Summer Internship Report On HNW Scoping and Market Survey: (Chartered Accountants)

Summer Internship Report On
HNW Scoping and Market Survey

(Chartered Accountants)
Submitted to
HDFC Bank
Masters Of Business Administration

2015-16
Mentor:
Submitted by:
Mr. Tejinder Aiery
Abhimanyu Dalal
Branch Manager, Mohali Phase 11
UBS, Chandigarh
Acknowledgements
This Project would not have been possible without the guidance, help and cooperation of a number of
people. I extend my gratitude to all those people who helped me in some or other way to complete my
project especially the employees of my branch who have all been very helpful throughout the conduct
of this project.
Also I would like express my deepest sense of gratitude to Mr. Tejinder Aiery, my Branch Manager
and Mr. Kulwinder Singh, my mentor (Relationship Manager ) in providing a sense of direction and
continuous support in my report and his inputs regarding the conduct and execution of this report.
I wish to express my heartfelt gratitude to all friends who have been associated with this study in
many small and big ways
Abhimanyu Dalal
HNW Scoping & Market Survey
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Declaration
I, Abhimanyu Dalal student of MBA General from University Business School, Panjab
University, Chandigarh, hereby declare that I have completed my Summer Internship Project
on HNW Scoping & Market Survey (Chartered Accountants) as part of the course
requirement.
I further declare that the information presented in this project is true and original to the best
of my knowledge.
Abhimanyu Dalal
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PREFACE
Without practical training, management education is meaningless so long with the
theory; practical training is provided to management students to expose them to the actual
work environment of any organization. Such training provides a framework of knowledge
relating to the concepts and practices of the assigned topics in the organization.
The summer training is an integral part of the course curriculum of Master of Business
Administration. In this the student is in the position to analyze the integral working of an
organization with mature eyes and understand the dynamics in a much better manner.
This particular project has been conducted at HDFC Bank. In the first phase of the
research project, there is a introduction of Banking, company profile and products of HDFC
Bank are given. After that a market research is performed with a sample size of 124 people.
The research study was limited to Tricity. Here, in my survey, I have contacted the
respondents through personal interviews with the help of questionnaires.
The main objective of the research is to know the customer satisfaction level and
their perception regarding HDFC Bank and its competitor banks to know the customer
awareness regarding the HDFC Bank.
Opening up the sector will certainly mean new products, and improved customer service.
Potential buyers for most of Banks lie in the middleclass. So banks must segment the market
carefully to arrive at appropriate products and servicee requirements.
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Contents
Executive Summary............................................................................................... 7
Introduction........................................................................................................... 8
What is customer satisfaction?...........................................................................8
Care.................................................................................................................... 9
Reliability............................................................................................................ 9
Research Methodology......................................................................................... 10
1 Research Design............................................................................................ 10
2 Objectives Of The Study................................................................................ 10
3 Variables........................................................................................................ 10
4 Hypothesis Formulation................................................................................. 10
5 Sampling Procedure....................................................................................... 11
5.1 Sampling Plan.......................................................................................... 11
6 Data Collection.............................................................................................. 11
6.1 Data Collection Procedure.......................................................................11
6.2 Instrument............................................................................................... 11
6.3 Data Analysis Plan................................................................................... 12
Data Analysis....................................................................................................... 12
1 Exploratory Data Analysis.............................................................................. 12
2 Market Share................................................................................................. 13
2.1 Savings Account...................................................................................... 13
2.2 Current Account....................................................................................... 14
2.3 Debit Card & Credit Card.........................................................................14
2.4 Fixed Deposit & Mutual Funds ...............................................................15
2.5 Life Insurance............................................................................................. 16
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3 Findings......................................................................................................... 16
4 Testing the Hypothesis................................................................................... 18
4.1 Mann-Whitney U Test............................................................................... 18
5 Chi-Square Test.............................................................................................. 22
Conclusion........................................................................................................... 22
Limitation............................................................................................................. 23
Future Scope........................................................................................................ 23
Suggestion........................................................................................................... 24
Outcomes............................................................................................................ 24
Annexure I........................................................................................................... 26
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Executive Summary
The report contains the organizational study done at HDFC Bank. The report titled
HNW(High Net Worth) Scoping and Market Survey (Chartered Accountants) gives an
overview of the Banking Sector and company profile and awareness of customers about
different types of products and services offered by HDFC Bank.
This study was conducted to find out the customer satisfaction regarding HDFC bank and
other banks.
The methodology adopted for the study was through a structured questionnaire, which was
targeted at chartered accountants in Chandigarh and Mohali. For this purpose sample size of
124 was taken. The data collected from the different persons was analyzed thoroughly.
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Introduction
What is customer satisfaction?
Customer satisfaction refers to how satisfied customers are with the products or services they
receive from a particular agency. The level of satisfaction is determined not only by the
quality and type of customer experience but also by the customers expectations. A customer
may be defined as someone who
Has a direct relationship with, or is directly affected by your agency and
Receives or relies on one or more of your agencys services or products.
Customers in human services are commonly referred to as service users, consumers

