An evaluation of the bank’s customer perception
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The current business environment requires firms to be alert to the requirements of the customers and be updated those requirements to prevent switching of customers. For long term and sustainable success of a business it should identify the needs of the customers and check the perceptions of the customers and arrange its operations in a way that it helps them maintain its current crop of customers and use it to attract newer customers. The perception of customers can be a major competitive edge for business provided that they can use it for their advantage. This becomes more important for a service oriented firm like which can only excel if it provides quality services to its customers. The report will attempt to measure the customer perception of Al- Arafah Islami Bank, New Elephant Road Branch Dhaka. To generate the exact perception of the customers a research was conducted. This research was undertaken in direct interview of the customers. The customers were asked about the services of the customers in five basic dimensions. The dimensions were: 1. To determine the extent to which customers are satisfied or not satisfied with the service they receive from the bank. 2. To analyze the customer perception regarding the services of AIBL when compared to other banks. 3. To find out the perception of the customers in terms of overall appearance of the bank in terms of using state of the art technology, infrastructure, appearance of the staff and leaflets. 4. To examine the satisfaction levels of customers in problem solving ability of the bank. 5. To determine the extent to which customers are satisfied with the time taken to get the job done The results were then given allotted points with excellent getting the highest point and poor getting the lowest points. The total achieved points were then compared to the maximum points attainable. The results were disastrous as the success of the bank is concerned as the bank failed to perform according to the perceived level. The bank is not being able to perform according to the needs of the customers and might suffer in the longer run as the service quality and the use of the state of the art technology is minimal when compared to the other leading banks. It appears that Al- Arafah Islami bank is lagging behind when compared to their rivals. Despite their failures in meeting customer standards the bank has been profitable and has earned a handsome return on its investments. The market in which it is operating is giving it enough returns which is making the bank ignore these apparent problems. Financial success for AIBL has been good since its inception but if it wishes to be known as a market leader some other measures like training of employees, state of the technology, setting up customer complaint department are essential for the long term success of the bank.