total 331 100
Figure 54 Perception Towards ING VYSYA Bank
Analysis and Interpretation
From the above data it was analyzed that 28 of respondents perceived that ING VYSYA
bank had friendly staff 27 of respondents thought that ING VYSYA bank provide timely
product delivery and services 24 said that it provide value added services From the above
analysis it can be interpreted that respondents perceived ING VYSYA bank staff as a friendly
staff
28
27
24
21Friendly Staff
Timely product
delivery
Provide value
added services
Compete with
compititors
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
48
STATEMENT5 6 Facilities availed by respondents from ING VYSYA Bank
Table 56 Facilities availed by respondents from ING VYSYA Bank
FACILITIES No of respondents of Respondent
Deposits 75 40
Loan 25 14
Overdraft Facilities 15 8
Internet Banking 70 38
TOTAL 185 100
Figure 55 Facilities Availed by Respondents
Analysisamp Interpretation
From the above data it had been analyzed that 40 of the respondents said that they availed
deposit facility of the Bank and 38 respondents said that they used internet banking facilities
14 said that they used overdraft facilities and 8 said that they availed overdraft facilities
From the above analysis it had been interpreted that respondents took less overdraft facilities as
they had to pay interest to the bank
41
138
38
Deposits
Loans
Overdrafts
Internet Banking
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
49
STATEMENT5 7 Type of accounts in ING VYSYA Bank
Table 57 Type of accounts in ING VYSYA Bank
Account No of respondents of Respondent
Savings 73 63
Current account 23 20
Fixed deposits 5 4
Demat 4 3
Any Other 10 10
TOTAL 115 100
Figure 56 Type of Accounts in ING VYSYA Bank
Analysis and Interpretation
The above diagram shows that 63 of respondents said that they had saving account in ING
VYSYA bank 20 of respondents had current account 4 of respondents had the fixed
deposit account3 had Demat Account and 10 of respondents were those who had other
accounts with the ING VYSYA bank ie Recurring Deposit salary etc Respondents were more
satisfied with saving accounts than current accounts because of factors like interest on the
deposits better services free cheque books etc
0
20
40
60
80
100
120
no of
respondents
of
respondents
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
50
STATEMENT58 Usage of modern age banking facilities
Table 58 Usage of modern age banking facilities
Facilities No of respondent of respondents
Phone banking 45 15
ATMDebit card 75 25
Mobile banking 54 18
Net banking 48 16
Insta alerts 33 11
E-mail statement 45 15
Total 300 100
Figure 57Usage of modern age banking facilities
35
7550
20
180
19
42
28
11
100
Phone banking ATMDebit card
Net banking Insta alerts Total
0
50
100
150
200
250
300
Noof Respondents of Respondents
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
51
Analysis amp Interpretation
From the above data it had been analyzed that 15 of the respondents used phone banking 25 of
the respondents used ATMDebit card 18 used mobile banking 16 of the respondents used net
banking 11 used insta alerts and 15 used e-mail statement
From the above analysis it was interpreted that majority of the respondents used
ATMDebit card
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
52
STATEMENT 59 Ranking the services of ING VYSYA Bank
Table 59Ranking the services of ING VYSYA Bank
Services Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Weighted
average score
Time saving 12 22 20 38 8 308
Inexpensive 62 22 2 6 8 176
Easy processing 12 38 32 12 6 262
Easy fund transfer 12 14 32 32 10 314
Anytime banking 2 4 14 12 68 440
Total 100 100 100 100 100
Analysis and Interpretation
As in the above table various services of bank were being ranked to know the respondents reaction
towards these services Inexpensive services were ranked 1 with summated score of 176 Second
rank was given to easy processing Time saving was ranked third easy fund transfer and anytime
banking were ranked 4 and 5 respectively
From the above table it had been concluded that according to respondents inexpensive services was
the main service provided by ING VYSYA bank Easy processing and time saving were the next
main services provided by the ING VYSYA bank
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
53
STATEMENT 510 Rating the satisfaction level of the customers regarding ING VYSYA
Bank
Table 510 Rating the satisfaction level of the customers regarding ING VYSYA Bank
Features Strongly
Agree (5)
Agree
(4)
Neutra
l
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
14 48 24 12 02 360
82) Fastest And Most
Flexible Services
18 42 30 10 00 368
83) Reasonable Interest
Rate on Loans
10 26 20 38 06 296
84)Socially
Responsible
20 44 26 04 06 368
85) Insecurity 4 13 15 25 43 210
Summated score
Strongly Disagree - (1001) = 100
Disagree - (1002) = 200
Neutral - (1003) = 300
Agree - (1004) = 400
Strongly Agree - (1005) = 500
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
54
Analysis and Interpretation
