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DECLARATION I hereby certify that this report does not incorporate any material previously submitted for a degree in any university or institution to the best of my knowledge and it does not contain any material previously published or written by any other person expect where due references is made in the text.
…………………………. Signature of the student
……………………. Date
CERTIFICATION I hereby recommended that this research reports was prepared under my supervision by ………………………… in partial fulfillment of the bachelor of sciences in Business Management (Special) degree.
Academic Supervisor:
Signature
: …………………………………………………………
Name
: …………………………………………………………
Designation
: …………………………………………………………
Date
: …………………………………………………………
Head Signature
: …………………………………………………………
Name
: ………………………………………………………….
Date
: ………………………………………………………….
Dean
Signature
: …………………………………………………………..
Name
: …………………………………………………………..
Date
: …………………………………………………………...
Faculty of Management Studies Sabaragamuwa University of Sri Lanka 2009
ii
EXAMINATION COMMITTEE
Examiner (1) Name: ………………………………………………………………………… Designation: ………………………………………………………………….. Date: …………………………………………………………………………..
Examiner (2) Name: ………………………………………………………………………… Designation: ………………………………………………………………….. Date: …………………………………………………………………………..
Faculty of Management Studies Sabaragamuwa University of Sri Lanka 2009
iii
ACKNOWLEDGEMENT
I take this opportunity to express my deep sense of gratitude to my Academic supervisor Ms. L.D Kalyani, Faculty of Management Studies, Sabaragamuwa University of Sri Lanka, for committing her valuable time, assistance and guidance to complete this research study successfully And all other lecturers in the academic staff for their blessings and guidance.
In particular I take this opportunity to thanks Mr. W.A Thilakasiri Branch Manager, Bank of Ceylon Homagama he was also my external supervisor and his staff for giving me this valuable opportunity to acquire an excellent training experience.
I would also take thanks my dear mother, Father and other family members and my friends were with me until end this report.
iv
ABSTRACT The Bank of Ceylon is the pioneer of the financial sector in the Sri Lanka. It was the first and leading bank of the Sri Lanka and engaged in the various types of financial activities. The vision is the BOC is “bankers to the nation”. There are 305 local branches in the island wide and 3 overseas branches (London, Male and Chennai) and the offshore banking unit. Also has the widest customer base with circa 7.5 million accounts and Leader in inward foreign remittances with over 50% market share. Service quality is important to both products oriented and service oriented organization. The researcher discussed about the impact of the service quality to the customer satisfaction. (Tangible factor, responsiveness, reliability, courtesy and access). Now a day’s customers are well aware and have the greater choice among the alternatives. The customer attraction is cost than the customer retain. So most of companies are try to satisfied customers in different ways. The findings of the research may be help to develop the new organization culture to increase the customer satisfaction and this research significant to the researchers who study like that customer satisfaction. The data were gathered by in the primary and secondary data and that included the data gathered by the questionnaires, observations. The data were presented by using the charts tables, graphs, set and by using the mean formulas. Further other data analysis by the percentages. Customers had 100% satisfied with the reliability of the BOC. The finding of the research is that the customers are not fully satisfied with the service quality factors like tangible, responsiveness, access and courtesy. Ultimately the researcher concludes that the customers retain with the BOC due to the high reliability and other service quality factors must be improved. Furthermore the researcher recommended some suggestions to the overcome the problems and to improve the customer satisfaction. Such as implementation HR plan for the each branch, scanning signatures to the system, offer the excitements etc. These suggestions may be help to the BOC to face the completion as well as to survive in the market.
v
TABLE OF CONTENTS CONTENTS
Certification
ii
Acknowledgement
iv
Abstract
v
Table of Contents
vi
List of Figures
viii
List of Tables
ix
Abbreviations
xii
CHAPTER I - INTRODUCTION
1. Introduction 1.1.
1
Introduction To The Organization
1 1.2.
Background To The Study
1 1.3.
Problem Statement
3 1.4.
Objectives Of The Study 4
1.5.
Research Question
4 1.6.
Significance Of The Study
5 1.7.
Conceptualization And Operationalization
5 1.7.1. Conceptualization
5
1.7.2. Operationalization
6
1.8.
Limitations Of The Study
7 CHAPTER II - LITERATURE REVIEW 2. Literature Review 2.1.
8
Introduction
8 vi
2.2.
Customer Satisfaction
8 2.3.
Measuring Customer Satisfaction
8 2.4.
