Level of customer satisfaction at Premier bank and what should be done

Abstract

Customer satisfaction represents a modern approach for quality in enterprises and organizations and serves the development of a truly customer- focused management and culture. Measuring customer satisfaction offers an immediate, meaningful and objective feedback about client’s preferences and expectations. In this way company’s performance may be evaluated in relation to a set of satisfaction variables that indicate the strong and weak points of a business organization. My report topic is “Level of Customer Satisfaction at Premier Bank and What Should Be Done” and here I have explored and analyzed the satisfaction level of customers at Premier Bank. Dealing with customers is not an easy task. Financial institutions serve a wide variety of customers individually and conduct business with a variety of financial needs. It takes special skills and knowledge to handle customers successfully. As a bank’s boom or bust largely depends on customer satisfaction, a unique understanding of customers needs must be developed. In my intern period what I have noticed is most of the customers are existing customers in Premier Bank. Majority of customers are banking with Premier Bank for about 5 years. They are quiet happy with the service and the behavior of the service provider. Moreover, customers are also positive about the response of the employees. Their needs and wants are acknowledged by the service providers. There are some loop holes as well. For instance customers complain about the ATM problem, waiting time, service process and the environment of the bank. To maximize profit they should take some marketing steps to attract the new customers. Branding should be improved as the competition is fierce in private banking arena. New deposits should be increase and loan recovery system should be improved in order to sustain in the market.