or clients. They can be individuals or groups. An organization with a strong customer service
culture places the customer at the centre of service design, planning and service delivery.
Customer centric organizations will:
Determine the customers expectations when they plan and listen to the customer as
they design.
Focus on the delivery of customer service activities, value customer feedback when
they measure performance.
Why is it important?
There are a number of reasons why customer satisfaction is important in Banking Sector:
Meeting the needs of the customer is the underlying rationale for the existence of
community service organizations. Customers have a right to quality services that
deliver outcomes.
Organizations that strive beyond minimum standards and exceed theexpectations of

their customers are likely to be leaders in their sector.
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Customers are recognized as key partners in shaping service development and

assessing quality of service delivery.
The process for measuring customer satisfaction and obtaining feedback on

organizational performance are valuable tools for quality and continuous service
improvement.
Care
Care refers to the attention that a retailer pays to all the pre- and post purchase customer
interface activities designed to facilitate both immediate transactions and long term customer
relationships. Customer care is reflected in both the attention that the retailer pays to detail in
order to ensure that there is no breakdown in service, and the concern that it shows in
promptly resolving any breakdowns that do occur. According to Poleretzky (1999, p. 76), In
the physical world, if I make a customer unhappy, theyll tell five friends, on the Internet
theyll tell 5,000. In addition, an online customer has virtually instant access to competitors,
so switching to a competing seller is easy. Banks need, therefore, to ensure proper care of
their customers.
In this study, care is operationally defined as the extent to which a customer is kept informed
about the availability of preferred products and the status of orders, and the level of efforts
expended to minimize disruptions in providing desired services. Service failures affect future
business because they weaken customer-company bonds and lower perceptions of service
quality Several researchers have established the negative impact of breakdowns in service on
customers repeat purchase behaviour therefore, it is expected that the level of care that a
company exercises to minimize disruptions in customer service will lead to higher loyalty.
Reliability
The dominant dimension in traditional service quality, reliability, has also been cited as an
important factor in service quality. In fact, it was found that reliability/fulfillment ratings
were the strongest predictor of customer satisfaction and quality and the second strongest
predictor of loyalty/intentions to repurchase at a site. In the offline context, reliability is
defined as the ability to perform the promised service dependably and accurately
(Parasuraman, Zeithaml, and Berry 1988:23). This translates online into on-time and accurate
delivery, accurate product representation, and other fulfilment issues. While previous research
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has not documented other meanings, reliability may also reflect technical reliability, such as
the proper functioning of the bank.
Research Methodology
1 Research Design
The research methodology used to conduct the study is Descriptive Research design. The
idea behind this quantitative research is to evaluate the various parameters which would help
in achieving the research objective. Here the impact of one variable (independent) on the
other variable (dependent), hence falls under the descriptive research methodology.
2 Objectives Of The Study

The main objectives of our research are:
Market survey for the products being provided to existing HNW clients.
Market survey for the products being provided by competitors to potential HNW
clients.
Comparative analysis of the clients satisfaction with the products provided by

HDFC and competitors.
Conceptual Model
This study is aimed to develop and examine a conceptual model regarding the factors
influencing customer satisfaction in banking sector, based on the review of literature. The
developed conceptual model is presented as follows:
The following are the independent variables chosen to perform the quantitative analysis:
Assurance
Reliability
Responsiveness
Tangibles
Empathy
The dependent variable chosen is customer satisfaction.
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4 Hypothesis Formulation
Following hypothesis haven been constructed for performing the above quantitative research:
H1: Distribution of mean of reliability is different across HDFC and other banks
H2: Distribution of mean of responsiveness is different across HDFC and other banks
H3: Distribution of mean of empathy is different across HDFC and other banks
H4: Distribution of mean of tangibles is different across HDFC and other banks
H5: Distribution of mean of assurance is different across HDFC and other banks
Sources of Data & Instrument

