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ABSTRACT
Non-banking finance companies form an integral part of the Indian financial
system. NBFCin India are registered companies conducting business activities
similar to banks. The foreign exchange trading in India is growing at a really good
pace however it is said that the forex market is still in the early phase in India.
Nevertheless there are already several big players in the Indian forex market. This
paper considers different aspects that used to identify the customer satisfaction
level of the users those who avail the product and services of UAE Exchange. From
that we can get an idea about what all are the products and services offered by
the organization and the satisfaction level of the customers using that product.
INTRODUCTION
In recent years, the non-banking industry around the country has been undergoing a rapid
transformation. Non-banking Company is regarded as a consumer-oriented services industry and the
companies have started realizing that their business increasingly depends on the quality of the
consumer service provided and overall satisfaction of the customer... In addition, the deepening of
information technology has facilitated better tracking and fulfilment of commitments, multiple delivery
channels for customers, and faster resolution of issues. Today, customers expect higher quality services
from companies which, if fulfilled, could result in significantly improved customer satisfaction, and
potentially retention levels. The non-banking industry, as is the case with other financial services
industries, is facing a rapidly changing market, new technologies, economic uncertainties, competition,
and more demanding customers; and the changing environment this presented an unprecedented set of
challenges .Unlike in the past, the companies in the non-banking sector, today are market driven and
market responsive. The top concern in the mind of every organizations head is increasing or at least
maintaining the market share in every line of business against the competition. With the entry of new
players and multiple channels, customers have become less loyal to the companies or organizations in
this field. Bank is also treated as a major competitor of non-banking finance industry. This makes it very
important that the companies in this sector provide best possible products and services to ensure
customer satisfaction.
Customer satisfaction is an evaluation by the customer, after buying goods and services. The most
important view of customer satisfaction in the academic world is that customer satisfaction is assumed
out of the comparison of pre purchase expectations with post-purchase evaluation of the product or
service. Achieving customer focus requires leveraging existing customer information to gain deeper
insight into the relationship a customer has with the institution, and improving customer service-related
processes so that the services are quick, error free and convenient for the customers. Furthermore, a
basic percept of marketing is that customer satisfaction with a product will possibly lead to repeat
purchases and favourable word-of-mouth advertising. In fact, customer satisfaction is widely recognised
as a key pressure in the formation of consumers future purchase. In todays highly competitive,
increasingly consolidated world, offering personalized and differentiating services can be critical to
organization success.
The foreign exchange trading in India is growing at a really good pace however it is said that the forex
market is still in the early phase in India. Nevertheless there are already several big players in the Indian
forex market. Companies like UAE Exchange, Thomas Cook, Western union, and Lulu Exchange etc. were
in this industry. In this context it is important that the company should provide its best to the customers
to retain its position in the market and make a good market share. In this scenario the customer
satisfaction regard with the product and services got importance. If the customer is not satisfied with
what the company offered, they will look into an alternative and move to the close substitute of the
same product.
Customers have different levels of satisfaction as they have different attitudes and experiences as
perceived from the company. Customers satisfaction is affected by the importance placed by the
customers on each of the attitudes of the product and service in question. Customer satisfaction
measurement allows an organization to understand the key drivers that create satisfaction or
dissatisfaction; and what is really driving their satisfaction during a service experience. It is a well-
researched fact that investments in customer satisfaction, customer relationships and service quality
leads
To profitability and market share. Put differently, customer satisfaction leads to customer loyalty and
this also leads to profitability. If customers are satisfied with a particular high quality service offering
after its use, then they can be expected to engage in repeat purchase and even try line extensions and
thus market share can be improved.