From the above table it was seen that the statements rdquo better E age facilities than other banksrdquo the
value lies between neutral and agree but the value is more towards agree so the respondents were
agreed to this statement value of statement ldquofastest and most flexible servicesrdquo and ldquo socially
responsiblerdquo lies between neutral and agree but the values were more inclined towards agree so the
respondents were again agreed to the statement the statements ldquoReasonable interest rate on Loansrdquo
lies between disagree and neutral but the value were more inclined towards neutral Value of
statement ldquoinsecurityrdquo lies between disagree and neutral but it is more inclined towards disagree So
the respondents disagreed to this statement
So it is concluded that majority of respondents rated social responsibility and fastest and most
flexible services were provided by ING VYSYA Bank as it lied between strongly agree and agree
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
55
STATEMENT 511 Satisfied with loan facilities
Table 511 Satisfied with loan facilities
Option No of respondents of Respondent
Yes 67 67
Not Sure 30 30
Nos 3 3
TOTAL 100 100
Figure 58 Satisfied with Loan Facilities
Analysis and Interpretation
From the above table it was analyzed that 67 of the respondents were satisfied with the loan
facilities 3 of the respondents were not satisfied with the loan facilities and 30 were not sure that
whether they were satisfied or not
From the above analysis it was interpreted that majority of the respondents were satisfied with the
loan facility provide by ING VYSYA bank like student loan personal loan home finance and car
loan
67
30
3
SATISFIED WITH LOAN FACILITIES
Yes
Notsure
No
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
56
6 FINDINGS OF THE STUDY
After researching through financial performance of ING VYSYA Bank and so many questions
following are the findings of the study
Majority of the respondents were customer of ING VYSYA bank from last three years
Maximum no of respondents got awareness regarding ING VYSYA bank through direct
rather than other sources
Majority of the respondents visited branch 1-3 times in last 3 months
Majority of the respondents were satisfied customer of ING VYSYA Bank and do
not want any changes in it But as they were not highly satisfied there is a scope of
improvement
Majority of the respondents used ATMDebit card
Majority of respondents rated social responsibility and fastest and most flexible services were
provided by ING VYSYA Bank as it lied between strongly agree and agree
Easy processing and anytime banking were the next main services provided by the ING
VYSYA bank
Majority of the respondents were more satisfied with saving accounts than current accounts
because of factors like interest on the deposits better services free cheque books etc
Majority of the respondents were satisfied with the procedure of opening accounts
Maximum respondents were of the view that minimum balance limit should be somewhat
less
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
57
7 CONCLUSION AND RECOMMENDATIONS
71 CONCLUSION
After completing this project we understand that if any organization wants to lead the market then it
has to focus on customer centered strategies and to provide better customer services
ING VYSYA bank is one of the leading banks in private sector in India It has made a mark in the
field of banking industry in a short span of time It has strongly worked to widen its network It has
more than 1000 branches and extension counters The bank provides innumerable services to its
customers It includes personal banking dematerialization auto loan anywhere banking etc Bank is
paying full attention to its customers and is also providing good services to the customers The
market reputation of the bank is increasing day by day because of the increase in the size of the
balance sheet though it has to face cut throat competitionAfter conducting the review of researchers
done by various professional a gap has been identified Various studies were conducted on the
Impact of Service Quality on Customer Loyalty Commitment and Trust in the Indian Banking
Sector and customer satisfaction keeping in view the increasing market size and intense competition
But till now there has not been any research regarding customer satisfaction in ING VYSYA bank
regarding whether the customers are satisfied with the present banking services and customers
perception towards bankingThis gap has been identified and it has let to the present research being
undertaken So the need was felt to cover the areas neglected Thus here customer satisfaction in
ING VYSYA bank has been taken care of
To conclude we can say that ING VYSYA bank is successfully moving towards its goals while
taking special care of the interests of its customers
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
58
7 2 RECOMMENDATIONS
The recommendations are the important part of any type of study because through this the Bank comes to
know about their shortcomings and helps in further improvements The following recommendations were