The study relies on both primary as well as secondary data. The source of the secondary data
is drawn from various journals, articles, papers, websites, books, project reports.
For obtaining the primary data, a structured questionnaire is designed to collect data from
chartered accountants. The questionnaire consisted of 28 statements on 6 dimensions to
measure the perceptions of the customer. The first five statements helps to measure the
reliability. The next set of four statements helps to measure the responsiveness of the
customers. The next set of five statements helps to measure the empathy of the customer. The
next set of four statements helps to measure the assurance of the customers. The next set of
four statements helps to measure the tangibles as perceived by the customers. The final set of
six statements help to measure the customer satisfaction of the customers. All the items were
measured on a 5 point Likert scale. Apart from the above statements many other open ended
questions are asked to evaluate the market share of various banks for this customer segment
as well as the respondents profile.
An interview schedule is prepared to collect data from the chartered accountants. In depth
interview are conducted with the help of the interview schedule.
Sampling Method
The sampling method used is stratified sampling. The total size is 124 respondents.
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Target Population
Unit of population
Extent
Sampling Technique
Chartered Accountants of Chandigarh
Sample Size
150
Individuals (Male and Female)

Chandigarh
Statified Sampling
Response Rate
The questionnaire was administered to individuals chartered accountants at Sector- 17, 22,
25, 35, 7, 8, 9, 26. 124 completed questionnaires were received which were deemed fit to
carry out further analysis whereas others refused to fill in the questionnaire. Thus the
response rate is 82.67%.
6.3 Data Analysis Tools
A planned statistical analysis by the use of IBM SPSS v20 shall be carried out post tabulation
of the data. The proposed analyses are: t-Test/ Mann Whitney Test, General Data
Characteristics Analysis.
Respondents' Profile
The respondents for the survey were located primarily in Chandigarh. The chartered
accountants directory of used to prepare the list of respondents. The data has captured
customers of various banks. The profile of the customers is described below:
Gender & Occupation

Self Employed
Frequenc Percentag
y
e
HDFC
Male
18
14.5%
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Salaried
Frequenc Percentag
y
e
11
8.8%
Total
29
Female
Male
4
45
3.2%
36.2%
2
28
1.6%
22.5%
6
73
Female
Total
12
79
9.6%
4
45
3.2%
16
124
Other
s
Gender & Age
Frequency
HDFC
Other
s
31 - 40
years
Frequency
41 - 50
years
% Frequency
51 - 60
years
% Frequency
60 years &
above
Frequency
Total
30 years &
below
Male
Female
Male
3
1
8
5
3
15
10
1
19
7
1
18
4
0
13
29
6
73
Female
2
14
5
28
4
34
4
30
1
18
16
Tota
l
12
7
Gender & Income

10 lakhs & below
Frequenc
y
10 - 20 lakhs
Frequenc %
y
HDF
C
Male
Femal
e
Other Male
Femal
s
e
Total
Page 13
20 - 30 lakhs
Frequenc %
y
30 lakhs & above
Frequenc
y
Total
Data Analysis
The following Data analysis is performed on the basis of the data filled in the questionnaires.
There are various tools of data analysis that helps the researcher to interpret data into final
results. Various tools have been used to analyse the data for the data analysis and for the
testing of Hypothesis.
Market Share Analysis

Data analysis has been performed to analyse data sets to summarize their main characteristics
along with visual methods. The percentage composition of sample has been depicted. During
the data collection phase utmost importance was given to represent population characteristics
in samples collected.
Market Share
Type of Bank
Two categories of bank namely Public sector and private sector are studied. The following
table shows the number of respondents from each category of bank.
Type of Bank
Public Sector
Private Sector
Total
Percentage
52%
48%
100%
Frequency
64
60
124
The above table show the break up between public sector and private sector banks. Although
the break up is near equilibrium however, more number of respondents chose public sector
bank over private sector bank.
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Savings Account
Figure 1 Market share of savings account
The pie chart above show the HDFC is a market leader in savings account in the region. It
capture around 22% of the market. Moreover it beats the second preferred bank by 3% which
on the samples size becomes converted to around 5 accounts. While the second most
preferred bank from private segment is ICICI, overall SBI is the second most preferred bank.
The second most preferred bank from public sector is Punjab National Bank.
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2.2 Current Account
Figure 2 Market share of Current account
The pie chart above show the HDFC as well as SBI have both captured the same percentage
of market share. However, Punjab National Bank is also a major player in the current
accounts market as it has captures around 17 percent of the market share. Accept of HDFC no
other private player from the banking sector has crossed the ten percent mark. Hence it shows
that businessman do trust HDFC in terms of banking. However a further study can be
conducted to research for the possible factors contributing to the market capture of SBI.
2.3 Debit Card & Credit Card
Figure 3 Debit Card
Most people use SBI's Debit card. Just behind it is HDFC's debit card. ICICI and Pnb are at
third and fourth stop respectively.
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Figure 4 Credit Card
HDFC is clearly the market leader for Credit Cards. Following it are ICICI and Citi bank. It
is interesting to know that the top three position are retained by private banks when it comes
to credit card market share.
2.4 Fixed Deposit & Mutual Funds
Figure 5 FD/RD
SBI is the market leader when it comes to fixed deposit market. Behind it is HDFC and
ICICI. 22 people out of all the people surveyed answered SBI when it comes to fixed deposit.
Clearly peoples sentiments are associated with public sector bank when it comes to fixed
deposit.
Figure 6 Mutual Funds
When it comes to mutual funds then most chartered accountants prefer investing personally
in market rather than investing in any bank offered Mutual fund or SIP offered. However
HDFC and SBI are both equally liked when it comes to mutual fund market.
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2.5 Life Insurance
Figure 7 Life Insurance
LIC is the market king as it has clearly swiped the major chunk from the pie. It has five times
the market share compared to the next best competitor in the market which is HDFC. This
clearly shows that people prefer traditional plans in comparison to ULIP plans. A further
research can be conducted in this domain to explore for the possible reasons.
Reliability of the Scale