RATIONALE OF THE STUDY
It is very important that all the companies must retain a loyal base of customers. In order to achieve this
and better their market and profit positions, many organizations are increasingly retains a loyal base of
customers. In order to achieve this and better their market and profit positions, the company should
rearrange and targeting their strategies and policies towards improving the overall satisfaction levels of
their customers and building upon their loyalty through improved service quality. The main concern of
the study is to provide information that would help the management to evaluate and re-design its
current marketing strategies in order to improve the overall customer satisfaction levels, which, in turn,
can help them, retain their existing customers and also attract new ones in todays competitive
environment
COMPANY PROFILE:
The UAE Exchange Group is one of the largest and most trusted financial institutions in the world
offering money transfer and money exchange services in the United Arab Emirates. Headquartered in
Abu Dhabi, the Group commenced business in UAE in 1980. The Group was founded by the great
visionaries His Excellency Abdulla Humaid Al Mazroei and Dr. B RShetty. It has, expanded its operations
all over the UAE with associates in neighbouring Middle Eastern countries, India, USA, UK, Australia and
Sudan besides liaison offices in India, Bangladesh, Sri Lanka and Pakistan.
NEW MEDICAL CENTRE (NMC) GROUP:
It is one of the fastest growing and most prestigious business conglomerates in the UAE and was
established in Abu Dhabi in 1975 by two visionaries, His Excellency Abdulla Humaid AlMazroei, (former
Minister of Justice and Law in the UAE Cabinet) and the business magnate Dr. B R Shetty. The Group has
a global network of companies engaged in various business interests across the Middle East, India, Sri
Lanka, Bangladesh, Australia, USA, UK ranging from Healthcare, Pharmaceuticals (Manufacturing &
Trading), Medical & Scientific equipment to Foodstuff, Catering & Hospitality, Information Technology,
Gold & Diamond jewellery, Engineering services, Financial Services and Advertising & Public Relation.
UAE EXCHANGE CENTRE LLC:
UAE Exchange Centre LLC, Abu Dhabi is an ISO certified, Limited Liability Company established under the
UAE Commercial Companies Law in Dubai with its corporate office at Abu Dhabi, UAE from where the
central administration of the company is carried out. Presently, the company has liaison offices in India
at Kochi, New Delhi, Chennai, Mumbai, Hyderabad and Jallandhar for coordinating with the companys
correspondent banks in India and for speedy transfer of remittances. UAE Exchange Centre LLC has a
strong tie-up with over 90 correspondent banks around the globe. The company commenced its liaison
office in India on January 01, 1997 at Kochi as per the specific approval received from the Reserve Bank
of India on September 24, 1996. All the activities of the Indian liaison offices are controlled and
managed from the Kochi office. The entire operational expenses of all liaison offices in India are met
exclusively from the funds received from the head office at Abu Dhabi through normal banking channels.
UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one of the leading exchange
houses in the Middle East, primarily focusing on money transfers and money exchange, and is part of
the NMC Group, one of the biggest and the most prestigious business conglomerates in the UAE. UAE
Exchange have pioneered new standards in fund transfer services since our establishment in 1980, ever
staying ahead of competition with advanced and slick enhancements in the technology, operations and
customer service spheres.
The following are the major business activities of this organization.
MONEY TRANSFER
UAE Exchange & Financial Services Ltd is the Paying Agent for Xpress Money inassociation with UAE
Exchange Centre LLC, Abu Dhabi and for MoneyGram services inassociation with MoneyGram
Payment Systems Inc., USA. Money Transfer service is provided at the companys countrywide branches
and sub-agent locations, including several esteemed banks and financial institutions, in accordance with
The specific permission accorded to us by the Reserve Bank of India for Money Transfer Service Scheme.
The essentials of money transfer service are:
Identification of the Customer
Before effecting a transaction, the staff should confirm the identity of the customer with the help of
any valid photo identity card /document that helps in such identification.
The customer should produce the above documents in original and staffs has to ensure its
genuineness.
Inspection of all documents should be carefully done. The photo, name, signature, expiry date, etc.
given in all the documents and papers should be carefully checked.
Every time the staff should ask for the original identity of the customer and countercheck the same
with the information available in the customer database.
The customer, the concerned staff and the cashier are required to sign (Full Signature) the application
to execute any transaction. "No Signature No Transaction" shall be the thumb rule.