A Comparative Study of Customer Satisfaction in SBI and ICICI Bank

Abstract

Banking industry is passing through a challenging phase. The demonetisation policy introduced by the government has affected the banking industry to a great extent. This industry plays a significant role in the economic development of a country but it is facing huge challenges due to increased competition, technological developments, changing customers’ needs and policies of government. In this competitive and fast changing era, it becomes imperative for a bank to satisfy the needs of the customers. They need to keep a close eye on the satisfaction level of customers. Satisfying customers is the key to retain them for a longer period. Banks need to frame policies and strategies for satisfying and retaining customers. The cost of making new customers is high than the cost of retaining customers. The banks are spending a lot of time and energy to frame polices about customer satisfaction. The study has been conducted to compare the satisfaction level of customers of SBI (Public Sector Bank) and ICICI (Private Sector Bank). The study will provide information about the differences in satisfaction level of customers of both banks and banking sectors and will be helpful for framing new policies relating to the customers. The study has been conducted on SBI and ICICI bank in Delhi-NCR.