Cronbach's alpha is the most common measure of internal consistency ("reliability"). It is the
most commonly used when there are multiple Likert questions in a survey/questionnaire that
form a scale and the purpose is to determine if the scale is reliable or not.
Reliability
Responsiveness
Empathy
Assurance
Tangibles
Customer Satisfaction
No. Of Items
5
4
5
4
4
6
Cronbachs Alpha
0.653
0.612
0.596
0.634
0.507
0.612
The Reliability, Responsiveness, Assurance and Customer Satisfaction subscales of the

questionnaire all had high reliabilities, all Cronbachs > .60. The Empathy subscales is also
near reliability having Cronbach's = .507. However, the tangibles subscale had relatively
low reliability, Cronbachs = .507.
Results
The means for Reliability, Responsiveness, Empathy, Assurance and Tangibility have been
evaluated. It should be noted that the equal weights have been assigned to each of the
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variable. The means for all the variables has been shown below for HDFC and other banks
separately:
Variable
Reliability
Responsiveness
Assurance
Empathy
Tangibles
HDFC
3.63
3.68
3.80
3.52
3.65
Mean
Other Banks
3.56
3.53
3.55
3.18
3.50
The bar chart below compares the means of Reliability, Responsiveness, Empathy, Assurance
and Tangibility of HDFC with top five banks based on CASA value .
4
3.5
3
2.5
2
HDFC
1.5
ICICI
AXIS
SBI
0.5
PNB
It is evident from the above bar chart that HDFC is a leader in Empathy. For Reliability and
Tangibles, HDFC is in the top spot. However, for Responsiveness and Reliability HDFC is
behind others banks. This will further help in devising the advertisement campaign for HFDC
if it wants to target the chartered accountants segment.
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Heat Maps
The graphical representations has been provided below where the individual values contained
in a matrix are represented as colors. The two-dimensional representation of data provides an
immediate visual summary of information. Here heat maps has been applied for each
variable. The major benefit of this representation is that it helps to perform the comparison
along both frontiers; intra-bank & inter-bank. Hence the interpretation become useful when
we want to compare HDFC with ICICI as well as HDFC for various ratings provided by the
respondents.
Reliability
1
0
0
0
0
0
HDFC
ICICI
AXIS
SBI
PNB
1.5
1
2
0
1
1
2
2
3
0
2
1
Reliability
2.5
3
4
9
3
6
1
2
3
3
3
2
3.5
6
10
1
4
4
4
10
8
1
2
1
4.5
2
1
1
1
2
5
0
0
0
0
0
For HDFC the most given rating for reliability is 4. This can clearly be leveraged to pool in
more business from chartered accountants. For ICICI the most given rating is 3.5. For Axis
bank the rating given is more uniform in nature.
Responsiveness
HDFC
ICICI
AXIS
SBI
PNB
1.5
0
0
0
0
0
0
0
0
0
1
1
0
0
0
1
Responsiveness
2.5
3
3.5
6
3
1
4
2
3
6
0
2
3
6
6
1
2
2
4.5
9
4
4
3
1
3
5
0
0
2
2
3
0
0
0
Like reliability, for HDFC the most given rating for responsiveness is again 4. ICICI is again
lagging behind. However, more rating 4.5 and 5 more number of chartered accountants gave
ICICI better ratings than HDFC.
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Assuran
ce
HDFC
ICICI
AXIS
SBI
PNB
Assurance
2.5
3
1.5
3.5
4.5
Keeping with the past trends the bank again hits the sweet spot by maintain the most given
rating of 4 for assurance. For ICICI and PnB the most given rating is 3.5.
Tangibles
HDFC
ICICI
AXIS
SBI
PNB
1.5
0
0
0
0
0
1
0
0
1
0
3
4
0
1
0
Tangibles
2.5
3
6
3
1
3
0
8
6
1
4
1
3.5
4.5
4
6
3
3
1
3
2
1
1
1
3
1
0
2
0
0
0
0
0
0
For tangibles the bank loses its 4 rating and comes down to 3. This surely is a reason of
concern. In comparison of HDFC, ICICI has performed better and kept a rating of 3.5 and 3
as the most rated rating.
Empathy
1
HDFC
ICICI
AXIS
SBI
0
0
0
0
1.5
2
0
0
1
1
1
0
0
Empathy
2.5
3
6
1
2
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3.5
4.5
8
10
1
4
6
6
2
3
10
2
1
5
4
3
0
2
2
1
0
1
PNB
For empathy the bank makes a comeback and regains its most given rating of 4. The heat map
shows that for ICICI the frequency of respondents giving the rating 3 are same however, it
provides less empathy when compared to HDFC.
Testing the Hypothesis

