Journal of Global Economics

Private Sector Bank Services in Madurai

Abstract

Selvaraj N

Customers were simple persons and were happy with whatever services the banks had offered them. Over a period of time, with the competition and technological improvements, customers have become fully aware of their rights. Today banks are realizing that the quality of service constitutes the core of their business and it is a strategy with which they could highlight their superiority with their competitors. Gone are the days when customers had no option but to simply continue with the old strategy of one cap for all. Now-a-days, banks have come to understand that business can come from satisfied customers. A satisfied customer brings in more customers and he is the best advertisement for the bank. Though in the eighties transaction banking was the order of the day, relationship banking has regained its importance once again, with many banks throughout the world project forward this concept. Service quality is a judgmental issue relating to the different between an individual’s expectation of a service and the actual service performed. The private sector banks should raise the quality of the financial services like the reasonability of the rate of interest paid for deposits, justification of the rate of interest charged on loans, fair commission on draft, affordability of the safety locker rent, less commission for funds transfer and reasonability of interest on housing loans.