made after the study
As ING VYSYA bank has made its presence strong in the past 3-4 year so my recommendation
is that bank needs to maintain amp strengthen its position among its competitors in market And to
achieve this goal Bank needs to focus on more customer oriented services
ING VYSYA bankrsquos accountholders usually have less fixed deposits accounts It can increase
interest on fixed deposit accounts amp thus providing more competitive products to its customers
In todayrsquos scenario almost all the banks provide satisfactory ATM facility so in order to have
competitive edge over other banks it should improve mobile amp net banking facility for its
customers Bank can put some efforts to aware the customers about mobile amp net banking amp
assure them regarding its safety
ING VYSYA bank should provide most flexible amp customized services to its priority customers
so that its word of mouth advertisement can be increased
ING VYSYA bank should keep a reasonable minimum limit so that its easy for every customer
to maintain their accounts
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
59
REFERENCES
Faulhaber (1995) ldquoBanking Markets Productivity Risk and Customer Satisfactionrdquopp95-14
Shamsuddoha and Alamgir ( 2004) ldquo Loyalty and Satisfaction Construct in Retail Banking -
An Empirical Study onBank Customersrdquo The Chittagong University Journal of Business
Administration Vol 19 2004 httpwwwbankorgukinternet-banking
Fuchita (2005) ldquoMeans of Improving Disclosurerdquo Nomura Capital Market Review Vol 8
No3 pp 14-20 Autumn 2005
David (2007) ldquoTripeThe Relative Efficiency of Banksrdquo20th Australasian Finance amp
Banking Conference 2007 Paper
Haisley and Loewenstein (2009) ldquoIt is Not What You Get But When You Get it The Effect
of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bankrdquo
Hazra and Srivastava(2009) ldquoImpact of Service Quality on Customer Loyalty Commitment
and Trust in the Indian Banking Sectorrdquo The IUP Journal of Marketing Management Vol
VIII Nos 3 amp 4 pp 74-95 August amp November 2009
Mengi (2009) ldquoCustomer Satisfaction with Service Qualityrdquo The IUP Journal of
Management Research Vol VIII No 9 pp 7-17 September 2009 Nagar andRajan (June
2005) ldquoMeasuring Customer Relationshipsrdquo httpssrncomabstract=730723
Nitsure Rupa ragerdquocurrent operationsrdquoEconomic and Political WeeklyDec 272003 issue
Maheshwara RaoTUma and Hymavathirdquoshareholdings of bankrdquoIndian journal of
marketing volXXXV No4April 2005
Malhotra TDprivacy promise to customersSultan Chand and SonsNew Delhi2002
Kannabiran GNarayan PCrdquo-ECSrdquo Retrieved from doiwileycom101002itdj20025
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
60
QUESTIONNAIRE
Dear Respondent
I Aradhana of Apeejay Institute of Management Technical Campus Jalandhar is
conducting a research on ldquoCustomer Satisfaction in ING VYSYA Bankrdquo So I request you to
spare a few minutes from your busy schedule and fill this form I assure you that the information will
be kept confidential
Name of the Customer
Age
Sex Male Female
Address
Income (Rs) 10000-30000 30000-50000 Above 50000
1) You have been a customer of ING VYSYA Bank since
a) 1-3 years b) 3-7 years
c) 7-10 years d) 10 years above
2) To what extent are you satisfied with ING VYSYA Bank
(a) Highly satisfied (b) satisfied
(c) Dissatisfied (d) highly dissatisfied
3) How did you come to know about the ING VYSYA Bank
a) Advertisement b) Peer Group
c) Newspaper d) Direct
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
61
4) What is your Perception Towards ING VYSYA Bank
a) Friendly Staff b) Timely Product Delivery And Services
c) Provide Value Added Services d) Complete With Competitors
5) Which facility you have taken from ING VYSYA Bank
a) Deposit b) Loans
c) Overdraft Facilities d) Internet Banking
6) What type of account do you have with the bank
a) Savings AC b) Fixes deposit AC
c) Current account d) Any Other
7) Which of the following modern age banking facilities are you aware of (Multiple answers)
(a) Phone banking (b) ATM Debit card
(c) Mobile banking (d) net banking
(e) Insta alerts (f) Email statement
8) Please Rank the Services of ING VYSYA Bank on scale of 1 to 5 (Where 1 is the major cause
and 5 is the minor cause)
A) Time Saving
B) Inexpensive
C) Easy Processing
D) Easy Fund Transfer
E) Anytime Banking
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You
62
9) Please rate the satisfaction level regarding the following features of ING VYSYA bank
Features Strongly
Agree (5)
Agree
(4)
Neutral
(3)
Disagree
(2)
Strongly
Disagree (1)
Summated
Score
81) Better Age
Facilities Than Other
Banks
82) Fastest And Most
Flexible Services
83) Reasonable
Interest Rate on Loans
84)Socially
Responsible
85) Insecurity
10) Are you satisfied with the categories of loans available options are student loan
personal loan home finance and car finance
YES NOT SURE NO
11) Do you think senior citizen are satisfied with the with the services provided by ING VYSYA
bank
YES NO
Thank You