The hypothesis constructed are mentioned below. Independent t-test and Mann-Whitney U
Test has been used to test the hypothesis.
H1: Distribution of mean of reliability is different across HDFC and other banks
H2: Distribution of mean of responsiveness is different across HDFC and other banks
H3: Distribution of mean of empathy is different across HDFC and other banks
H4: Distribution of mean of tangibles is different across HDFC and other banks
H5: Distribution of mean of assurance is different across HDFC and other banks
Mann-Whitney U Test
In statistics, the MannWhitney U is a nonparametric test of the null hypothesis that two
samples come from the same population against an alternative hypothesis, especially that a
particular population tends to have larger values than the other.
Unlike the t-test it does not require the assumption of normal distributions. It is nearly
as efficient as the t-test on normal distributions.
A) H1: Distribution of mean of reliability is different across HDFC
and other banks
Mann-Whitney Test was performed to explore whether the distribution of reliability is
different across HDFC's and other banks' customers. Reliability was taken as the test fields
and HDFC and others were taken as input for the Groups table.
Hypothesis
Sig.
Distribution of mean of reliability is different .042
across HDFC and others
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The Mann-Whitney test indicated that the reliability perceived by HDFC customer's was
significantly different from the reliability perceived by customers of other banks'. Hence,
null hypothesis is rejected and therefore, there is significant effect of the group. The
mean ranks of HDFC and others were 43.10 and 55.40, respectively; U = 1176, sig.=.042.
B) H2: Distribution of mean of responsiveness is different across
HDFC and other banks
Mann-Whitney Test was performed to explore whether the distribution of responsiveness is
different across HDFC and others. Responsiveness was taken as the test fields and HDFC and
others were taken as input for the Groups table.
Hypothesis
Sig.
Distribution of mean of responsiveness is .031
different across HDFC and others
The Mann-Whitney test indicated that the responsiveness perceived by HDFC customer's was
significantly different from the responsiveness perceived by other banks' customers. Hence,
c) H3: Distribution of mean of empathy is different across HDFC
and other banks
Mann-Whitney Test was performed to explore whether the distribution of empathy is
different across HDFC and others. Empathy was taken as the test fields and HDFC and others
were taken as input for the Groups table.
Hypothesis
Sig.
Distribution of mean of empathy is different .029
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The Mann-Whitney test indicated that the empathy experienced by HDFC customer's was
significantly different from the empathy experienced by the customers of other banks. Hence,
d) H4: Distribution of mean of tangibles is different across HDFC
and other banks
Mann-Whitney Test was performed to explore whether the distribution of tangibles is
different across HDFC and others. Tangibles was taken as the test fields and HDFC and
others were taken as input for the Groups table.
Hypothesis
Sig.
Distribution of mean of tangibles is different .89
The Mann-Whitney test indicated that the tangibles experienced by customers of HDFC was
not significantly different from the tangibles experienced by customers of other banks.
Hence, null hypothesis is retained and therefore, there is no significant effect of the
group. The mean ranks of HDFC and others were 47.29 and 51.89, respectively; U = 1025,
sig.=.89.
e) H5: Distribution of mean of assurance is different across HDFC
and other banks
Mann-Whitney Test was performed to explore whether the distribution assurance is different
across HDFC and others. Assurance was taken as the test fields and HDFC and others were
taken as input for the Groups table.
Hypothesis
Sig.
Distribution of mean of assurance is different .079
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The Mann-Whitney test indicated that the assurance experienced by customers of HDFC was
not significantly different from the assurance experienced by customers of other banks.
Hence, null hypothesis is retained and therefore, there is no significant effect of the
group. The mean ranks of HDFC and others were 42.31 and 56.40, respectively; U = 1499,
sig.=.079.
Independent t-test
When we want to check if there is difference in the mean of two samples then we apply
independent T test.Independent t-test has been applied to check whether there is difference in
means of reliability, responsiveness, empathy, assurance and tangibles across HDFC and
other banks. If Levenes test is significant at p .05, we can gain confidence in the
hypothesis that the variances are significantly different and that the assumption of
homogeneity of variances has been violated. If, however, Levenes test is non-significant (i.e.
p > .05) then we do not have sufficient evidence to reject the null hypothesis that the
difference between the variances is zero in other words, we can assume that the variances
are roughly equal and the assumption is tenable.
Results of Independent t-test:
On average, reliability experienced by HDFC customers (M=3.63) is greater than other banks
(M=3.56). This difference was significant t(122) =-1.68, p>.05.
On average, responsiveness experienced by HDFC customers (M=3.68) is greater than other
banks (M=3.53). This difference was not significant t(122) =-1.41, p<.05.
On average, empathy experienced by HDFC customers (M=3.52) is greater than other banks
(M=3.18). This difference was significant t(122) =-1.75, p>.05.
On average, tangibles experienced by HDFC customers (M=3.65) is greater than other banks
(M=3.50). This difference was not significant t(122) =-2.12, p<.05.
On average, assurance experienced by HDFC customers (M=3.80) is greater than other banks
(M=3.55). This difference was not significant t(122) =-1.63, p<.05.
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Regression
Ordinary Least Squares Equation for HDFC Bank
A multiple regression was run to predict customer satisfaction of HDFC bank from reliability,
responsiveness, empathy, tangibility and assurance. These variables statistically significantly
predicted customer satisfaction, F(5, 41) = 7.140, p < .0005, R2 = .465. Three variables added
statistically significantly to the prediction, p < .05.
The Ordinary Least Squares (OLS) equation constructed to predict the customer satisfaction
of HDFC bank was as follows:
Customer Satisfaction = 1.457 + (.346)*(reliability) + (.090)*(responsiveness) +
(.260)*(empathy) + (.162)*(assurance)
Findings, Suggestions and Conclusion