Customer Retention
10 2.5.
Customer Perceptions of Value 10
2.6.
Customer Loyalty
11 2.7.
Customer Satisfaction Model (Teboul Model) 11
2.8.
Kano Model
11 2.9.
Feedback And Complaints
12 2.10. Service Quality
13
2.11. Relationship Between Satisfaction And Service Quality
13
2.12. Service Quality Dimensions
14
CHAPTER III 3. Methodology 3.1.
15
Types of Data
15 3.1.1.
Primary Data
15 3.1.2.
Secondary Data
15 3.2.
Data Collection Methods 15
3.2.1.
Questionnaire
15 3.2.2.
Direct Interviews
15 vii
3.2.3.
Observations
15 3.3.
Population
16 3.4.
Sampling 16
3.5.
Data Presentation Tools 16
3.6.
Data Analysis Tools
16 CHAPTER IV - DATA PRESENTATION, DISSCUSSION AND ANAYSIS 4. Data Presentation, Analysis and Discussion 4.1.
17
Introduction
17 4.2.
Demographic Information
17 4.3.
Service Quality Factors 20
4.4.
Customer Satisfaction Factors 31
4.5.
Data Disscussion and Analysis 34
CHAPTER V - CONCLUSION AND RECOMMENDATION 5. Conclusion and Recommendations 5.1.
37
Introduction
37 5.2.
Conclusion
37 5.3.
Recommendations
38 REFERENCES
41
APPENDICES Appendix I
Vision, Mission, Goals of BOC
I
Appendix II
Functional Areas
III viii
Appendix III SWOT Analysis
IV
Appendix IV Award & Certification
VII
Appendix V
VIII
Other Unique Features of The Organization
Appendix VI Questionnaire
IX
Appendix VII Weighted Mean Table (Customer Ranked)
XII
Appendix VIII Summary Table
XIII
ix
LIST OF TABLES Table
Page No
Table 1.1: Operationalization
06
Table 2.1: Service Quality
13
Table 4.1: Gender Composition of Respondents.
17
Table 4.2: Age Composition of Respondents
18
Table 4.3: Occupation
18
Table 4.4: Age of Banking Habits
19
Table 4.5: Usage of the BOC
20
Table 4.6: Awareness about the BOC Services.
21
Table 4.7: Obtained Services
22
Table 4.8: Tangible Factors
23
Table 4.9: Time Factor
25
Table 4.10: Responsiveness Factor
26
Table 4.11: Reliability
27
Table 4.12: Courtesy
29
Table 4.13: Access
30
Table 4.14: Customer Satisfaction Factors
31
Table 4.15: Weighted Mean
33
Table 4.16: Customer Complaints
34
x
LIST OF FIGURES Figure
Page No
Figure 2.1: Teboul Model
11
Figure 4.1: Gender Compositions of Respondents
17
Figure 4.2: Age Composition of Respondents
18
Figure 4.3: Occupation
18
Figure 4.4: Age of Banking Habits
19
Figure 4.5: Usage of Banks
19
Figure 4.6: Other Banks and Customer
19
Figure 4.7: Account Type
20
Figure 4.8: Usage of the BOC
20
Figure 4.9: Awareness about the BOC Services.
21
Figure 4.10: Obtained Services
22
Figure 4.11: Important Factors of the Service Quality of the BOC
22
Figure 4.12: On Line System
23
Figure 4.13: ATM Transaction
24
Figure 4.14: Telephone Banking
24
Figure 4.15: Material & Documents
24
Figure 4.16: Physical Appearance of the Branch Premise
25
Figure 4.17: Time Factor
25
Figure 4.18: Time of the Service Provide 26 Figure 4.19: Quick Response
27
Figure 4.20: Accuracy
28
Figure 4.21: Security of the Deposit
28
Figure 4.22: Level of Services
29
Figure 4.23: Politeness & Friendliness
30
Figure 4.24: Time That Required with Camper to Other Banks
30
Figure 4.25: Easy to Access
31
Figure 4.26: Satisfaction as an Attitude
32
Figure 4.27: Behavior Intention
32 xi
Figure 4.28: Behavior Responses
33
ABBREVIATIONS BOC
- Bank of Ceylon
RTGS
- Real time Gross Settlement
ICBS
- International Comprehensive Banking System
ATM
- Automated Teller Machine
POD
- Permanent over Draft
TOD
- Temporary over Draft
O/D
- Over Draft
PBO
- Personal Banking Office
CSM
- Customer Service Management
xii
…………………………. Signature of the student
……………………. Date
CERTIFICATION I hereby recommended that this research reports was prepared under my supervision by ………………………… in partial fulfillment of the bachelor of sciences in Business Management (Special) degree.
