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The field of consumer behavior studies how individuals,
groups
and organization select, buy, use and dispose of
goods, services, ideas, or experiences to satisfy their need
and
desires.
The banking industry worldwide has been showing steady
progress since 2002. In india total asset size of the retail
banking
industry grew at a rate of 120% to reach a value of $66 billion
in
2005. This growth in retail banking sector has helped in the
growth of the overall banking sector. This project deals
with
organization study of ING VYSYA bank and understandingconsumer
behavior in the purchase of financial products and
services and competitor analysis with respect to ING VYSYA
bank.
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The aim of the project was to understand consumer behaviour in
the
purchase of financial products and services and Competitor
analysis with
respect to ING Vysya.
The primary objective is to know the acceptance level of the
consumers on
different financial products offered by the bank
institutions.
The realistic aim of the study is to provide competitive
strategies to ING
VYSYA bank.
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Sample size
The questionnaire survey was done among 100 respondents in
the
city of Brahmapur. The respondent from different age, sex
and
profession were considered. The sample size is a representation
of
the universe.
Methodology
Data for this study was collected from two types of sources.
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Data collection methods
Mainly the data collected were from primary and secondary
methods of data collection. The primary method was through
aquestionnaire. The secondary data collection methods included
data from existing records, internet and office database.
Data tabulation
The data collected were tabulated as per the response so as
to
analyse them in the most suitable manner.
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The analysis of the tabulated data is done by incorporating the
data
into the chart types. The charts used are convenient to study
theresponses obtained from the survey.
The analysis of a few questions from the questionnaire has
been
shown below.
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1. Which bank do you consider as your primary bank?
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%100%
primary banks
ANDHRA BANK
AXIS
ICICI
SBI
HDFC
Interpretation: 23% of respondents consider HDFC
as their Primary bank, 22% of respondents consider
SBI as their Primary bank, 30% of respondents
consider ICICI as their Primary bank, 13% of
respondents consider AXIS as their Primary bank
and 12% of respondents consider ANDHRA BANK as
their Primary bank.
2.How would you rate the following parameters for your primary
bank?
Interpretation: 20% of respondents say that their
primary bank perform well, 26% of respondents
say that their primary bank is Customer
friendly, 23% of respondents say that theirprimary bank fulfil
promised delivery, 31% of
respondents say that their primary bank has
good ATM access.
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3.How often do you visit other bank ATMs and for what
reason?
Interpretation: 15% of respondents visitother bank ATMs as their
branch ATMs
doesnt function sometime, 41% of
respondents visit other branch ATMs in
case of emergency, 19% of respondents
visit other branch ATMs due to proximity
and rest 42% respondents visit their
branches as they get time.
4.Rating customer gives for his/her bank ?
Interpretation: 6% of respondents say
that their bank is excellent, 84% of
respondents say that their bank isgood, 3% of respondents say
that their
bank is average, 5% of respondents say
that their bank is bad, 2% of
respondents say that their bank is
worse.
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5.Which of the following products you use of your bank?
Interpretation: 12% of respondents use
credit card, 32% of respondents are
interested in Home loan, 18% of respondents go for personal
loan, 30% of
respondent have taken vehicle loans and
8% of respondent use others.
0%
20%
40%
60%
80%
100%
User Products
Others
Vehicle
Loan
Personal
Loan
Home Loan
Credit Card
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Primary Bank: 30% of the respondents had a primary bank account
of ICICI.
Parameters: ATM access, received a maximum rating of 31%, 26%
for
customer friendly, 23% for promised delivery and 20%
Performance.
Reason visiting other bank ATMs: The respondents were asked the
main
purpose for which they visited the other bank ATMs Majority, 41%
of
the respondents said Emergency.
Rating customer gives for his/her bank: Majority, 84% of the
respondents said their bank(current bank) was Good.
User products by customer: 32% of respondents are interested in
Home
loan.
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1. ATM accessibility is a very important aspect for any bank, so
its imperative
to have a very good ATM Network.
2. Easy to deal with and customer friendly, speedy processes are
very
important for a bank which goes on to prove that the above
three
parameters go a long way in building customer base and rapport
with them.
3. Delivering on promises and being trustworthy is the other
really important
factor according to respondents.
4. On the whole, an positive interaction with the customers
(customer care)
helps in generating sustaining long term relationships the with
the clients.
5. Internet banking is the most used facility by the people now
and customers
hardly visit branches, they prefer to do all their transactions
on the internet.
So it is important to have an excellent internet banking
facility.
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1. Most of the respondents had ICICI as their primary bank. Of
the respondents interviewed
30% ICICI, 9% SBI and 13% HDFC.
2. The respondents were asked to rate the parameters like
Performance, Customer
friendly, Promised Delivery, ATM access on a 5 point rating
scale.
3. Of the above parameters ATM access, received a maximum rating
of 31%. 26% for customer
friendly, 23% for promised delivery and 20% Performance.
4. Home loan was the most availed product of any bank followed
by Vehicle loans.
5. Though the respondents felt that celebrity endorsements are
good, they would not be
influenced into making a purchase decision because of it.
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