Findings
From the sample of 124 chartered accountants, 52% preferred Public sector banks
whereas 48% preferred Private sector banks.
While one fifth of chartered accountants preferred HDFC for savings account, the
other top four banks among this category are ICICI, SBI and PnB respectively.
Around 40% of the chartered accountant preferred HDFC and ICICI bank alone. Also
these are the only two private sector banks in top three under this category.
Under current account category, there are two public sector bank and HDFC the only
private sector bank. HDFC and SBI have jointly captured 38% respondents with
equally dividing the share between the two.
If comparative analysis of various products is performed then the following findings
are generated:
SBI and HDFC are the leaders for debit card, followed by ICICI bank.
For credit cards HDFC is the most preferred bank. It captured more than
double the number of respondents captured by the next most preferred bank,
i.e. ICICI. This clearly shows that people are attracted towards the myriad
number of card types offered and various schemes launched by HDFC for its
credit card.
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For Fixed Deposits and Recurrent Deposits, SBI is a doyen. It has five times
the number of respondents preferring it vis--vis the next banking institute.
For Mutual Funds, Most charted accountants tend to study & analyse the
market on their own and then invest rather than going for the MF offered by
any specific bank.
Life Insurance Corporation of India has a holding over the Life Insurance
market. Nearly 59 respondents favoured in its favour which are almost five
times the number of respondents going for the next insurance providing
institute. The primary reason for this can be attributed to traditional insurance
plan. Customer still don't trust the unit liked market plans or any other plans
when the money is invested in equity market. However, the market analysis
for the past fifty years from US shows that out of every three years the market
grows for 2 and dips for 1. Hence investing in market is clearly beneficial if
investment is done for longer duration of time.
Relaibility
Axis bank is the only bank which beats HDFC in terms of reliability. For HDFC the most
given rating for reliability is 4. This can clearly be leveraged to pool in more business from
chartered accountants. Also the difference in reliability is statistically significant. Hence, this
helps to infer that the customers banking with HDFC and the customers of others banks are
actually from two different populations.
Responsiveness
The most responsive dimension is the customer support service. Overall the respondents
perceive that private sector banks provide better responsiveness compared to public sector
banks. Moreover for public sector banks the rating is below the average rating given for
private sector banks
Tangibles
The materials at the bank should be visually appealing is the most rated dimension. Hence
banks should focus on making the buildings and other facilities as ore appealing.
Empathy
Page 27
The customers perceives that public sector banks are less willing to help customers vis--vis
private sector banks.
Among chartered accountant segment of Chandigarh, the respondents rates very high
for empathy for HDFC compared to other banks. Hence, HDFC has clearly emerged
as the leader under this parameter
Private Banks seems to have satisfied its customers with good services and they have
been successful in implementing tangible factors like modern equipment,
infrastructural facilities, quality of materials used etc. Private sector banks have been
successful in achieving a satisfying relationship with customers however public sector
banks have to improve a lot in this area. Most of the respondents felt that the
employees of the private banks are very keen to satisfy their customers. On the other
hand customers of nationalized banks felt that the employees were least bothered
about their customers. Private Banks customers feel that their banks take due
consideration about their convenience and are ready to cope up with their preferences
of working hours.
Suggestions
The study has helped to report some suggestions. Since Customer are evangelist for the
bank hence the focus should be paid towards suggestions for further enhancing and
improving the system. The following list presents some of the suggestions.
Reliability
Best practices across the sector should be studied & adopted.
Demonstrations at May I Help You desk should be carried out.
Relationship Experience
Periodic training for the sales force to keep them in line with the latest features
of the products being regularly evolved.
Customization
Page 28
Customer Satisfaction