Academic Supervisor:
Signature
: …………………………………………………………
Name
: …………………………………………………………
Designation
: …………………………………………………………
Date
: …………………………………………………………
Head Signature
: …………………………………………………………
Name
: ………………………………………………………….
Date
: ………………………………………………………….
Dean
Signature
: …………………………………………………………..
Name
: …………………………………………………………..
Date
: …………………………………………………………...
Faculty of Management Studies Sabaragamuwa University of Sri Lanka 2009
ii
EXAMINATION COMMITTEE
Examiner (1) Name: ………………………………………………………………………… Designation: ………………………………………………………………….. Date: …………………………………………………………………………..
Examiner (2) Name: ………………………………………………………………………… Designation: ………………………………………………………………….. Date: …………………………………………………………………………..
Faculty of Management Studies Sabaragamuwa University of Sri Lanka 2009
iii
ACKNOWLEDGEMENT
I take this opportunity to express my deep sense of gratitude to my Academic supervisor Ms. L.D Kalyani, Faculty of Management Studies, Sabaragamuwa University of Sri Lanka, for committing her valuable time, assistance and guidance to complete this research study successfully And all other lecturers in the academic staff for their blessings and guidance.
In particular I take this opportunity to thanks Mr. W.A Thilakasiri Branch Manager, Bank of Ceylon Homagama he was also my external supervisor and his staff for giving me this valuable opportunity to acquire an excellent training experience.
I would also take thanks my dear mother, Father and other family members and my friends were with me until end this report.
iv
ABSTRACT The Bank of Ceylon is the pioneer of the financial sector in the Sri Lanka. It was the first and leading bank of the Sri Lanka and engaged in the various types of financial activities. The vision is the BOC is “bankers to the nation”. There are 305 local branches in the island wide and 3 overseas branches (London, Male and Chennai) and the offshore banking unit. Also has the widest customer base with circa 7.5 million accounts and Leader in inward foreign remittances with over 50% market share. Service quality is important to both products oriented and service oriented organization. The researcher discussed about the impact of the service quality to the customer satisfaction. (Tangible factor, responsiveness, reliability, courtesy and access). Now a day’s customers are well aware and have the greater choice among the alternatives. The customer attraction is cost than the customer retain. So most of companies are try to satisfied customers in different ways. The findings of the research may be help to develop the new organization culture to increase the customer satisfaction and this research significant to the researchers who study like that customer satisfaction. The data were gathered by in the primary and secondary data and that included the data gathered by the questionnaires, observations. The data were presented by using the charts tables, graphs, set and by using the mean formulas. Further other data analysis by the percentages. Customers had 100% satisfied with the reliability of the BOC. The finding of the research is that the customers are not fully satisfied with the service quality factors like tangible, responsiveness, access and courtesy. Ultimately the researcher concludes that the customers retain with the BOC due to the high reliability and other service quality factors must be improved. Furthermore the researcher recommended some suggestions to the overcome the problems and to improve the customer satisfaction. Such as implementation HR plan for the each branch, scanning signatures to the system, offer the excitements etc. These suggestions may be help to the BOC to face the completion as well as to survive in the market.
v
TABLE OF CONTENTS CONTENTS
Certification
ii
Acknowledgement
iv
Abstract
v
Table of Contents
vi
List of Figures
viii
List of Tables
ix
Abbreviations
xii
CHAPTER I - INTRODUCTION
1. Introduction 1.1.
1
Introduction To The Organization
1 1.2.
Background To The Study
1 1.3.
Problem Statement
3 1.4.
Objectives Of The Study 4
1.5.
Research Question
4 1.6.
Significance Of The Study
5 1.7.
Conceptualization And Operationalization
5 1.7.1. Conceptualization
5
1.7.2. Operationalization
6
1.8.
Limitations Of The Study
7 CHAPTER II - LITERATURE REVIEW 2. Literature Review 2.1.
8
Introduction
8 vi
2.2.
Customer Satisfaction
8 2.3.
Measuring Customer Satisfaction
8 2.4.
Customer Retention
10 2.5.
Customer Perceptions of Value 10
2.6.
Customer Loyalty
11 2.7.
Customer Satisfaction Model (Teboul Model) 11
2.8.
Kano Model
11 2.9.
Feedback And Complaints
12 2.10. Service Quality
13
2.11. Relationship Between Satisfaction And Service Quality
13
2.12. Service Quality Dimensions
14
CHAPTER III 3. Methodology 3.1.
15
Types of Data
15 3.1.1.
Primary Data
15 3.1.2.
Secondary Data
15 3.2.
Data Collection Methods 15
3.2.1.
Questionnaire
15 3.2.2.
Direct Interviews
15 vii
3.2.3.
Observations
15 3.3.
Population
16 3.4.
Sampling 16
3.5.
Data Presentation Tools 16
3.6.
Data Analysis Tools
16 CHAPTER IV - DATA PRESENTATION, DISSCUSSION AND ANAYSIS 4. Data Presentation, Analysis and Discussion 4.1.
17
Introduction
17 4.2.
Demographic Information
17 4.3.
Service Quality Factors 20
4.4.
Customer Satisfaction Factors 31
4.5.
Data Disscussion and Analysis 34
CHAPTER V - CONCLUSION AND RECOMMENDATION 5. Conclusion and Recommendations 5.1.
37
Introduction
37 5.2.
Conclusion
37 5.3.
Recommendations
38 REFERENCES
41
APPENDICES Appendix I
Vision, Mission, Goals of BOC
I
Appendix II
Functional Areas
III viii
Appendix III SWOT Analysis
IV
Appendix IV Award & Certification
VII
Appendix V
VIII
Other Unique Features of The Organization
Appendix VI Questionnaire
IX
Appendix VII Weighted Mean Table (Customer Ranked)
XII
Appendix VIII Summary Table
XIII
ix
LIST OF TABLES Table
Page No
Table 1.1: Operationalization
06
Table 2.1: Service Quality
13
Table 4.1: Gender Composition of Respondents.
17
Table 4.2: Age Composition of Respondents
18
Table 4.3: Occupation
18
Table 4.4: Age of Banking Habits
19
Table 4.5: Usage of the BOC
20
Table 4.6: Awareness about the BOC Services.
21
Table 4.7: Obtained Services
22
Table 4.8: Tangible Factors
23
Table 4.9: Time Factor
25
Table 4.10: Responsiveness Factor
26
Table 4.11: Reliability
27
Table 4.12: Courtesy
29
Table 4.13: Access
30
Table 4.14: Customer Satisfaction Factors
31
Table 4.15: Weighted Mean
33
Table 4.16: Customer Complaints
34
x
LIST OF FIGURES Figure
Page No
Figure 2.1: Teboul Model
11
Figure 4.1: Gender Compositions of Respondents
17
Figure 4.2: Age Composition of Respondents
18
Figure 4.3: Occupation
18
Figure 4.4: Age of Banking Habits
19
Figure 4.5: Usage of Banks
19
Figure 4.6: Other Banks and Customer
19
Figure 4.7: Account Type
20
Figure 4.8: Usage of the BOC
20
Figure 4.9: Awareness about the BOC Services.
21
Figure 4.10: Obtained Services
22
Figure 4.11: Important Factors of the Service Quality of the BOC
22
Figure 4.12: On Line System
23
Figure 4.13: ATM Transaction
24
Figure 4.14: Telephone Banking
24
Figure 4.15: Material & Documents
24
Figure 4.16: Physical Appearance of the Branch Premise
25
Figure 4.17: Time Factor
25
Figure 4.18: Time of the Service Provide 26 Figure 4.19: Quick Response
27
Figure 4.20: Accuracy
28
Figure 4.21: Security of the Deposit
28
Figure 4.22: Level of Services
29
Figure 4.23: Politeness & Friendliness
30
Figure 4.24: Time That Required with Camper to Other Banks
30
Figure 4.25: Easy to Access
31
Figure 4.26: Satisfaction as an Attitude
32
Figure 4.27: Behavior Intention
32 xi
Figure 4.28: Behavior Responses
33
ABBREVIATIONS BOC
- Bank of Ceylon
RTGS
- Real time Gross Settlement
ICBS
- International Comprehensive Banking System
ATM
- Automated Teller Machine
POD
- Permanent over Draft
TOD
- Temporary over Draft
O/D
- Over Draft
PBO
- Personal Banking Office
CSM
- Customer Service Management
xii