More qualitative & quantitative research to be done so that the products are
more customized according to target segment.
Customers can be made aware about online portals & mobile applications
which are easy to operate.
More focus can be done on digitization as new products are being evolved. Mobile
apps are constantly making life easier and payments reliable. Hence appropriate
promotion can be done at youth cultural festivals for promoting the products.
Conclusions
To survive the substantial competition in today's scenario, the banking sector must go for
improvements. The percentage of respondents preferring the private sector bank with better
score for the service quality parameters shows that public sector banks need to improve their
various aspects of service quality. Also the banks should focus on their technological aspect
and should try to improve their infrastructure so that they provide timely and efficient service
to the customers.
Irrespective of the banks, employees who interface the customers directly, are ought to be
very empathetic and should be able to understand the customer needs and requirements.
Training the human resource in this regards would help the banks retain their customers and
also attract more.
Since customer are the evangelist, hence banks should focus on pooling and retention of
customers. Large database would create a trust and reliability culture which would bring in
more customers.
Publicizing the bank in the right area adds value to the brand. The bank can use proper media
resource for promoting their services. Also advertisement can focus on featuring dimensions
that increases the reliability as perceived by the customer because from the regression line it
is clear that a .34 change in reliability bring a unit variation in customer satisfaction.
Page 29
Employees should be trained on technical and behavioural aspect, so that the bank can deliver
quick and prompt services. Also establishing branches in every possible area would be a
better way to progress.
Limitation
One of the limitations of the research was the small size of the sample for chartered
accountants. There were a lot of respondents that started filling in the questionnaire but didnt
finish it until the end which decreased the effective response ratio to 82.67%.
Another limitation is that there were scales that had a low internal consistency. They were not
reliable enough - measured by chronbachs because for questionnaire for service sector this is
generally observed that the chronbach alpha is usually taken as around .6 ignorng the
generally accepted norm of .7 being taken.
The final limitation is that only few attributes were taken to perform the quantitative data
analysis. There are other attributes also that can be used for performing the quantitative data
analysis as shown by the regression line.
Future Scope
Further research should be carried out in order to enhance the understanding of the concepts
of customer satisfaction, how they are measured because they are very important for banks in
terms of profitability and growth. A similar study could be conducted with a larger sample
size so that results could be generalised to a larger population.
This study can be carried out in other areas comprised of multiple cultures. Further logistic
regression and discriminate analysis can be done to know more about the consumer
preferences towards various banks.
Page 30
Bibliography
Annexure I
This questionnaire is administered to find out your satisfaction level in using the bank's
product & services. The bank is grateful to you for availing its services and through this
survey we intend to serve you better by improving the way we cater to your banking needs.
1. Are you currently banking with HDFC bank? If No then which is your main bank?
2. For how long have you been banking with your main bank?
3. Name the financial institutes(eg, Banks) whose services you are using ?
Current A/c
Credit
Card_________
Personal Loan
Forex Card
Savings A/c
Debit Card
Fixed Deposit
RD
Home Loan
Locker Facility
Demat A/c
Mutual Funds
_______
Auto Loan
Swipe Machine
(POS)_
Salary A/c
Insurance_________
_
Business Loan
Mobile
Apps________
4. How many monetary transactions occur in your office daily (average) ?
5. How many cheques do you receive in a day (average) ?
Page 31
6. Have you ever heard that HDFC offers special Current Account for Chartered
Accountants?
7. What is the most important reason why you choose your main bank? Choose one.
Locations is convenient
Better Rates
Recommended By Friends Or
Family
Lower Fees
Friendly Service Electronic Banking Options
8. How frequently do you use the following services per month?
I never
use this
service
Less than
1 time
1 to 3
times
3 to 8
times
8 to 12
times
Over 12
times
Visiting the bank

branch
Online banking
Mobile Apps
9. What would encourage you to use more the online banking services?
Rewards (discounted fees for

certain services)
Simpler/clearer service
Higher security
Nothing else, I already often

use online banking services
Free transactions
Other________
Page 32
10. What will be your most preferred mode of interaction with your bank in the future?
Internet Banking
Smartphone Apps
Video Conferencing
Online Chats
Branch
Phone Calls
11. Do you think you will need financial planning advice in the future?
Yes, in 1 - 2 years
Yes, in 5 years
Yes, in 10 years
No, never
12. What is the primary reason for changing or planning to change

your bank? (Retail)
Innovative products and
services
Proximity of branches
Financial stability
Turnaround time for requests

and enquiries
Interest rates and fees
Service quality
13. How do we rate in comparison to other companies that offer the same services?
Much Higher
Somewhat lower
Somewhat higher
Much lower
Same
Don't know
14. What are for you the main 2 disadvantages of visiting a bank branch?
Waiting time
Bad Quality of services
Opening times
No Disadvantages
Distance (proximity problem)
Page 33
15. Do you trust the security of online banking services?

Completely
Somewhat
Dubious
Not at all
If not completely then choose any of the following reasons:

Overall difficulty of using online banking system
Lack of assistance
Security concerns
Limited service (doesnt enable all banking operations)
Impersonality of the service
Dependence on internet service
Unreliable
No Disadvantages
16. How satisfied are you with the cost of maintaining banks accounts with your banks?
Satisfied
Very satisfied
Indifferent
Dissatisfied
17. How likely is it that you would recommend our PRODUCTS/SERVICES to a friend
or colleague?
Very likely
Somewhat likely Neutral
Somewhat unlikely
Very unlikely
18. Do you believe that the return you get on your investment (eg, FD, RD, MF) is
sufficient? If NO then how much return do you expect?
19. Does your current account fall short of any specific requirement? Please
mention___________________________________________________________
Page 34
20. Are you satisfied with the insurance you have purchased? Please mention any
shortcomings______________________________________________________
21. Do you have any suggestions for improving our [PRODUCTS/SERVICES]?

_________________________________________________________________
_________________________________________________________________
Name____________________
Mobile No:________________
Age:
Gender:
Email id:_______________________________
Self Employed / Partly associated with the Firm / Fully associated with the Firm
Please specify the name of the firm_________________________________________
Page 35

Summer Internship Report On HNW Scoping and Market Survey: (Chartered Accountants)

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Summer Internship Report On

HNW Scoping and Market Survey

Masters Of Business Administration

Mr. Tejinder Aiery

Branch Manager, Mohali Phase 11

HNW Scoping & Market Survey

HNW Scoping & Market Survey

HNW Scoping & Market Survey

HNW Scoping & Market Survey

HNW Scoping & Market Survey

HNW Scoping & Market Survey

Has a direct relationship with, or is directly affected by your agency and

Receives or relies on one or more of your agencys services or products.

Customers in human services are commonly referred to as service users, consumers

Organizations that strive beyond minimum standards and exceed theexpectations of

HNW Scoping & Market Survey

Customers are recognized as key partners in shaping service development and

The process for measuring customer satisfaction and obtaining feedback on

2 Objectives Of The Study

Comparative analysis of the clients satisfaction with the products provided by

Sources of Data & Instrument

HNW Scoping & Market Survey

Chartered Accountants of Chandigarh

Individuals (Male and Female)

Gender & Occupation

HNW Scoping & Market Survey

Gender & Age

Gender & Income

HNW Scoping & Market Survey

30 lakhs & above

Market Share Analysis

HNW Scoping & Market Survey

Figure 1 Market share of savings account

HNW Scoping & Market Survey

2.2 Current Account

Figure 2 Market share of Current account

Figure 3 Debit Card

HNW Scoping & Market Survey

Figure 4 Credit Card

Figure 6 Mutual Funds

HNW Scoping & Market Survey

2.5 Life Insurance

Figure 7 Life Insurance

Reliability of the Scale

The Reliability, Responsiveness, Assurance and Customer Satisfaction subscales of the

HNW Scoping & Market Survey

HNW Scoping & Market Survey

Testing the Hypothesis

HNW Scoping & Market Survey

HNW Scoping & Market Survey

HNW Scoping & Market Survey

Findings, Suggestions and Conclusion

HNW Scoping & Market Survey

HNW Scoping & Market Survey

Best practices across the sector should be studied & adopted.

Demonstrations at May I Help You desk should be carried out.

HNW Scoping & Market Survey

HNW Scoping & Market Survey

HNW Scoping & Market Survey

4. How many monetary transactions occur in your office daily (average) ?

5. How many cheques do you receive in a day (average) ?

HNW Scoping & Market Survey

Friendly Service Electronic Banking Options